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Securities | 12 Months Ended
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Dec. 31, 2011
Securities [Abstract] |
Securities | Note 3 - Securities The amortized cost and fair value of securities, with gross unrealized gains and losses, follows:
|  |  | $327,519 |  |  |  | $327,519 |  |  |  | $327,519 |  |  |  | $327,519 |
|  | (In Thousands) |
|  | 2011 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Market Value |
Available-for-Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  | $ | 26,050 |  |  | $ | 641 |  |  | $ | — |  |  | $ | 26,691 |
U.S. Government agency |  |  | 174,545 |  |  |  | 3,270 |  |  |  | (18 | ) |  |  | 177,797 |
Mortgage-backed securities |  |  | 54,113 |  |  |  | 1,318 |  |  |  | (18 | ) |  |  | 55,413 |
State and local governments |  |  | 63,143 |  |  |  | 4,476 |  |  |  | (1 | ) |  |  | 67,618 |
Total available-for-sale securities |  | $ | 317,851 |  |  | $ | 9,705 |  |  | $ | (37 | ) |  | $ | 327,519 |
|  |  | $327,519 |  |  |  | $327,519 |  |  |  | $327,519 |  |  |  | $327,519 |
|  | (In Thousands) |
|  | 2010 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Market Value |
Available-for-Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  | $ | 32,698 |  |  | $ | — |  |  | $ | (420 | ) |  | $ | 32,278 |
U.S. Government agency |  |  | 166,000 |  |  |  | 1,308 |  |  |  | (1,604 | ) |  |  | 165,704 |
Mortgage-backed securities |  |  | 23,282 |  |  |  | 1,249 |  |  |  | — |  |  |  | 24,531 |
State and local governments |  |  | 64,522 |  |  |  | 792 |  |  |  | (510 | ) |  |  | 64,804 |
Total available-for-sale securities |  | $ | 286,502 |  |  | $ | 3,349 |  |  | $ | (2,534 | ) |  | $ | 287,317 |
Investment securities will at times depreciate to an unrealized loss position. The Bank utilizes the following criteria to assess whether impairment is other than temporary. No one item by itself will necessarily signal that a security should be recognized as an other than temporary impairment.
| 1. | The fair value of the security has significantly declined from book value.
| 2. | A downgrade has occurred that lowered the credit rating to below investment grade (below Baa3 by Moody and BBB – by Standard and Poors.)
| 3. | Dividends have been reduced or eliminated or scheduled interest payments have not been made.
| 4. | The underwater security has longer than 10 years to maturity and the loss position had existed for more than 3 years.
| 5. | Management does not possess both the intent and ability to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value.
If the impairment is judged to be other than temporary, the cost basis of the individual security shall be written down to fair value, thereby establishing a new cost basis. The new cost basis shall not be changed for subsequent recoveries in fair value. The amount of the write down shall be included in current earnings as a realized loss. The recovery in fair value, if any, shall be recognized in earnings when the security is sold. The table below is presented by category of security and length of time in a continuous loss position. The Bank currently does not hold any securities with other than temporary impairment. Information pertaining to securities with gross unrealized losses at December 31, 2011 and 2010, aggregated by investment category and length of time that individual securities have been in a continuous loss position follows:
|  |  | 0000000000 |  |  |  | 0000000000 |  |  |  | 0000000000 |  |  |  | 0000000000 |
|  | 2011 |
|  | (In Thousands) Less Than Twelve Months |  |  | (In Thousands) Twelve Months & Over |
|  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |
U.S. Government agency |  | $ | (18 | ) |  | $ | 12,192 |  |  | $ | — |  |  | $ | — |
Mortgage-backed securities |  |  | (18 | ) |  |  | — |  |  |  | — |  |  |  | — |
State and local governments |  |  | (1 | ) |  |  | 652 |  |  |  | — |  |  |  | — |
Total available-for-sales securities |  | $ | (37 | ) |  | $ | 12,844 |  |  | $ | — |  |  | $ | — |
|  |  | 0000000000 |  |  |  | 0000000000 |  |  |  | 0000000000 |  |  |  | 0000000000 |
|  | 2010 |
|  | (In Thousands) Less Than Twelve Months |  |  | (In Thousands) Twelve Months & Over |
|  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |
U.S. Treasury |  | $ | (420 | ) |  | $ | 32,278 |  |  | $ | — |  |  | $ | — |
U.S. Government agency |  |  | (1,604 | ) |  |  | 88,026 |  |  |  | — |  |  |  | — |
Mortgage-backed securities |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
State and local governments |  |  | (411 | ) |  |  | 20,386 |  |  |  | (99 | ) |  |  | 11,302 |
Total available-for-sales securities |  | $ | (2,435 | ) |  | $ | 140,690 |  |  | $ | (99 | ) |  | $ | 11,302 |
Unrealized losses on securities have not been recognized into income because the issuers’ bonds are of high credit quality and the Bank has the intent and ability to hold the securities for the foreseeable future. The fair value is expected to recover as the bonds approach the maturity date. The gross realized gains and losses for the years ended December 31, are presented below:
|  | (In Thousands) |
|  | 2011 |  |  | 2010 |  |  | 2009 |
Gross realized gains |  | $ | 504 |  |  | $ | 956 |  |  | $ | 281 |
Gross realized losses |  |  | — |  |  |  | — |  |  |  | (51 | )
Net realized gains |  | $ | 504 |  |  | $ | 956 |  |  | $ | 230 |
Tax expense related to net realized gains |  | $ | 171 |  |  | $ | 325 |  |  | $ | 78 |
The amortized cost and fair value of debt securities at December 31, 2011, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
|  | (In Thousands) |
|  | Amortized Cost |  |  | Fair Value |
One year or less |  | $ | 16,510 |  |  | $ | 16,742 |
After one year through five years |  |  | 190,170 |  |  |  | 194,686 |
After five years through ten years |  |  | 45,523 |  |  |  | 47,566 |
After ten years |  |  | 11,535 |  |  |  | 13,112 |
Total |  | $ | 263,738 |  |  | $ | 272,106 |
Mortgage-backed securities |  |  | 54,113 |  |  |  | 55,413 |
Total |  | $ | 317,851 |  |  | $ | 327,519 |
Investments with a carrying value and fair value of $194.7 million at December 31, 2011 and $186.6 million at December 31, 2010 were pledged to secure public deposits and securities sold under repurchase agreements. Other securities include Federal Home Loan Bank of Cincinnati and Indianapolis stock and Farmer Mac stock as of December 31, 2011. The stock is carried at cost, which approximates fair value. The loss recognized in 2009 was Bankers Bank stock which was written down to a carrying value of zero in December 2009 for a loss of $51 thousand.

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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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