Investment securities available for sale (Tables)
 9 Months Ended
Sep. 30, 2012
Investment securities available for sale [Abstract]  
Composition of investment portfolio
At September 30, 2012 and December 31, 2011, all of our securities were classified as available-for-sale. The following table presents the composition of our investment portfolio at the dates indicated (dollars in thousands).

       
Gross
  
Gross
  
Estimated
    
 
Par
  
Amortized
  
Unrealized
  
Unrealized
  
Fair
  
Average
 
   
Value
  
Cost
  
Gains
  
Losses
  
Value
  
Yield
 
September 30, 2012
                  
                  
US Government Agencies
                  
More than ten years
 $14,500  $16,985  $31  $(62) $16,953   2.57%
                          
Mortgage-backed securities
                        
More than ten years
  2,068   2,177   2   (17)  2,162   0.80%
Total
  2,068   2,177   2   (17)  2,162   0.80%
                          
Municipals
                        
One to five years
  1,000   1,105   -   (20)  1,085   3.25%
Five to ten years
  1,500   1,748   1   -   1,749   2.33%
More than ten years
  7,280   8,500   8   (38)  8,470   2.86%
Total
  9,780   11,353   9   (58)  11,304   2.81%
                          
US Treasury Notes
                        
Five to ten years
  3,000   2,973   24   -   2,997   1.73%
                          
Total investment securities
 $29,348  $33,487  $66  $(137) $33,416   2.46%
                          
December 31, 2011
                        
                          
US Government Agencies
                        
More than ten years
 $2,000  $2,000  $1  $-  $2,001   3.81%
                          
Mortgage-backed securities
                        
One to five years
  11   11   -   -   11   0.01%
More than ten years
  19,870   20,621   220   (49)  20,792   1.83%
Total
  19,881   20,632   220   (49)  20,803   1.83%
                          
Other investments
                        
More than ten years
  7,356   7,386   -   (27)  7,359   0.55%
                          
Total investment securities
 $29,237  $30,018  $221  $(76) $30,163   1.65%
                          
Investment securities available for sale that have unrealized loss position
Investment securities available for sale that have an unrealized loss position at September 30, 2012 and December 31, 2011 are detailed below (dollars in thousands).

 
Securities in a loss
  
Securities in a loss
       
 
Position for less than
  
Position for more than
       
   
12 Months
  
12 Months
  
Total
 
 
Fair
  
Unrealized
  
Fair
  
Unrealized
  
Fair
  
Unrealized
 
   
Value
  
Losses
  
Value
  
Losses
  
Value
  
Losses
 
 
(in thousands)
 
September 30, 2012
                  
Investment Securities
                  
available for sale
                  
US Treasuries
 $9,132  $(62) $-  $-  $9,132  $(62)
Municipals
  8,319   (58)  -   -   8,319   (58)
Mortgage-backed securities
  1,979   (17)  -   -   1,979   (17)
                          
Total
 $19,430  $(137) $-  $-  $19,430  $(137)
                          
                          
December 31, 2011
                        
Investment Securities
                        
available for sale
                        
US Treasuries
 $7,358  $(27) $-  $-  $7,358  $(27)
Mortgage-backed securities
  10,221   (47)  205   (2)  10,426   (49)
                          
Total
 $17,579  $(74) $205  $(2) $17,784  $(76)
                          
 
Management does not believe that any individual unrealized loss as of September 30, 2012 and December 31, 2011 is other than a temporary impairment. These unrealized losses are primarily attributable to changes in interest rates. As of September 30, 2012, management does not have the intent to sell any of the securities classified as available for sale and management believes that it is more likely than not that the Company will not have to sell any such securities before a recovery of cost.