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Investment Securities (Tables)

12 Months Ended

Dec. 31, 2012

Comparison of Amortized Cost and Fair Value of Securities Available for Sale

Following is a comparison of the amortized cost and approximate fair value of investment securities at December 31, 2012 and December 31, 2011:

(In thousands)			Gross		Gross			Fair Value
December 31, 2012:	Amortized		Unrealized		Unrealized			(Carrying
Securities available for sale:	Cost		Gains		Losses			Amount)
U.S. Government agencies	$	23,433	$	933		0		$	24,366
U.S. Government collateralized
mortgage obligations		3,266		251		0			3,517
Residential mortgage obligations		0		0		0			0
Mutual Funds		4,000		0		(39	)		3,961
Total securities available for sale	$	30,699	$	1,184	$	(39	)	$	31,844
December 31, 2011:
Securities available for sale:
U.S. Government agencies	$	23,680	$	1,377	$	(7	)	$	25,050
U.S. Government collateralized
mortgage obligations		5,010		425		0			5,435
Residential mortgage obligations		10,238		0		(2,265	)		7,973
Mutual Funds		0		0		0			0
Total securities available for sale	$	38,928	$	1,802	$	(2,272	)	$	38,458

Contractual Maturities on Collateralized Mortgage Obligations

The amortized cost and fair value of securities available for sale at December 31, 2012, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because issuers have the right to call or prepay obligations with or without call or prepayment penalties. Contractual maturities on collateralized mortgage obligations cannot be anticipated due to allowed paydowns.

	December 31, 2012
	Amortized		Fair Value
(In thousands)	Cost		(Carrying Amount)
Due in one year or less	$	7,601	$	7,574
Due after one year through five years		9,237		9,299
Due after five years through ten years		1,127		1,210
Due after ten years		9,468		10,244
Collateralized mortgage obligations		3,266		3,517
	$	30,699	$	31,844

Temporarily Impaired Investment Securities

The following summarizes temporarily impaired investment securities at December 31, 2012 and 2011:

	Less than 12 Months					12 Months or More					Total
(In thousands)	Fair Value					Fair Value					Fair Value
December 31, 2012:	(Carrying		Unrealized			(Carrying		Unrealized			(Carrying		Unrealized
Securities available for sale:	Amount)		Losses			Amount)		Losses			Amount)		Losses
U.S. Government agencies	$	0	$	0		$	0	$	0		$	0	$	0
U.S. Government agency
collateral mortgage obligations		0		0			0		0			0		0
Residential mortgage obligations		0		0			0		0			0		0
Mutual Funds		3,961		(39	)							3,961		(39	)
Total impaired securities	$	3,961	$	(39	)	$	0	$	0		$	3,961	$	(39	)

December 31, 2011:
Securities available for sale:
U.S. Government agencies	$	2,143	$	(7	)	$	0	$	0		$	2,143	$	(7	)
U.S. Government agency
collateral mortgage obligations		0		0			0		0			0		0
Residential mortgage obligations		0		0			7,973		(2,265	)		7,973		(2,265	)
Total impaired securities	$	2,143	$	(7	)	$	7,973	$	(2,265	)	$	10,116	$	(2,272	)

Credit Losses and Impairment Losses Recognized

The following table details the three non-agency residential mortgage obligations with other-than-temporary-impairment, their credit rating at December 31, 2011, the related credit losses recognized in earnings for the year ended, and impairment losses included in other comprehensive loss.

December 31, 2011 (in 000's)	RALI 2006-QS1G A10			RALI 2006 QS8 A1			CWALT 2007-8CB A9
	Rated D			Rated D			Rated CCC			Total
Amortized cost – before OTTI	$	4,006		$	1,227		$	7,262		$	12,495

Credit loss		(831	)		(236	)		(1,190	)		(2,257	)
Other impairment (OCI)		(789	)		(264	)		(1,212	)		(2,265	)
Carrying amount – December 31, 2011	$	2,386		$	727		$	4,860		$	7,973

Total impairment - December 31, 2011	$	(1,620	)	$	(500	)	$	(2,402	)	$	(4,522	)

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

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Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

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-Name Accounting Standards Codification

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-SubTopic 320

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Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

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-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27161-111563

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-Name Accounting Standards Codification

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-URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62586-112803

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

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+ Details

- Definition

Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income.

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