Note 2 - Securities
 9 Months Ended
Sep. 30, 2012
Investment [Text Block]
NOTE 2 – SECURITIES

A summary of securities classified as available-for-sale at September 30, 2012 and December 31, 2011, with gross unrealized gains and losses, follows:

   
September 30, 2012
 
   
Amortized
Cost
   
Gross
Unrealized
Gains
   
Gross
Unrealized
Losses
   
Estimated
Fair Value
 
   
(In Thousands)
 
Securities Available-for-Sale
                       
Mortgage-Backed Securities
                       
GNMA
  $ 77     $ 4     $ -     $ 81  
FNMA
    3,960       330       -       4,290  
FHLMC
    2,167       175       -       2,342  
      6,204       509       -       6,713  
                                 
U.S. Government and Agency Obligations
    5,965       186       -       6,151  
Equity Securities
    183       61       -       244  
                                 
Total
  $ 12,352     $ 756     $ -     $ 13,108  

   
December 31, 2011
 
   
Amortized
Cost
   
Gross
Unrealized
Gains
   
Gross
Unrealized
Losses
   
Estimated
Fair Value
 
   
(In Thousands)
 
Securities Available-for-Sale
                       
Mortgage-Backed Securities
                       
GNMA
  $ 146     $ 9     $ -     $ 155  
FNMA
    6,347       470       -       6,817  
FHLMC
    3,155       229       -       3,384  
      9,648       708       -       10,356  
                                 
U.S. Government and Agency Obligations
    11,949       262       -       12,211  
Equity Securities
    183       -       -       183  
                                 
Total
  $ 21,780     $ 970     $ -     $ 22,750  

A summary of securities classified as held-to-maturity at September 30, 2012 and December 31, 2011, with gross unrealized gains and losses, follows:  

   
September 30, 2012
 
   
Amortized
Cost
   
Gross
Unrealized
Gains
   
Gross
Unrealized
Losses
   
Estimated
Fair Value
 
   
(In Thousands)
 
Securities Held-to-Maturity
                       
Mortgage-Backed Securities
                       
GNMA
  $ 4,711     $ 212     $ -     $ 4,923  
FNMA
    32,089       2,089       -       34,178  
FHLMC
    11,327       1,011       -       12,338  
      48,127       3,312       -       51,439  
                                 
Collateralized Mortgage Obligations
                               
FNMA
    12,510       133       -       12,643  
FHLMC
    14,041       194       -       14,235  
    $ 74,678     $ 3,639     $ -     $ 78,317  

   
December 31, 2011
 
   
Amortized
Cost
   
Gross
Unrealized
Gains
   
Gross
Unrealized
Losses
   
Estimated
Fair Value
 
   
(In Thousands)
 
Securities Held-to-Maturity
                       
Mortgage-Backed Securities
                       
GNMA
  $ 5,987     $ 244     $ -     $ 6,231  
FNMA
    38,994       2,031       -       41,025  
FHLMC
    14,600       1,211       -       15,811  
    $ 59,581     $ 3,486     $ -     $ 63,067  

The following table reflects the amortized cost and fair value of available-for-sale and held-to-maturity securities by contractual maturity, and of our equity securities (which do not have maturities), as of September 30, 2012.  Actual maturities will differ from contractual maturities because borrowers have the right to put or prepay obligations with or without call or prepayment penalties.

   
Available-for-Sale Securities
   
Held-to-Maturity Securities
 
   
Amortized
Cost
   
Estimated
Fair Value
   
Amortized
Cost
   
Estimated
Fair Value
 
   
(In Thousands)
 
Amounts Maturing in:
                       
Less than One Year
  $ 4,496     $ 4,547     $ -     $ -  
One to Five Years
    2,457       2,642       1,106       1,194  
Five to Ten Years
    4,795       5,217       10,320       11,210  
Over Ten Years
    421       458       63,252       65,913  
                                 
    $ 12,169     $ 12,864     $ 74,678     $ 78,317  
                                 
Equity Securities
    183       244       -       -  
                                 
Total
  $ 12,352     $ 13,108     $ 74,678     $ 78,317  

At September 30, 2012, and December 31, 2011, the Company held no securities that had unrealized losses.