Securities

3 Months Ended

Mar. 31, 2012


Note 3.	Securities

The amortized cost and estimated fair value of securities with gross unrealized gains and losses follows:


	As of March 31, 2012
(Dollars in Thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value

Securities Available for sale
Debt Securities:
U.S. Government and federal agencies	$	6,921	$	196	$	—	$	7,117
States & political subdivisions		1,700		113		—		1,813
U.S. Agency REMIC		39,808		352		123		40,037
Residential mortgage-backed		21,857		82		18		21,921
Total securities available for sale	$	70,286	$	743	$	141	$	70,888
Securities Held to Maturity
Debt Securities:
U.S. Government and federal agencies	$	1,000	$	2	$	—	$	1,002
Total securities held to maturity	$	1,000	$	2	$	—	$	1,002

	As of December 31, 2011
Securities Available for Sale
Debt Securities:
U.S. Government and federal agencies	$	13,385	$	305	$	—	$	13,690
States & political subdivisions		1,701		94		—		1,795
U.S. Agency REMIC		38,917		338		217		39,038
Residential mortgage-backed		18,683		18		88		18,613
Total securities available for sale	$	72,686	$	755	$	305	$	73,136

Securities Held to Maturity
Debt Securities:
U.S. Government and federal agencies	$	1,002	$	11	$	—	$	1,013
Total securities held to maturity	$	1,002	$	11	$	—	$	1,013

At March 31, 2012 and December 31, 2011, government obligations with a carrying value of $20.1 million and $20.6 million, respectively, were pledged to secure public deposits and for other purposes required or permitted by law. At March 31, 2012 and December 31, 2011, the carrying amount of securities pledged to secure repurchase agreements was $12.7 million and $12.6 million, respectively.

The carrying amount of debt securities by contractual maturity at March 31, 2012 follows:


(Dollars in Thousands)	Within 1 year		After 1 year through 5 years		After 5 years Through 10 years		Over 10 years		Total

Available for sale, at fair value
U.S. Government and federal agencies	$	—	$	—	$	5,196	$	1,921	$	7,117
States & political subdivisions		—		759		1,054		—		1,813
U.S. Agency REMIC		—		—		4,701		35,336		40,037
Residential mortgage-backed		—		—		15,570		6,351		21,921
Total	$	—	$	759	$	26,521	$	43,608	$	70,888

Securities Held to Maturity, at cost
U.S. Government and federal agencies	$	—	$	—	$	—	$	1,000	$	1,000
Total	$	—	$	—	$	—	$	1,000	$	1,000

For the three months ended March 31, 2012 and 2011, proceeds from sales, maturities, and calls of securities available for sale amounted to $10.4 million and $2.7 million, respectively. Gross realized gains amounted to $137 thousand and $0, respectively. There were no gross realized losses for the three months ended March 31, 2012 and 2011.

Information pertaining to securities with gross unrealized losses at March 31, 2012 and December 31, 2011 aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows:


	March 31, 2012
	Less Than Twelve Months				Over Twelve Months
(Dollars in Thousands)	Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Total Unrealized Losses
Securities Available for sale
Debt Securities:
U.S. Government and federal agencies	$	—	$	1,921	$	—	$	—	$	—
U.S. Agency REMIC		123		16,217		—		—		123
Residential mortgage-backed		18		5,976		—		—		18
Total securities available for sale	$	141	$	24,114	$	—	$	—	$	141


	December 31, 2011
	Less Than Twelve Months				Over Twelve Months
(Dollars in Thousands)	Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Total Unrealized Losses
Securities Available for sale
Debt Securities:
U.S. Agency REMIC	$	217	$	23,460	$	—	$	—	$	217
Residential mortgage-backed		88		14,536		—		—		88
Total securities available for sale	$	305	$	37,996	$	—	$	—	$	305

As of March 31, 2012, the Company’s security portfolio consisted of 39 securities, 14 of which were in an unrealized loss position. Approximately $70.1 million, or 97% of the debt securities held by the Company were issued by U.S. government-sponsored entities and agencies, primarily Fannie Mae, Freddie Mac and Ginnie Mae, institutions which the government has affirmed its commitment to support. Because the decline in fair value is attributable to changes in interest rates and illiquidity, and not credit quality, and because the Company does not have the intent to sell these securities and it is likely it will not be required to sell the securities before their anticipated recovery, the Company does not consider these securities to be other-than-temporarily impaired at March 31, 2012.

- Definition

Tabular disclosure of marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets.

+ References+ Details

FLORIDIAN FINANCIAL GROUP INC 10-Q