Securities

3 Months Ended

Mar. 31, 2013

Securities

NOTE (5) – Securities

The following table summarizes the amortized cost and fair value of the available-for-sale investment securities portfolios at March 31, 2013 and December 31, 2012 and the corresponding amounts of unrealized gains which are recognized in accumulated other comprehensive income (loss):

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(In thousands)
March 31, 2013:
Residential mortgage-backed	$	11,480	$	700	$	0	$	12,180
Total available-for-sale securities	$	11,480	$	700	$	0	$	12,180
December 31, 2012:
Residential mortgage-backed	$	12,660	$	718	$	0	$	13,378
Total available-for-sale securities	$	12,660	$	718	$	0	$	13,378

There were no securities with unrealized losses at March 31, 2013 and December 31, 2012. At March 31, 2013, the Bank’s investment portfolio consisted of residential mortgage-backed securities with an estimated remaining life of 4.9 years. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties.

Securities pledged had a carrying amount of $1.5 million at March 31, 2013 and December 31, 2012, and were pledged to secure public deposits. At March 31, 2013 and December 31, 2012, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of shareholders’ equity. There were no sales of securities during the three months ended March 31, 2013 and 2012.