INVESTMENT SECURITIES (Tables)

6 Months Ended

Jun. 30, 2012

INVESTMENT SECURITIES [Abstract]

Schedule of investment securities

8. INVESTMENT SECURITIES

Investment securities have been classified in the consolidated balance sheets according to management's intent and ability to hold the investment.  

Investment securities at June 30, 2012 and December 31, 2011 are summarized in the following table (in thousands).

	June 30, 2012
			Gross		Gross		Estimated
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
Available-for-Sale:
Mutual funds - mortgage securities	$	747	$	5	$	40	$	712
Mutual funds - U.S. Government securities		686		-		11		675
Equity securities		226		205		-		431
SBA securitized loan pools		4,137		3		60		4,080
Other debt securities		1,350		2		8		1,344
Mortgage-backed securities		19,177		148		41		19,284
	$	26,323	$	363	$	160	$	26,526
Held-to-Maturity:
SBA securitized loan pools	$	1,695	$	-	$	20	$	1,675
Other debt securities		500		11		-		511
Mortgage-backed securities		3,452		47		14		3,485
U. S. Treasury securities and obligations		250		-		-		250
	$	5,897	$	58	$	34	$	5,921

	December 31, 2011
			Gross		Gross		Estimated
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
Available-for-Sale:
Mutual funds - mortgage securities	$	747	$	5	$	41	$	711
Mutual funds - U.S. Government securities		686		-		12		674
Equity securities		226		136		-		362
SBA securitized loan pools		4,947		9		35		4,921
Other debt securities		3,200		4		37		3,167
Mortgage-backed securities		13,817		49		45		13,821
	$	23,623	$	203	$	170	$	23,656
Held-to-Maturity:
SBA securitized loan pools	$	2,161	$	-		32	$	2,129
Other debt securities		1,500		12		-		1,512
Mortgage-backed securities		5,334		41		30		5,345
U. S. Treasury securities and obligations		750		-		-		750
	$	9,745	$	53	$	62	$	9,736

As of June 30, 2012, unrealized losses (in thousands) on securities were comprised of the following based on the length of time that the securities have been in a continuous loss position:

	Less than 12 Months				More than 12 Months				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
Available-for-Sale:
Mutual funds - mortgage securities	$	-	$	-	$	136	$	40	$	136	$	40
Mutual funds - US Govt securities		-		-		675		11		675		11
SBA securitized loan pools		1,918		46		1,280		14		3,198		60
Other debt securities		843		8		-		-		843		8
Mortgage-backed securities		4,336		19		624		22		4,960		41
Held-to-Maturity:
SBA securitized loan pools		327		2		1,299		18		1,626		20
Mortgage-backed securities		286		3		973		11		1,259		14
	$	7,710	$	78	$	4,987	$	116	$	12,697	$	194

As of December 31, 2011, unrealize losses (in thousands) on securities were comprised of the following based on the length of time that the securities have been in a continuous loss position:

	Less than 12 Months				More than 12 Months				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
Available-for-Sale:
Mutual funds - mortgage securities	$	-	$	-	$	135	$	41	$	135	$	41
Mutual funds - US Govt securities		-		-		674		12		674		12
SBA securitized loan pools		3,892		35		-		-		3,892		35
Other debt securities		913		37		-		-		913		37
Mortgage-backed securities		7,141		41		203		4		7,344		45
Held-to-Maturity:
SBA securitized loan pools		2,129		32		-		-		2,129		32
Mortgage-backed securities		1,799		30		-		-		1,799		30
	$	15,874	$	175	$	1,012	$	57	$	16,886	$	232

The securities with unrealized holding losses are impaired due to declines in fair value resulting from changes in interest rates. None of these securities have exhibited a decline in value due to changes in credit risk. Additionally, the Company has the intent and ability to hold the mortgage-backed securities until they mature, and the equity securities until the foreseeable future, does not expect to realize losses on any of the investments, and it is more likely than not that we will not be required to sell. Therefore, management does not consider the declines in fair value to be other than temporary.

Schedule of unrealized Losses on securities in a continuous loss position

As of June 30, 2012, unrealized losses (in thousands) on securities were comprised of the following based on the length of time that the securities have been in a continuous loss position:

	Less than 12 Months				More than 12 Months				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
Available-for-Sale:
Mutual funds - mortgage securities	$	-	$	-	$	136	$	40	$	136	$	40
Mutual funds - US Govt securities		-		-		675		11		675		11
SBA securitized loan pools		1,918		46		1,280		14		3,198		60
Other debt securities		843		8		-		-		843		8
Mortgage-backed securities		4,336		19		624		22		4,960		41
Held-to-Maturity:
SBA securitized loan pools		327		2		1,299		18		1,626		20
Mortgage-backed securities		286		3		973		11		1,259		14
	$	7,710	$	78	$	4,987	$	116	$	12,697	$	194

As of December 31, 2011, unrealize losses (in thousands) on securities were comprised of the following based on the length of time that the securities have been in a continuous loss position:

	Less than 12 Months				More than 12 Months				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
Available-for-Sale:
Mutual funds - mortgage securities	$	-	$	-	$	135	$	41	$	135	$	41
Mutual funds - US Govt securities		-		-		674		12		674		12
SBA securitized loan pools		3,892		35		-		-		3,892		35
Other debt securities		913		37		-		-		913		37
Mortgage-backed securities		7,141		41		203		4		7,344		45
Held-to-Maturity:
SBA securitized loan pools		2,129		32		-		-		2,129		32
Mortgage-backed securities		1,799		30		-		-		1,799		30
	$	15,874	$	175	$	1,012	$	57	$	16,886	$	232