Note 4 - Investment Securities

3 Months Ended

Mar. 31, 2013

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

Note 4. Investment Securities.  The following is a summary of the securities portfolio by major category. The amortized cost and fair value of each category, with gross unrealized gains and losses at March 31, 2013 and December 31, 2012:

	March 31, 2013
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
Securities available for sale:	Cost		Gains		Losses		Value
	(In thousands)
Mortgage-backed securities	$	131,223	$	6,822	$	20	$	138,025
Collateralized mortgage obligations-GSE		5,858		-		1		5,857
Municipal securities		26,167		296		25		26,438
Corporate bonds		6,000		-		-		6,000
Total	$	169,248	$	7,118	$	46	$	176,320

	December 31, 2012
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
Securities available for sale:	Cost		Gains		Losses		Value
	(In thousands)
Mortgage-backed securities	$	132,520	$	7,785	$	43	$	140,262
Municipal securities		24,019		557		-		24,576
Total	$	156,539	$	8,342	$	43	$	164,838

The following tables summarize investment securities gross unrealized losses, fair value and length of time the securities were in a continuous unrealized loss position at March 31, 2013, and December 31, 2012.

	March 31, 2013
	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	$	1,653	$	20	$	-	$	-	$	1,653	$	20
Collateralized mortgage obligations-GSE		1,656		1		-		-		1,656		1
Municipal securities		3,945		25		-		-		3,945		25
	$	7,254	$	46	$	-	$	-	$	7,254	$	46

	December 31, 2012
	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	$	3,294	$	43	$	-	$	-	$	3,294	$	43
	$	3,294	$	43	$	-	$	-	$	3,294	$	43

The following table summarizes the amortized cost and fair values of securities available for sale at March 31, 2013, by contractual maturity. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

	Less Than One Year		One to Five Years		Five to Ten Years		Over Ten Years
	(In thousands)
Mortgage-backed securities
Amortized cost	$	1,272	$	52,543	$	26,545	$	50,863
Fair value		1,347		55,220		27,678		53,780
Collateralized mortgage obligations-GSE
Amortized cost		-		3,862		1,996		-
Fair value		-		3,861		1,996		-
Municipal securities
Amortized cost		-		4,562		19,872		1,733
Fair value		-		4,594		20,110		1,734
Corporate bonds
Amortized cost		-		-		6,000		-
Fair value		-		-		6,000		-
Total
Amortized cost	$	1,272	$	60,967	$	54,413	$	52,596
Fair value	$	1,347	$	63,675	$	55,784	$	55,514

Mortgage-backed securities with an amortized cost of $3.6 million and $2.7 million, respectively, were pledged as collateral for public deposits at March 31, 2013, and December 31, 2012, respectively.