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Securities
9 Months Ended
Sep. 30, 2011
Securities 
Securities
7.   Securities
 
       The amortized cost and fair value of securities were as follows:

   
September 30, 2011
  
   
Amortized
Cost
    
Gross
Unrealized
Gains
    
Gross
Unrealized
Losses
    
Fair
Value
  
   
(In thousands)
  
Available for Sale:
                        
U.S. Government agencies
   $ 16,335     $ 277     $ -     $ 16,612  
States and political subdivisions
     55,512       1,923       (72 )     57,363  
Corporate obligations
     7,732       168       (16 )     7,884  
Mortgage-backed securities-
 government sponsored entities
     61,290       2,251       (10 )     63,531  
    $ 140,869     $ 4,619     $ (98 )     145,390  
Equity securities-financial services
     257       90       (3 )     344  
    $ 141,126     $ 4,709     $ (101 )     145,734  
Held to Maturity:
                                
States and political subdivisions
   $ 171     $ 6     $ -     $ 177  
                                 

   
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):
 
    
September 30, 2011
  
    Less than 12 Months     12 Months or More     Total  
   
Fair Value
    
Unrealized
Losses
    
Fair Value
    
Unrealized
Losses
    
Fair Value
    
Unrealized
Losses
  
 
States and political subdivisions
   $ 4,270     $ (72 )   $ -     $ -     $ 4,270     $ (72 )
Corporate obligations
     1,016       (16 )     -       -       1,016       (16 )
Mortgage-backed securities-government 
  sponsored agencies
       2,588       (10 )       -         -         2,588       (10 )
Equity securities-financial services
   $ 34     $ (2 )     15       (1 )     49       (3 )
    $ 7,908     $ (100 )   $ 15     $ (1 )   $ 7,923     $ (101 )
                                                 
 
    
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 September 30, 2011, the Company has 11 debt securities in an unrealized loss position in the less than twelve months category and no debt 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 September 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
   $ 1,118     $ 1,121     $ -     $ -  
Due after one year through five years
     21,715       22,167       171       177  
Due after five years through ten years
     23,995       24,830       -       -  
Due after ten years
     32,751       33,741       -       -  
                                 
Mortgage-backed securities-government sponsored agencies
     61,290       63,531       -       -  
    $ 140,869     $ 145,390     $ 171     $ 177  

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

    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
   
2011
    
2010
    
2011
    
2010
  
                                 
Gross realized gains
   $ 548     $ 161     $ 776     $ 380  
Gross realized losses
     (4 )     -       (8 )     -  
Net realized gain
   $ 544     $ 161     $ 768     $ 380  
Proceeds from sales of securities
   $ 17,390     $ 11,091     $ 27,734     $ 23,778