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Note 5 - Mortgage-Backed Securities

6 Months Ended

Jun. 30, 2011

Summary of Investments, Other than Investments in Related Parties [Text Block]

Note 5. Mortgage-Backed Securities. The amortized cost and fair value of mortgage-backed securities, with gross unrealized gains and losses at June 30, 2011 and December 31, 2010, were as follows:

	June 30, 2011
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In thousands)
Mortgage-backed securities Available for sale:
Within 1 year	$	12	$	1	$	-	$	13
After 1 year but within 5 years		534		41		-		575
After 5 years but within 10 years		1,403		106		-		1,509
After 10 years		64,354		2,509		-		66,863
Total	$	66,303	$	2,657	$	-	$	68,960

Held for investment:
After 1 year but within 5 years	$	170	$	8	$	-	$	178
After 5 years but within 10 years		-		-		-		-
After 10 years		55,409		966		-		56,375
Total	$	55,579	$	974	$	-	$	56,553

	December 31, 2010
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In thousands)
Mortgage-backed securities Available for sale:
After 1 year but within 5 years	$	722	$	67	$	-	$	789
After 5 years but within 10 years		1,004		51		-		1,055
After 10 years		95,869		1,291		366		96,794
Total	$	97,595	$	1,409	$	366	$	98,638

Held for investment:
After 1 year but within 5 years	$	245	$	6	$	-	$	251
Total	$	245	$	6	$	-	$	251

The Company had no mortgage-backed securities with an unrealized loss position at June 30, 2011. The following table shows mortgage-backed securities’ gross unrealized losses, fair value and length of time the securities have been in a continuous unrealized loss position at December 31, 2010.

	December 31, 2010
	Less Than 12 Months				12 Months or More				Total
	Fair value		Unrealized losses		Fair Value		Unrealized losses		Fair value		Unrealized losses
	(In thousands)
Mortgage-backed securities	$	23,314	$	254	$	10,306	$	112	$	33,620	$	366

At December 31, 2010, the Company had four mortgage-backed securities with an unrealized loss for twelve or more consecutive months totaling $112,000. Eight mortgage-backed securities had unrealized losses for less than twelve months totaling $254,000 at December 31, 2010. Management of the Bank believes all unrealized losses as of December 31, 2010 represent temporary impairments related to the current interest rate environment.

At June 30, 2011 and December 31, 2010, mortgage-backed securities with a carrying value of $5.3 million and $4.8 million, respectively, were pledged as collateral for public deposits and repurchase agreements.

- Definition

The entire disclosure for the schedule applicable to insurance companies summarizing investments held as of the most recent audited balance sheet. At a minimum, such summary is by three major categories of investments including: (1) fixed maturities primarily consisting of bonds, including convertibles and bonds with warrants, and redeemable preferred stocks, (2) equity securities primarily consisting of common stocks and nonredeemable preferred stocks, and (3) other investments including mortgage loans on real estate, real estate held for investment, real estate acquired in satisfaction of debt, policy loans, other long-term investments, and short-term investments not otherwise categorized. The information provided with respect to each item within each category includes: (A) the original cost of equity securities and, as to fixed maturity securities, original cost reduced by repayments and adjusted for amortization of premiums or accrual of discounts, (B) fair value as of the reporting date, and (C) the amount at which the item within each category is shown in the statement of financial position; with respect to (C), if the amount at which shown in the statement of financial position is different from the items original [amortized] cost or fair value, an explanation of the difference may be included herein.

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