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SECURITIES
 6 Months Ended
Jun. 30, 2013
Securities  
SECURITIES

NOTE 3 – SECURITIES

 

The amortized cost and estimated fair value of investment securities are as follows:

 

      Gross  Gross  Estimated
   Amortized  Unrealized  Unrealized  Fair
June 30, 2013  Cost  Gains  Losses  Value
             
Securities available for sale                    
                     
U.S. Treasury securities and obligations of U.S. government corporations and agencies  $1,004    —   $7   $997 
U.S. agency issued residential mortgage-backed securities   19,583    593    273    19,903 
U.S. agency issued residential collateralized mortgage obligations   38,408    617    216    38,809 
Privately issued residential collateralized mortgage obligations   123    4    —    127 
Nonrated SBA loan fund   950    —    —    950 
Other equity securities   47    —    —    47 
                     
Totals  $60,115   $1,214   $496   $60,833 
                     
Securities held to maturity                    
                     
Obligations of states and political subdivisions  $70,166   $1,822   $472   $71,516 
Nonrated trust preferred securities   1,515    36    178    1,373 
Nonrated senior subordinated notes   402    5    —    407 
                     
Totals  $72,083   $1,863   $650   $73,296 

 

      Gross  Gross  Estimated
   Amortized  Unrealized  Unrealized  Fair
December 31, 2012  Cost  Gains  Losses  Value
             
Securities available for sale                    
                     
U.S. Treasury securities and obligations of U.S. government corporations and agencies  $9,998   $29   $—   $10,027 
U.S. agency issued residential mortgage-backed securities   13,550    847    —    14,397 
U.S. agency issued residential collateralized mortgage obligations   44,544    749    50    45,243 
Privately issued residential collateralized mortgage obligations   168    5    —    173 
Nonrated commercial paper   5,500    —    —    5,500 
Other equity securities   47    —    —    47 
                     
Totals  $73,807   $1,630   $50   $75,387 
                     
Securities held to maturity                    
                     
Obligations of states and political subdivisions  $67,915   $2,581   $41   $70,455 
Nonrated trust preferred securities   1,505    60    66    1,499 
Nonrated senior subordinated notes   402    8    —    410 
                     
Totals  $69,822   $2,649   $107   $72,364 

 

Securities with a fair value of $42,601 and $44,914 at June 30, 2013 and December 31, 2012, respectively, were pledged to secure public deposits, other borrowings, and for other purposes required by law.

 

During the quarter ended March 31, 2013, PSB realized a net gain of $12 ($7 after tax expense) from proceeds totaling $986 on the sale of securities available for sale. There was no sale of securities during the quarter ended June 30, 2013 or during the six months ended June 30, 2012.