Quarterly report pursuant to Section 13 or 15(d)

SECURITIES (Tables)

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SECURITIES (Tables)
6 Months Ended
Jun. 30, 2012
Amortized Cost And Fair Value Of Available For Sale And Held To maturity Securities

The amortized cost and fair value of available-for-sale and held-to-maturity securities at June 30, 2012 and December 31, 2011 are summarized as follows:

 

          Gross     Gross        
    Amortized     Unrealized     Unrealized     Market  
    Cost     Gain     Loss     Value  
    (In Thousands)  
June 30, 2012                                
Securities Available for Sale                                
U.S. Treasury and government sponsored agencies   $ 86,643     $ 1,272     $ -     $ 87,915  
Mortgage-backed securities     84,665       4,672       (7 )     89,330  
State and municipal securities     107,733       5,766       (36 )     113,463  
Corporate debt     5,756       44       -       5,800  
Total     284,797       11,754       (43 )     296,508  
Securities Held to Maturity                                
Mortgage-backed securities     15,476       651       (24 )     16,103  
State and municipal securities     5,535       555       -       6,090  
Total   $ 21,011     $ 1,206     $ (24 )   $ 22,193  
                                 
December 31, 2011                                
Securities Available for Sale                                
U.S. Treasury and government sponsored agencies   $ 98,169     $ 1,512     $ (59 )   $ 99,622  
Mortgage-backed securities     88,118       4,462       -       92,580  
State and municipal securities     95,331       5,230       (35 )     100,526  
Corporate debt     1,029       52       -       1,081  
Total     282,647       11,256       (94 )     293,809  
Securities Held to Maturity                                
Mortgage-backed securities     9,676       410       -       10,086  
State and municipal securities     5,533       380       -       5,913  
Total   $ 15,209     $ 790     $ -     $ 15,999  
Investment Securities Continuous Unrealized Loss Position

The following table identifies, as of June 30, 2012 and December 31, 2011, the Company’s investment securities that have been in a continuous unrealized loss position for less than 12 months and those that have been in a continuous unrealized loss position for 12 or more months. At June 30, 2012, none of the Company’s 553 debt securities had been in an unrealized loss position for 12 or more months. The Company does not intend to sell these securities and it is more likely than not that the Company will not be required to sell the securities before recovery of their amortized cost, which may be maturity; accordingly, the Company does not consider these securities to be other-than-temporarily impaired at June 30, 2012. Further, the Company believes any deterioration in value of its current investment securities is attributable to changes in market interest rates and not credit quality of the issuer.

 

    Less Than Twelve Months     Twelve Months or More     Total  
    Gross           Gross           Gross        
    Unrealized           Unrealized           Unrealized        
    Losses     Fair Value     Losses     Fair Value     Losses     Fair Value  
    (In Thousands)  
June 30, 2012                                                
U.S. Treasury and government sponsored agencies   $ -     $ -     $ -     $ -     $ -     $ -  
Mortgage-backed securities     (31 )     5,902       -       -       (31 )     5,902  
State and municipal securities     (36 )     7,500       -       -       (36 )     7,500  
Corporate debt     -       -       -       -       -       -  
Total   $ (67 )   $ 13,402     $ -     $ -     $ (67 )   $ 13,402  
                                                 
December 31, 2011                                                
U.S. Treasury and government sponsored agencies   $ (59 )   $ 15,074     $ -     $ -     $ (59 )   $ 15,074  
State and municipal securities     (35 )     4,559       -       -       (35 )     4,559  
Corporate debt     -       -       -       -       -       -  
Total   $ (94 )   $ 19,633     $ -     $ -     $ (94 )   $ 19,633