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<div><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Note 7 – Incentive Plans</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">Under the Company's 1993 Stock Incentive Plan (the "1993 Plan"), the Company may grant to officers and employees of the Company and its subsidiaries, stock options ("Options"), stock appreciation rights ("SARs"), restricted stock awards ("Restricted Stock"), merit awards ("Merit Awards") and performance share awards ("Performance Shares"), through May 28, 2018.  A predetermined number of shares the Company's Common Stock are reserved for issuance under the 1993 Plan (upon the exercise of Options and Stock Appreciation Rights, upon awards of Restricted Stock and Performance Shares); however, only a portion of such shares are available for issuance for Restricted Stock Awards and Merit Awards.  Shares issued pursuant to the 1993 Plan shall be authorized but unissued shares of Common Stock.  Options may be granted as incentive stock options ("ISOs") intended to qualify for favorable tax treatment under Federal tax law or as nonqualified stock options ("NQSOs"). SARs may be granted with respect to any Options granted under the 1993 Plan and may be exercised only when the underlying Option is exercisable. The 1993 Plan requires that the exercise price of all Options and SARs be equal to or greater than the fair value of the Company's Common Stock on the date of grant of that Option. The term of any ISO or related SAR cannot exceed ten years from the date of grant, and the term of any NQSO cannot exceed ten years and one month from the date of grant. Subject to the terms of the 1993 Plan and any additional restrictions imposed at the time of grant, Options and any related SARs ordinarily will become exercisable commencing one year after the date of grant. Options granted generally have a ten year contractual life and generally have vesting terms of two years from the date of grant. In the case of a "Change of Control" of the Company (as defined in the 1993 Plan), Options granted pursuant to the 1993 Plan may become fully exercisable as to all optioned shares from and after the date of such Change of Control in the discretion of the Committee or as may otherwise be provided in the grantee's Option agreement. Death, retirement, or absence for disability will not result in the cancellation of any Options.</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">The fair values of option awards are estimated on the date of grant using the Black-Scholes-Merton option valuation model ("Black-Scholes") that uses certain assumptions at the time of valuation. Expected volatilities are based on historical volatility of the Company's stock. The Company uses historical data to estimate option exercises and employee terminations within the valuation model. The expected term of options granted is estimated based on the contractual lives of option grants, option vesting period and historical data and represents the period of time that options granted are expected to be outstanding. The risk-free interest rate for periods within the contractual life of the option is based on the U.S. Treasury bond yield in effect at the time of grant.</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">The Black-Scholes option valuation model requires the input of highly subjective assumptions, including the expected life of the stock-based award and stock price volatility. The assumptions utilized represent management's best estimates, but these estimates involve inherent uncertainties and the application of management's judgment. As a result, if other assumptions had been used, our recorded stock-based compensation expense could have been materially different from the amounts previously recorded. In addition, the Company is required to estimate the expected forfeiture rate and only recognize expense for those shares expected to vest. If our actual forfeiture rate is materially different from our estimate, the share-based compensation expense could be materially different.  The Company believes that the use of the Black-Scholes model meets the fair value measurement objectives of accounting principles generally accepted in the United States of America and reflects all substantive characteristics of the instruments being valued.</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">The Black-Scholes option valuation model was developed for use in estimating the fair value of traded options, which have no vesting restrictions and are fully transferable. In addition, option valuation models require the input of highly subjective assumptions including the expected stock price volatility. Because the Company's employee stock options have characteristics significantly different from those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimate, and given the substantial changes in the price per share of the Company's Common Stock, in management's opinion, the existing models do not necessarily provide a reliable single measure of the fair value of its employee stock options.</div><div><br /></div><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">AMBASE CORPORATION AND SUBSIDIARIES</div><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Notes to Consolidated Financial Statements</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">Incentive plan activity is summarized as follows:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;"><div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt;">(shares in thousands)</div></td><td valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Number of Shares Under Option</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Weighted Average Exercise Price</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 76%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Outstanding at January 1, 2012</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">816</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">0.88</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="width: 76%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Expired</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">(136</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">1.09</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="padding-bottom: 2px; width: 76%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Exercised</div></td><td valign="bottom" style="padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">(680</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">)</div></td><td valign="bottom" style="padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">0.84</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="padding-bottom: 4px; width: 76%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Outstanding at September 30, 2012</div></td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; padding-bottom: 4px; width: 9%; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="padding-bottom: 4px; width: 76%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Exercisable at September 30, 2012</div></td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; padding-bottom: 4px; width: 9%; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td></tr></table><div><br /></div><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Information relating to the 1993 Plan is as follows:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;"><div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt;">(in thousands)</div></td><td valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; 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padding-bottom: 2px; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="padding-bottom: 4px; width: 76%;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Unamortized compensation cost relating to non-vested stock</div><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">  options</div></td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="padding-bottom: 4px; width: 76%;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Stock based compensation expense recorded for the year-to-date</div><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">  period</div></td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="padding-bottom: 4px; width: 76%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Options to purchase shares of common stock which were excluded from computation of diluted earnings per share due to the effect of being anti-dilutive in the computation of earnings per share</div></td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">816</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="padding-bottom: 4px; width: 76%;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Common shares reserved for issuance</div></td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">5,000</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; padding-bottom: 4px; width: 9%; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="padding-bottom: 4px; width: 76%;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Shares available for future stock option grants</div></td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">4,320</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; padding-bottom: 4px; width: 9%; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="padding-bottom: 4px; width: 76%;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Intrinsic value of options outstanding</div></td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; padding-bottom: 4px; width: 9%; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="padding-bottom: 4px; width: 76%;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Intrinsic value of options exercisable</div></td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; padding-bottom: 4px; width: 9%; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td></tr></table></div>
-0.01
-0.01
-0.03
-0.03
-0.01
-0.01
-0.03
-0.03
0
0
20000
6000
38000
25000
0
0
<div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">Investment securities - held to maturity consist of the following:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;"><div> </div></td><td valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td><td colspan="10" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">September 30, 2012</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td><td colspan="10" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">December 31, 2011</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td></tr><tr><td valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;"><div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt;">(in thousands)</div></td><td valign="bottom" style="border-bottom: #000000 2px solid;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid;"><div><div></div><div></div><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Carrying Value</div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Cost or Amortized Cost</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom;"><div><div></div><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Fair Value</div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom;"><div><div></div><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Carrying Value</div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom;"><div><div></div><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Cost or Amortized Cost</div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom;"><div><div></div><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Fair Value</div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom;"><div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;">Held to Maturity:</div></td><td valign="bottom"> </td><td colspan="2" valign="bottom"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 28%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">U.S. Treasury Bills</div></td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">5,199</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">5,199</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">5,200</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="padding-bottom: 4px; width: 28%; vertical-align: bottom;"><div> </div></td><td valign="bottom" style="padding-bottom: 4px; width: 1%;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">5,199</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%;"> </td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">5,199</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">5,200</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td></tr></table></div>
5199000
5199000
0
0
5199000
5199000
0
0
5200000
5200000
0
0
1000
0
<div><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Note 8 - Income Taxes</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">The Company and its domestic subsidiaries file a consolidated federal income tax return.  The Company recognizes both the current and deferred tax consequences of all transactions that have been recognized in the consolidated financial statements, calculated based on the provisions of enacted tax laws, including the tax rates in effect for current and future years.  Net deferred tax assets are recognized immediately when a more likely than not criterion is met; that is, greater than 50% probability exists that the tax benefits will actually be realized sometime in the future.</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">There were no unrecognized tax benefits at January 1, 2012 or September 30, 2012.  Further, no significant changes in unrecognized income tax benefits are currently expected to occur over the next year.  Interest and/or penalties related to underpayments of income taxes, if applicable, would be included in interest expense and operating expenses, respectively. The accompanying consolidated financial statements do not include any amounts for any such interest and/or penalties.  The Company's federal income tax returns for the years subsequent to 1992 have not been reviewed by the Internal Revenue Service ("IRS") or state authorities except for tax year 2007, which was reviewed by the IRS and has been concluded.  The Company has not been notified of any other potential tax audits by any federal, state or local tax authorities.  As such, the Company believes the statutes of limitations for the assessment of additional federal and state tax liabilities are generally closed for tax years prior to 2009.  State income tax amounts for 2012 and 2011 are primarily attributable to a provision for a minimum tax on capital imposed by the State of Connecticut.</div><div><br /></div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">Based upon the Company's federal income tax returns through 2011 (filed or to be filed and/or subject to IRS audit adjustments), excluding all effects of the inclusion of Carteret/Carteret FSB from December 4, 1992 forward, as further discussed herein, the Company has federal NOL carryforwards available to reduce future federal taxable income, which expire if unused in the tax years as indicated below.  The utilization of certain carryforwards and carrybacks is subject to limitations under U.S. federal income tax laws. The amounts are as follows:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td valign="bottom" style="padding-bottom: 2px; vertical-align: bottom; border-top: #000000 1.5pt solid;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Tax Year Originating</div></td><td valign="bottom" style="padding-bottom: 2px; vertical-align: bottom; border-top: #000000 1.5pt solid;"><div><div> </div><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Tax Year Expiring</div></div></td><td valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"><div><div></div><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">September 30, 2012</div></div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 44%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">1997</div></td><td valign="bottom" style="width: 44%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">2012</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">1,100,000</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="width: 44%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">1998</div></td><td valign="bottom" style="width: 44%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">2018</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">5,400,000</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 44%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">1999</div></td><td valign="bottom" style="width: 44%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">2019</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">4,000,000</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="width: 44%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">2000</div></td><td valign="bottom" style="width: 44%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">2020</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">2,600,000</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 44%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">2001</div></td><td valign="bottom" style="width: 44%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">2021</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">4,000,000</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="width: 44%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">2002</div></td><td valign="bottom" style="width: 44%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">2022</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">3,200,000</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 44%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">2003</div></td><td valign="bottom" style="width: 44%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">2023</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">1,800,000</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="width: 44%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">2004</div></td><td valign="bottom" style="width: 44%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">2024</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">700,000</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 44%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">2006</div></td><td valign="bottom" style="width: 44%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">2026</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">2,800,000</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="width: 44%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">2007</div></td><td valign="bottom" style="width: 44%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">2027</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">12,700,000</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 44%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">2008</div></td><td valign="bottom" style="width: 44%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">2028</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">4,600,000</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="width: 44%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">2009</div></td><td valign="bottom" style="width: 44%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">2029</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">2,400,000</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 44%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">2010</div></td><td valign="bottom" style="width: 44%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">2030</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">1,900,000</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="width: 44%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">2011</div></td><td valign="bottom" style="width: 44%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">2031</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">1,900,000</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="padding-bottom: 4px; width: 44%; vertical-align: bottom;"><div> </div></td><td valign="bottom" style="padding-bottom: 4px; width: 44%; vertical-align: bottom;"><div>  </div></td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">49,100,000</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td></tr></table><div><br /></div><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">In addition to the NOL's noted above, the Company had additional NOL carryforwards which will have expired unless they are utilized in a prior tax year or absorbed in an earlier year based on the inclusion of certain items in the consolidated group as follows:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td valign="bottom" style="padding-bottom: 2px; vertical-align: bottom; border-top: #000000 1.5pt solid;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Tax Year Originating</div></td><td valign="bottom" style="padding-bottom: 2px; vertical-align: bottom; border-top: #000000 1.5pt solid;"><div><div> </div><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Tax Year Expired</div></div></td><td valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"><div><div></div><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">September 30, 2012</div></div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 44%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">1994</div></td><td valign="bottom" style="width: 44%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">2009</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">2,200,000</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="padding-bottom: 2px; width: 44%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">1995</div></td><td valign="bottom" style="padding-bottom: 2px; width: 44%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">2010</div></td><td valign="bottom" style="padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; width: 9%; vertical-align: bottom;"><div><div></div><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">5,300,000</div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="padding-bottom: 4px; width: 44%; vertical-align: bottom;"><div> </div></td><td valign="bottom" style="padding-bottom: 4px; width: 44%; vertical-align: bottom;"><div>  </div></td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">7,500,000</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td></tr></table><div><br /></div><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">AMBASE CORPORATION AND SUBSIDIARIES</div><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Notes to Consolidated Financial Statements</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">The Company has AMT credit carryforwards ("AMT Credits") which are not subject to expiration as follows:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;"><div> </div></td><td valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">September 30, 2012</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="padding-bottom: 4px; width: 88%;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">AMT Credits</div></td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">21,000,000</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td></tr></table><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">Based on the filing of the Carryback Claims, as defined further herein, the Company would seek to utilize a portion of the AMT Credits.</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">The Company has calculated a net deferred tax asset arising primarily from NOL carryforwards and AMT credits as follows:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;"><div> </div></td><td valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">September 30, 2012</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">December 31, 2011</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 76%;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Net deferred tax asset</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">38,000,000</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">38,000,000</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="padding-bottom: 2px; width: 76%;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Valuation allowance</div></td><td valign="bottom" style="padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">(38,000,000</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">)</div></td><td valign="bottom" style="padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">(38,000,000</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">)</div></td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="padding-bottom: 4px; width: 76%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Net deferred tax asset recognized</div></td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td></tr></table><div><br /></div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">The net deferred tax asset amounts noted above do not include the anticipated tax effects of the NOL's which could be generated from the Company's investment in Carteret, resulting from the Election Decision, as more fully described above. A valuation allowance has been established for the entire net deferred tax asset, as management, at the current time, has no basis to conclude that realization is more likely than not.</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">As a result of the Office of Thrift Supervision's December 4, 1992 placement of Carteret in receivership, under the management of the Resolution Trust Corporation ("RTC")/Federal Deposit Insurance Corporation ("FDIC"), and then proposed Treasury Reg. §1.597-4(g), the Company had previously filed its 1992 and subsequent federal income tax returns with Carteret disaffiliated from the Company's consolidated federal income tax return. Based upon the impact of Treasury Reg. §1.597-4(g), which was issued in final form on December 20, 1995, a continuing review of the Company's tax basis in Carteret, and the impact of prior year tax return adjustments on the Company's 1992 federal income tax return as filed, the Company decided not to make an election pursuant to final Treasury Reg. §1.597-4(g) to disaffiliate Carteret from the Company's consolidated federal income tax return effective as of December 4, 1992 (the "Election Decision").</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">The Company has made numerous requests to the RTC/FDIC for tax information pertaining to Carteret and the resulting successor institution, Carteret Federal Savings Bank ("Carteret FSB"); however, all of the information still has not been received. The Company believes, as a result of remaining consolidated with Carteret FSB for federal income tax return purposes, that the Company's tax basis in its investment in Carteret/Carteret FSB can be converted into NOL's, as tax losses are incurred, which could be available to carryforward/carryback into various federal income tax return years. However, because all of the Carteret FSB tax information has not been received, the Company is unable to determine with certainty the amount of or the years in which any NOL's may ultimately be generated; if the NOL carryforwards/carrybacks will be utilized in prior federal income tax return years; or the final expiration dates of any of the NOL carryforwards/carrybacks ultimately generated.</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">Based on information received to date, and prior to the recognition of the 1992 tax losses reflected on the Company's 1992 amended federal income tax return, as further described below, the Company estimated that as of December 1992 it had a remaining tax basis related to its investment in Carteret/Carteret FSB of approximately $158 million. Based on the Company's Election Decision, described above, and the receipt of some of the requested information from the RTC/FDIC, the Company amended its 1992 consolidated federal income tax return to include the federal income tax effects of Carteret and Carteret FSB, (the "1992 Amended Return"). The Company is still in the process of reviewing its consolidated federal income tax returns for 1993 and subsequent years.</div><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">AMBASE CORPORATION AND SUBSIDIARIES</div><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Notes to Consolidated Financial Statements</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">The Company expects that the 1992 Amended Return will generate approximately $56 million of NOL's for tax year 1992, which the Company is seeking to carryback to prior tax years to produce refunds of tax previously paid. The 1992 Amended Return has not yet been accepted by the IRS. See <font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;">"Carryback Claims,"</font> herein for further information. As part of the 1992 Amended Return, approximately $56 million (of the $158 million) of Carteret/Carteret FSB tax basis is expected to be converted into NOL's, (as tax losses are incurred) in tax year 1992, and will have expired in the 2007 tax year, unless they are utilized as part of the "<font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;">Carryback Claims</font>," or absorbed in earlier years based on inclusion of certain items in the consolidated group.</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">The Carteret/Carteret FSB tax basis of approximately $102 million remaining after recognition of the 1992 Amended Return, may be converted into NOL carryforwards/carrybacks as additional tax losses are incurred by Carteret/Carteret FSB and may be carried back or carried forward to other tax years; may be utilized in other tax years; or could begin to expire no earlier than the 2008 tax year based upon the year any NOL's are ultimately generated. The Company can give no assurances with regard to the 1992 Amended Return, subsequent year returns, or the final amount or expiration of NOL carryforwards/carrybacks ultimately generated, if any, from the Company's tax basis in Carteret/Carteret FSB. Any NOL's ultimately generated from the Company's tax basis in Carteret/Carteret FSB, would be in addition to the NOL carryforwards/carrybacks generated based on the Company's federal income tax returns as previously filed, as further detailed above.</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">In March 2000, the Company filed with the IRS several carryback claims and amendments to previously filed carryback claims (the "Carryback Claims") seeking refunds from the IRS of alternative minimum tax and other federal income taxes paid by the Company in prior years plus applicable IRS interest, based on the filing of the 1992 Amended Return.  The Company can give no assurances as to the final amount of refunds, if any, or when they might be received.  The accompanying financial statements include no legal fees in connection with the Carryback Claims proceedings as these legal fees are payable pursuant to a contingent fee arrangement with the attorneys upon a final recovery received.  For additional information, see<font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"> Note 9 – Legal Proceedings</font>.</div><div style="text-align: justify; margin-top: 12pt; font-family: 'Times New Roman', serif; margin-bottom: 12pt; font-size: 10pt;">The FDIC has previously filed a federal income tax return for Carteret FSB for 1995 (as well as other years), which indicates that Carteret FSB allegedly could owe a 1995 federal income tax liability of $32 million, which including interest and penalty thereon, is alleged to be in excess of $139 million. The FDIC has stated to the United States Court of Federal Claims ("Court of Claims") that the tax amounts are only estimates and are highly contingent.  However, it is possible that the IRS may try to collect the alleged Carteret FSB federal income taxes from the Carteret FSB receivership.</div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">The Company believes the Carteret FSB federal income tax returns filed by the FDIC were improperly filed and are neither accurate nor valid.  Based on the information received to date, if the correct Carteret FSB federal income tax results were included with the Company's originally filed federal income tax returns, the Company, based upon consultation with its legal and tax advisors, believes that no additional material federal income tax would be owed by the Company, although this cannot be assured because a contrary result is possible, given the uncertainty with various legal and factual assumptions underlying the Company's beliefs. This assessment included among other items a review of the Carteret FSB federal income tax returns as prepared by the FDIC and the correction of errors originally reported therein, the proper application of federal NOL carryforwards and carrybacks, and the adherence to statute of limitation provisions contained in the Internal Revenue Code, as amended.</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">As explained above, although the Company does not believe that Carteret FSB or the Company will have a material federal income tax liability related to Carteret FSB for tax year 1995 (or any other tax year), the Company can give no assurances of the final amounts, if any, of federal income taxes owed by the Carteret FSB receivership or by the Company as a result of the Carteret FSB receivership operations.  The Company is pursuing the Carryback Claims, as further described above, which could have an impact on the analysis of the prior year tax information. For further information on the Supervisory Goodwill legal proceedings, see <font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;">Note 9</font> herein. The discussion of the Carteret FSB federal income tax results is intended to provide details as to the potential inter-relationship of the Carteret FSB federal income tax returns with the Company's federal income tax positions. It is not a reflection of any federal income tax liability of the Company arising from the Carteret receivership operations.</div><div><br /></div></div>
-520000
-448000
-1476000
-1268000
11000
9000
33000
39000
-27000
-41000
-27000
-27000
-8000
-522000
0
-2000
1000
1000
5000
6000
1900000
1900000
<div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Note 3 - Investment Securities</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">Investment securities - held to maturity consist of the following:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;"><div> </div></td><td valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td><td colspan="10" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">September 30, 2012</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td><td colspan="10" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">December 31, 2011</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td></tr><tr><td valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;"><div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt;">(in thousands)</div></td><td valign="bottom" style="border-bottom: #000000 2px solid;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid;"><div><div></div><div></div><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Carrying Value</div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Cost or Amortized Cost</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom;"><div><div></div><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Fair Value</div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom;"><div><div></div><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Carrying Value</div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom;"><div><div></div><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Cost or Amortized Cost</div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom;"><div><div></div><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Fair Value</div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom;"><div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;">Held to Maturity:</div></td><td valign="bottom"> </td><td colspan="2" valign="bottom"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 28%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">U.S. Treasury Bills</div></td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">5,199</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">5,199</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">5,200</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="padding-bottom: 4px; width: 28%; vertical-align: bottom;"><div> </div></td><td valign="bottom" style="padding-bottom: 4px; width: 1%;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">5,199</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%;"> </td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">5,199</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">5,200</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td></tr></table><div><br /></div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">Investment securities - trading consist of the following:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;"><div> </div></td><td valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td><td colspan="10" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">September 30, 2012</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td><td colspan="10" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">December 31, 2011</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td></tr><tr><td valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;"><div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt;">(in thousands)</div></td><td valign="bottom" style="border-bottom: #000000 2px solid;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid;"><div><div></div><div></div><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Carrying Value</div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Cost or Amortized Cost</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom;"><div><div></div><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Fair Value</div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom;"><div><div></div><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Carrying Value</div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom;"><div><div></div><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Cost or Amortized Cost</div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom;"><div><div></div><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Fair Value</div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom;"><div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;">Trading:</div></td><td valign="bottom"> </td><td colspan="2" valign="bottom"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="padding-bottom: 2px; width: 28%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Equity Securities</div></td><td valign="bottom" style="padding-bottom: 2px; width: 1%;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; width: 1%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%;"> </td><td valign="bottom" style="padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">212</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">224</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">212</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="padding-bottom: 4px; width: 28%; vertical-align: bottom;"><div> </div></td><td valign="bottom" style="padding-bottom: 4px; width: 1%;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%;"> </td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">212</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">224</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">212</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td></tr></table><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">The gross unrealized gains (losses) on investment securities - held to maturity consist of the following:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;"><div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt;">(in thousands)</div><div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;">Held to Maturity:</div></td><td valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">September 30, 2012</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">December 31, 2011</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="padding-bottom: 4px; width: 76%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Gross unrealized gains (losses)</div></td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">1</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="width: 76%; vertical-align: bottom;"><div> </div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td></tr></table><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">Unrealized gains (losses) on investment securities - trading are as follows:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;"><div> </div></td><td valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td><td colspan="6" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Third Quarter Ended</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; border-top: #000000 1.5pt solid;"> </td><td colspan="6" valign="bottom" style="border-bottom: #000000 2px solid; border-top: #000000 1.5pt solid;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Nine Months Ended</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; border-top: #000000 1.5pt solid;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom;"><div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt;">(in thousands)</div></td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">September 30, 2012</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">September 30, 2011</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td valign="bottom"> </td><td colspan="2" valign="bottom"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">September 30, 2012</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left;"> </td><td valign="bottom"> </td><td colspan="2" valign="bottom"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">September 30, 2011</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 52%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Cost basis</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">224</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">224</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="padding-bottom: 2px; width: 52%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Current value</div></td><td valign="bottom" style="padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">194</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 2px; width: 1%;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; width: 1%;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%;"> </td><td valign="bottom" style="padding-bottom: 2px; width: 1%;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; width: 1%;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">194</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="padding-bottom: 4px; width: 52%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Unrealized gains (losses)</div></td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">(30</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">)</div></td><td valign="bottom" style="padding-bottom: 4px; width: 1%;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%;"> </td><td valign="bottom" style="padding-bottom: 4px; width: 1%;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">(30</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">)</div></td></tr></table><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">Realized gains (losses) on the sales of investment securities – trading as follows:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;"><div> </div></td><td valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td><td colspan="6" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Third Quarter Ended</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td><td colspan="6" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Nine Months Ended</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td></tr><tr><td valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;"><div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt;">(in thousands)</div></td><td valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">September 30, 2012</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">September 30, 2011</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">September 30, 2012</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">September 30, 2011</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom;"><div> </div></td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td valign="bottom"> </td><td colspan="2" valign="bottom"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left;"> </td><td valign="bottom"> </td><td colspan="2" valign="bottom"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 52%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Net sale proceeds</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">89</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">3</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">594</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">555</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="padding-bottom: 2px; width: 52%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Cost basis</div></td><td valign="bottom" style="padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">(83</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">)</div></td><td valign="bottom" style="padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 2px; width: 1%;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; width: 1%;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">(563</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">)</div></td><td valign="bottom" style="padding-bottom: 2px; width: 1%;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; width: 1%;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">(537</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">)</div></td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="padding-bottom: 4px; width: 52%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Realized gains (losses)</div></td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">6</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">3</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 4px; width: 1%;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">31</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%;"> </td><td valign="bottom" style="padding-bottom: 4px; width: 1%;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">18</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%;"> </td></tr></table></div>
309000
314000
964000
982000
554000
554000
<div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold; margin-right: 4.5pt;">Note 9 - Legal Proceedings</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">The information contained in<font style="font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;"> </font><font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;">Item 8 - Note 10 </font>in the Company's Annual Report on Form 10-K for the year ended December 31, 2011, is incorporated by reference herein and the defined terms set forth below have the same meaning ascribed to them in that report.  There have been no material developments in such legal proceedings, except as set forth below.</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">The Company is or has been a party in a number of lawsuits or proceedings, including the following:</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;"><font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;">Supervisory Goodwill Litigation</font> - A Settlement Agreement in the Supervisory Goodwill legal proceedings between AmBase, the Federal Deposit Insurance Corporation–Receiver ("FDIC-R") and the Department of Justice ("DOJ") on behalf of the United States of America (the "United States"), was executed on August 31, 2012,  (the "Settlement Agreement").  The Settlement Agreement was subject to approval by the United States Court of Federal Claims (the "Court of Federal Claims").  On October 11, 2012, the Court of Federal Claims issued an order approving the Settlement Agreement, and on October 19, 2012, the United States paid $180,650,000 (one hundred-eighty million, six hundred-fifty thousand dollars) directly to AmBase.  As part of the Settlement Agreement, the Company is also entitled to a tax gross-up in an amount to be determined if and when any federal taxes should be imposed on the settlement amount and includes other terms as set forth in the Settlement Agreement.  A copy of the Settlement Agreement was included as an exhibit to the Company's Form 8-K as filed with the Securities and Exchange Commission on October 22, 2012.  The Company has no contingent fee agreements in place with its attorneys or any outside advisor in connection with the Supervisory Goodwill legal proceedings or award.</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">Pursuant to the 2007 Employment Agreement, as amended between the Company and Richard A. Bianco, the Company's Chairman, President and Chief Executive Officer ("Mr. Bianco") (the "2007 Employment Agreement"), Mr. Bianco is to be paid an incentive payment of approximately $13.6 million based on the receipt by the Company of the $180,650,000 Supervisory Goodwill legal proceedings settlement award, plus federal tax gross-up. An additional amount, to be determined, could be due to Mr. Bianco pursuant to the 2007 Employment Agreement, based on value realized by the Company with respect a gross-up for federal taxes imposed on the settlement amount.</div><div><br /></div><div><br /></div><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">AMBASE CORPORATION AND SUBSIDIARIES</div><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Notes to Consolidated Financial Statements</div><div><br /></div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;"><font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;">Federal income tax refund suit on Carryback Claims</font>. In March 2000, the Company filed with the IRS several carryback claims and amendments to previously filed carryback claims (the "Carryback Claims") seeking refunds from the IRS of alternative minimum tax and other federal income taxes paid by the Company in prior years plus applicable IRS interest, based on the filing of the 1992 Amended Return. In April 2003, IRS examiners issued a letter to the Company proposing to disallow the Carryback Claims. The Company sought administrative review of the letter by protesting to the Appeals Division of the IRS. In February 2005, IRS appeals officials completed their review of the Carryback Claims and disallowed them. On April 29, 2008, the Company filed suit in the United States District Court for the District of Connecticut (the "Court") for the tax refunds it seeks, plus interest, with respect to the Carryback Claims.  On September 29, 2009, the U.S. Department of Justice, representing defendant United States in the suit, filed a Motion to Dismiss.  In response, on October 19, 2009, the Company filed its opposition to the Government's Motion to Dismiss, as well as the Company's own Motion for Partial Summary Judgment.  In June 2010, the Court issued a Memorandum Decision conditionally granting the United States' Motion to Dismiss the case but allowing the Company to conduct limited discovery to establish whether the Court has jurisdiction.  On August 30, 2010, the Company filed a Motion to Set Aside the Court's Conditional Order of Dismissal.  On February 28, 2011, the Court granted the Company's motion and issued a Memorandum of Decision concluding that the Company had timely filed a refund claim for tax year 1992 seeking to adjust the amount of bad debt deduction and that the case should not be dismissed.  In March 2011, the Company filed a Motion for Partial Summary Judgment based on the Court's ruling that the Company's refund claims were timely filed.  In May 2011, the Government filed a Cross Motion for Summary Judgment and an opposition to the Company's Summary Judgment Motion.  In June 2011, the Company filed a Memorandum in Opposition to the Government's Cross Motion for Summary Judgment and a Reply to the Governments Opposition to the Company's Summary Judgment Motion, and the Government in June 2011, subsequently filed a response brief.  The Court granted the Company's motion in part and denied it in part, in a Memorandum Decision dated November 30, 2011.  On January 26, 2012, the Company filed a Motion for Partial Summary Judgment as to the amount of additional bad debt deduction that should be allowed.  On February 16, 2012, the Government filed an Opposition to the Company's Motion for Partial Summary Judgment.  On February 28, 2012, the Company filed a Reply to the Government's Opposition to the Company's Motion for Partial Summary Judgment.  On May 23, 2012, the Court issued an order denying the Company's Motion for Partial Summary Judgment.  Under the Court's rulings, the Company would not be entitled to recover a tax refund.  On July 5, 2012, the Court entered its final judgment and order determining that the Company is not entitled to a refund.  The Company has appealed the adverse judgment to the United States Court of Appeals for the Second Circuit, where the matter is pending.  The Company can give no assurances as to the final amount of refunds, if any, or when they might be received.  The accompanying financial statements exclude legal fees in connection with the Carryback Claims proceedings as these legal fees are payable pursuant to a contingency fee arrangement with the attorneys upon a final recovery received. See <font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;">Note 8 – Income Taxes</font> for further information.</div></div>
200000
227000
9028000
9994000
5199000
212000
-4954000
915000
570000
0
-531000
-457000
-1509000
-1307000
-1541000
-1810000
<div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold; margin-right: 4.5pt;">Note 2 – Recent Accounting Pronouncements</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 4.5pt;">There are no new accounting pronouncements that would materially affect the Company's consolidated financial statements.</div></div>
2012
2018
2019
2020
2021
2022
2023
2024
2026
2027
2028
2029
2030
2031
2009
2010
1100000
5400000
4000000
2600000
4000000
3200000
1800000
700000
2800000
12700000
4600000
2400000
1900000
1900000
49100000
2200000
5300000
7500000
-533000
-436000
-1529000
-1381000
<div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold; margin-right: 4.5pt;">Note 1 - Organization</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 4.5pt;">The accompanying consolidated financial statements of AmBase Corporation and its wholly-owned subsidiaries (the "Company") are unaudited and subject to year-end adjustments. All material intercompany transactions and balances have been eliminated. In the opinion of management, the interim financial statements reflect all adjustments, consisting only of normal recurring adjustments unless otherwise disclosed, necessary for a fair presentation of the Company's financial position, results of operations and cash flows. Results for interim periods are not necessarily indicative of results for the full year. The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions, that it deems reasonable, that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from such estimates and assumptions. The unaudited interim consolidated financial statements presented herein are condensed and should be read in conjunction with the Company's consolidated financial statements filed in its Annual Report on Form 10‑K for the year ended December 31, 2011.</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 4.5pt;">The Company's assets currently consist primarily of cash and cash equivalents, investment securities, and real estate.  The Company currently earns non-operating revenue principally consisting of earnings on investment securities and cash equivalents.  The Company continues to evaluate a number of possible acquisitions, and is engaged in the management of its assets and liabilities, including the contingent assets, as described in<font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"> Notes 8 and 9</font>.  From time to time, the Company and its subsidiaries may be named as a defendant in various lawsuits or proceedings.  The Company intends to aggressively contest all litigation and contingencies, as well as pursue all sources for contributions to settlements.</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 4.5pt;">The Company's management believes that operating cash needs for the next twelve months will be met principally by the Company's current financial resources and to a lesser extent the receipt of earnings on investment securities and cash equivalents.</div></div>
254000
246000
0
14000
17000
119000
42000
29000
92000
76000
0
0
22297000
22695000
0
-21000
<div><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Note 5 - Savings Plan</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">The Company sponsors the AmBase 401(k) Savings Plan (the "Savings Plan"), which is a "Section 401(k) Plan" within the meaning of the Internal Revenue Code of 1986, as amended (the "Code").  The Savings Plan permits eligible employees to make contributions of up to a percentage of their compensation, which are matched by the Company at a percentage of the employees' elected deferral.  Employee contributions to the Savings Plan are invested at the employee's discretion, in various investment funds.  The Company's matching contributions are invested in the same manner as the compensation reduction contributions.  All contributions are subject to maximum limitations contained in the Code.</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">The Company's matching contributions to the Savings Plan, charged to expense, were as follows:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;"><div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt;">($ in thousands)</div></td><td valign="bottom" style="vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td><td colspan="6" valign="bottom" style="padding-bottom: 2px; vertical-align: bottom; border-top: #000000 1.5pt solid;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Third Quarter Ended</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td><td colspan="6" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Nine Months Ended</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td></tr><tr><td valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;"><div> </div></td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">September 30, 2012</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">September 30, 2011</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">September 30, 2012</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">September 30, 2011</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="padding-bottom: 4px; width: 52%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Company matching contributions</div></td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">5</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">4</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 4px; width: 1%;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">20</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%;"> </td><td valign="bottom" style="padding-bottom: 4px; width: 1%;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">16</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="padding-bottom: 4px; width: 52%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Employer match %</div></td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">33</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">%</div></td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">33</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">%</div></td><td valign="bottom" style="padding-bottom: 4px; width: 1%;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">33</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">%</div></td><td valign="bottom" style="padding-bottom: 4px; width: 1%;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">33</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">%</div></td></tr></table></div>
17100000
23795000
570000
0
128000
58000
333000
195000
P39Y
<div><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Note 4 –Real Estate Owned</div><div><br /></div><div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">The Company owns one commercial office building in Greenwich, Connecticut that contains approximately 14,500 square feet.  The Company utilizes approximately 3,500 square feet for its executive offices; the remaining space is currently unoccupied and available for lease.  Depreciation expense for the building is calculated on a straight-line basis over 39 years. Tenant improvements, if any, would be depreciated over the lesser of the remaining life of the tenants' lease or the estimated useful lives of the improvements.  The building is carried at cost, net of accumulated depreciation.</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">Although the portion of the building not being utilized by the Company is currently unoccupied and available for lease, based on the Company's analysis, the Company believes the property's fair value exceeds the property's current carrying value.  The Company's impairment analysis includes a comprehensive range of factors including but not limited to:  the location of the property; property condition; current market conditions; comparable sales; current market rents in the area; new building zoning restrictions; raw land values; new building construction costs; building operating costs; leasing values; and cap rates for comparable buildings in the area.  Varying degrees of weight are given each factor.  Based on the Company's analysis these factors taken together and/or considered individually form the basis for the Company's analysis that no impairment condition exists.</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">The Company performs impairment tests if events or circumstances indicate that the property's carrying value may not be recoverable.  As noted above, based on the Company's analysis the Company believes the carrying value of the property as of September 30, 2012, has not been impaired and; therefore, the carrying value of the asset is fully recoverable by the Company.</div></div></div>
2454000
2454000
1885000
1921000
569000
533000
<div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">Realized gains (losses) on the sales of investment securities – trading as follows:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;"><div> </div></td><td valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td><td colspan="6" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Third Quarter Ended</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td><td colspan="6" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Nine Months Ended</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td></tr><tr><td valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;"><div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt;">(in thousands)</div></td><td valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">September 30, 2012</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">September 30, 2011</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">September 30, 2012</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">September 30, 2011</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom;"><div> </div></td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td valign="bottom"> </td><td colspan="2" valign="bottom"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left;"> </td><td valign="bottom"> </td><td colspan="2" valign="bottom"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 52%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Net sale proceeds</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">89</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">3</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">594</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">555</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="padding-bottom: 2px; width: 52%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Cost basis</div></td><td valign="bottom" style="padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">(83</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">)</div></td><td valign="bottom" style="padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 2px; width: 1%;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; width: 1%;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">(563</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">)</div></td><td valign="bottom" style="padding-bottom: 2px; width: 1%;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; width: 1%;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">(537</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">)</div></td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="padding-bottom: 4px; width: 52%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Realized gains (losses)</div></td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">6</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">3</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 4px; width: 1%;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">31</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%;"> </td><td valign="bottom" style="padding-bottom: 4px; width: 1%;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">18</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%;"> </td></tr></table></div>
-538261000
-536752000
0
<div><div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">Incentive plan activity is summarized as follows:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;"><div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt;">(shares in thousands)</div></td><td valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Number of Shares Under Option</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Weighted Average Exercise Price</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 76%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Outstanding at January 1, 2012</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">816</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">0.88</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="width: 76%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Expired</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">(136</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">1.09</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="padding-bottom: 2px; width: 76%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Exercised</div></td><td valign="bottom" style="padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">(680</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">)</div></td><td valign="bottom" style="padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">0.84</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="padding-bottom: 4px; width: 76%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Outstanding at September 30, 2012</div></td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; padding-bottom: 4px; width: 9%; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="padding-bottom: 4px; width: 76%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Exercisable at September 30, 2012</div></td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; padding-bottom: 4px; width: 9%; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td></tr></table></div></div>
<div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">The Company has calculated a net deferred tax asset arising primarily from NOL carryforwards and AMT credits as follows:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;"><div> </div></td><td valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">September 30, 2012</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">December 31, 2011</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 76%;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Net deferred tax asset</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">38,000,000</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">38,000,000</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="padding-bottom: 2px; width: 76%;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Valuation allowance</div></td><td valign="bottom" style="padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">(38,000,000</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">)</div></td><td valign="bottom" style="padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">(38,000,000</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">)</div></td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="padding-bottom: 4px; width: 76%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Net deferred tax asset recognized</div></td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td></tr></table><div><br /></div></div>
<div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">Unrealized gains (losses) on investment securities - trading are as follows:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;"><div> </div></td><td valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td><td colspan="6" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Third Quarter Ended</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; border-top: #000000 1.5pt solid;"> </td><td colspan="6" valign="bottom" style="border-bottom: #000000 2px solid; border-top: #000000 1.5pt solid;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Nine Months Ended</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; border-top: #000000 1.5pt solid;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom;"><div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt;">(in thousands)</div></td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">September 30, 2012</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">September 30, 2011</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td valign="bottom"> </td><td colspan="2" valign="bottom"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">September 30, 2012</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left;"> </td><td valign="bottom"> </td><td colspan="2" valign="bottom"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">September 30, 2011</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 52%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Cost basis</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">224</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td><td valign="bottom" style="width: 1%;"> </td><td valign="bottom" style="text-align: left; width: 1%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">224</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="padding-bottom: 2px; width: 52%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Current value</div></td><td valign="bottom" style="padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">194</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 2px; width: 1%;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; width: 1%;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%;"> </td><td valign="bottom" style="padding-bottom: 2px; width: 1%;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; width: 1%;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">194</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="padding-bottom: 4px; width: 52%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Unrealized gains (losses)</div></td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">(30</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">)</div></td><td valign="bottom" style="padding-bottom: 4px; width: 1%;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%;"> </td><td valign="bottom" style="padding-bottom: 4px; width: 1%;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">(30</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">)</div></td></tr></table></div>
0
0
P2Y
1.09
0.84
136000
0
4320000
5000000
0.88
0
10Y
816000
0
10000000
6791891
-680000
8828000
9767000
<div><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Note 10 - Subsequent Events</div><div><br /></div><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">The Company has performed a review of events subsequent to the balance sheet dated September 30, 2012, through the report issuance date.</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">As a result of the receipt of the Supervisory Goodwill settlement proceeds received and after various economic, financial, business, tax, accounting, regulatory, legal and administrative considerations, on October 22, 2012, the Company's Board of Directors declared a cash dividend of $2.00 per common share to shareholders of record at the close of business on November 21, 2012, payable on December 10, 2012.</div><div><br /></div></div>
<div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">The Company has AMT credit carryforwards ("AMT Credits") which are not subject to expiration as follows:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;"><div> </div></td><td valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">September 30, 2012</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="padding-bottom: 4px; width: 88%;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">AMT Credits</div></td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">21,000,000</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td></tr></table><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">Based on the filing of the Carryback Claims, as defined further herein, the Company would seek to utilize a portion of the AMT Credits.</div></div>
<div><div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">Based upon the Company's federal income tax returns through 2011 (filed or to be filed and/or subject to IRS audit adjustments), excluding all effects of the inclusion of Carteret/Carteret FSB from December 4, 1992 forward, as further discussed herein, the Company has federal NOL carryforwards available to reduce future federal taxable income, which expire if unused in the tax years as indicated below.  The utilization of certain carryforwards and carrybacks is subject to limitations under U.S. federal income tax laws. The amounts are as follows:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td valign="bottom" style="padding-bottom: 2px; vertical-align: bottom; border-top: #000000 1.5pt solid;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Tax Year Originating</div></td><td valign="bottom" style="padding-bottom: 2px; vertical-align: bottom; border-top: #000000 1.5pt solid;"><div><div> </div><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Tax Year Expiring</div></div></td><td valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"><div><div></div><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">September 30, 2012</div></div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 44%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">1997</div></td><td valign="bottom" style="width: 44%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">2012</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">1,100,000</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="width: 44%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">1998</div></td><td valign="bottom" style="width: 44%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">2018</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">5,400,000</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 44%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">1999</div></td><td valign="bottom" style="width: 44%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">2019</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">4,000,000</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="width: 44%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">2000</div></td><td valign="bottom" style="width: 44%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">2020</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">2,600,000</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 44%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">2001</div></td><td valign="bottom" style="width: 44%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">2021</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">4,000,000</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="width: 44%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">2002</div></td><td valign="bottom" style="width: 44%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">2022</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">3,200,000</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 44%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">2003</div></td><td valign="bottom" style="width: 44%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">2023</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">1,800,000</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="width: 44%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">2004</div></td><td valign="bottom" style="width: 44%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">2024</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">700,000</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 44%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">2006</div></td><td valign="bottom" style="width: 44%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">2026</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">2,800,000</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="width: 44%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">2007</div></td><td valign="bottom" style="width: 44%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">2027</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">12,700,000</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 44%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">2008</div></td><td valign="bottom" style="width: 44%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">2028</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">4,600,000</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="width: 44%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">2009</div></td><td valign="bottom" style="width: 44%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">2029</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">2,400,000</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 44%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">2010</div></td><td valign="bottom" style="width: 44%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">2030</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">1,900,000</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="width: 44%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">2011</div></td><td valign="bottom" style="width: 44%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">2031</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">1,900,000</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="padding-bottom: 4px; width: 44%; vertical-align: bottom;"><div> </div></td><td valign="bottom" style="padding-bottom: 4px; width: 44%; vertical-align: bottom;"><div>  </div></td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">49,100,000</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td></tr></table></div><div><br /></div><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">In addition to the NOL's noted above, the Company had additional NOL carryforwards which will have expired unless they are utilized in a prior tax year or absorbed in an earlier year based on the inclusion of certain items in the consolidated group as follows:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td valign="bottom" style="padding-bottom: 2px; vertical-align: bottom; border-top: #000000 1.5pt solid;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Tax Year Originating</div></td><td valign="bottom" style="padding-bottom: 2px; vertical-align: bottom; border-top: #000000 1.5pt solid;"><div><div> </div><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Tax Year Expired</div></div></td><td valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"><div><div></div><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">September 30, 2012</div></div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="width: 44%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">1994</div></td><td valign="bottom" style="width: 44%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">2009</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">2,200,000</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="padding-bottom: 2px; width: 44%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">1995</div></td><td valign="bottom" style="padding-bottom: 2px; width: 44%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt;">2010</div></td><td valign="bottom" style="padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; width: 9%; vertical-align: bottom;"><div><div></div><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">5,300,000</div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="padding-bottom: 4px; width: 44%; vertical-align: bottom;"><div> </div></td><td valign="bottom" style="padding-bottom: 4px; width: 44%; vertical-align: bottom;"><div>  </div></td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">7,500,000</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td></tr></table><div><br /></div></div>
21000000
6000
3000
31000
18000
<div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">Investment securities - trading consist of the following:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;"><div> </div></td><td valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td><td colspan="10" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">September 30, 2012</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td><td colspan="10" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">December 31, 2011</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td></tr><tr><td valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;"><div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt;">(in thousands)</div></td><td valign="bottom" style="border-bottom: #000000 2px solid;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid;"><div><div></div><div></div><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Carrying Value</div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Cost or Amortized Cost</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom;"><div><div></div><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Fair Value</div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom;"><div><div></div><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Carrying Value</div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom;"><div><div></div><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Cost or Amortized Cost</div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom;"><div><div></div><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Fair Value</div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom;"><div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;">Trading:</div></td><td valign="bottom"> </td><td colspan="2" valign="bottom"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom;"><div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="padding-bottom: 2px; width: 28%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Equity Securities</div></td><td valign="bottom" style="padding-bottom: 2px; width: 1%;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; width: 1%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%;"> </td><td valign="bottom" style="padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">212</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">224</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 2px solid; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">212</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="padding-bottom: 4px; width: 28%; vertical-align: bottom;"><div> </div></td><td valign="bottom" style="padding-bottom: 4px; width: 1%;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%;"> </td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">212</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">224</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">212</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td></tr></table><div><br /></div></div>
0
224000
0
224000
224000
0
-30000
0
-30000
6000
-30000
0
-30000
5199000
212000
0
212000
0
212000
194000
1679000
2109000
2654597
3334597
<div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Note 6 – Common Stock Repurchase Plan</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">In January 2002, the Company announced a common stock repurchase plan (the "Repurchase Plan") which allows for the repurchase by the Company of up to 10,000,000 shares of its common stock in the open market.</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">The Repurchase Plan is conditioned upon favorable business conditions and acceptable prices for the common stock.  Purchases under the Repurchase Plan may be made, from time to time, in the open market, through block trades or otherwise.  Depending on market conditions and other factors, purchases may be commenced or suspended any time or from time to time without prior notice.</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">No shares have been purchased pursuant to the Repurchase Plan in the year-to-date period ended September 30, 2012.  As of September 30, 2012, the Company has purchased 3,208,109 common shares through the Repurchase Plan leaving 6,791,891 common shares that may still be purchased pursuant to the Repurchase Plan.</div><div><br /></div></div>
<div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">The gross unrealized gains (losses) on investment securities - held to maturity consist of the following:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;"><div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt;">(in thousands)</div><div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;">Held to Maturity:</div></td><td valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">September 30, 2012</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">December 31, 2011</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="padding-bottom: 4px; width: 76%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Gross unrealized gains (losses)</div></td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">1</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="width: 76%; vertical-align: bottom;"><div> </div></td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; width: 9%; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; vertical-align: bottom;"> </td></tr></table></div>
43174
43075
43108
43075
43174
43075
43108
43075
2.00
13600000
180650000
3208109
14500
3500
1
102000000
56000000
158000000
0.33
0.33
0.33
0.33
<div><div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">The Company's matching contributions to the Savings Plan, charged to expense, were as follows:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;"><div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt;">($ in thousands)</div></td><td valign="bottom" style="vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td><td colspan="6" valign="bottom" style="padding-bottom: 2px; vertical-align: bottom; border-top: #000000 1.5pt solid;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Third Quarter Ended</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td><td colspan="6" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Nine Months Ended</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td></tr><tr><td valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;"><div> </div></td><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">September 30, 2012</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">September 30, 2011</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">September 30, 2012</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">September 30, 2011</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="padding-bottom: 4px; width: 52%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Company matching contributions</div></td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">5</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">4</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 4px; width: 1%;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">20</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%;"> </td><td valign="bottom" style="padding-bottom: 4px; width: 1%;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">16</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="padding-bottom: 4px; width: 52%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Employer match %</div></td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">33</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">%</div></td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">33</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">%</div></td><td valign="bottom" style="padding-bottom: 4px; width: 1%;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">33</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">%</div></td><td valign="bottom" style="padding-bottom: 4px; width: 1%;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">33</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">%</div></td></tr></table></div></div>
<div><div><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Information relating to the 1993 Plan is as follows:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td valign="bottom" style="padding-bottom: 2px; vertical-align: bottom;"><div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt;">(in thousands)</div></td><td valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"><div><div></div><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">September 30,</div><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">2012</div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td><td valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td><td colspan="2" valign="bottom" style="border-bottom: #000000 2px solid; vertical-align: bottom; border-top: #000000 1.5pt solid;"><div><div></div><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">September 30,</div><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">2011</div></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; vertical-align: bottom; border-top: #000000 1.5pt solid;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="padding-bottom: 4px; width: 76%;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Unamortized compensation cost relating to non-vested stock</div><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">  options</div></td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="padding-bottom: 4px; width: 76%;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Stock based compensation expense recorded for the year-to-date</div><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">  period</div></td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="padding-bottom: 4px; width: 76%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Options to purchase shares of common stock which were excluded from computation of diluted earnings per share due to the effect of being anti-dilutive in the computation of earnings per share</div></td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">816</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="padding-bottom: 4px; width: 76%;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Common shares reserved for issuance</div></td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">5,000</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; padding-bottom: 4px; width: 9%; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="padding-bottom: 4px; width: 76%;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Shares available for future stock option grants</div></td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">4,320</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; padding-bottom: 4px; width: 9%; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #ffffff;"><td valign="bottom" style="padding-bottom: 4px; width: 76%;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Intrinsic value of options outstanding</div></td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; padding-bottom: 4px; width: 9%; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td></tr><tr style="background-color: #cceeff;"><td valign="bottom" style="padding-bottom: 4px; width: 76%;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Intrinsic value of options exercisable</div></td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: left; width: 1%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td valign="bottom" style="border-bottom: #000000 4px double; text-align: right; width: 9%; vertical-align: bottom;"><div style="font-family: 'Times New Roman', serif; font-size: 10pt;">-</div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td><td valign="bottom" style="text-align: right; padding-bottom: 4px; width: 9%; vertical-align: bottom;"> </td><td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 4px; width: 1%; vertical-align: bottom;"> </td></tr></table></div></div>
351000
761000
-2000
0
-83000
0
-563000
-537000
-594000
-555000
-89000
-3000
0
212000
0
212000