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Investment Securities
 3 Months Ended
Mar. 31, 2013
Investments, Debt and Equity Securities [Abstract]  
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

Note 3 – Investment Securities

 

The following table provides information on the amortized cost and estimated fair values of investment securities.

 

          Gross     Gross     Estimated  
    Amortized     Unrealized     Unrealized     Fair  
(Dollars in thousands)   Cost     Gains     Losses     Value  
Available-for-sale securities:                                
March 31, 2013:                                
Obligations of U.S. Government agencies and corporations   $ 37,629     $ 828     $ 4     $ 38,453  
Mortgage-backed securities     101,074       2,261       174       103,161  
Equity securities     600       24       -       624  
Total   $ 139,303     $ 3,113     $ 178     $ 142,238  
                                 
                                 
December 31, 2012:                                
Obligations of U.S. Government agencies and corporations   $ 35,213     $ 903     $ 9     $ 36,107  
Mortgage-backed securities     106,524       2,464       208       108,780  
Equity securities     596       25       -       621  
Total   $ 142,333     $ 3,392     $ 217     $ 145,508  

                         
Held-to-maturity securities:                        
March 31, 2013:                        
Obligations of states and political subdivisions   $ 2,594     $ 226     $ -     $ 2,820  
                                 
 
December 31, 2012:		                                
Obligations of states and political subdivisions   $ 2,657     $ 227     $ -     $ 2,884  

 

The following table provides information about gross unrealized losses and fair value by length of time that the individual available-for-sale securities have been in a continuous unrealized loss position at March 31, 2013.

 

   

Less than

12 Months

    

More than

12 Months

     Total  
(Dollars in thousands)   Fair
Value		     Unrealized Losses     Fair
Value		     Unrealized
Losses		     Fair
Value		     Unrealized Losses  
Available-for-sale securities:                                                
U.S. Gov’t. agencies and corporations   $ 2,995     $ 4     $ -     $ -     $ 2,995     $ 4  
Mortgage-backed securities     25,086       174       -       -       25,086       174  
Total   $ 28,081     $ 178     $ -     $ -     $ 28,081     $ 178  

 

All of the securities with the unrealized losses in the available-for-sale portfolio have modest duration risk, low credit risk, and minimal losses when compared to total amortized cost. The unrealized losses on debt securities that exist are the result of market changes in interest rates since original purchase. Because the Company does not intend to sell these debt securities and it is not more likely than not that the Company will be required to sell these securities before recovery of their amortized cost bases, which may be at maturity, the Company considers the unrealized losses in the available-for-sale portfolio to be temporary. There were no unrealized losses in the held-to-maturity securities portfolio at March 31, 2013.

 

The following table provides information on the amortized cost and estimated fair values of investment securities by maturity date at March 31, 2013.

 

    Available for sale     Held to maturity  
    Amortized     Estimated     Amortized     Estimated  
(Dollars in thousands)   Cost     Fair Value     Cost     Fair Value  
Due in one year or less   $ 33     $ 34     $ 145     $ 145  
Due after one year through five years     24,131       24,184       938       982  
Due after five years through ten years     3,960       4,112       1,007       1,135  
Due after ten years     110,579       113,284       504       558  
      138,703       141,614       2,594       2,820  
Equity securities     600       624       -       -  
Total   $ 139,303     $ 142,238     $ 2,594     $ 2,820  

 

The maturity dates for debt securities are determined using contractual maturity dates.