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Securities

6 Months Ended

Jun. 30, 2011

Securities

Securities

7.             Securities

The amortized cost and fair value of securities were as follows:

		June 30, 2011
		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
		(In Thousands)
Available for Sale:
U.S. Government agencies		$	31,254			$	393			$	(175	)		$	31,472
States and political subdivisions			50,590				970				(252	)			51,308
Corporate obligations			7,747				251				-				7,998
Mortgage-backed securities-  government sponsored entities			59,252				1,673				(15	)			60,910
		$	148,843			$	3,287			$	(442	)			151,688
Equity securities-financial services			300				288				(1	)			587
		$	149,143			$	3,575			$	(443	)			152,275
Held to Maturity:
States and political subdivisions		$	170			$	8			$	-			$	178

		December 31, 2010
		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
		(In Thousands)
Available for Sale:
U.S. Government agencies		$	30,194			$	392			$	(318	)		$	30,268
States and political subdivisions			49,880				510				(624	)			49,766
Corporate obligations			4,018				231				-				4,249
Mortgage-backed securities-government     sponsored entities			59,770				1,398				(240	)			60,928
			143,862				2,531				(1,182	)			145,211
Equity securities-financial services			224				381				(1	)			604
		$	144,086			$	2,912			$	(1,183	)		$	145,815
Held to Maturity:
States and political subdivisions		$	170			$	9			$	-			$	179

The following tables show the Company's investments' gross unrealized losses and fair value aggregated by length of time that individual securities have been in a continuous unrealized loss position (in thousands):

		June 30, 2011
		Less than 12 Months								12 Months or More								Total
		Fair Value				Unrealized Losses				Fair Value				Unrealized Losses				Fair Value				Unrealized Losses
U.S. Government agencies		$	8,835			$	(175	)		$	-			$	-			$	8,835			$	(175	)
States and political subdivisions			13,294				(252	)			-				-				13,294				(252	)
Mortgage-backed securities-government sponsored agencies			5,181				(15	)			-				-				5,181				(15	)
Equity securities-financial services		$	-			$	0				16				(1	)			16				(1	)
		$	27,310			$	(442	)		$	16			$	(1	)		$	27,326			$	(443	)

		December 31, 2010
		Less than 12 Months								12 Months or More								Total
		Fair Value				Unrealized Losses				Fair Value				Unrealized Losses				Fair Value				Unrealized Losses
U.S. Government agencies		$	8,696			$	(318	)		$	-			$	-			$	8,696			$	(318	)
States and political subdivisions			21,829				(624	)			-				-				21,829				(624	)
Mortgage-backed securities-government sponsored agencies			20,113				(240	)			-				-				20,113				(240	)
Equity securities-financial services			15				(1	)			-				-				15				(1	)
		$	50,653			$	(1,183	)		$	-			$	-			$	50,653			$	(1,183	)

At June 30, 2011, the Company has 36 securities in an unrealized loss position in the less than twelve months category and no securities in the twelve months or more category.  In Management's opinion the unrealized losses less than twelve months principally reflect changes in interest rates subsequent to the acquisition of specific securities.  The Company holds a small amount of equity securities in other financial institutions.  The value of these equity securities has been impacted by the overall weakness in the financial sector, one of which has been in a loss position for greater than one year.  Management believes that the other unrealized loss represents temporary impairment of the security as the Company does not have the intent to sell the security and it is more likely than not that it will not have to sell the security before recovery of its cost basis.

The amortized cost and fair value of debt securities as of June 30, 2011 by contractual maturity are shown below.  Expected maturities may differ from contractual maturities because borrowers may have the right to prepay obligations with or without call or prepayment penalties.

		Available for Sale								Held to Maturity
		Amortized Cost				Fair Value				Amortized Cost				Fair Value
		(In Thousands)
Due in one year or less		$	996			$	1,001			$	-			$	-
Due after one year through five years			32,796				33,445				170				178
Due after five years through ten years			27,013				27,432				-				-
Due after ten years			28,786				28,900				-				-
Mortgage-backed securities-government      sponsored agencies			59,252				60,910				-				-
		$	148,843			$	151,688			$	170			$	178

Gross realized gains and gross realized losses on sales of securities available for sale were as follows (in thousands):

		Three Months								Six Months
		Ended June 30,								Ended June 30,
		2011				2010				2011				2010
Gross realized gains		$	15			$	64			$	228			$	219
Gross realized losses			(3	)		___-					(4	)			-
Net realized gain		$	12			$	64			$	224			$	219
Proceeds from sales of securities		$	4,157			$	3,774			$	10,344			$	12,611

X

- 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

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-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.

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