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INVESTMENT SECURITIES (Tables)
 6 Months Ended
Jun. 30, 2012
INVESTMENT SECURITIES [Abstract]  
Amortized Cost, Gross Unrealized Gains and Losses and Fair Value of Investment Securities
The amortized cost, gross unrealized gains and losses, and fair value of the Company's investment securities are summarized as follows:

 
 
At June 30, 2012
 
 
 
Amortized
cost
 
 
Gross
unrealized
gains
 
 
Gross
unrealized
losses
 
 
Fair
value
 
 
 
(in thousands)
 
Available for sale
 
 
 
 
 
 
 
 
 
 
 
 
State and political subdivisions
 
$
55,003
 
 
$
4,130
 
 
$
(31
)
 
$
59,102
 
Residential mortgage-backed securities issued by quasi-governmental agencies
 
 
50,190
 
 
 
1,559
 
 
 
-
 
 
 
51,749
 
Residential mortgage-backed securities privately issued
 
 
4,456
 
 
 
198
 
 
 
(1
)
 
 
4,653
 
Total investment securities available for sale
 
 
109,649
 
 
 
5,887
 
 
 
(32
)
 
 
115,504
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Held to maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage-backed securities issued by quasi-governmental agencies
 
 
2,351
 
 
 
347
 
 
 
-
 
 
 
2,698
 
Total investment securities
 
$
112,000
 
 
$
6,234
 
 
$
(32
)
 
$
118,202
 

 
 
 
At December 31, 2011
 
 
 
Amortized
cost
 
 
Gross
unrealized
gains
 
 
Gross
unrealized
losses
 
 
Fair
value
 
 
 
(in thousands)
 
Available for sale
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Government and federal agencies
 
$
2,995
 
 
$
35
 
 
$
-
 
 
$
3,030
 
State and political subdivisions
 
 
51,287
 
 
 
3,804
 
 
 
-
 
 
 
55,091
 
Residential mortgage-backed securities issued by quasi-governmental agencies
 
 
45,969
 
 
 
1,525
 
 
 
-
 
 
 
47,494
 
Residential mortgage-backed securities privately issued
 
 
8,723
 
 
 
195
 
 
 
(30
)
 
 
8,888
 
Total investment securities available for sale
 
 
108,974
 
 
 
5,559
 
 
 
(30
)
 
 
114,503
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Held to maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage-backed securities issued by quasi-governmental agencies
 
 
2,588
 
 
 
340
 
 
 
-
 
 
 
2,928
 
Total investment securities
 
$
111,562
 
 
$
5,899
 
 
$
(30
)
 
$
117,431
 
Investment Securities Maturities [Table Text Block]
The amortized cost and fair value of investment and mortgage-backed securities, by contractual maturity, are shown below. 

 
 
At June 30, 2012
 
 
 
Available for sale
 
 
Held to maturity
 
 
 
Amortized
cost
 
 
Fair
value
 
 
Amortized
cost
 
 
Fair
value
 
 
 
(in thousands)
 
Investment securities
 
 
 
 
 
 
 
 
 
 
 
 
Due in one year or less
 
$
1,073
 
 
$
1,094
 
 
$
-
 
 
$
-
 
Due after one year through five years
 
 
8,306
 
 
 
8,699
 
 
 
-
 
 
 
-
 
Due after five years through ten years
 
 
24,425
 
 
 
26,062
 
 
 
-
 
 
 
-
 
Due after ten years
 
 
21,199
 
 
 
23,247
 
 
 
-
 
 
 
-
 
 
 
 
55,003
 
 
 
59,102
 
 
 
-
 
 
 
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage-backed securities
 
 
54,646
 
 
 
56,402
 
 
 
2,351
 
 
 
2,698
 
Total investment and mortgage-backed securities
 
$
109,649
 
 
$
115,504
 
 
$
2,351
 
 
$
2,698
 
Length of Time Securities Have Been in Continuous Unrealized Loss Position
The table below indicates the length of time individual securities have been in a continuous unrealized loss position at June 30, 2012:

 
 
Number
 
 
Less than
12 months
 
 
12 months
or longer
 
 
Total
 
Description of Securities
 
of Securities
 
 
Fair Value
 
 
Unrealized Loss
 
 
Fair Value
 
 
Unrealized Loss
 
 
Fair Value
 
 
Unrealized Loss
 
 
 
(dollars in thousands)
 
State and political subdivisions
 
 
2
 
 
$
1,514
 
 
$
(31
)
 
$
-
 
 
$
-
 
 
$
1,514
 
 
$
(31
)
Residential mortgage-backed securities privately issued
 
 
1
 
 
 
112
 
 
 
(1
)
 
 
-
 
 
 
-
 
 
 
112
 
 
 
(1
)
Total temporarily impaired securities
 
 
3
 
 
$
1,626
 
 
$
(32
)
 
$
-
 
 
$
-
 
 
$
1,626
 
 
$
(32
)


The table below indicates the length of time individual securities have been in a continuous unrealized loss position at December 31, 2011:

 
 
Number
 
 
Less than
12 months
 
 
12 months
or longer
 
 
Total
 
Description of Securities
 
of Securities
 
 
Fair Value
 
 
Unrealized Loss
 
 
Fair Value
 
 
Unrealized Loss
 
 
Fair Value
 
 
Unrealized Loss
 
 
 
(dollars in thousands)
 
Residential mortgage-backed securities privately issued
 
 
2
 
 
$
3,442
 
 
$
(30
)
 
$
-
 
 
$
-
 
 
$
3,442
 
 
$
(30
)
Total temporarily impaired securities
 
 
2
 
 
$
3,442
 
 
$
(30
)
 
$
-
 
 
$
-
 
 
$
3,442
 
 
$
(30
)