SECURITIES

9 Months Ended

Sep. 30, 2011

SECURITIES [Abstract]

SECURITIES

NOTE C – SECURITIES

  A summary of amortized cost and estimated fair value of securities available-for-sale and securities held-to-maturity at September 30, 2011 and December 31, 2010, follows:

Securities
Amortized Cost and Fair Values
			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated
	Cost		Gains		Losses		Fair Value
	(In thousands)
September 30, 2011
Securities available-for-sale:
U. S. Government agencies	$	13,683	$	64	$	-	$	13,747
Mortgage-backed securities		34,638		2,140		3		36,775
State and local political subdivisions		74,640		2,235		60		76,815
Other equity securities		4		2		-		6
	$	122,965	$	4,441	$	63	$	127,343
Securities held-to-maturity:
U. S. Government agencies	$	35,021	$	72	$	15	$	35,078
State and local political subdivisions		13,320		52		14		13,358
	$	48,341	$	124	$	29	$	48,436
December 31, 2010
Securities available-for-sale:
U. S. Government agencies	$	21,242	$	51	$	143	$	21,150
Mortgage-backed securities		41,733		1,688		112		43,309
State and local political subdivisions		59,497		929		451		59,975
Other equity securities		4		9		-		13
	$	122,476	$	2,677	$	706	$	124,447
Securities held-to-maturity:
U. S. Government agencies	$	25,578	$	5	$	600	$	24,983
State and local political subdivisions		7,517		84		43		7,558
	$	33,095	$	89	$	643	$	32,541

The details concerning securities classified as available-for-sale and held-to-maturity with unrealized losses as of September 30, 2011 and December 31, 2010, were as follows:

Securities
Unrealized Losses < and > 12 Months
Available-for-Sale
	Losses < 12 Months				Losses 12 Months or >				Total
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
September 30, 2011
U. S. Government
agencies	$	-	$	-	$	-	$	-	$	-	$	-
Mortgage-backed
securities		1,645		3		-		-		1,645		3
State and local political
subdivisions		8,744		60		-		-		8,744		60
	$	10,389	$	63	$	-	$	-	$	10,389	$	63
December 31, 2010
U. S. Government
agencies	$	8,924	$	143	$	-	$	-	$	8,924	$	143
Mortgage-backed
securities		11,524		112		-		-		11,524		112
State and local political
subdivisions		17,202		369		1,236		82		18,438		451
	$	37,650	$	624	$	1,236	$	82	$	38,886	$	706
Held-to-Maturity
	Losses < 12 Months				Losses 12 Months or >				Total
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses *		Value		Losses
September 30, 2011
U. S. Government
agencies	$	8,512	$	15	$	503	$	-	$	9,015	$	15
State and local political
subdivisions		1,643		14		-		-		1,643		14
	$	10,155	$	29	$	503	$	-	$	10,658	$	29
December 31, 2010
U. S. Government
agencies	$	19,675	$	600	$	-	$	-	$	19,675	$	600
State and local political
subdivisions		2,144		43		-		-		2,144		43
	$	21,819	$	643	$	-	$	-	$	21,819	$	643
*Due to rounding and nominal values, a loss value may not be reflected.