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Investment Securities (Tables)

6 Months Ended

Jun. 30, 2012

Investment Securities

Debt and equity securities have been classified in the consolidated balance sheets according to management’s intent. Investment securities at June 30, 2012 and December 31, 2011 are summarized as follows:

						Gross				Gross
		Amortized				Unrealized				Unrealized				Fair
(In thousands)		Cost				Gains				Losses				Value
June 30, 2012
Securities available for sale:
Agency mortgage-backed securities		$	18,784			$	496			$	17			$	19,263
Agency CMO			26,500				208				47				26,661
Privately-issued CMO			720				13				49				684
Other debt securities:
Agency notes and bonds			43,768				376				7				44,137
Municipal obligations			26,164				1,607				11				27,760
Subtotal—debt securities			115,936				2,700				131				118,505
Mutual funds			6,501				47				24				6,524
Total securities available for sale		$	122,437			$	2,747			$	155			$	125,029
Securities held to maturity:
Agency mortgage-backed securities		$	14			$	0			$	0			$	14
Total securities held to maturity		$	14			$	0			$	0			$	14
December 31, 2011
Securities available for sale:
Agency mortgage-backed securities		$	11,689			$	542			$	11			$	12,220
Agency CMO			23,196				152				60				23,288
Privately-issued CMO			896				16				32				880
Other debt securities:
Agency notes and bonds			41,971				395				3				42,363
Municipal obligations			25,800				1,501				0				27,301
Subtotal—debt securities			103,552				2,606				106				106,052
Mutual funds			5,369				52				33				5,388
Total securities available for sale		$	108,921			$	2,658			$	139			$	111,440
Securities held to maturity:
Agency mortgage-backed securities		$	16			$	0			$	0			$	16
Total securities held to maturity		$	16			$	0			$	0			$	16

Amortized Cost and Fair Value of Debt Securities by Contractual Maturity

The amortized cost and fair value of debt securities as of June 30, 2012, by contractual maturity, are shown below. Expected maturities of mortgage-backed securities may differ from contractual maturities because the mortgages underlying the obligations may be prepaid without penalty.

		Securities Available for Sale								Securities Held to Maturity
		Amortized				Fair				Amortized				Fair
		Cost				Value				Cost				Value
(In thousands)
Due in one year or less		$	1,028			$	1,032			$	0			$	0
Due after one year through five years			7,490				7,644				0				0
Due after five years through ten years			17,022				17,455
Due after ten years			44,392				45,766				0				0
			69,932				71,897				0				0
Mortgage-backed securities and CMO			46,004				46,608				14				14
		$	115,936			$	118,505			$	14			$	14

Investment Securities Available for Sale with Gross Unrealized Losses Aggregated by Investment Category and Length of Time Individual Investment Securities Have Been in Continuous Position

Information pertaining to investment securities available for sale with gross unrealized losses at June 30, 2012, aggregated by investment category and the length of time that individual investment securities have been in a continuous position, follows:

		Number of								Gross
		Investment				Fair				Unrealized
		Positions				Value				Losses
(Dollars in thousands)
Continuous loss position less than twelve months:
Agency notes and bonds			5			$	4,747			$	6
Agency CMO			10				7,952				47
Agency mortgage-backed securities			3				3,099				17
Muncipal obligations			2				413				11
Total less than twelve months			20				16,211				81
Continuous loss position more than twelve months:
Privately-issued CMO			1				194				49
Agency notes and bonds			1				1,043				1
Mutual fund			1				363				24
Total more than twelve months			3				1,600				74
Total securities available for sale			23			$	17,811			$	155

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Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

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Tabular disclosure of marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

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-Section 50

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-Name Accounting Standards Codification

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-Section 45

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-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 45

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6871852&loc=d3e26610-111562



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-Name Accounting Standards Codification

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- Definition

For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

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