Securities

6 Months Ended

Jun. 30, 2011

Securities

Securities

3.             Securities

The amortized cost and approximate fair values of securities at June 30, 2011 and December 31, 2010 are as follows:

	As of June 30, 2011
			Gross Unrealized					Fair
(dollars in thousands)	Cost		Gains		Losses			Value
Debt securities:
U.S. government agencies	$	23,336	$	39	$	(12	)	$	23,363
Mortgage backed securities	126,521		1,445		(59		)	127,907
Collateralized mortgage obligations	29,290		129		—			29,419
Corporate bonds	26,521		117		(52		)	26,586
Total debt securities	205,668		1,730		(123		)	207,275
Equity securities	—		—		—			—
Total securities available for sale	205,668		1,730		(123		)	207,275
Total investment securities	$	205,668	$	1,730	$	(123	)	$	207,275

	As of December 31, 2010
			Gross Unrealized					Fair
	Cost		Gains		Losses			Value
Debt securities:
U.S. government agency notes	$	49,417	$	218	$	(61	)	$	49,574
Mortgage backed securities	121,105		360		(1,845		)	119,620
Collateralized mortgage obligations	—		—		—			—
Corporate bonds	7,908		48		—			7,956
Total debt securities	178,430		626		(1,906		)	177,150
Equity securities	40,153		—		—			40,153
Total securities available for sale	218,583		626		(1,906		)	217,303
Total investment securities	$	218,583	$	626	$	(1,906	)	$	217,303

The scheduled maturities of securities available for sale at June 30, 2011 and December 31, 2010 were as follows:

	June 30, 2011
	Amortized		Fair
(dollars in thousands)	Cost		Value
Due in one year or less	$	14,004	$	14,101
Due after one year through five years	85,473		86,312
Due after five years through ten years	39,757		40,187
Due after ten years	66,434		66,675
Total debt securities available for sale	205,668		207,275
Total equity securities available for sale	—		—
Total investment securities	$	205,668	$	207,275

	December 31, 2010
	Amortized		Fair
(dollars in thousands)	Cost		Value
Due in one year or less	$	23,924	$	24,050
Due after one year through five years	67,159		67,142
Due after five years through ten years	38,207		37,364
Due after ten years	49,140		48,594
Total debt securities available for sale	178,430		177,150
Total equity securities available for sale	40,153		40,153
Total investment securities	$	218,583	$	217,303

As of June 30, 2011 and December 31, 2010, no investment securities were pledged as collateral.   As of June 30, 2011, there were no unrealized losses attributable to securities that had been in an unrealized loss position for greater than 12 months.  As of December 31, 2010, $11,000 in unrealized losses was attributable to one security that had been in an unrealized loss position for greater than 12 months.  This unrealized loss (on a mortgage backed security) which had been in an unrealized loss position for one year or longer as of December 31, 2010, was caused by market interest rate increases subsequent to the purchase of the security.  Because the Bank had the ability to hold this investment until a recovery in fair value, which may be maturity, this investment was not considered to be other-than-temporarily impaired as of December 31, 2010.