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Investment Securities (Tables) | 9 Months Ended
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Sep. 30, 2012
Investment Securities | Debt and equity securities have been classified in the consolidated balance sheets according to management’s intent. Investment securities at September 30, 2012 and December 31, 2011 are summarized as follows:
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
(In thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
September 30, 2012 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency mortgage-backed securities |  | $ | 22,022 |  |  | $ | 538 |  |  | $ | 9 |  |  | $ | 22,551 |
Agency CMO |  |  | 24,278 |  |  |  | 169 |  |  |  | 90 |  |  |  | 24,357 |
Privately-issued CMO |  |  | 666 |  |  |  | 19 |  |  |  | 28 |  |  |  | 657 |
Other debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency notes and bonds |  |  | 42,119 |  |  |  | 330 |  |  |  | 1 |  |  |  | 42,448 |
Municipal obligations |  |  | 28,331 |  |  |  | 1,750 |  |  |  | 20 |  |  |  | 30,061 |
Subtotal—debt securities |  |  | 117,416 |  |  |  | 2,806 |  |  |  | 148 |  |  |  | 120,074 |
Mutual funds |  |  | 3,263 |  |  |  | 56 |  |  |  | 18 |  |  |  | 3,301 |
Total securities available for sale |  | $ | 120,679 |  |  | $ | 2,862 |  |  | $ | 166 |  |  | $ | 123,375 |
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 September 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 |  | $ | 832 |  |  | $ | 835 |  |  | $ | 0 |  |  | $ | 0 |
Due after one year through five years |  |  | 6,537 |  |  |  | 6,669 |  |  |  | 0 |  |  |  | 0 |
Due after five years through ten years |  |  | 19,406 |  |  |  | 19,859 |  |  |  |  |  |  |  |  |
Due after ten years |  |  | 43,675 |  |  |  | 45,146 |  |  |  | 0 |  |  |  | 0 |
|  |  | 70,450 |  |  |  | 72,509 |  |  |  | 0 |  |  |  | 0 |
Mortgage-backed securities and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CMO |  |  | 46,966 |  |  |  | 47,565 |  |  |  | 14 |  |  |  | 14 |
|  | $ | 117,416 |  |  | $ | 120,074 |  |  | $ | 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 September 30, 2012, aggregated by investment category and the length of time that individual investment securities have been in a continuous position, follows:
|  | Number of Investment Positions |  |  | Fair Value |  |  | Gross Unrealized Losses |
(Dollars in thousands) |  |  |  |  |  |  |  |  |
Continuous loss position less than twelve months: |  |  |  |  |  |  |  |  |  |  |  |
Agency notes and bonds |  |  | 3 |  |  | $ | 3,049 |  |  | $ | 1 |
Agency CMO |  |  | 10 |  |  |  | 9,798 |  |  |  | 86 |
Agency mortgage-backed securities |  |  | 1 |  |  |  | 2,075 |  |  |  | 9 |
Muncipal obligations |  |  | 5 |  |  |  | 1,638 |  |  |  | 20 |
Total less than twelve months |  |  | 19 |  |  |  | 16,560 |  |  |  | 116 |
Continuous loss position more than twelve months: |  |  |  |  |  |  |  |  |  |  |  |
Privately-issued CMO |  |  | 1 |  |  |  | 202 |  |  |  | 28 |
Agency CMO |  |  | 2 |  |  |  | 1,105 |  |  |  | 4 |
Mutual fund |  |  | 1 |  |  |  | 374 |  |  |  | 18 |
Total more than twelve months |  |  | 4 |  |  |  | 1,681 |  |  |  | 50 |
Total securities available for sale |  |  | 23 |  |  | $ | 18,241 |  |  | $ | 166 |

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