Investments (Tables)

6 Months Ended

Jun. 30, 2012

Amortized cost and fair value of investment securities available for sale

The amortized cost and fair value of investment securities available for sale at June 30, 2012, are summarized as follows:


	June 30, 2012
	Amortized Cost		Gross Unrealized					Fair Value
	Amortized Cost		Gains		Losses			Fair Value
			(In Thousands)

Government agency and government sponsored enterprise mortgage-backed securities	$	28,820	$	950	$	(10	)	$	29,760
Single issuer trust preferred securities issued by financial institutions		1,001		35		—			1,036

Total debt securities		29,821		985		(10	)		30,796
Perpetual preferred stock issued by financial institutions		3,042		114		—			3,156
Common stock		3,201		378		(130	)		3,449

Total	$	36,064	$	1,477	$	(140	)	$	37,401

The amortized cost and fair value of investment securities available for sale at March 31, 2012 are as follows:


	March 31, 2012
	Amortized Cost		Gross Unrealized					Fair Value
	Amortized Cost		Gains		Losses			Fair Value
			(In Thousands)

Government agency and government sponsored enterprise mortgage-backed securities	$	30,453	$	816	$	(11	)	$	31,258
Single issuer trust preferred securities issued by financial institutions		1,001		40		—			1,041

Total debt securities		31,454		856		(11	)		32,299
Perpetual preferred stock issued by financial institutions		3,043		93		(25	)		3,111
Common stock		3,361		374		(85	)		3,650

Total	$	37,858	$	1,323	$	(121	)	$	39,060

Temporarily impaired securities

Temporarily impaired securities as of June 30, 2012 are presented in the following table and are aggregated by investment category and length of time that individual securities have been in a continuous loss position.


	Less Than or Equal to 12 Months					Greater Than 12 Months
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
	(In Thousands)
Government agency and government sponsored enterprise mortgage-backed securities	$	—	$	—		$	340	$	(10	)
Common stock		597		(37	)		337		(93	)


Total temporarily impaired securities	$	597	$	(37	)	$	677	$	(103	)

Maturity distribution and annual yields of debt securities

The maturity distribution (based on contractual maturities) and annual yields of debt securities at June 30, 2012 are as follows:


	Amortized Cost		Fair Value		Annual Yield
	(Dollars in Thousands)
Government agency and government sponsored enterprise mortgage-backed securities

Due after one year but within five years	$	351	$	354		3.88	%
Due after five years but within ten years		1,594		1,630		2.73
Due after ten years		26,875		27,776		3.42

		28,820		29,760

Trust preferred securities:
Due after ten years		1,001		1,036		7.78	%


Total	$	29,821	$	30,796

Sales of investment securities and related gain and losses

Proceeds from sales of investment securities and related gains and losses for the three months ended June 30, 2012 and 2011 (all classified as available for sale) were as follows:


	2012			2011
	(Dollars in Thousands)
Proceeds from sales, maturities, redemptions	$	163		$	6,310

Gross gains	$	33		$	490
Gross losses		(29	)		—
Other- than- temporary impairments		—			—

Net realized gain	$	4		$	490

Income tax expense on net realized gains	$	2		$	197

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

+ References

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+ Details

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