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INVESTMENT SECURITIES (Tables)
 9 Months Ended
Sep. 30, 2012
INVESTMENT SECURITIES [Abstract]  
Reconciliation of amortized cost to fair value
The amortized cost, unrealized gains and losses and estimated fair values of investments in debt and other securities at September 30, 2012 are summarized as follows:
 
(in thousands)
 
Amortized cost
 
 
Unrealized gains
 
 
Unrealized losses
 
 
Estimated fair value
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment securities available-for-sale:
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury securities
 
$
1,996
 
 
$
11
 
 
$
—
 
 
$
2,007
 
Securities of U.S. government agencies and corporations
 
 
27,245
 
 
 
138
 
 
__
 
 
 
27,383
 
Obligations of states and political subdivisions
 
 
25,595
 
 
 
1,598
 
 
 
(21
)
 
 
27,172
 
Collateralized mortgage obligations
 
 
8,203
 
 
 
133
 
 
__
 
 
 
8,336
 
Mortgage-backed securities
 
 
116,490
 
 
 
1,653
 
 
 
(98
)
 
 
118,045
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total debt securities
 
$
179,529
 
 
$
3,533
 
 
$
(119
)
 
$
182,943
 

The amortized cost, unrealized gains and losses and estimated fair values of investments in debt and other securities at December 31, 2011 are summarized as follows:
 
(in thousands)
 
Amortized cost
 
 
Unrealized gains
 
 
Unrealized losses
 
 
Estimated fair value
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment securities available-for-sale:
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury securities
 
$
2,294
 
 
$
20
 
 
$
—
 
 
$
2,314
 
Securities of U.S. government agencies and corporations
 
 
36,820
 
 
 
203
 
 
 
(9
)
 
 
37,014
 
Obligations of states and political subdivisions
 
 
19,735
 
 
 
894
 
 
 
(12
)
 
 
20,617
 
Mortgage-backed securities
 
 
100,130
 
 
 
586
 
 
 
(420
)
 
 
100,296
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total debt securities
 
$
158,979
 
 
$
1,703
 
 
$
(441
)
 
$
160,241
 
Amortized cost and estimated market value of debt and other securities by contractual maturity
The amortized cost and estimated market value of debt and other securities at September 30, 2012, by contractual and expected maturity, are shown in the following table.
 
(in thousands)
 
Amortized
cost
 
 
Estimated fair value
 
 
 
 
 
 
 
Due in one year or less
 
$
14,862
 
 
$
14,920
 
Due after one year through five years
 
 
123,826
 
 
 
125,606
 
Due after five years through ten years
 
 
28,596
 
 
 
29,470
 
Due after ten years
 
 
12,245
 
 
 
12,947
 
 
 
 
 
 
 
 
 
 
$
179,529
 
 
$
182,943
 
Gross unrealized losses on available-for-sale securities portfolio segment, by maturity date
An analysis of gross unrealized losses of the available-for-sale investment securities portfolio as of September 30, 2012, follows:
 
 
Less than 12 months
 
 
12 months or more
 
 
Total
 
(in thousands)
 
Fair Value
 
 
Unrealized losses
 
 
Fair Value
 
 
Unrealized losses
 
 
Fair Value
 
 
Unrealized losses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Obligations of states and political subdivisions
 
 
1,134
 
 
 
(21
)
 
 
—
 
 
 
—
 
 
 
1,134
 
 
 
(21
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgaged-backed
     securities
 
 
14,493
 
 
 
(98
)
 
 
—
 
 
 
—
 
 
 
14,493
 
 
 
(98
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
$
15,627
 
 
$
(119
)
 
 
—
 
 
 
—
 
 
$
15,627
 
 
$
(119
)
 
No decline in value was considered "other-than-temporary" during 2012.  Eleven securities that had a fair value of $15,627,000 and a total unrealized loss of $119,000 have been in an unrealized loss position for less than twelve months as of September 30, 2012. The declines in fair value were primarily attributable to changes in interest rates.  As the Company does not intend to sell these securities and it is not more likely than not that the Company will be required to sell these securities prior to their anticipated recovery, these investments are not considered other-than-temporarily impaired.

An analysis of gross unrealized losses of the available-for-sale investment securities portfolio as of December 31, 2011, follows:
 
 
Less than 12 months
 
 
12 months or more
 
 
Total
 
(in thousands)
 
Fair Value
 
 
Unrealized losses
 
 
Fair Value
 
 
Unrealized losses
 
 
Fair Value
 
 
Unrealized losses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Securities of U.S. government agencies and corporations
 
$
4,034
 
 
$
(9
)
 
$
—
 
 
$
—
 
 
$
4,034
 
 
$
(9
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Obligations of states and political subdivisions
 
 
506
 
 
 
(10
)
 
 
167
 
 
 
(2
)
 
 
673
 
 
 
(12
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage-backed securities
 
 
47,861
 
 
 
(420
)
 
 
—
 
 
 
—
 
 
 
47,861
 
 
 
(420
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
$
52,401
 
 
$
(439
)
 
$
167
 
 
$
(2
)
 
$
52,568
 
 
$
(441
)