5. INVESTMENTS

Below is a summary of the amortized cost and estimated market values of the Company’s investment securities as of December 31, 2011 and 2010. The estimated market values provided are Level 2 valuations as defined by ASC 820. See Note 4.


	2011				2010
	Amortized Cost		Market Value		Amortized Cost		Market Value
	(Dollars in thousands)
Municipal bonds:
Current	$	4,745	$	4,781	$	4,989	$	5,006
Due from one through five years		32,679		34,184		35,170		36,152
Due from six through ten years		14,160		15,216		22,889		23,028
Total	$	51,584	$	54,181	$	63,048	$	64,186

The unrealized gains and losses on investment securities at December 31, 2011 and 2010 were:


	2011				2010
	Unrealized Gains		Unrealized Losses		Unrealized Gains		Unrealized Losses
	(Dollars in thousands)
Municipal bonds	$	2,797	$	200	$	1,656	$	518

At each reporting date, the Company reviews its investments to determine whether a decline in fair value below the amortized cost basis is other than temporary. To determine whether a decline in value is other than temporary, the Company evaluates several factors including the nature of the securities held, credit rating or financial condition of the issuers, the extent and duration of the unrealized losses, prevailing market conditions, and whether the Company will more likely than not be required to sell the impaired securities before the amortized cost basis is fully recovered. The Company determined that no other-than-temporary impairment exists for the years ended December 31, 2011, 2010 and 2009.