Securities

9 Months Ended

Sep. 30, 2011

Securities [Abstract]

SECURITIES

NOTE 2 — SECURITIES

The following table summarizes the amortized cost and fair value of the available-for-sale securities portfolio at September 30, 2011 and December 31, 2010 and the corresponding amounts of unrealized gains and losses recognized in accumulated other comprehensive income (loss):

			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
September 30, 2011
Issued by U.S. government-sponsored entities and agencies:
Mortgage-backed securities — residential	$	1,624	$	208	$	—	$	1,832
Collateralized mortgage obligations		17,974		255		37		18,192
Total	$	19,598	$	463	$	37	$	20,024

			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
December 31, 2010
Issued by U.S. government-sponsored entities and agencies:
Mortgage-backed securities — residential	$	1,884	$	223	$	—	$	2,107
Collateralized mortgage obligations		26,242		463		14		26,691
Total	$	28,126	$	686	$	14	$	28,798

There was no other-than-temporary impairment recognized in accumulated other comprehensive income (loss) for securities available for sale at September 30, 2011 or December 31, 2010.

The proceeds from sales and calls of securities and the associated gains for the three and nine months ended September 30, 2011 and 2010 are listed below.

	Three months ended September 30,				Nine months ended September 30,
	2011		2010		2011		2010
Proceeds	$	8,036	$	4,602	$	8,036	$	13,633
Gross gains		232		228		232		468
Gross losses		—		—		—		—
Tax effect — expense	$	—	$	78	$	—	$	159

At September 30, 2011 and December 31, 2010, there were no debt securities contractually due at a single maturity date. The amortized cost and fair value of mortgage-backed securities and collateralized mortgage obligations which do not have a single maturity date, totaled $19,598 and $20,024 at September 30, 2011, respectively, and $28,126 and $28,798 at December 31, 2010, respectively.

Fair value of securities pledged was as follows:

	September 30,		December 31,
	2011		2010
Pledged as collateral for:
FHLB advances	$	10,298	$	10,657
Public deposits		2,804		4,210
Customer repurchase agreements		5,087		2,465
Interest-rate swaps		1,744		1,589
Total	$	19,933	$	18,921

At September 30, 2011 and December 31, 2010, there were no holdings of securities of any one issuer, other than U.S. government-sponsored entities and agencies, in an amount greater than 10% of stockholders’ equity.

The following table summarizes securities with unrealized losses at September 30, 2011 and December 31, 2010 aggregated by major security type and length of time in a continuous unrealized loss position.

September 30, 2011	Less than 12 Months				12 Months or More				Total
			Unrealized				Unrealized				Unrealized
Description of Securities	Fair Value		Loss		Fair Value		Loss		Fair Value		Loss
Issued by U.S. government-sponsored entities and agencies:
Collateralized mortgage obligations	$	3,560	$	37	$	—	$	—	$	3,560	$	37
Total temporarily impaired	$	3,560	$	37	$	—	$	—	$	3,560	$	37

December 31, 2010	Less than 12 Months				12 Months or More				Total
			Unrealized				Unrealized				Unrealized
Description of Securities	Fair Value		Loss		Fair Value		Loss		Fair Value		Loss
Issued by U.S. government-sponsored entities and agencies:
Collateralized mortgage obligations	$	2,091	$	14	$	—	$	—	$	2,091	$	14
Total temporarily impaired	$	2,091	$	14	$	—	$	—	$	2,091	$	14

The unrealized loss at September 30, 2011 is related to two Ginnie Mae collateralized mortgage obligations, and the unrealized loss at December 31, 2010 is related to one Ginnie Mae collateralized mortgage obligation. These securities carry the full faith and credit guarantee of the U.S. government. Because the decline in fair value is attributable to changes in interest rates, and not credit quality, and because the Company does not have the intent to sell these securities and it is likely that it will not be required to sell these securities before their anticipated recovery, the Company does not consider these securities to be other-than-temporarily impaired at September 30, 2011.