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Securities | 9 Months Ended
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Sep. 30, 2012
Securities [Abstract] |
Securities | NOTE 4. Securities Amortized costs and fair values of securities available for sale at September 30, 2012 and December 31, 2011 were as follows:
| Amortized Cost | Gross Unrealized Gains | Gross Unrealized (Losses) |  | Fair Value
| September 30, 2012
| (in thousands)
Obligations of U.S. government corporations and agencies | $ | 15,788 | $ | 938 | $ | - |  | $ | 16,726
Mortgage-backed securities |  | 24,643 |  | 1,566 |  | - |  |  | 26,209
Obligations of states and political subdivisions |  | 41,516 |  | 2,349 |  | (23) |  |  | 43,842
Corporate securities |  | 10,954 |  | 1,191 |  | - |  |  | 12,145
Equity securities |  | 2,054 |  | 210 |  | - |  |  | 2,264
| $ | 94,955 | $ | 6,254 | $ | (23) |  | $ | 101,186
| December 31, 2011
| (in thousands)
Obligations of U.S. government corporations and agencies | $ | 17,655 | $ | 878 | $ | - |  | $ | 18,533
Mortgage-backed securities |  | 33,420 |  | 1,143 |  | (17 | ) |  | 34,546
Obligations of states and political subdivisions |  | 43,640 |  | 2,159 |  | (33 | ) |  | 45,766
Corporate securities |  | 12,421 |  | 707 |  | (85 | ) |  | 13,043
Equity securities |  | 2,054 |  | 192 |  | - |  |  | 2,246
| $ | 109,190 | $ | 5,079 | $ | (135 | ) | $ | 114,134
During the first nine months of 2012, the Company sold $2.1 million in available for sale securities for a net gain of $15 thousand. During the first nine months of 2011, the Company sold $4.8 million in available for sale securities for a net gain of $155 thousand. The fair value and gross unrealized losses for securities available for sale, totaled by the length of time that individual securities have been in a continuous gross unrealized loss position, at September 30, 2012 and December 31, 2011 were as follows:
| Less than 12 months | 12 months or more | Total
| Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses
| September 30, 2012
| (in thousands)
Obligations of U.S. government corporations and agencies | $ | - | $ | - | $ | - | $ | - | $ | - | $ | -
Mortgage-backed securities |  | - |  | - |  | - |  | - |  | - |  | -
Obligations of states and political subdivisions |  | 1,098 |  | 13 |  | 273 |  | 10 |  | 1,371 |  | 23
Corporate securities |  | - |  | - |  | - |  | - |  | - |  | -
Equity securities |  | - |  | - |  | - |  | - |  | - |  | -
| $ | 1,098 | $ | 13 | $ | 273 | $ | 10 | $ | 1,371 | $ | 23
| December 31, 2011
| (in thousands)
Obligations of U.S. government corporations and agencies | $ | - | $ | - | $ | - | $ | - | $ | - | $ | -
Mortgage-backed securities |  | 4,003 |  | 17 |  | - |  | - |  | 4,003 |  | 17
Obligations of states and political subdivisions |  | 282 |  | 2 |  | 294 |  | 31 |  | 576 |  | 33
Corporate securities |  | 1,913 |  | 85 |  | - |  | - |  | 1,913 |  | 85
Equity securities |  | - |  | - |  | - |  | - |  | - |  | -
| $ | 6,198 | $ | 104 | $ | 294 | $ | 31 | $ | 6,492 | $ | 135
Gross unrealized losses on available for sale securities included three (3) and nine (9) debt securities at September 30, 2012 and December 31, 2011, respectively. The Company evaluates securities for other-than-temporary impairment on at least a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. The Company's mortgage-backed securities are issued by U.S. government agencies, which guarantee payments to investors regardless of the status of the underlying mortgages. Consideration is given to the length of time and the amount of an unrealized loss, the financial condition of the issuer, and the intent and ability of the Company to retain its investment in the issuer long enough to allow for an anticipated recovery in fair value. The fair value of a security reflects its liquidity as compared to similar instruments, current market rates on similar instruments, and the creditworthiness of the issuer. Absent any change in the liquidity of a security or the creditworthiness of the issuer, prices will decline as market rates rise and vice-versa. The primary cause of the unrealized losses at September 30, 2012 and December 31, 2011 was changes in market interest rates. Since the losses can be primarily attributed to changes in market interest rates and not expected cash flows or an issuer's financial condition, the unrealized losses are deemed to be temporary. The Company's holdings of corporate securities and equity securities represent investments in larger financial institutions. The current economic crisis involving housing, liquidity and credit were the primary causes of the unrealized losses on these securities at December 31, 2011. The Company monitors the financial condition of these issuers continuously and will record other-than-temporary impairment if the recovery of value is unlikely. The Company's securities are exposed to various risks, such as interest rate, market, currency and credit risks. Due to the level of risk associated with certain securities and the level of uncertainty related to changes in the value of securities, it is at least reasonably possible that changes in risks in the near term would materially affect securities reported in the financial statements. In addition, recent economic uncertainty and market events have led to unprecedented volatility in currency, commodity, credit and equity markets culminating in failures of some banking and financial services firms and government intervention to solidify others. These recent events underscore the level of investment risk associated with the current economic environment, and accordingly the level of risk in the Company's securities. Securities having a carrying value of $19.2 million at September 30, 2012 were pledged to secure securities sold under agreements to repurchase and other purposes required by law. The composition of restricted investments at September 30, 2012 and December 31, 2011 was as follows:
|  | September 30, 2012 | December 31, 2011
| (in thousands)
Federal Reserve Bank Stock | $ | 344 | $ | 344
Federal Home Loan Bank Stock |  | 2,293 |  | 3,036
Community Bankers' Bank Stock |  | 140 |  | 140
| $ | 2,777 | $ | 3,520

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- Definition Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities. + References Reference 1: 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 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27198-111563 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Emerging Issues Task Force (EITF) -Number 03-1 -Paragraph 21 -Subparagraph a, b -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 4: 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 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Staff Position (FSP) -Number FAS115-1/124-1 -Paragraph 17 -Subparagraph a, b -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 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27337-111563 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 115 -Paragraph 19, 20, 21 -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 8: 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 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62586-112803 Reference 10: 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 + Details
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