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Securities | 12 Months Ended
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Dec. 31, 2012
Securities | NOTE 3 – SECURITIES The following table summarizes the amortized cost and fair value of the available-for-sale securities portfolio at December 31, 2012 and 2011 and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income:
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
December 31, 2012 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt |  | $ | 4,429 |  |  | $ | — |  |  | $ | 64 |  |  | $ | 4,365 |
State and municipal |  |  | 2,006 |  |  |  | — |  |  |  | 20 |  |  |  | 1,986 |
Issued by U.S. government-sponsored entities and agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities—residential |  |  | 1,399 |  |  |  | 87 |  |  |  | — |  |  |  | 1,486 |
Collateralized residential mortgage obligations |  |  | 9,698 |  |  |  | 117 |  |  |  | 13 |  |  |  | 9,802 |
Total |  | $ | 17,532 |  |  | $ | 204 |  |  | $ | 97 |  |  | $ | 17,639 |
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
December 31, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Issued by U.S. government-sponsored entities and agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities—residential |  | $ | 1,475 |  |  | $ | 198 |  |  | $ | — |  |  | $ | 1,673 |
Collateralized residential mortgage obligations |  |  | 16,655 |  |  |  | 204 |  |  |  | 16 |  |  |  | 16,843 |
Total |  | $ | 18,130 |  |  | $ | 402 |  |  | $ | 16 |  |  | $ | 18,516 |
There was no OTTI recognized in accumulated other comprehensive income for securities available for sale at December 31, 2012 or 2011. The proceeds from sales of securities and the associated gains in 2012 and 2011 are listed below.
|  | 2012 |  |  | 2011 |  |  | 2010 |
Proceeds |  | $ | 2,144 |  |  | $ | 12,219 |  |  | $ | 13,632 |
Gross gains |  |  | 143 |  |  |  | 353 |  |  |  | 468 |
Gross losses |  |  | — |  |  |  | — |  |  |  | — |
Tax effect—expense |  | $ | — |  |  | $ | — |  |  | $ | 159 |
The amortized cost and fair value of debt securities at year-end 2012, by contractual maturity. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.
|  | Amortized Cost |  |  | Fair Value |
Due in one year or less |  | $ | 50 |  |  | $ | 50 |
Due after one year through five years |  |  | 6,385 |  |  |  | 6,301 |
Mortgage-backed securities |  |  | 1,399 |  |  |  | 1,486 |
Collateralized mortgage obligations |  |  | 9,698 |  |  |  | 9,802 |
Total |  | $ | 17,532 |  |  | $ | 17,639 |
Fair value of securities pledged was as follows:
|  | 2012 |  |  | 2011 |
Pledged as collateral for: |  |  |  |  |  |  |  |
FHLB advances |  | $ | 4,707 |  |  | $ | 9,336 |
Public deposits |  |  | 2,199 |  |  |  | 2,820 |
Customer repurchase agreements |  |  | — |  |  |  | 3,557 |
Interest-rate swaps |  |  | 1,511 |  |  |  | 1,464 |
Total |  | $ | 8,417 |  |  | $ | 17,177 |
At year-end 2012 and 2011, 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, 2012 and December 31, 2011 aggregated by major security type and length of time in a continuous unrealized loss position.
December 31, 2012 |  | Less than 12 Months |  |  | 12 Months or More |  |  | Total |
Description of Securities |  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |
Corporate debt |  | $ | 4,365 |  |  | $ | 64 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,365 |  |  | $ | 64 |
State and municipal |  |  | 1,936 |  |  |  | 20 |  |  |  | — |  |  |  | — |  |  |  | 1,936 |  |  |  | 20 |
Issued by U.S. government-sponsored entities and agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateralized mortgage obligations |  |  | 1,673 |  |  |  | 13 |  |  |  | — |  |  |  | — |  |  |  | 1,673 |  |  |  | 13 |
Total temporarily impaired |  | $ | 7,974 |  |  | $ | 97 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,974 |  |  | $ | 97 |
December 31, 2011 |  | Less than 12 Months |  |  | 12 Months or More |  |  | Total |
Description of Securities |  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |
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 |
The unrealized losses in Corporate debt and State and Municipal Securities in 2012 are related to multiple securities. 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, 2012. The unrealized loss at December 31, 2012 and December 31, 2011 in Collateralized Mortgage Obligations is related to two Ginnie Mae collateralized mortgage obligations. 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, 2012.

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