Securities

6 Months Ended

Jun. 30, 2012

SecuritiesAbstract

Securities

Note 3 – Securities

The securities portfolio increased $2.4 million since December 31, 2011. The available for sale portfolio increased marginally to 94.2% of the investment portfolio at June 30, 2012 compared to 93.3% December 31, 2011. 

Table of Contents

The fair values and related unrealized gains and losses for securities available for sale were as follows, in thousands of dollars:

				Gross		Gross
		Fair		Unrealized		Unrealized
		Value		Gains		Losses
Available for Sale
June 30, 2012
U.S. Government and agency	$	52,675	$	158	$	(9	)
Mortgage-backed securities		5,723		40		(81	)
Collateralized mortgage obligations		10,680		20		(3	)
State and municipal		11,982		413		(7	)
Auction rate securities		1,000		—		—
Preferred Shares		96		74		—
	$	82,156	$	705	$	(100	)
December 31, 2011
U.S. Government and agency	$	52,915	$	217	$	(22	)
Mortgage-backed securities		15,168		226		(45	)
State and municipal		8,914		418		—
Corporate obligations		1,009		10		—
Auction rate securities		1,000		—		—
Preferred Shares		80		58		—
	$	79,086	$	929	$	(67	)

The carrying amount, unrecognized gains and losses, and fair value of securities held to maturity were as follows, in thousand of dollars:

				Gross		Gross
		Carrying		Unrecognize		Unrecognize			Fair
	Amount		Gains		Losses			Value
Held to Maturity
June 30, 2012
State and municipal	$	4,030	$	426	$	—		$	4,456
December 31, 2011
State and municipal	$	4,653	$	477	$	(9	)	$	5,121

The carrying amount and fair value of securities by contractual maturity at June 30, 2012 are shown below, in thousands of dollars.

		Available for sale		Held to Maturity
		Fair		Carrying		Fair
		Value		Amount		Value
Due in one year or less	$	9,998	$	711	$	716
Due from one to five years		51,427		1,798		1,940
Due from five to ten years		2,408		1,521		1,800
Due after ten years		824		—		—
Subtotal		64,657		4,030		4,456
Mortgage-backed securities		5,723		—		—
Collateralized mortgage obligations		10,680
Auction Rate Securities		1,000		—		—
Preferred Shares		96		—		—
	$	82,156	$	4,030	$	4,456