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Securities | 9 Months Ended
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Sep. 30, 2011
Securities [Abstract] |
Securities | Note 7 – Securities The book values and approximate fair values of investment securities at September 30, 2011 and December 31, 2010 are summarized as follows:
|  | September 30, 2011 |  |  | December 31, 2010 |
|  | Amortized |  |  | Fair |  |  | Unrealized |  |  | Amortized |  |  | Fair |  |  | Unrealized |
($ in thousands) |  | Cost |  |  | Value |  |  | Gains |  |  | (Losses) |  |  | Cost |  |  | Value |  |  | Gains |  |  | (Losses) |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprise securities |  | $ | 19,512 |  |  |  | 19,734 |  |  |  | 222 |  |  |  | − |  |  |  | 43,432 |  |  |  | 43,273 |  |  |  | 214 |  |  |  | (373 | )
Mortgage-backed securities |  |  | 111,130 |  |  |  | 115,037 |  |  |  | 4,446 |  |  |  | (539 | ) |  |  | 104,660 |  |  |  | 107,460 |  |  |  | 3,270 |  |  |  | (470 | )
Corporate bonds |  |  | 13,191 |  |  |  | 12,806 |  |  |  | 240 |  |  |  | (625 | ) |  |  | 15,754 |  |  |  | 15,330 |  |  |  | 35 |  |  |  | (459 | )
Equity securities |  |  | 11,988 |  |  |  | 12,293 |  |  |  | 343 |  |  |  | (38 | ) |  |  | 14,858 |  |  |  | 15,119 |  |  |  | 301 |  |  |  | (40 | )
Total available for sale |  | $ | 155,821 |  |  |  | 159,870 |  |  |  | 5,251 |  |  |  | (1,202 | ) |  |  | 178,704 |  |  |  | 181,182 |  |  |  | 3,820 |  |  |  | (1,342 | )
Securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State and local governments |  | $ | 57,533 |  |  |  | 61,512 |  |  |  | 3,980 |  |  |  | (1 | ) |  |  | 54,011 |  |  |  | 53,305 |  |  |  | 517 |  |  |  | (1,223 | )
Other |  |  | − |  |  |  | − |  |  |  | − |  |  |  | − |  |  |  | 7 |  |  |  | 7 |  |  |  | − |  |  |  | − |
Total held to maturity |  | $ | 57,533 |  |  |  | 61,512 |  |  |  | 3,980 |  |  |  | (1 | ) |  |  | 54,018 |  |  |  | 53,312 |  |  |  | 517 |  |  |  | (1,223 | )
Included in mortgage-backed securities at September 30, 2011 were collateralized mortgage obligations with an amortized cost of $1,779,000 and a fair value of $1,844,000. Included in mortgage-backed securities at December 31, 2010 were collateralized mortgage obligations with an amortized cost of $2,644,000 and a fair value of $2,740,000. The Company owned Federal Home Loan Bank stock with a cost and fair value of $11,894,000 and $14,759,000 at September 30, 2011 and December 31, 2010, respectively, which is included in equity securities above and serves as part of the collateral for the Company's line of credit with the Federal Home Loan Bank. The investment in this stock is a requirement for membership in the Federal Home Loan Bank system. The following table presents information regarding securities with unrealized losses at September 30, 2011:
($ in thousands) |  | Securities in an Unrealized Loss Position for Less than 12 Months |  |  | Securities in an Unrealized Loss Position for More than 12 Months |  |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
Government-sponsored enterprise securities |  | $ | − |  |  |  | − |  |  |  | − |  |  |  | − |  |  |  | − |  |  |  | − |
Mortgage-backed securities |  |  | 39,132 |  |  |  | 539 |  |  |  | − |  |  |  | − |  |  |  | 39,132 |  |  |  | 539 |
Corporate bonds |  |  | 5,575 |  |  |  | 474 |  |  |  | 2,146 |  |  |  | 151 |  |  |  | 7,721 |  |  |  | 625 |
Equity securities |  |  | 11 |  |  |  | 2 |  |  |  | 24 |  |  |  | 36 |  |  |  | 35 |  |  |  | 38 |
State and local governments |  |  | 284 |  |  |  | 1 |  |  |  | − |  |  |  | − |  |  |  | 284 |  |  |  | 1 |
Total temporarily impaired securities |  | $ | 45,002 |  |  |  | 1,016 |  |  |  | 2,170 |  |  |  | 187 |  |  |  | 47,172 |  |  |  | 1,203 |
The following table presents information regarding securities with unrealized losses at December 31, 2010:
|  | Securities in an Unrealized Loss Position for Less than 12 Months |  |  | Securities in an Unrealized Loss Position for More than 12 Months |  |  | Total |
(in thousands) |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
Government-sponsored enterprise securities |  | $ | 18,607 |  |  |  | 373 |  |  |  | – |  |  |  | – |  |  |  | 18,607 |  |  |  | 373 |
Mortgage-backed securities |  |  | 21,741 |  |  |  | 470 |  |  |  | – |  |  |  | – |  |  |  | 21,741 |  |  |  | 470 |
Corporate bonds |  |  | 7,548 |  |  |  | 55 |  |  |  | 2,900 |  |  |  | 404 |  |  |  | 10,448 |  |  |  | 459 |
Equity securities |  |  | 3 |  |  |  | 1 |  |  |  | 29 |  |  |  | 39 |  |  |  | 32 |  |  |  | 40 |
State and local governments |  |  | 35,289 |  |  |  | 1,223 |  |  |  | – |  |  |  | – |  |  |  | 35,289 |  |  |  | 1,223 |
Total temporarily impaired securities |  | $ | 83,188 |  |  |  | 2,122 |  |  |  | 2,929 |  |  |  | 443 |  |  |  | 86,117 |  |  |  | 2,565 |
In the above tables, all of the non-equity securities that were in an unrealized loss position at September 30, 2011 and December 31, 2010 are bonds that the Company has determined are in a loss position due to interest rate factors, the overall economic downturn in the financial sector, and the broader economy in general. The Company has evaluated the collectability of each of these bonds and has concluded that there is no other-than-temporary impairment. The Company does not intend to sell these securities, and it is more likely than not that the Company will not be required to sell these securities before recovery of the amortized cost. The Company has also concluded that each of the equity securities in an unrealized loss position at September 30, 2011 and December 31, 2010 was in such a position due to temporary fluctuations in the market prices of the securities. The Company's policy is to record an impairment charge for any of these equity securities that remains in an unrealized loss position for twelve consecutive months unless the amount is insignificant. The aggregate carrying amount of cost-method investments was $11,894,000 and $14,766,000 at September 30, 2011 and December 31, 2010, respectively, which included the Federal Home Loan Bank stock discussed above. The Company determined that none of its cost-method investments were impaired at either period end. The book values and approximate fair values of investment securities at September 30, 2011, by contractual maturity, are summarized in the table below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
|  | Securities Available for Sale |  |  | Securities Held to Maturity |
|  | Amortized |  |  | Fair |  |  | Amortized |  |  | Fair |
($ in thousands) |  | Cost |  |  | Value |  |  | Cost |  |  | Value |
Debt securities |  |  |  |  |  |  |  |  |  |  |  |
Due within one year |  | $ | − |  |  |  | − |  |  |  | 626 |  |  |  | 633 |
Due after one year but within five years |  |  | 22,508 |  |  |  | 22,849 |  |  |  | 1,575 |  |  |  | 1,665 |
Due after five years but within ten years |  |  | − |  |  |  | − |  |  |  | 22,877 |  |  |  | 24,677 |
Due after ten years |  |  | 10,195 |  |  |  | 9,691 |  |  |  | 32,455 |  |  |  | 34,537 |
Mortgage-backed securities |  |  | 111,130 |  |  |  | 115,037 |  |  |  | − |  |  |  | − |
Total debt securities |  |  | 143,833 |  |  |  | 147,577 |  |  |  | 57,533 |  |  |  | 61,512 |
Equity securities |  |  | 11,988 |  |  |  | 12,293 |  |  |  | − |  |  |  | − |
Total securities |  | $ | 155,821 |  |  |  | 159,870 |  |  |  | 57,533 |  |  |  | 61,512 |
At September 30, 2011 and December 31, 2010, investment securities with book values of $90,399,000 and $75,654,000, respectively, were pledged as collateral for public and private deposits and securities sold under agreements to repurchase. There were $2,510,000 in sales of securities during the nine months ended September 30, 2011, which resulted in a net gain of $8,000. There were no securities sales during the first nine months of 2010. During the nine months ended September 30, 2011, the Company recorded a net loss of $5,000 related to write-downs of the Company's equity portfolio and recorded a net gain of $71,000 related to the call of several securities. During the nine months ended September 30, 2010, the Company recorded a gain of $25,000 related to the call of several municipal securities.

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- Definition Tabular disclosure of investments in certain debt and equity securities (and certain other trading assets) which include all debt and equity securities (other than those equity securities accounted for under the equity or cost methods of accounting) with readily determinable fair values. Other trading assets include assets that are carried on the balance sheet at fair value and held for trading purposes. A debt security represents a creditor relationship with an enterprise that is in the form of a security. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt. An entity may opt to provide the reader with additional narrative text to better understand the nature of investments in debt and equity securities (and other trading assets). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27405-111563 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6379141&loc=d3e15032-111544 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Equity Security -URI http://asc.fasb.org/extlink&oid=6511694 -Topic 320 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27161-111563 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Debt Security -URI http://asc.fasb.org/extlink&oid=6509901 -Topic 320 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 115 -Paragraph 3, 19, 20, 21, 22, 137 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27232-111563 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27357-111563 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27290-111563 + Details
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