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Note 3 - Securities
 6 Months Ended
Jun. 30, 2013
Investments, Debt and Equity Securities [Abstract]  
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

NOTE 3 – SECURITIES


The following table summarizes the amortized cost and estimated fair value of the available for sale and held to maturity securities portfolios at June 30, 2013 and December 31, 2012 and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income for available for sale securities and gross unrecognized gains and losses for held to maturity securities:


Securities Available for Sale

 

Amortized

Cost

   

Gross

Unrealized

Gains

   

Gross

Unrealized

Losses

   

Estimated

Fair Value

 

June 30, 2013

                               

U.S. Government sponsored entity securities

  $ 9,031     $ ----     $ (243 )   $ 8,788  

Agency mortgage-backed securities, residential

    80,884       1,109       (832 )     81,161  

Total securities

  $ 89,915     $ 1,109     $ (1,075 )   $ 89,949  

Securities Held to Maturity

 

Amortized

Cost

   

Gross

Unrecognized

Gains

   

Gross

Unrecognized

Losses

   

Estimated

Fair Value

 

June 30, 2013

                               

Obligations of states and political subdivisions

  $ 23,732     $ 599     $ (425 )   $ 23,906  

Agency mortgage-backed securities, residential

    14       ----       ----       14  

Total securities

  $ 23,746     $ 599     $ (425 )   $ 23,920  

The amortized cost and estimated fair value of the securities portfolio at June 30, 2013, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because certain issuers may have the right to call or prepay the debt obligations prior to their contractual maturities. Securities not due at a single maturity are shown separately.


   

Available for Sale

   

Held to Maturity

 

Debt Securities:

 

Amortized

Cost

   

Estimated

Fair Value

   

Amortized

Cost

   

Estimated

Fair Value

 
                                 

Due in one year or less

  $ ----     $ ----     $ ----     $ ----  

Due in over one to five years

    9,031       8,788       6,322       6,625  

Due in over five to ten years

    ----       ----       9,425       9,353  

Due after ten years

    ----       ----       7,985       7,928  

Agency mortgage-backed securities, residential

    80,884       81,161       14       14  

Total debt securities

  $ 89,915     $ 89,949     $ 23,746     $ 23,920  

The following table summarizes the investment securities with unrealized losses at June 30, 2013 and December 31, 2012 by aggregated major security type and length of time in a continuous unrealized loss position:


   

Less Than 12 Months

   

12 Months or More

   

Total

 

June 30, 2013

 

Fair

Value

   

Unrealized

Loss

   

Fair

Value

   

Unrealized

Loss

   

Fair

Value

   

Unrealized

Loss

 

Securities Available for Sale

                                               

U.S. Government sponsored entity securities

  $ 7,780     $ (243 )   $ ----     $ ----     $ 7,780     $ (243 )

Agency mortgage-backed securities, residential

    36,815       (832 )     ----       ----       36,815       (832 )

Total available for sale

  $ 44,595     $ (1,075 )   $ ----     $ ----     $ 44,595     $ (1,075 )

   

Less Than 12 Months

   

12 Months or More

   

Total

 
   

Fair

Value

   

Unrecognized

Loss

   

Fair

Value

   

Unrecognized

Loss

   

Fair

Value

   

Unrecognized

Loss

 

Securities Held to Maturity

                                               

Obligations of states and political subdivisions

  $ 8,427     $ (404 )   $ 242     $ (21 )   $ 8,669     $ (425 )

Total held to maturity

  $ 8,427     $ (404 )   $ 242     $ (21 )   $ 8,669     $ (425 )

   

Less Than 12 Months

   

12 Months or More

   

Total

 

December 31, 2012

 

Fair

Value

   

Unrecognized

Loss

   

Fair

Value

   

Unrecognized

Loss

   

Fair

Value

   

Unrecognized

Loss

 

Securities Held to Maturity

                                               

Obligations of states and political subdivisions

  $ 2,018     $ (63 )   $ 260     $ (2 )   $ 2,278     $ (65 )

Total held to maturity

  $ 2,018     $ (63 )   $ 260     $ (2 )   $ 2,278     $ (65 )

Unrealized losses on the Company's debt securities have not been recognized into income because the issuers' securities are of high credit quality and management does not intend to sell and it is likely that management will not be required to sell the securities prior to their anticipated recovery. Management does not believe any individual unrealized loss at June 30, 2013 represents an other-than-temporary impairment.