INVESTMENT SECURITIES

3 Months Ended

Mar. 31, 2013

Schedule Of Investments [Abstract]

Investment [Text Block]

NOTE 3 INVESTMENT SECURITIES

The amortized cost and estimated fair value of investment securities at the dates indicated are presented in the following table. All securities are classified as available for sale.

	March 31, 2013
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
(Dollar amounts in thousands)	Cost		Gains		Losses			Value
State and political subdivisions	$	9,300	$	646	$	(5	)	$	9,941
Mortgage-backed securities		3,916		238		0			4,154
Total securities available for sale	$	13,216	$	884	$	(5	)	$	14,095

	December 31, 2012
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
(Dollar amounts in thousands)	Cost		Gains		Losses			Value
State and political subdivisions	$	9,535	$	742	$	(5	)	$	10,272
Mortgage-backed securities		4,239		262		0			4,501
Total securities available for sale	$	13,774	$	1,004	$	(5	)	$	14,773

The estimated fair values of investment securities at March 31, 2013, by contractual maturity are shown below. Securities not due at a single maturity date, primarily mortgage-backed securities, are shown separately.

	Amortized		Fair
(Dollar amounts in thousands)	Cost		Value
Due less than one year	$	1,519	$	1,558
Due after one year through five years		3,899		4,168
Due after five years through ten years		3,090		3,343
Due after ten years		792		872
Mortgage-backed securities		3,916		4,154
Total securities available for sale	$	13,216	$	14,095

At March 31, 2013 and December 31, 2012, securities with a carrying value of $12,483,000 and $13,123,000, respectively, were pledged to secure public deposits and other deposits and liabilities as required or permitted by law.

The following table shows the securities’ gross unrealized losses and estimated fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2013 and December 31, 2012.

(Dollar amounts in thousands)	Less Than Twelve Months					More Than Twelve Months
	Unrealized			Fair		Unrealized			Fair
March 31, 2013	Losses			Value		Losses			Value
State and political subdivisions	$	(4	)	$	801	$	(1	)	$	385
Mortgage-backed securities		0			0		0			0
Total available for sale	$	(4	)	$	801	$	(1	)	$	385

(Dollar amounts in thousands)	Less Than Twelve Months					More Than Twelve Months
	Unrealized			Fair		Unrealized			Fair
December 31, 2012	Losses			Value		Losses			Value
State and political subdivisions	$	(4	)	$	1,015	$	(1	)	$	385
Mortgage-backed securities		0			0		0			0
Total available for sale	$	(4	)	$	1,015	$	(1	)	$	385

At March 31, 2013 and December 31, 2012, two individual securities had been in a continuous loss position for more than twelve months with four securities in a continuous loss position for less than twelve months. The unrealized losses are primarily due to the changes in market interest rates subsequent to purchase. The Corporation does not consider these investments to be other than temporarily impaired at March 31, 2013 and December 31, 2012 since the decline in market value is primarily attributable to changes in interest rates and not credit quality. In addition, the Corporation does not intend to sell and does not believe that it is more likely than not that the Corporation will be required to sell these investments until there is a full recovery of the unrealized loss, which may be at maturity. As a result no impairment loss was recognized during the three months ended March 31, 2013 or for the twelve months ended December 31, 2012.