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SECURITIES | 9 Months Ended
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Sep. 30, 2012
Investments, Debt and Equity Securities [Abstract] |
Marketable Securities [Text Block] | Note C - Securities The amortized cost and approximate fair value of securities were as follows:
|  |  |  |  | Gross |  |  | Gross |  |  |  |
$'s in thousands |  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Approximate |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
Available-for-Sale Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
September 30, 2012: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and Government agencies |  | $ | 12,874 |  |  | $ | 239 |  |  | $ | - |  |  | $ | 13,113 |
Mortgage-backed securities |  |  | 64,221 |  |  |  | 1,242 |  |  |  | (10 | ) |  |  | 65,453 |
State and political subdivisions |  |  | 16,892 |  |  |  | 1,579 |  |  |  | (1 | ) |  |  | 18,470 |
Money Market Mutual Fund |  |  | 4,188 |  |  |  | - |  |  |  | - |  |  |  | 4,188 |
Equity securities |  |  | 23 |  |  |  | - |  |  |  | - |  |  |  | 23 |
|  | $ | 98,198 |  |  | $ | 3,060 |  |  | $ | (11 | ) |  | $ | 101,247 |
|  |  |  |  | Gross |  |  | Gross |  |  |  |
$'s in thousands |  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Approximate |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
December 31, 2011: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and Government agencies |  | $ | 25,238 |  |  | $ | 186 |  |  | $ | - |  |  | $ | 25,424 |
Mortgage-backed securities |  |  | 67,056 |  |  |  | 761 |  |  |  | (119 | ) |  |  | 67,698 |
State and political subdivisions |  |  | 15,586 |  |  |  | 1,210 |  |  |  | (3 | ) |  |  | 16,793 |
Money Market Mutual Fund |  |  | 2,040 |  |  |  | - |  |  |  | - |  |  |  | 2,040 |
Equity securities |  |  | 23 |  |  |  | - |  |  |  | - |  |  |  | 23 |
|  | $ | 109,943 |  |  | $ | 2,157 |  |  | $ | (122 | ) |  | $ | 111,978 |
The amortized cost and fair value of securities available for sale at September 30, 2012, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
|  | Available for Sale |
|  | Amortized |  |  | Fair |
$'s in thousands |  | Cost |  |  | Value |
Within one year |  | $ | 420 |  |  | $ | 420 |
Due after one year through five years |  |  | 5,586 |  |  |  | 1,678 |
Due after five years through ten years |  |  | 4,262 |  |  |  | 5,713 |
Due after ten years |  |  | 19,498 |  |  |  | 23,772 |
|  |  | 29,766 |  |  |  | 31,583 |
Mortgage-backed securities, money market mutual funds & equity securities |  |  | 68,432 |  |  |  | 69,664 |
Totals |  | $ | 98,198 |  |  | $ | 101,247 |
The carrying value of securities pledged as collateral, to secure public deposits and for other purposes, was $52.3 million at September 30, 2012 and $52.8 million at December 31, 2011. The securities delivered for repurchase agreements were $17.1 million at September 30, 2012 and $21.0 million at December 31, 2011. Gross gains of $1.9 million and gross losses of $0.02 million, resulting from sales of available-for-sale securities were realized during the nine month period ending September 30, 2011. The tax expense for net security gains for the nine month period ending September 30, 2011 was $0.6 million. There were no realized gains or losses from sales of available-for-sale securities for the three and nine month periods ending September 30, 2012 or the three month period ending September 30, 2011. Certain investments in debt securities are reported in the financial statements at an amount less than their historical cost. Total fair value of these investments was $3.3 million at September 30, 2012 and $12.7 million at December 31, 2011, which was approximately 3 and 11 percent, respectively, of the Company’s available-for-sale investment portfolio at such dates. Based on evaluation of available evidence, including recent changes in market interest rates, credit rating information and information obtained from regulatory filings, management believes the declines in fair value for these securities are temporary. Should the impairment of any of these securities become other than temporary, the cost basis of the investment will be reduced and the resulting loss recognized in net income in the period the other-than-temporary impairment is identified. Securities with unrealized losses, aggregated by investment class and length of time that individual securities have been in a continuous unrealized loss position, at September 30, 2012 and December 31, 2011 are as follows ($’s in thousands):
September 30, 2012 |  | Less than 12 Months |  |  | 12 Months or Longer |  |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
Available-for-Sale Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  | $ | 2,379 |  |  | $ | (5 | ) |  | $ | 654 |  |  | $ | (5 | ) |  | $ | 3,033 |  |  | $ | (10 | )
State and political subdivisions |  |  | - |  |  |  | - |  |  |  | 252 |  |  |  | (1 | ) |  |  | 252 |  |  |  | (1 | )
|  | $ | 2,379 |  |  | $ | (5 | ) |  | $ | 906 |  |  | $ | (6 | ) |  | $ | 3,285 |  |  | $ | (11 | )
December 31, 2011 |  | Less than 12 Months |  |  | 12 Months or Longer |  |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
Available-for-Sale Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  | $ | 11,321 |  |  |  | (56 | ) |  | $ | 844 |  |  | $ | (63 | ) |  | $ | 12,165 |  |  | $ | (119 | )
State and political subdivisions |  |  | 501 |  |  |  | (3 | ) |  |  | - |  |  |  | - |  |  |  | 501 |  |  |  | (3 | )
|  | $ | 11,822 |  |  | $ | (59 | ) |  | $ | 844 |  |  | $ | (63 | ) |  | $ | 12,666 |  |  | $ | (122 | )
The total unrealized losses on the mortgage-backed securities portfolio, all of which are residential mortgage-backed securities, are derived mainly from three private label senior tranche CMO securities. Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concern warrants such evaluation. Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent of the Company to not sell the investment and whether it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost. Management has determined there is no other-than-temporary-impairment on these CMO securities. The total unrealized loss on the municipal security portfolio is due to the holding of several municipal securities, all with individually insignificant losses.

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- Definition Tabular disclosure of marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27232-111563 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.2,12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6871852&loc=d3e26626-111562 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27161-111563 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6871852&loc=d3e26610-111562 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.4) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 + Details
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