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Securities (Tables)
 12 Months Ended
Dec. 31, 2012
Securities Tables  
Schedule of amortized cost, unrealized gross gains and losses and fair values of securities available for sale
The carrying amount of securities and approximate fair values are as follows (in thousands):
 
          Gross     Gross        
    Amortized     Unrealized     Unrealized     Fair  
    Cost     Gains     Losses     Value  
                         
At December 31, 2012:
                        
Securities Available for Sale-
                        
Mortgage-backed securities
   $ 15,425     $ 283     $ (79 )   $ 15,629  
U.S. Government and agency
                                
securities
     2,997       22       -       3,019  
                                 
Total
   $ 18,422     $ 305     $ (79 )   $ 18,648  
At December 31, 2011:
                    
Securities Available for Sale-                
Mortgage-backed securities
   $ 23,853     $ 151     $ (1,140 )   $ 22,864  
U.S. Government and agency
                          
securities
     5,992       51       -       6,043  
                                 
Total
   $ 29,845     $ 202     $ (1,140 )   $ 28,907  
Schedule of sales of securities
The following summarizes sales of securities (in thousands):
 
   
Year Ended December 31,
  
    2012     2011  
             
Proceeds from sales of securities
   $ 0     $ 10,961  
                 
Gross gains from sale of securities
     0       153  
Gross losses from sale of securities
     0       0  
                 
Net gains from sale of securities
   $ 0     $ 153  
 
Schedule of securities with continuous unrealized loss position
Securities with gross unrealized losses at December 31, 2012, aggregated by investment category and length of time that individual securities have been in a continuous loss position, is as follows (in thousands):
 
    Less Than Twelve Months     Over Twelve Months  
    Gross           Gross    
 
  
   
Unrealized
    
Fair
    
Unrealized
    
Fair
  
   
Losses
    
Value
    
Losses
    
Value
  
                         
Mortgage-backed securities
   $ (9 )   $ 2,668     $ (70 )   $ 1,999  
Key assumptions for mortgage-backed securities
The key base assumptions for mortgage-backed securities used are in the table below:
 
   
At December 31,
  
   
2012
    
2011
  
             
Prepayment rate
     0.5-74.4 %     9-58 %
Loss severity
     26.17-75.55 %     2-140 %
Cumulative default rate
     0-35.07 %     0.51-9.16 %
Principal write-down
     0-2.68 %     0-.81 %
 
Schedule of available for sale securities measured at fair value
Available-for-sale securities measured at fair value on a recurring basis are summarized below (in thousands):
 
         
Fair Value Measurements Using
  
   
Fair
Value
    
Quoted Prices
In Active
Markets for
Identical
Assets
(Level 1)
    
Significant
Other
Observable
Inputs
(Level 2)
    
Significant
Unobservable
Inputs
(Level 3)
  
At December 31, 2012-
                        
Mortgage-backed securities
  $ 18,648     $ 0     $ 18,648     $ 0  
                                 
At December 31, 2011-
                                
Mortgage-backed securities
  $ 28,907     $ 0     $ 28,907     $ 0