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Securities
 6 Months Ended
Jun. 30, 2012
Securities [Abstract]  
Securities
9. Securities
Securities are summarized as follows: (in thousands)
 
 
 
   
June 30, 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
  
$
43,103
    
$
2,725
    
$
(4
)
    
45,824
    
$
44,094
    
$
2,255
    
$
(36
)
  
$
46,313
  
Collateralized mortgage   obligations issued by:
                                                                
     GSE agencies
    
21,302
      
471
      
0
      
21,773
      
27,354
      
422
      
(10
)
    
27,766
  
     Private label
    
35,842
      
462
      
(6
)
    
36,298
      
49,156
      
319
      
(76
)
    
49,399
  
Mortgage backed securities
                                                                
     issued by agencies
    
53,686
      
567
      
(50
)
    
54,203
      
55,652
      
277
      
(112
)
    
55,817
  
Corporate debt
    
1,970
      
0
      
(444
)
    
1,526
      
1,969
      
0
      
(569
)
    
1,400
  
Equity securities
    
75
      
0
      
0
      
75
      
75
      
0
      
0
      
75
  
Total Available for Sale
  
$
155,978
    
$
4,225
    
$
(504
)
  
$
159,699
    
$
178,300
    
$
3,273
    
$
(803
)
  
$
180,770
  
                                                                 

No securities were pledged at the Federal Reserve as of June 30, 2012 and December 31, 2011.  Certain securities, with amortized cost of $12.4 million and fair value of $12.7 million at June 30, 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 June 30, 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
  
 $
1,539
    
 $
1,552
      
5.92
%
Due after 1 year through 5 years
    
13,726
      
14,431
      
5.18
%
Due after 5 years through 10 years
    
26,243
      
28,121
      
3.99
%
Due after 10 years
    
1,595
      
1,720
      
4.16
%
Collateralized mortgage obligations issued by:
                        
       GSE agencies
    
21,302
      
21,773
      
2.58
%
       Private label
    
35,842
      
36,298
      
3.83
%
Mortgage backed securities issued by agencies
    
53,686
      
54,203
      
2.14
%
Corporate debt:
                        
Due after 10 years
    
1,970
      
1,526
      
1.19
%
Equity securities
    
75
      
75
      
0
 %
Total
  
$
155,978
    
$
159,699
      
3.23
%
                         

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

   
Three Months Ended
    
Six Months Ended
  
   
June 30,
    
June 30,
  
   
2012
    
2011
    
2012
    
2011
  
Proceeds from sales
  
$
0
    
$
17,218
    
$
816
    
$
32,397
  
Gross gains on securities
    
0
      
103
      
0
      
398
  
Gross losses on securities
    
0
      
93
      
0
      
204
  
Other than temporary impairment losses
    
0
      
7
      
0
      
7
  
                                 
                                 
Tax expense on realized security gains/losses
    
0
      
4
      
0
      
77
  

During 2011 other than temporary impairment was recorded on certain available for sale securities.  The entire unrealized loss on these securities was considered to be related to credit and the cost basis of these investments was reduced to zero on the Company's analysis of expected cash flows.  Therefore, no amounts were recognized in other comprehensive income.