SECURITIES (Tables)

9 Months Ended

Sep. 30, 2013

Investments Debt And Equity Securities [Abstract]

Amortized cost and fair value of available for sale securities and related pre-tax gross unrealized gains and losses

The amortized cost and fair value of available for sale securities and the related pre-tax gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) are as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
September 30, 2013
U.S. Government agency debt obligations	$	97,460,000	$	376,000	$	(8,542,000	)	$	89,294,000
Mortgage-backed securities		13,382,000		1,129,000		0			14,511,000
Michigan Strategic Fund bonds		0		0		0			0
Municipal general obligation bonds		17,275,000		432,000		(1,000	)		17,706,000
Municipal revenue bonds		877,000		40,000		0			917,000
Mutual funds		1,376,000		0		(11,000	)		1,365,000
	$	130,370,000	$	1,977,000	$	(8,554,000	)	$	123,793,000
December 31, 2012
U.S. Government agency debt obligations	$	78,447,000	$	1,039,000	$	(388,000	)	$	79,098,000
Mortgage-backed securities		20,182,000		1,814,000		0			21,996,000
Michigan Strategic Fund bonds		11,255,000		0		0			11,255,000
Municipal general obligation bonds		21,700,000		1,043,000		0			22,743,000
Municipal revenue bonds		1,726,000		91,000		0			1,817,000
Mutual funds		1,354,000		51,000		0			1,405,000
	$	134,664,000	$	4,038,000	$	(388,000	)	$	138,314,000

Securities with unrealized losses aggregated by investment category and length of time

Securities with unrealized losses at September 30, 2013 and December 31, 2012, aggregated by investment category and length of time that individual securities have been in a continuous loss position, are as follows:

	Less than 12 Months					12 Months or More					Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
September 30, 2013
U.S. Government agency debt obligations	$	70,142,000	$	(7,691,000	)	$	6,134,000	$	(851,000	)	$	76,276,000	$	(8,542,000	)
Mortgage-backed securities		0		0			0		0			0		0
Michigan Strategic Fund bonds		0		0			0		0			0		0
Municipal general obligation bonds		394,000		(1,000	)		0		0			394,000		(1,000	)
Municipal revenue bonds		0		0			0		0			0		0
Mutual funds		1,365,000		(11,000	)		0		0			1,365,000		(11,000	)
	$	71,901,000	$	(7,703,000	)	$	6,134,000	$	(851,000	)	$	78,035,000	$	(8,554,000	)
December 31, 2012
U.S. Government agency debt obligations	$	33,555,000	$	(388,000	)	$	0	$	0		$	33,555,000	$	(388,000	)
Mortgage-backed securities		0		0			0		0			0		0
Michigan Strategic Fund bonds		0		0			0		0			0		0
Municipal general obligation bonds		0		0			0		0			0		0
Municipal revenue bonds		0		0			0		0			0		0
Mutual funds		0		0			0		0			0		0
	$	33,555,000	$	(388,000	)	$	0	$	0		$	33,555,000	$	(388,000	)

Maturities of securities and their weighted average yields

Securities not due at a single maturity date, primarily mortgage-backed securities, are shown separately. Weighted average yields are also reflected, with yields for municipal securities shown at their tax equivalent yield.

	Weighted Average Yield			Amortized Cost		Fair Value
Due in 2013		6.94	%	$	355,000	$	355,000
Due in 2014 through 2018		4.99			4,651,000		4,751,000
Due in 2019 through 2023		3.17			31,126,000		29,918,000
Due in 2024 and beyond		3.64			79,480,000		72,893,000
Mortgage-backed securities		5.19			13,382,000		14,511,000
Mutual funds		2.09			1,376,000		1,365,000
		3.74	%	$	130,370,000	$	123,793,000