SECURITIES (Tables)

9 Months Ended

Sep. 30, 2012

SECURITIES [Abstract]

Amortized cost and fair value of investment securities, by category

Amortized cost and fair value of investment securities, by category, at September 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	$	38,790	$	2,352	$	-		$	41,142
U. S. sponsored agency CMO's - residential		217,905		6,299		(161	)		224,043
Total mortgage-backed securities of government sponsored agencies		256,695		8,651		(161	)		265,185
U. S. government sponsored agency securities		22,067		206		-			22,273
Obligations of states and political subdivisions		7,991		485		-			8,476
Other securities		3,618		1,296		(73	)		4,841
Total available for sale	$	290,371	$	10,638	$	(234	)	$	300,775

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

Amortized cost and fair value of securities by contractual maturity

The amortized cost and fair value of securities at September 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	$	794	$	725
Due after one year through five years		10,349		10,691
Due after five years through ten years		19,483		19,866
Due after ten years		1,958		2,745
Corporate preferred securities		1,092		1,563
Mortgage-backed securities of government sponsored agencies		256,695		265,185
Total available for sale	$	290,371	$	300,775

Securities in continuous unrealized loss position

Securities with unrealized losses at September 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	$	24,014	$	(161	)	$	-	$	-		$	24,014	$	(161	)
Other securities		-		-			4		(73	)		4		(73	)
Total temporarily impaired	$	24,014	$	(161	)	$	4	$	(73	)	$	24,018	$	(234	)

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	)