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Securities | 9 Months Ended
--- | ---
Sep. 30, 2012
Securities [Abstract] |
Securities | 5. Securities The amortized cost and fair value of securities were as follows:
| September 30, 2012
| Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value
| (In Thousands)
Available for Sale: |  |  |  |
U.S. Government agencies | $6,999 | $43 | $- | $7,042
States and political subdivisions | 55,445 | 3,249 | (2) | 58,692
Corporate obligations | 9,041 | 341 | - | 9,382
Mortgage-backed securities- government sponsored entities | 70,292 | 1,869 | (39) | 72,122
| 141,777 | 5,502 | (41) | 147,238
Equity securities-financial services | 374 | 27 | - | 401
| $142,151 | $5,529 | $(41) | $147,639
Held to Maturity: |  |  |  |
States and political subdivisions | $172 | $3 | $- | $175
| December 31, 2011
| Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair 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
| 144,993 | 4,981 | (56) | 149,918
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
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, 2012
| 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 | 2,161 | (2) | - | - | 2,161 | (2)
Mortgage-backed securities-government sponsored agencies | 13,062 | (39) | - | - | 13,062 | (39)
| $15,223 | $(41) | $- | $- | $15,223 | $(41)
| December 31, 2011
| Less than 12 Months 12 Months or More Total
| Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses
Corporate obligations | $4,152 | $ (54) | $- | $- | $4,152 | $ (54)
Mortgage-backed securities-government sponsored agencies | 2,495 | (2) | - | - | 2,495 | (2)
Equity securities-financial services | 34 | (2) | 15 | (1) | 49 | (3)
| $6,681 | $ (58) | $15 | $(1) | $6,696 | $(59)
At September 30, 2012, the Company has 14 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. As of September 30, 2012, there were no unrealized losses on equity securities. Management believes that the unrealized loss represents temporary impairment of the securities 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 securities before recovery of their cost basis. The amortized cost and fair value of debt securities as of September 30, 2012 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 | $7,586 | $7,676 | $- | $-
Due after one year through five years | 12,691 | 12,996 | 172 | 175
Due after five years through ten years | 21,165 | 22,223 | - | -
Due after ten years | 30,043 | 32,221 | - | -
Mortgage-backed securities-government sponsored agencies | 70,292 | 72,122 | - | -
| $141,777 | $147,238 | $172 | $175
Gross realized gains and gross realized losses on sales of securities available for sale were as follows (in thousands):
| Three Months | Nine Months
| Ended September 30, | Ended September 30,
| 2012 | 2011 | 2012 | 2011
Gross realized gains | $631 | $548 | $1,318 | $776
Gross realized losses | ___- | (4) | ___- | (8)
Net realized gain | $631 | $544 | $1,318 | $768
Proceeds from sales of securities | $15,549 | $17,390 | $23,265 | $27,734

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