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INVESTMENT SECURITIES (Tables)

12 Months Ended

Dec. 31, 2012

Investment securities

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

(In thousands)		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
December 31, 2012:
Securities available for sale:
Agency mortgage-backed securities		$	22,762			$	456			$	12			$	23,206
Agency CMO			22,458				225				23				22,660
Other debt securities:
Agency notes and bonds			38,273				290				10				38,553
Municipal obligations			32,605				1,800				88				34,317
Subtotal – debt securities			116,098				2,771				133				118,736
Mutual funds			4,213				40				16				4,237
Total securities available for sale		$	120,311			$	2,811			$	149			$	122,973
Securities held to maturity:
Agency mortgage-backed securities		$	12			$	0			$	0			$	12
Total securities held to maturity		$	12			$	0			$	0			$	12
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 December 31, 2012, by contractual maturity, are shown below. Expected maturities of mortgage-backed securities and CMO 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 Cost				Fair Value				Amortized Cost				Fair Value
(In thousands)
Due in one year or less		$	506			$	507			$	0			$	0
Due after one year through five years			8,463				8,583				0				0
Due after five years through ten years			15,914				16,397				0				0
Due after ten years			45,995				47,383				0				0
			70,878				72,870				0				0
Mortgage-backed securities and CMO			45,220				45,866				12				12
		$	116,098			$	118,736			$	12			$	12

Investment Securities Available for Sale with Gross Unrealized Losses Aggregated by Investment Category and Length of Time Individual Investment Securities

Information pertaining to investment securities available for sale with gross unrealized losses at December 31, 2012, aggregated by investment category and the length of time that individual investment securities have been in a continuous loss position, follows:

		Number of Investment Positions				Fair Value				Gross Unrealized Losses
(Dollars in thousands)
Continuous loss position less than twelve months:
Agency mortgage-backed securities			2			$	3,070			$	12
Agency CMO			6				6,783				22
Agency notes and bonds			3				2,958				10
Municipal obligations			10				4,717				88
Total less than twelve months			21				17,528				132
Continuous loss position more than twelve months:
Agency CMO			1				886				1
Mutual fund			1				380				16
Total more than twelve months			2				1,266				17
Total securities available for sale			23			$	18,794			$	149

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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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-Publisher FASB

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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).

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