Note 4: Available-for-Sale Securities

The amortized cost and estimated fair value, together with gross unrealized gains and losses, of available-for-sale securities are as follows:

	June 30, 2011
	Amortized Cost	Gross Unrealized Gains	Gross Unrealized Losses	Fair Value
(In thousands)
U.S. Government sponsored agencies	$ 72,936	$ 635	$ –	$ 73,571
Equity and other securities	600	7	–	607

	$ 73,536	$ 642	$ –	$ 74,178

	December 31, 2010
	Amortized Cost	Gross Unrealized Gains	Gross Unrealized Losses	Fair Value
(In thousands)
U.S. Government sponsored agencies	$ 62,990	$ 228	$ (179)	$ 63,039
Equity and other securities	600	1	–	601

	$ 63,590	$ 229	$ (179)	$ 63,640

The amortized cost and estimated fair value of available-for-sale securities at June 30, 2011, by contractual maturity are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

	Amortized Cost	Fair Value
(In thousands)
Due in one year or less	$ 4,001	$ 4,028
Due after one year through five years	48,983	49,211
Due after five years through ten years	19,952	20,332
Due after ten years	–	–
Total	72,936	73,571
Equity and other securities	600	607
	$ 73,536	$ 74,178

The book value and estimated fair value of securities pledged as collateral to secure public deposits amounted to $4,999,000 and $5,023,000 at June 30, 2011 and $5,002,000 and $5,013,000 at December 31, 2010.

The Company enters into sales of securities under agreements to repurchase. The amounts deposited under these agreements represent short-term debt and are reflected as a liability in the consolidated balance sheets. The securities underlying the agreements are book-entry securities. During the period, securities held in safekeeping were pledged to the depositors under a written custodial agreement that explicitly recognizes the depositors' interest in the securities. At June 30, 2011, or at any month end during the period, no material amount of agreements to repurchase securities sold was outstanding with any individual entity. Information on sales of securities under agreements to repurchase is as follows:

	June 30, 2011	December 31, 2010
(In thousands)
Balance	$ 17,475	$ 17,674
Carrying value of securities pledged to secure agreements to repurchase at period end	25,248	27,031
Average balance during the period of securities sold under agreements to repurchase	16,330	17,922
Maximum amount outstanding at any month-end during the period	18,633	21,935

Gross gains of $0 and $95,000 were realized for the six months ended June 30, 2011 and 2010, respectively. No gross losses were realized for the six months ended June 30, 2011 and 2010 from sales of available-for-sale securities.

Certain investments in debt and marketable equity securities are reported in the financial statements at an amount less than their historical cost. Total fair value of these investments at June 30, 2011 and December 31, 2010, was $0 and $29,813,000, which is approximately 0.0% and 46.8%, respectively, of the Company's available-for-sale investment portfolio. The total unrealized losses related to these investments were $0 and $179,000 at June 30, 2011 and December 31, 2010, respectively.

Unrealized losses and fair value, aggregated by investment type and length of time that individual securities have been in a continuous unrealized loss position are as follows:

	June 30, 2011
	Less than 12 Months		12 Months or More		Total
	Fair Value	Unrealized Losses	Fair Value	Unrealized Losses	Fair Value	Unrealized Losses
(In thousands)
U.S. Government sponsored agencies	$ –	$ –	$ –	$ –	$ –	$ –
Equity and other securities	–	–	–	–	–	–

Total temporarily impaired securities	$ –	$ –	$ –	$ –	$ –	$ –

	December 31, 2010
	Less than 12 Months		12 Months or More		Total
	Fair Value	Unrealized Losses	Fair Value	Unrealized Losses	Fair Value	Unrealized Losses
(In thousands)
U.S. Government sponsored agencies	$ 29,813	$ 179	$ –	$ –	$ 29,813	$ 179
Equity and other securities	–	–	–	–	–	–

Total temporarily impaired securities	$ 29,813	$ 179	$ –	$ –	$ 29,813	$ 179