Document And Entity Information
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Document And Entity Information
6 Months Ended
Jun. 30, 2012
Aug. 13, 2012
Document And Entity Information [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Jun. 30, 2012  
Document Fiscal Year Focus 2012  
Document Fiscal Period Focus Q2  
Entity Registrant Name NEW PEOPLES BANKSHARES INC  
Entity Central Index Key 0001163389  
Current Fiscal Year End Date --12-31  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   10,010,178

Consolidated Statements Of Operations
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Consolidated Statements Of Operations (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
INTEREST AND DIVIDEND INCOME        
Loans including fees $ 8,047 $ 10,514 $ 16,795 $ 21,402
Federal funds sold 1   1 9
Interest-earning deposits with banks 48 54 95 80
Investments 240 45 441 84
Dividends on equity securities (restricted) 29 28 55 50
Total Interest and Dividend Income 8,365 10,641 17,387 21,625
INTEREST EXPENSE        
Demand 28 44 54 89
Savings 58 138 120 324
Time deposits below $100,000 782 1,242 1,657 2,630
Time deposits above $100,000 525 769 1,112 1,574
FHLB Advances 150 223 331 444
Other borrowings 44 44 88 105
Trust Preferred Securities 125 92 247 200
Total Interest Expense 1,712 2,552 3,609 5,366
NET INTEREST INCOME 6,653 8,089 13,778 16,259
PROVISION FOR LOAN LOSSES 1,176 2,312 3,126 3,457
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 5,477 5,777 10,652 12,802
NONINTEREST INCOME        
Service charges 642 607 1,199 1,159
Fees, commissions and other income 573 445 1,188 1,019
Insurance and investment fees 123 93 232 191
Net realized gains on sale of investment securities 265   337  
Life insurance investment income 31 89 145 176
Total Noninterest Income 1,634 1,234 3,101 2,545
NONINTEREST EXPENSES        
Salaries and employee benefits 3,509 3,946 7,107 7,859
Occupancy and equipment expense 1,085 1,119 2,184 2,144
Advertising and public relations 121 98 211 183
Data processing and telecommunications 450 392 889 798
FDIC insurance premiums 414 421 845 1,096
Other real estate owned and repossessed vehicles, net 1,273 2,246 3,247 2,490
Other operating expenses 1,400 1,395 2,756 2,660
Total Noninterest Expenses 8,252 9,617 17,239 17,230
LOSS BEFORE INCOME TAXES (1,141) (2,606) (3,486) (1,883)
INCOME TAX EXPENSE (BENEFIT) 1,397 (931) 1,587 (757)
NET LOSS $ (2,538) $ (1,675) $ (5,073) $ (1,126)
Loss Per Share        
Basic $ (0.25) $ (0.17) $ (0.51) $ (0.11)
Fully Diluted $ (0.25) $ (0.17) $ (0.51) $ (0.11)
Average Weighted Shares of Common Stock        
Basic 10,010,178 10,010,178 10,010,178 10,010,178
Fully Diluted 10,010,178 10,010,178 10,010,178 10,010,178

Consolidated Statements Of Comprehensive Income (Loss)
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Consolidated Statements Of Comprehensive Income (Loss) (USD $)
In Thousands, unless otherwise specified
6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Statement of Other Comprehensive Income (Loss) [Abstract]    
Net Loss $ (5,073) $ (1,126)
Investment Securities Activity    
Unrealized gains (losses) arising during the period 214 126
Tax related to unrealized gains (losses) (73) (43)
Reclassification of realized (gains) during the period (337)  
Tax related to realized gains 114  
Total other comprehensive income (loss) (82) 83
Total comprehensive loss $ (5,155) $ (1,043)

Consolidated Balance Sheets
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Consolidated Balance Sheets (USD $)
In Thousands, unless otherwise specified
Jun. 30, 2012
Dec. 31, 2011
ASSETS    
Cash and due from banks $ 16,957 $ 18,306
Interest-bearing deposits with banks 54,029 72,170
Federal funds sold 2 77
Total Cash and Cash Equivalents 70,988 90,553
Investment Securities Available-for-sale 46,187 32,434
Loans receivable 554,103 597,816
Allowance for loan losses (18,065) (18,380)
Net Loans 536,038 579,436
Bank premises and equipment, net 32,763 33,141
Equity securities (restricted) 3,348 3,573
Other real estate owned 11,597 15,092
Accrued interest receivable 2,648 3,067
Life insurance investments 11,801 11,351
Goodwill and other intangibles 81 123
Deferred taxes 5,645 7,220
Other assets 4,519 4,394
Total Assets 725,615 780,384
Demand Deposits [Abstract]    
Noninterest bearing 108,799 109,629
Interest-bearing 63,326 58,459
Savings deposits 91,820 94,569
Time deposits 405,392 445,658
Total Deposits 669,337 708,315
Federal Home Loan Bank advances 7,158 17,983
Accrued interest payable 1,954 1,796
Accrued expenses and other liabilities 1,502 1,471
Other borrowings 5,450 5,450
Trust preferred securities 16,496 16,496
Total Liabilities 701,897 751,511
Commitments and Contingencies      
STOCKHOLDERS' EQUITY    
Common stock - $2.00 par value; 50,000,000 shares authorized; 10,010,178 shares issued and outstanding 20,020 20,020
Additional paid-in-capital 21,689 21,689
Retained earnings (deficit) (18,158) (13,085)
Accumulated other comprehensive income 167 249
Total Stockholders' Equity 23,718 28,873
Total Liabilities and Stockholders' Equity $ 725,615 $ 780,384

Consolidated Balance Sheets (Parenthetical)
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Consolidated Balance Sheets (Parenthetical) (USD $)
Jun. 30, 2012
Dec. 31, 2011
Consolidated Balance Sheets [Abstract]    
Common stock, par value $ 2.00 $ 2.00
Common stock, shares authorized 50,000,000 50,000,000
Common stock, shares issued 10,010,178 10,010,178
Common stock, shares outstanding 10,010,178 10,010,178

Consolidated Statements Of Changes In Stockholders' Equity
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Consolidated Statements Of Changes In Stockholders' Equity (USD $)
In Thousands, except Share data
Common Stock [Member]
Additional Paid In Capital [Member]
Retained Earnings (Deficit) [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Comprehensive Income (Loss) [Member]
Total
Balance at Dec. 31, 2010 $ 20,020 $ 21,689 $ (4,175) $ (11)   $ 37,523
Balance, Shares at Dec. 31, 2010 10,010,000          
Net loss     (1,126)   (1,126) (1,126)
Unrealized gain on available-for-sale securities, net of tax       83 83 83
Balance at Jun. 30, 2011 20,020 21,689 (5,301) 72 (1,043) 36,480
Balance, Shares at Jun. 30, 2011 10,010,000          
Balance at Dec. 31, 2011 20,020 21,689 (13,085) 249   28,873
Balance, Shares at Dec. 31, 2011 10,010,000         10,010,178
Net loss     (5,073)   (5,073) (5,073)
Realized gains on available-for-sale securities, net of $114 tax       (223) (223) (223)
Unrealized gain on available-for-sale securities, net of tax       141 141 141
Balance at Jun. 30, 2012 $ 20,020 $ 21,689 $ (18,158) $ 167 $ (5,155) $ 23,718
Balance, Shares at Jun. 30, 2012 10,010,000         10,010,178

Consolidated Statements Of Changes In Stockholders' Equity (Parenthetical)
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Consolidated Statements Of Changes In Stockholders' Equity (Parenthetical) (USD $)
In Thousands, unless otherwise specified
6 Months Ended
Jun. 30, 2012
Consolidated Statements Of Changes In Stockholders' Equity [Abstract]  
Realized gains on available-for-sale securities, tax $ 114
Unrealized gain on available-for-sale securities, tax $ 73

Consolidated Statements Of Cash Flows
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Consolidated Statements Of Cash Flows (USD $)
In Thousands, unless otherwise specified
6 Months Ended 12 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Dec. 31, 2011
CASH FLOWS FROM OPERATING ACTIVITIES      
Net loss $ (5,073) $ (1,126)  
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation 1,277 1,245  
Provision for loan losses 3,126 3,457 7,959
Income (less expenses) on life insurance (450) (176)  
Gain on sale of securities available-for-sale (337)    
(Gain) loss on sale of fixed assets (5) 152  
(Gain) loss on sale of foreclosed real estate 201 47  
Adjustment of carrying value of foreclosed real estate 2,316 1,869  
Accretion of bond premiums/discounts 238 4  
Deferred tax expense 1,617 631  
Amortization of core deposit intangible 42 58  
Net change in:      
Interest receivable 419 332  
Other assets (125) (2,452)  
Accrued interest payable 158 75  
Accrued expenses and other liabilities 31 (325)  
Net Cash Provided by Operating Activities 3,435 3,791  
CASH FLOWS FROM INVESTING ACTIVITIES      
Net decrease in loans 35,911 30,655  
Purchase of securities available-for-sale (27,109) (2,455)  
Proceeds from sale and maturities of securities available-for-sale 13,331 2,853  
Sale of Federal Home Loan Bank stock 225 145  
Payments for the purchase of property and equipment (915) (1,204)  
Proceeds from sales of property and equipment 21 168  
Proceeds from sales of other real estate owned 5,339 2,655  
Net Cash Provided by Investing Activities 26,803 32,817  
CASH FLOWS FROM FINANCING ACTIVITIES      
Repayment of line of credit borrowings   (4,900)  
Net increase in other borrowings   5,200  
Repayments to Federal Home Loan Bank (10,825) (5,600)  
Net change in:      
Demand deposits 4,037 10,544  
Savings deposits (2,749) (8,127)  
Time deposits (40,266) (27,344)  
Net Cash Provided by (Used in) Financing Activities (49,803) (30,227)  
Net increase in cash and cash equivalents (19,565) 6,381  
Cash and Cash Equivalents, Beginning of Period 90,553 82,529 82,529
Cash and Cash Equivalents, End of Period 70,988 88,910 90,553
Supplemental Disclosure of Cash Paid During the Period for:      
Interest 3,767 5,441  
Taxes        
Supplemental Disclosure of Non Cash Transactions:      
Other real estate acquired in settlement of foreclosed loans $ 4,361 $ 3,362  

Nature Of Operations
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Nature Of Operations
6 Months Ended
Jun. 30, 2012
Nature Of Operations [Abstract]  
Nature Of Operations

NOTE 1    NATURE OF OPERATIONS:

 

New Peoples Bankshares, Inc. (“The Company”) is a bank holding company whose principal activity is the ownership and management of a community bank.  New Peoples Bank, Inc. (“Bank”) was organized and incorporated under the laws of the Commonwealth of Virginia on December 9, 1997.  The Bank commenced operations on October 28, 1998, after receiving regulatory approval.  As a state chartered member bank, the Bank is subject to regulation by the Virginia Bureau of Financial Institutions, the Federal Deposit Insurance Corporation and the Federal Reserve Bank.  The Bank provides general banking services to individuals, small and medium size businesses and the professional community of southwestern Virginia, southern West Virginia, and eastern Tennessee.  On June 9, 2003, the Company formed two wholly owned subsidiaries, NPB Financial Services, Inc. and NPB Web Services, Inc.  On July 7, 2004 the Company established NPB Capital Trust I for the purpose of issuing trust preferred securities.  On September 27, 2006, the Company established NPB Capital Trust 2 for the purpose of issuing additional trust preferred securities.  NPB Financial Services, Inc. was a subsidiary of the Company until January 1, 2009 when it became a subsidiary of the Bank. 


Accounting Principles
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Accounting Principles
6 Months Ended
Jun. 30, 2012
Accounting Principles [Abstract]  
Accounting Principles

NOTE 2    ACCOUNTING PRINCIPLES:

 

The financial statements conform to U. S. generally accepted accounting principles and to general industry practices.  In the opinion of management, the accompanying unaudited financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the financial position at June 30, 2012, and the results of operations for the three month and six month periods ended June 30, 2012 and 2011.  The notes included herein should be read in conjunction with the notes to financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011.  The results of operations for the three month and six month periods ended June 30, 2012 and 2011 are not necessarily indicative of the results to be expected for the full year.

 

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.  The determination of the adequacy of the allowance for loan losses is based on estimates that are particularly susceptible to significant changes in the economic environment and market conditions.

Formal Written Agreement
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Formal Written Agreement
6 Months Ended
Jun. 30, 2012
Formal Written Agreement [Abstract]  
Formal Written Agreement

NOTE 3    FORMAL WRITTEN AGREEMENT:

Effective July 29, 2010, the Company and the Bank entered into a written agreement with the Federal Reserve Bank of Richmond (“Reserve Bank”) and the Virginia State Corporation Commission Bureau of Financial Institutions (the “Bureau”) called (the “Written Agreement”).  At June 30, 2012, we believe we have not yet achieved full compliance with the Written Agreement but we have made progress in our compliance efforts under the Written Agreement and all of the written plans required to date, as discussed in the following paragraphs, have been submitted on a timely basis. 

 

Under the terms of the Written Agreement, the Bank has agreed to develop and submit for approval within specified  time periods written plans to: (a) strengthen board oversight of management and the Bank’s operation; (b) if appropriate after review, to strengthen the Bank’s management and board governance; (c) strengthen credit risk management policies; (d) enhance lending and credit administration; (e) enhance the Bank’s management of commercial real estate concentrations; (f) conduct ongoing review and grading of the Bank’s loan portfolio; (g) improve the Bank’s position with respect to loans, relationships, or other assets in excess of $1 million which are now or in the future become past due more than 90 days, which are on the Bank’s problem loan list, or which are adversely classified in any report of examination of the Bank; (h) review and revise, as appropriate, current policy and maintain sound processes for maintaining an adequate allowance for loan and lease losses; (i) enhance management of the Bank’s liquidity position and funds management practices; (j) revise its contingency funding plan; (k)  revise its strategic plan; and (l)  enhance the Bank’s anti-money laundering and related activities. 

In addition, the Bank has agreed that it will: (a) not extend, renew, or restructure any credit that has been criticized by the Reserve Bank or the Bureau absent prior board of directors approval in accordance with the restrictions in the Written Agreement; (b) eliminate all assets or portions of assets classified as “loss” and thereafter charge off all assets classified as “loss” in a federal or state report of examination, unless otherwise approved by the Reserve Bank.

Under the terms of the Written Agreement, both the Company and the Bank have agreed to submit capital plans to maintain sufficient capital at the Company, on a consolidated basis, and the Bank, on a stand-alone basis, and to refrain from declaring or paying dividends without prior regulatory approval. The Company has agreed that it will not take any other form of payment representing a reduction in the Bank’s capital or make any distributions of interest, principal, or other sums on subordinated debentures or trust preferred securities without prior regulatory approval. The Company may not incur, increase or guarantee any debt without prior regulatory approval and has agreed not to purchase or redeem any shares of its stock without prior regulatory approval.

 

Under the terms of the Written Agreement, the Company and the Bank have appointed a committee to monitor compliance with the Written Agreement. The directors of the Company and the Bank have recognized and unanimously agree with the common goal of financial soundness represented by the Written Agreement and have confirmed the intent of the directors and executive management to diligently seek to comply with all requirements of the Written Agreement.

Formal Written Agreement (Details)
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Formal Written Agreement (Details) (USD $)
In Thousands, unless otherwise specified
6 Months Ended
Jun. 30, 2012
Dec. 31, 2011
Formal Written Agreement [Line Items]    
Excess of other assets $ 4,519 $ 4,394
Other assets past due, days 90 days  
Maximum [Member]
   
Formal Written Agreement [Line Items]    
Excess of other assets $ 1,000  

Capital Requirements
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Capital Requirements
6 Months Ended
Jun. 30, 2012
Capital Requirements [Abstract]  
Capital Requirements

NOTE 4    CAPITAL REQUIREMENTS:

 

The Company and the Bank are subject to various capital requirements administered by federal banking agencies.  Failure to meet minimum capital requirements can initiate certain mandatory and, possibly, additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s and the Bank’s financial statements.  Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices.  The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors.  Prompt corrective action provisions are not applicable to bank holding companies.

 

Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios (set forth in the following table) of total and Tier 1 capital (as defined) to risk-weighted assets (as defined) and of Tier 1 capital (as defined) to average assets (as defined). 

 

As of June 30, 2012, the Company remained below the minimum capital requirements as a result of the Tier 1 leverage ratio decreasing to 3.72%, which was below the minimum requirement of 4.00%.  As of June 30, 2012 the Bank was well capitalized under the regulatory framework for prompt corrective action.  To be categorized as well capitalized, an institution must maintain minimum total risk-based, Tier 1 risk-based and Tier 1 leverage ratios as set forth in the following tables.  There are no conditions or events since the notification that management believes have changed the Company’s and Bank’s category. 

 

The Company’s and the Bank’s actual capital amounts and ratios are presented in the table as of June 30, 2012 and December 31, 2011, respectively.

 

 

 

 

Actual

Minimum Capital Requirement

Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions

(Dollars are in thousands)

Amount

Ratio

Amount

Ratio

Amount

Ratio

June 30, 2012:

Total Capital to Risk Weighted Assets

The Company

$

41,632

9.07%

36,726

8%

$

N/A

N/A

The Bank

49,113

10.68%

36,788

8%

45,986

10%

Tier 1 Capital Risk Weighted Assets:

The Company

27,558

6.00%

18,363

4%

N/A

N/A

The Bank

43,213

9.40%

18,394

4%

27,591

6%

Tier 1 Capital to Average Assets:

The Company

27,558

3.72%

29,666

4%

N/A

N/A

The Bank

43,213

5.82%

29,703

4%

37,129

5%

 

December 31, 2011:

Total Capital to Risk Weighted Assets

The Company

$

45,856

9.15%

40,104

8%

$

N/A

N/A

The Bank

53,070

10.56%

40,189

8%

50,236

10%

Tier 1 Capital Risk Weighted Assets:

The Company

32,941

6.57%

20,052

4%

N/A

N/A

The Bank

46,641

9.28%

20,095

4%

30,142

6%

Tier 1 Capital to Average Assets:

The Company

33,461

4.23%

31,658

4%

N/A

N/A

The Bank

46,641

5.99%

31,160

4%

38,950

5%


Capital Requirements (Tables)
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Capital Requirements (Tables)
6 Months Ended
Jun. 30, 2012
Capital Requirements [Abstract]  
Schedule Of Capital Requirements

 

 

 

 

Actual

Minimum Capital Requirement

Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions

(Dollars are in thousands)

Amount

Ratio

Amount

Ratio

Amount

Ratio

June 30, 2012:

Total Capital to Risk Weighted Assets

The Company

$

41,632

9.07%

36,726

8%

$

N/A

N/A

The Bank

49,113

10.68%

36,788

8%

45,986

10%

Tier 1 Capital Risk Weighted Assets:

The Company

27,558

6.00%

18,363

4%

N/A

N/A

The Bank

43,213

9.40%

18,394

4%

27,591

6%

Tier 1 Capital to Average Assets:

The Company

27,558

3.72%

29,666

4%

N/A

N/A

The Bank

43,213

5.82%

29,703

4%

37,129

5%

 

December 31, 2011:

Total Capital to Risk Weighted Assets

The Company

$

45,856

9.15%

40,104

8%

$

N/A

N/A

The Bank

53,070

10.56%

40,189

8%

50,236

10%

Tier 1 Capital Risk Weighted Assets:

The Company

32,941

6.57%

20,052

4%

N/A

N/A

The Bank

46,641

9.28%

20,095

4%

30,142

6%

Tier 1 Capital to Average Assets:

The Company

33,461

4.23%

31,658

4%

N/A

N/A

The Bank

46,641

5.99%

31,160

4%

38,950

5%


Capital Requirements (Details)
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Capital Requirements (Details) (USD $)
Jun. 30, 2012
Dec. 31, 2011
The Company [Member]
   
Total Capital to Risk Weighted Assets, Actual, Amount $ 41,632,000 $ 45,856,000
Total Capital to Risk Weighted Assets, Actual, Ratio 9.07% 9.15%
Total Capital to Risk Weighted Assets, Minimum Capital Requirement, Amount 36,726,000 40,104,000
Total Capital to Risk Weighted Assets, Minimum Capital Requirement, Ratio 8.00% 8.00%
Tier 1 Capital Risk Weighted Assets, Actual, Amount 27,558,000 32,941,000
Tier 1 Capital Risk Weighted Assets, Actual, Ratio 6.00% 6.57%
Tier 1 Capital Risk Weighted Assets, Minimum Capital Requirement, Amount 18,363,000 20,052,000
Tier 1 Capital Risk Weighted Assets, Minimum Capital Requirement, Ratio 4.00% 4.00%
Tier 1 Capital to Average Assets, Actual, Amount 27,558,000 33,461,000
Tier 1 Capital to Average Assets, Actual, Ratio 3.72% 4.23%
Tier 1 Capital to Average Assets, Minimum Capital Requirement, Amount 29,666,000 31,658,000
Tier 1 Capital to Average Assets, Minimum Capital Requirement, Ratio 4.00% 4.00%
The Bank [Member]
   
Total Capital to Risk Weighted Assets, Actual, Amount 49,113,000 53,070,000
Total Capital to Risk Weighted Assets, Actual, Ratio 10.68% 10.56%
Total Capital to Risk Weighted Assets, Minimum Capital Requirement, Amount 36,788,000 40,189,000
Total Capital to Risk Weighted Assets, Minimum Capital Requirement, Ratio 8.00% 8.00%
Total Capital to Risk Weighted Assets, Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions, Amount 45,986,000 50,236,000
Total Capital to Risk Weighted Assets, Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio 10.00% 10.00%
Tier 1 Capital Risk Weighted Assets, Actual, Amount 43,213,000 46,641,000
Tier 1 Capital Risk Weighted Assets, Actual, Ratio 9.40% 9.28%
Tier 1 Capital Risk Weighted Assets, Minimum Capital Requirement, Amount 18,394,000 20,095,000
Tier 1 Capital Risk Weighted Assets, Minimum Capital Requirement, Ratio 4.00% 4.00%
Tier 1 Capital Risk Weighted Assets, Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions, Amount 27,591,000 30,142,000
Tier 1 Capital Risk Weighted Assets, Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio 6.00% 6.00%
Tier 1 Capital to Average Assets, Actual, Amount 43,213,000 46,641,000
Tier 1 Capital to Average Assets, Actual, Ratio 5.82% 5.99%
Tier 1 Capital to Average Assets, Minimum Capital Requirement, Amount 29,703,000 31,160,000
Tier 1 Capital to Average Assets, Minimum Capital Requirement, Ratio 4.00% 4.00%
Tier 1 Capital to Average Assets, Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions, Amount $ 37,129,000 $ 38,950,000
Tier 1 Capital to Average Assets, Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio 5.00% 5.00%

Investment Securities
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Investment Securities
6 Months Ended
Jun. 30, 2012
Investment Securities [Abstract]  
Investment Securities

NOTE 5          INVESTMENT SECURITIES:

 

The amortized cost and estimated fair value of securities (all available-for-sale) are as follows:

 

 

 

 

 

 

 

 

 

 

 

Gross

 

Gross

 

Approximate

 

Amortized

 

Unrealized

 

Unrealized

 

Fair

(Dollars are in thousands)

Cost

 

Gains

 

Losses

 

Value

June 30, 2012

U.S. Government Agencies

$

26,012

$

260

$

56

$

26,216

Taxable municipals

856

5

5

856

Tax-exempt municipals

-

-

-

-

Mortgage backed securities

19,066

92

43

19,115

Total Securities AFS

$

45,934

$

357

$

104

$

46,187

 

December 31, 2011

U.S. Government Agencies

$

21,405

$

238

$

10

$

21,633

Taxable municipals

1,465

89

2

1,552

Tax-exempt municipals

1,043

11

-

1,054

Mortgage backed securities

8,144

67

16

8,195

Total Securities AFS

$

32,057

$

405

$

28

$

32,434

 

The following table details unrealized losses and related fair values in the available-for-sale portfolio.  This information is aggregated by the length of time that individual securities have been in a continuous unrealized loss position as of June 30, 2012 and December 31, 2011.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less than 12 Months

 

12 Months or More

 

Total

 

 

(Dollars are in thousands)

 

Fair Value

 

Unrealized

Losses

 

Fair

Value

 

Unrealized

Losses

 

Fair

Value

 

Unrealized

Losses

 

June 30, 2012