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Securities | 12 Months Ended
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Dec. 31, 2011
Securities |
SECURITIES | NOTE 3 - SECURITIES The amortized cost and fair value of securities were as follows:
|  | December 31, 2011 |
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
|  | (In Thousands) |
AVAILABLE FOR SALE: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies |  | $ | 13,268 |  |  | $ | 130 |  |  | $ | — |  |  | $ | 13,398 |
States and political subdivisions |  |  | 54,106 |  |  |  | 2,640 |  |  |  | — |  |  |  | 56,746 |
Corporate obligations |  |  | 8,733 |  |  |  | 130 |  |  |  | (54 | ) |  |  | 8,809 |
Mortgage-backed securities - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
government sponsored entities |  |  | 68,886 |  |  |  | 2,081 |  |  |  | (2 | ) |  |  | 70,965 |
Equity securities - financial services |  |  | 239 |  |  |  | 109 |  |  |  | (3 | ) |  |  | 345 |
|  | $ | 145,232 |  |  | $ | 5,090 |  |  | $ | (59 | ) |  | $ | 150,263 |
HELD TO MATURITY: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
States and political subdivisions |  | $ | 171 |  |  | $ | 6 |  |  | $ | — |  |  | $ | 177 |
|  | December 31, 2010 |
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Gains |  |  | Losses |  |  | 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 |
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:
|  | December 31, 2011 |
|  | Less than 12 Months |  |  | 12 Months or More |  |  | Total |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
|  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
|  | (In Thousands) |
Corporate obligations |  | $ | 4,152 |  |  | $ | (54 | ) |  | $ | — |  |  | $ | — |  |  | $ | 4,152 |  |  | $ | (54 | )
Mortgage-backed securities - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
government sponsored entities |  |  | 2,495 |  |  |  | (2 | ) |  |  | — |  |  |  | — |  |  |  | 2,495 |  |  |  | (2 | )
Equity securities - financial services |  |  | 34 |  |  |  | (2 | ) |  |  | 15 |  |  |  | (1 | ) |  |  | 49 |  |  |  | (3 | )
|  | $ | 6,681 |  |  | $ | (58 | ) |  | $ | 15 |  |  | $ | (1 | ) |  | $ | 6,696 |  |  | $ | (59 | )
|  | December 31, 2010 |
|  | Less than 12 Months |  |  | 12 Months or More |  |  | Total |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
|  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
|  | (In Thousands) |
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 entities |  |  | 20,113 |  |  |  | (240 | ) |  |  | — |  |  |  | — |  |  |  | 20,113 |  |  |  | (240 | )
Equity securities - financial services |  |  | 15 |  |  |  | (1 | ) |  |  | — |  |  |  | — |  |  |  | 15 |  |  |  | (1 | )
|  | $ | 50,653 |  |  | $ | (1,183 | ) |  | $ | — |  |  | $ | — |  |  | $ | 50,653 |  |  | $ | (1,183 | )
The Company has 10 securities in the less than twelve month category and 1 security in the twelve months or more category as of December 31, 2011 compared to 61 securities in the less than twelve month category and no securities greater than twelve months as of December 31, 2010. In management's opinion, the unrealized losses on debt securities 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. No other-than-temporary-impairment charges were recorded in 2011. Management believes that all other unrealized losses represent temporary impairment of the securities, as it is the intent of the Company to not sell the securities and it is more likely than not that it will not have to sell the securities before recovery of their cost basis. The amortized cost and fair value of securities as of December 31, 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 |  |  | Fair |  |  | Amortized |  |  | Fair |
|  | Cost |  |  | Value |  |  | Cost |  |  | Value |
|  | (In Thousands) |
Due in one year or less |  | $ | 1,977 |  |  | $ | 1,984 |  |  | $ | — |  |  | $ | — |
Due after one year through five years |  |  | 22,573 |  |  |  | 22,899 |  |  |  | 171 |  |  |  | 177 |
Due after five years through ten years |  |  | 19,375 |  |  |  | 20,357 |  |  |  | — |  |  |  | — |
Due after ten years |  |  | 32,182 |  |  |  | 33,713 |  |  |  | — |  |  |  | — |
|  |  | 76,107 |  |  |  | 78,953 |  |  |  | 171 |  |  |  | 177 |
Mortgage-backed securities - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
government sponsored entities |  |  | 68,886 |  |  |  | 70,965 |  |  |  | — |  |  |  | — |
|  | $ | 144,993 |  |  | $ | 149,918 |  |  | $ | 171 |  |  | $ | 177 |
Gross realized gains and gross realized losses on sales of securities available for sale were $983,000 and $10,000, respectively, in 2011, compared to $450,000 and $2,000, respectively, in 2010, and $597,000 and $134,000, respectively, in 2009. The proceeds from the sales of securities totaled $32,146,000, $23,944,000 and $15,449,000 for the years ended December 31, 2011, 2010 and 2009, respectively. Securities with a carrying value of $71,245,000 and $71,412,000 at December 31, 2011 and 2010, respectively, were pledged to secure public deposits, U.S. Treasury demand notes, securities sold under agreements to repurchase and for other purposes as required or permitted by law.

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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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