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SECURITIES
 3 Months Ended
Mar. 31, 2012
SECURITIES [Abstract]  
SECURITIES
NOTE 2 -SECURITIES
 
 
Amortized cost and fair value of investment securities, by category, at March 31, 2012 are summarized as follows:
 
2012
 
Amortized Cost
   
Unrealized Gains
   
Unrealized Losses
   
Fair Value
 
Available for sale
                   
Mortgage-backed securities
                   
U. S. sponsored agency MBS - residential
 
$
38,935
   
$
1,910
   
$
(8
)
 
$
40,837
 
U. S. sponsored agency CMO's - residential
   
206,978
     
5,234
     
(1
)
   
212,211
 
Total mortgage-backed securities of government sponsored agencies
   
245,913
     
7,144
     
(9
)
   
253,048
 
U. S. government sponsored agency securities
   
33,078
     
28
     
(155
)
   
32,951
 
Obligations of states and political subdivisions
   
9,179
     
461
     
-
     
9,640
 
Other securities subdivisions
   
4,340
     
1,205
     
(72
)
   
5,473
 
Total available for sale
 
$
292,510
   
$
8,838
   
$
(236
)
 
$
301,112
 
 
Amortized cost and fair value of investment securities, by category, at December 31, 2011 are summarized as follows:
 
2011
 
Amortized Cost
   
Unrealized Gains
   
Unrealized Losses
   
Fair Value
 
Available for sale
                   
Mortgage-backed securities
                   
U. S. sponsored agency MBS - residential
 
$
38,403
   
$
1,856
   
$
(4
)
 
$
40,255
 
U. S. sponsored agency CMO's - residential
   
200,835
     
4,933
     
(30
)
   
205,738
 
Total mortgage-backed securities of government sponsored agencies
   
239,238
     
6,789
     
(34
)
   
245,993
 
U. S. government sponsored agency securities
   
18,114
     
58
     
(31
)
   
18,141
 
Obligations of states and political subdivisions
   
9,193
     
457
     
-
     
9,650
 
Other securities subdivisions
   
4,338
     
440
     
(83
)
   
4,695
 
Total available for sale
 
$
270,883
   
$
7,744
   
$
(148
)
 
$
278,479
 
 
The amortized cost and fair value of securities at March 31, 2012 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
 
   
Amortized
Cost
   
Fair
Value
 
Available for sale
         
Due in one year or less
 
$
1,050
   
$
1,061
 
Due after one year through five years
   
21,185
     
21,349
 
Due after five years through ten years
   
20,585
     
20,719
 
Due after ten years
   
2,685
     
3,475
 
Corporate preferred securities
   
1,092
     
1,460
 
Mortgage-backed securities of government sponsored agencies
   
245,913
     
253,048
 
Total available for sale
 
$
292,510
   
$
301,112
 
                 
 
Securities with unrealized losses at March 31, 2012 aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position are as follows:
 
   
Less than 12 Months
   
12 Months or More
   
Total
 
Description of Securities
 
Fair Value
   
Unrealized Loss
   
Fair Value
   
Unrealized Loss
   
Fair Value
   
Unrealized Loss
 
                               
U.S. government sponsored agency securities
 
$
19,851
   
$
(155
)
 
$
-
   
$
-
   
$
19,851
   
$
(155
)
U.S government sponsored agency MBS - residential
   
3,093
     
(8
)
   
-
     
-
     
3,093
     
(8
)
U.S government sponsored agency CMO - residential
   
3,693
     
(1
)
   
-
     
-
     
3,693
     
(1
)
Other securities
   
4
     
(72
)
   
-
     
-
     
4
     
(72
)
                                                 
Total temporarily impaired
 
$
26,641
   
$
(236
)
 
$
-
   
$
-
   
$
26,641
   
$
(236
)
 
Securities with unrealized losses at December 31, 2011 aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position are as follows:
 
   
Less than 12 Months
   
12 Months or More
   
Total
 
Description of Securities
 
Fair Value
   
Unrealized Loss
   
Fair Value
   
Unrealized Loss
   
Fair Value
   
Unrealized Loss
 
                               
U.S. government sponsored agency securities
 
$
7,080
   
$
(31
)
 
$
-
   
$
-
   
$
7,080
   
$
(31
)
U.S government sponsored agency MBS - residential
   
2,544
     
(4
)
   
-
     
-
     
2,544
     
(4
)
U.S government sponsored agency CMO - residential
   
3,941
     
(30
)
   
-
     
-
     
3,941
     
(30
)
Other securities
   
370
     
(83
)
   
-
     
-
     
370
     
(83
)
                                                 
Total temporarily impaired
 
$
13,935
   
$
(148
)
 
$
-
   
$
-
   
$
13,935
   
$
(148
)
 
The investment portfolio is predominately high quality interest-bearing debt securities with defined maturity dates backed by the U.S. Government or Government sponsored entities. The unrealized losses at March 31, 2012 and December 31, 2011 are price changes resulting from changes in the interest rate environment and are not considered to be other than temporary declines in the value of the securities. Their fair value is expected to recover as the bonds approach their maturity date and/or market conditions improve.