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Securities (Tables)

6 Months Ended

Jun. 30, 2013

Securities [Abstract]

Amortized cost and fair value of available for sale securities and related pre-tax gross unrealized gains and losses

The amortized cost and fair value of available for sale securities and the related pre-tax gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) are as follows:

		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
June 30, 2013
U.S. Government agency debt obligations		$	89,941,000			$	535,000			$	(3,527,000	)		$	86,949,000
Mortgage-backed securities			15,173,000				1,215,000				0				16,388,000
Michigan Strategic Fund bonds			6,515,000				0				0				6,515,000
Municipal general obligation bonds			17,397,000				596,000				0				17,993,000
Municipal revenue bonds			878,000				47,000				0				925,000
Mutual funds			1,368,000				0				(4,000	)			1,364,000
		$	131,272,000			$	2,393,000			$	(3,531,000	)		$	130,134,000
December 31, 2012
U.S. Government agency debt obligations		$	78,447,000			$	1,039,000			$	(388,000	)		$	79,098,000
Mortgage-backed securities			20,182,000				1,814,000				0				21,996,000
Michigan Strategic Fund bonds			11,255,000				0				0				11,255,000
Municipal general obligation bonds			21,700,000				1,043,000				0				22,743,000
Municipal revenue bonds			1,726,000				91,000				0				1,817,000
Mutual funds			1,354,000				51,000				0				1,405,000
		$	134,664,000			$	4,038,000			$	(388,000	)		$	138,314,000

Securities with unrealized losses aggregated by investment category and length of time

Securities with unrealized losses at June 30, 2013 and December 31, 2012, aggregated by investment category and length of time that individual securities have been in a continuous loss position, are as follows:

		Less than 12 Months								12 Months or More								Total
		Fair Value				Unrealized Loss				Fair Value				Unrealized Loss				Fair Value				Unrealized Loss
June 30, 2013
U.S. Government agency debt obligations		$	72,418,000			$	(3,527,000	)		$	0			$	0			$	72,418,000			$	(3,527,000	)
Mortgage-backed securities			0				0				0				0				0				0
Michigan Strategic Fund bonds			0				0				0				0				0				0
Municipal general obligation bonds			0				0				0				0				0				0
Municipal revenue bonds			0				0				0				0				0				0
Mutual funds			1,364,000				(4,000	)			0				0				1,364,000				(4,000	)
		$	73,782,000			$	(3,531,000	)		$	0			$	0			$	73,782,000			$	(3,531,000	)
December 31, 2012
U.S. Government agency debt obligations		$	33,555,000			$	(388,000	)		$	0			$	0			$	33,555,000			$	(388,000	)
Mortgage-backed securities			0				0				0				0				0				0
Michigan Strategic Fund bonds			0				0				0				0				0				0
Municipal general obligation bonds			0				0				0				0				0				0
Municipal revenue bonds			0				0				0				0				0				0
Mutual funds			0				0				0				0				0				0
		$	33,555,000			$	(388,000	)		$	0			$	0			$	33,555,000			$	(388,000	)

Maturities of securities and their weighted average yields

Securities not due at a single maturity date, primarily mortgage-backed securities, are shown separately. Weighted average yields are also reflected, with yields for municipal securities shown at their tax equivalent yield.

		Weighted Average Yield				Amortized Cost				Fair Value
Due in 2013			4.99	%		$	1,130,000			$	1,134,000
Due in 2014 through 2018			4.99				4,650,000				4,785,000
Due in 2019 through 2023			3.18				28,545,000				28,060,000
Due in 2024 and beyond			3.59				73,891,000				71,888,000
Mortgage-backed securities			5.20				15,173,000				16,388,000
Michigan Strategic Fund bonds			2.15				6,515,000				6,515,000
Mutual funds			2.04				1,368,000				1,364,000
			3.67	%		$	131,272,000			$	130,134,000

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- Definition

Tabular disclosure of fair value of investments in debt and equity securities in an unrealized loss position categorized neither as held-to-maturity nor trading securities.

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Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

+ References

Reference 1: 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=27724398&loc=d3e27290-111563



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-Publisher FASB

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-Publisher FASB

-Name Accounting Standards Codification

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-Section 50

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-URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27198-111563



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-Publisher FASB

-Name Accounting Standards Codification

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Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

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