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Investments | 6 Months Ended
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Jun. 30, 2013
Investments [Abstract] |
Investments | Note 7 - Inv estments The following tables summarize the Bank’s holdings for both securities held-to-maturity and securities available-for-sale as of June 30, 2013 and December 31, 2012 (amounts in thousands):
|  | June 30, 2013 |
| Amortized | Gross Unrealized | Fair Value
| Costs | Gains | (Losses) |
Hel d-to-Maturity |  |  |  |
US agency obligations | $ 3,063 | $ 259 | $ - | $ 3,322
Available-for-Sale |  |  |  |
US Treasuries | $ 3,903 | $ - | $ (167) | $ 3,736
US agency obligations | 18,897 | - | (1,418) | 17,479
Mortgage-backed securities | 3,734 | 11 | - | 3,745
Municipals | 16,864 | 72 | (765) | 16,171
Other | 2,012 | - | (121) | 1,891
| $ 45,410 | $ 83 | $ (2,471) | $ 43,022
|  | December 31, 2012 |
| Amortized | Gross Unrealized | Fair Value
| Costs | Gains | (Losses) |
Held-t o-Maturity |  |  |  |
US agency obligations | $ 3,075 | $ 342 | $ - | $ 3,417
Available-for-Sale |  |  |  |
US agency obligations | $ 22,980 | $ 184 | $ (95) | $ 23,069
Mortgage-backed securities | 1,805 | 7 | - | 1,812
Municipals | 22,099 | 780 | (75) | 22,804
Other | 2,548 | 61 | - | 2,609
| $ 49,432 | $ 1,032 | $ (170) | $ 50,294
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 June 30, 2013 and December 31, 2012 (amounts in thousands):
| Less than 12 months | More than 12 months | Total
| Fair | Unrealized | Fair | Unrealized | Fair | Unrealized
June 30, 2013 | Value | Losses | Value | Losses | Value | Losses
Description of securities |  |  |  |  |  |
US Treasuries | $ 3,736 | $ 167 | $ - | $ - | $ 3,736 | $ 167
U.S. agency obligations | 15,480 | 1,418 | - | - | 15,480 | 1,418
Municipals | 12,211 | 765 | - | - | 12,211 | 765
Other | 1,891 | 121 | - | - | 1,891 | 121
Total | $ 33,318 | $ 2,471 | $ - | $ - | $ 33,318 | $ 2,471
| Less than 12 months | More than 12 months | Total
| Fair | Unrealized | Fair | Unrealized | Fair | Unrealized
December 31, 2012 | Value | Losses | Value | Losses | Value | Losses
Description of securities |  |  |  |  |  |
U.S. agency obligations | $ 9,116 | $ 95 | $ - | $ - | $ 9,116 | $ 95
Municipals | 1,879 | 75 | - | - | 1,879 | 75
Total | $ 10,995 | $ 170 | $ - | $ - | $ 10,995 | $ 170
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 June 30, 2013, the Company did not consider the unrealized losses as other-than-temporary losses due to the nature of the securities involved. As of June 30, 2013, the Bank owned 37 securities that were being evaluated for other than temporary impairment. T en of these securities were S&P rated AAA, 2 6 were S&P rated AA, and one was S&P rated A. As of June 30, 2013, 12 of these securities were direct obligations of the U.S. government or government sponsored entities, 2 2 were municipal issues, and three were publicly traded U.S. corporations. 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 The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 115 -Paragraph 3, 19, 20, 21, 22, 137 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -Glossary Debt Security -URI http://asc.fasb.org/extlink&oid=6509901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6379141&loc=d3e15032-111544 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27161-111563 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27357-111563 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27290-111563 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27405-111563 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27232-111563 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -Glossary Equity Security -URI http://asc.fasb.org/extlink&oid=6511694 + Details
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