Securities

6 Months Ended

Jun. 30, 2012

Securities [Abstract]

SECURITIES

NOTE 3 – SECURITIES

The following table summarizes the amortized cost and fair value of the available-for-sale securities portfolio at June 30, 2012 and December 31, 2011 and the corresponding amounts of unrealized gains and losses recognized in accumulated other comprehensive income (loss):

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
June 30, 2012
Issued by U.S. government-sponsored entities and agencies:
Mortgage-backed securities—residential	$	1,655	$	100	$	—	$	1,755
Collateralized mortgage obligations		15,326		231		—		15,557
Total	$	16,981	$	331	$	—	$	17,312
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
December 31, 2011
Issued by U.S. government-sponsored entities and agencies:
Mortgage-backed securities—residential	$	1,475	$	198	$	—	$	1,673
Collateralized mortgage obligations		16,655		204		16		16,843
Total	$	18,130	$	402	$	16	$	18,516

There was no other-than-temporary impairment recognized in accumulated other comprehensive income (loss) for securities available for sale at June 30, 2012 or December 31, 2011.

The proceeds from the sales of securities for the three and six months ended June 30, 2012 are listed below. There were no proceeds from sales for the three and six months ended June 30, 2011.

	Three months ended June 30,		Six months ended June 30,
	2012		2012
Proceeds	$	2,144	$	2,144
Gross gains		143		143
Gross losses		—		—
Tax effect—expense	$	—	$	—

At June 30, 2012 and December 31, 2011, 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 are not due at a single maturity date, totaled $16,981 and $17,312 at June 30, 2012, respectively, and $18,130 and $18,516 at December 31, 2011, respectively.

Fair value of securities pledged was as follows:

	June 30, 2012		December 31, 2011
Pledged as collateral for:
FHLB advances	$	5,994	$	9,336
Public deposits		1,917		2,820
Customer repurchase agreements		5,330		3,557
Interest-rate swaps		1,770		1,464
Total	$	15,011	$	17,177

At June 30, 2012 and December 31, 2011, 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.

There were no securities with unrealized losses at June 30, 2012. The following table summarizes securities with unrealized losses at December 31, 2011 aggregated by major security type and length of time in a continuous unrealized loss position.

December 31, 2011	Less than 12 Months				12 Months or More				Total
Description of Securities	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Issued by U.S. government-sponsored entities and agencies:
Collateralized mortgage obligations	$	2,882	$	16	$	—	$	—	$	2,882	$	16
Total temporarily impaired	$	2,882	$	16	$	—	$	—	$	2,882	$	16

The unrealized loss at December 31, 2011 is related to two Ginnie Mae collateralized mortgage obligations. 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 market conditions, 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 did not consider these securities to be other-than-temporarily impaired at December 31, 2011.