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Securities
 12 Months Ended
Dec. 31, 2011
Securities [Abstract]  
SECURITIES

NOTE 3 – SECURITIES

The following table summarizes the amortized cost and fair value of the available-for-sale securities portfolio at December 31, 2011 and 2010 and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income:

 

                                 
    Amortized
Cost		     Gross
Unrealized
Gains		     Gross
Unrealized
Losses		     Fair
Value		  

December 31, 2011

                                

Issued by U.S. government-sponsored entities and agencies:

                                

Mortgage-backed securities - residential

   $ 1,475     $ 198     $ —       $ 1,673  

Collateralized mortgage obligations

     16,655       204       16       16,843  
   

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 18,130     $ 402     $ 16     $ 18,516  
   

 

 

    

 

 

    

 

 

    

 

 

  
         
    Amortized
Cost		     Gross
Unrealized
Gains		     Gross
Unrealized
Losses		     Fair
Value		  

December 31, 2010

                                

Issued by U.S. government-sponsored entities and agencies:

                                

Mortgage-backed securities - residential

   $ 1,884     $ 223     $ —       $ 2,107  

Collateralized mortgage obligations

     26,242       463       14       26,691  
   

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 28,126     $ 686     $ 14     $ 28,798  
   

 

 

    

 

 

    

 

 

    

 

 

  

There was no OTTI recognized in accumulated other comprehensive income for securities available for sale at December 31, 2011 or 2010.

The proceeds from sales of securities and the associated gains in 2011 and 2010 are listed below. There were no proceeds from sales of securities during 2009.

 

                 
    2011     2010  

Proceeds

   $ 12,219     $ 13,632  

Gross gains

     353       468  

Gross losses

     —         —    
     

Tax effect - expense

   $ —       $ 159  

At year-end 2011 and 2010, there were no debt securities contractually due at a single maturity date. The amortized cost and fair value of mortgage-backed securities and collateralized mortgage obligations, which are not due at a single maturity date, totaled $18,130 and $18,516 at December 31, 2011, respectively, and $28,126 and $28,798 at December 31, 2010, respectively.

 

Fair value of securities pledged was as follows:

 

                 
    2011     2010  

Pledged as collateral for:

                

FHLB advances

   $ 9,336     $ 10,657  

Public deposits

     2,820       4,210  

Customer repurchase agreements

     3,557       2,465  

Interest-rate swaps

     1,464       1,589  
   

 

 

    

 

 

  

Total

   $ 17,177     $ 18,921  
   

 

 

    

 

 

  

At year-end 2011 and 2010, there were no holdings of securities of any one issuer, other than U.S. government-sponsored entities and agencies, in an amount greater than 10% of stockholders’ equity.

The following table summarizes securities with unrealized losses at December 31, 2011 and December 31, 2010 aggregated by major security type and length of time in a continuous unrealized loss position.

 

                                                 
    Less than 12 Months     12 Months or More     Total  
December 31, 2011   Fair Value     Unrealized
Loss		     Fair Value     Unrealized
Loss		     Fair Value     Unrealized
Loss		  

Description of Securities

                                                

Issued by U.S. government-sponsored entities and agencies:

                                                

Collateralized mortgage obligations

   $ 2,882     $ 16     $ —       $ —       $ 2,882     $ 16  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total temporarily impaired

   $ 2,882     $ 16     $ —       $ —       $ 2,882     $ 16  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
       
    Less than 12 Months     12 Months or More     Total  
December 31, 2010   Fair Value     Unrealized
Loss		     Fair Value     Unrealized
Loss		     Fair Value     Unrealized
Loss		  

Description of Securities

                                                

Issued by U.S. government-sponsored entities and agencies:

                                                

Collateralized mortgage obligations

   $ 2,091     $ 14     $ —       $ —       $ 2,091     $ 14  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total temporarily impaired

   $ 2,091     $ 14     $ —       $ —       $ 2,091     $ 14  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

The unrealized loss at December 31, 2011 is related to two Ginnie Mae collateralized mortgage obligations, and the unrealized loss at December 31, 2010 is related to one Ginnie Mae collateralized mortgage obligation. These securities carry the full faith and credit guarantee of the U.S. government. Because the decline in fair value is attributable to changes in market conditions, and not credit quality, and because the Company does not have the intent to sell these securities and it is likely that it will not be required to sell these securities before their anticipated recovery, the Company does not consider these securities to be other-than-temporarily impaired at December 31, 2011.