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Investments

9 Months Ended

Sep. 30, 2011

Investments [Abstract]

Investments

Note 8 - Investments

The following tables summarize the Bank's holdings for both securities held-to-maturity and securities available-for-sale as of September 30, 2011 and December 31, 2010 (amounts in thousands):

					September 30, 2011
					Amortized Costs	Gross Unrealized		Fair Value
						Gains	(Losses)
Held-to-Maturity
	US agency obligations				$     8,165	$        364	$              -	$     8,529
Available-for-Sale
	US agency obligations				$     23,849	$        271	$       (5)	$     24,115
	Mortgage-backed securities				8,758	97	(14)	8,841
	Municipals				12,009	381	(193)	12,197
					$    44,616	$       749	$         (212)	$    45,153

				December 31, 2010
				Amortized Costs	Gross Unrealized		Fair Value
					Gains	(Losses)
Held-to-Maturity
	US agency obligations			$     14,297	$        304	$               -	$     14,601
Available-for-Sale
	US agency obligations			$     14,758	$          24	$       (441)	$     14,341
	Mortgage-backed securities			18,057	1	(296)	17,762
	Municipals			5,787	15	(337)	5,465
	Other			1,033	-	(15)	1,018
				$     39,635	$          40	$   (1,089)	$    38,586

The following tables show the gross unrealized losses and fair value of the Bank's investments with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at September 30, 2011 and December 31, 2010 (amounts in thousands):

	Less than 12 months		More than 12 months		Total
	Fair Value	Unrealized Losses	Fair Value	Unrealized Losses	Fair Value	Unrealized Losses
September 30, 2011
Description of securities
U.S. agency obligations	$   1,021	$          5	$            -	$             -	$       1,021	$             5
Mortgage-backed securities	1,916	14	-	-	1,916	14
Municipals	4,877	193	-	-	4,877	193
Total	$  7,814	$       212	$           -	$             -	$      7,814	$         212

	Less than 12 months		More than 12 months		Total
	Fair Value	Unrealized Losses	Fair Value	Unrealized Losses	Fair Value	Unrealized Losses
December 31, 2010
Description of securities
U.S. agency obligations	$11,808	$441	$         -	$        -	$11,808	$441
Mortgage-backed securities	16,740	296	-	-	16,740	296
Municipals	3,178	303	590	34	3,768	337
Corporates	-	-	1,018	15	1,018	15
Total	$31,726	$1,040	$1,608	$49	$33,334	$1,089

Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and may do so more frequently when economic or market concerns warrant 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, (3) the intent of Financial, if any, to sell the security; (4) whether Financial more likely than not will be required to sell the security before recovering its cost; and (5) whether Financial does not expect to recover the security's entire amortized cost basis (even if Financial does not intend to sell the security).

At September 30, 2011, the Company did not consider the unrealized losses as other-than-temporary losses due to the nature of the securities involved. As of September 30, 2011, the Bank owned 9 securities that were being evaluated for other than temporary impairment. 6 of these securities were S&P rated AAA and 3 were S&P rated AA. As of September 30, 2011, 8 of these securities were obligations of government sponsored entities and 1 was a bank qualified municipal issue.

Based on the analysis performed by management as mandated by the Bank's investment policy, management believes the default risk to be minimal.  Because the Bank expects to recover the entire amortized cost basis, no declines currently are deemed to be other-than-temporary.

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- Definition

Tabular disclosure of investments in certain debt and equity securities (and certain other trading assets) which include all debt and equity securities (other than those equity securities accounted for under the equity or cost methods of accounting) with readily determinable fair values. Other trading assets include assets that are carried on the balance sheet at fair value and held for trading purposes. A debt security represents a creditor relationship with an enterprise that is in the form of a security. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt. An entity may opt to provide the reader with additional narrative text to better understand the nature of investments in debt and equity securities (and other trading assets).

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