Securities

3 Months Ended

Mar. 31, 2012

Securities [Abstract]

Securities

9. Securities

Securities are summarized as follows: (in thousands)

	March 31, 2012									December 31, 2011
	Amortized		Gross Unrealized					Fair		Amortized		Gross Unrealized					Fair
	Cost		Gains		(Losses)			Value		Cost		Gains		(Losses)			Value
Available for Sale:
Municipal bonds	$	43,477	$	2,174	$	(44	)		45,607	$	44,094	$	2,255	$	(36	)	$	46,313
Collateralized mortgage obligations issued by:
GSE agencies		24,157		509		0			24,666		27,354		422		(10	)		27,766
Private label		42,167		361		(32	)		42,496		49,156		319		(76	)		49,399
Mortgage backed securities
issued by agencies		59,000		434		(54	)		59,380		55,652		277		(112	)		55,817
Corporate debt		1,970		0		(516	)		1,454		1,969		0		(569	)		1,400
Equity securities		75		0		0			75		75		0		0			75
Total Available for Sale	$	170,846	$	3,478	$	(646	)	$	173,678	$	178,300	$	3,273	$	(803	)	$	180,770

No securities were pledged at the Federal Reserve as of March 31, 2012 and December 31, 2011.  Certain securities, with amortized cost of $14.3 million and fair value of $14.7 million at March 31, 2012 and amortized cost of $16.6 million and fair value of $16.9 million at December 31, 2011, were pledged as collateral for borrowing purposes at the Federal Home Loan Bank of Indianapolis.

The amortized cost and fair value of securities at March 31, 2012 by contractual maturity are summarized as follows: (dollars in thousands)

	Available for Sale
	Amortized Cost		Fair Value		Yield
Municipal bonds:
Due in one year or less	$	1,645	$	1,660		5.30	%
Due after 1 year through 5 years		13,972		14,666		5.18	%
Due after 5 years through 10 years		26,264		27,606		3.99	%
Due after 10 years		1,596		1,675		4.16	%
Collateralized mortgage obligations issued by:
GSE agencies		24,157		24,666		2.55	%
Private label		42,167		42,496		3.79	%
Mortgage backed securities issued by agencies		59,000		59,380		2.15	%
Corporate debt:
Due after 10 years		1,970		1,454		1.29	%
Equity securities		75		75		0	%
Total	$	170,846	$	173,678		3.20	%

Activities related to the sales of securities available for sale and other realized losses are summarized as follows: (dollars in thousands)

	Three months ended
	March 31,
	2012		2011
Proceeds from sales	$	816	$	15,179
Gross gains on securities		0		295
Gross losses on securities		0		111
Tax expense on realized security gains/losses		0		73