Securities

6 Months Ended

Jun. 30, 2011

Securities [Abstract]

Securities

Note 2 – Securities

The amortized cost and estimated fair value of securities, with gross unrealized gains and losses, follows (000s omitted):

			Gross		Gross		Estimated
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
June 30, 2011
U. S. Government agency securities	$	1,349	$	13	$	—	$	1,362
Municipal securities		450		13		—		463
Mortgage backed securities		763		103		—		866
Corporate bonds		250		11		—		261
Sub-total available for sale	$	2,812	$	140	$	—	$	2,952
FHLB Stock		170		—		—		170
Total securities	$	2,982	$	140	$	—	$	3,122
December 31, 2010
U. S. Government agency securities	$	1,350	$	11	$	—	$	1,361
Municipal securities		650		7		—		657
Mortgage backed securities		837		91		—		928
Corporate bonds		250		4		—		254
Sub-total available for sale	$	3,087	$	113	$	—	$	3,200
FHLB Stock		160		—		—		160
Total Securities	$	3,247	$	113	$	—	$	3,360

As of June 30, 2011 and December 31, 2010, all securities are classified as available for sale. Unrealized gains and losses within the investment portfolio are determined to be temporary. The Corporation has performed an analysis of the portfolio for other than temporary impairment and concluded no losses are required to be recognized. Management has no specific intent to sell any securities and it is not more likely than not the Corporation will be required to sell any securities before recovery of the cost basis. Management expects to collect all amounts due according to the contractual terms of the security. The Corporation had no individual securities with gross unrealized losses at June 30, 2011 and December 31, 2010.

Total securities representing $0 and $1,788,000 were pledged to secure public deposits from the State of Michigan as of June 30, 2011 and December 31, 2010.

Federal Home Loan Bank stock is restricted and can only be sold back to the Federal Home Loan Bank. The carrying value of the stock approximates its fair value.

The amortized cost and estimated fair value of all securities at June 30, 2011, by contractual maturity are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations without call or prepayment penalties. The contractual maturities of securities are as follows (000s omitted):

	Amortized		Estimated fair
	cost		value
Due in one year or less	$	1,000	$	1,000
Due in one year through five years		1,049		1,086
Due in five years through ten years		—		—
Due after ten years		763		866
Total	$	2,812	$	2,952