Available-For-Sale Securities

9 Months Ended

Sep. 30, 2011

Available-For-Sale Securities

Available-For-Sale Securities

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:

	September 30, 2011
	Amortized Cost	Gross Unrealized Gains	Gross Unrealized Losses	Fair Value
(In thousands)
U.S. Government sponsored agencies	$     63,958	$           405	$              –	$     64,363
Equity and other securities	600	22	–	622
	$     64,558	$           427	$              –	$     64,985

	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 September 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	$     8,996	$            9,037
Due after one year through five years	34,995	35,088
Due after five years through ten years	19,967	20,238
Due after ten years	–	–
Total	63,958	64,363
Equity and other securities	600	622
	$   64,558	$            64,985

The book value and estimated fair value of securities pledged as collateral to secure public deposits amounted to $5,000,000 and $5,027,000 at September 30, 2011 and $5,002,000 and $5,013,000 at December 31, 2010.

Gross gains of $0 and $437,000 were realized for the nine months ended September 30, 2011 and 2010, respectively and no gross losses were realized for the nine months ended September 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 September 30, 2011 and December 31, 2010, were $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 September 30, 2011 and December 31, 2010, respectively.

There were no individual securities in an unrealized loss position at September 30, 2011. Unrealized losses and fair value as of December 31, 2010, aggregated by investment type and length of time that individual securities have been in a continuous unrealized loss position are as follows:

	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

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 September 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:

	September 30, 2011	December 31, 2010
(In thousands)
Balance	$   13,650	$   17,674
Carrying value of securities pledged to secure agreements to repurchase at period end	23,173	27,031
Average balance during the period of securities sold under agreements to repurchase	16,305	17,922
Maximum amount outstanding at any month-end during the period	18,633	21,935