TRADING ACCOUNT SECURITY

9 Months Ended

Sep. 30, 2012

TRADING ACCOUNT SECURITY

TRADING ACCOUNT SECURITY

NOTE 4.TRADING ACCOUNT SECURITY

The Company holds a tax advantaged economic development bond that is being accounted for at fair value. The security had an amortized cost of $13.7 million and $14.1 million, and a fair value of $17.2 million and $17.4 million, at September 30, 2012 and December 31, 2011, respectively. As discussed further in Note 13 - Derivative Financial Instruments and Hedging Activities, the Company has entered into a swap contract to swap-out the fixed rate of the security in exchange for a variable rate. The Company does not purchase securities with the intent of selling them in the near term, and there are no other securities in the trading portfolio at September 30, 2012.