INVESTMENT SECURITIES

6 Months Ended

Jun. 30, 2013

Investments, Debt and Equity Securities [Abstract]

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

NOTE 3 – INVESTMENT SECURITIES

At June 30, 2013, the composition of the investment portfolio was:

	Amortized		Gross Unrealized				Fair
(In thousands)	Cost Basis		Gains		Losses		Value
Available-for-sale securities:
U.S. government and agency obligations	$	1,002	$	8	$	-	$	1,010
U.S. Government agency mortgage-backed securities		11,021		456		-		11,477
U.S. Government agency collateralized mortgage obligations		677		12		-		689
Private label collateralized mortgage obligations		285		-		(9)		276
Total debt securities		12,985		476		(9)		13,452
Auction-rate trust preferred securities		7,700		-		(982)		6,718
Total available-for-sale securities	$	20,685	$	476	$	(991)	$	20,170

	Amortized		Gross Unrealized				Fair
(In thousands)	Cost Basis		Gains		Losses		Value
Held-to-maturity securities:
U.S. Government agency mortgage-backed securities	$	21,499	$	343	$	-	$	21,842
Total held-to-maturity securities	$	21,499	$	343	$	-	$	21,842

At December 31, 2012, the composition of the investment portfolio was:

	Amortized		Gross Unrealized				Fair
(In thousands)	Cost Basis		Gains		Losses		Value
Available-for-sale securities:
U.S. government and agency obligations	$	1,006	$	23	$	-	$	1,029
U.S. Government agency mortgage-backed securities		13,270		690		-		13,960
U.S. Government agency collateralized mortgage obligations		974		11		-		985
Private label collateralized mortgage obligations		314		-		(20)		294
Total debt securities		15,564		724		(20)		16,268
Auction-rate trust preferred securities		7,700		-		(484)		7,216
Total available-for-sale securities	$	23,264	$	724	$	(504)	$	23,484

	Amortized		Gross Unrealized				Fair
(In thousands)	Cost Basis		Gains		Losses		Value
Held-to-maturity securities:
U.S. Government agency mortgage-backed securities	$	25,519	$	588	$	-	$	26,107
Total held-to-maturity securities	$	25,519	$	588	$	-	$	26,107

The following is a summary of the fair values and related unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at June 30, 2013, and December 31, 2012:

	At June 30, 2013
	Securities in Continuous Unrealized
	Loss Position 12 or More Consecutive Months
	Number of		Fair Market		Unrealized
(Dollars in thousands)	Securities		Value		Loss
Private label collateralized mortgage obligations		1	$	276	$	(9)
Auction-rate trust preferred securities		5		6,718		(982)
Total securities in unrealized loss position		6	$	6,994	$	(991)

	At December 31, 2012
	Securities in Continuous Unrealized
	Loss Position 12 or More Consecutive Months
	Number of		Fair Market		Unrealized
(Dollars in thousands)	Securities		Value		Loss
Private label collateralized mortgage obligations		1	$	294	$	(20)
Auction-rate trust preferred securities		5		7,216		(484)
Total securities in unrealized loss position		6	$	7,510	$	(504)

There were no securities in a continuous unrealized loss position for less than 12 months at June 30, 2013 or December 31, 2012.

The amortized cost and fair value of securities at June 30, 2013, by expected maturity, are set forth below. Actual maturities of mortgage-backed securities and collateralized mortgage obligations may differ from contractual maturities because the mortgages underlying the securities may be prepaid or called with or without call or prepayment penalties.  Because these securities are not due at a single maturity date, the maturity information is not presented.

	Available-for-Sale				Held-to-Maturity
At June 30, 2013	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(Dollars in thousands)
U.S. Government agency mortgage-backed securities	$	11,021	$	11,477	$	21,499	$	21,842
U.S. Government agency collateralized mortgage obligations		677		689		-		-
Private label collateralized mortgage obligations		285		276		-		-
		11,983		12,442		21,499		21,842
Securities with Fixed Maturities:
Due in one year or less		1,002		1,010		-		-
Due after five years through ten years		7,700		6,718		-		-
		8,702		7,728		-		-
Total	$	20,685	$	20,170	$	21,499	$	21,842

	Available-for-Sale				Held-to-Maturity
At December 31, 2012	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(Dollars in thousands)
U.S. Government agency mortgage-backed securities	$	13,270	$	13,960	$	25,519	$	26,107
U.S. Government agency collateralized mortgage obligations		974		985		-		-
Private label collateralized mortgage obligations		314		294		-		-
		14,558		15,239		25,519		26,107
Securities with Fixed Maturities:
Due in one year or less		1,006		1,029		-		-
Due after five years through ten years		7,700		7,216		-		-
		8,706		8,245		-		-
Total		23,264		23,484		25,519		26,107
	$	23,264	$	23,484	$	25,519	$	26,107