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SECURITIES
 6 Months Ended
Jun. 30, 2012
SECURITIES [Abstract]  
SECURITIES
NOTE  2 -SECURITIES

Amortized cost and fair value of investment securities, by category, at June 30, 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
 
$
42,031
 
 
$
1,991
 
 
$
-
 
 
$
44,022
 
U. S. sponsored agency CMO's - residential
 
 
211,457
 
 
 
5,654
 
 
 
(29
)
 
 
217,082
 
Total mortgage-backed securities of government sponsored agencies
 
 
253,488
 
 
 
7,645
 
 
 
(29
)
 
 
261,104
 
U. S. government sponsored agency securities
 
 
29,066
 
 
 
181
 
 
 
-
 
 
 
29,247
 
Obligations of states and political subdivisions
 
 
9,084
 
 
 
485
 
 
 
-
 
 
 
9,569
 
Other securities
 
 
4,342
 
 
 
1,178
 
 
 
(72
)
 
 
5,448
 
Total available for sale
 
$
295,980
 
 
$
9,489
 
 
$
(101
)
 
$
305,368
 

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
 
 
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 June 30, 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
 
$
1,695
 
 
$
1,949
 
Due after one year through five years
 
 
13,616
 
 
 
13,844
 
Due after five years through ten years
 
 
24,131
 
 
 
24,536
 
Due after ten years
 
 
1,958
 
 
 
2,526
 
Corporate preferred securities
 
 
1,092
 
 
 
1,409
 
Mortgage-backed securities of government sponsored agencies
 
 
253,488
 
 
 
261,104
 
Total available for sale
 
$
295,980
 
 
$
305,368
 

 
Proceeds from the sale of securities during the first six months of 2011 were $2,017,000.  An $18,000 gain was recorded from the sale of securities during the first six months of 2011.  There were no sales of securities in the first six months of 2012
 
Securities with unrealized losses at June 30, 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 sponsored agency CMO - residential
 
$
4,482
 
 
$
(29
)
 
$
-
 
 
$
-
 
 
$
4,482
 
 
$
(29
)
Other securities
 
 
-
 
 
 
-
 
 
 
4
 
 
 
(72
)
 
 
4
 
 
 
(72
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total temporarily impaired
 
$
4,482
 
 
$
(29
)
 
$
4
 
 
$
(72
)
 
$
4,486
 
 
$
(101
)

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 sponsored agency MBS - residential
 
 
2,544
 
 
 
(4
)
 
 
-
 
 
 
-
 
 
 
2,544
 
 
 
(4
)
U.S 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 June 30, 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.