The tables above show that some of the securities in the available-for-sale investment portfolio had unrealized  losses, or were temporarily impaired, as of December 31, 2012 and 2011. This temporary impairment represents the  estimated amount of loss that would be realized if the securities were sold on the valuation date. Securities which were  temporarily impaired are shown below, along with the length of the impairment period. The Company’s U.S. federal agency portfolio consists of securities issued by the government-sponsored agencies  of Federal Home Loan Mortgage Corporation (“FHLMC”), Federal National Mortgage Association (“FNMA”) and Federal  Home Loan Bank (“FHLB”). The receipt of principal and interest on U.S. federal agency obligations is guaranteed by the  respective government-sponsored agency guarantor, such that the Company believes that its U.S. federal agency obligations  do not expose the Company to credit-related losses. Based on these factors, along with the Company’s intent to not sell the  securities and its belief that it is more likely than not that the Company will not be required to sell the securities before  recovery of their cost basis, the Company believes that the U.S. federal agency obligations identified in the tables above are  temporarily impaired. The Company’s portfolio of municipal obligations consists of both tax-exempt and taxable general obligations  securities issued by various municipalities. As of December 31, 2012, the Company does not intend to sell and it is more  likely than not that the Company will not be required to sell its municipal obligations in an unrealized loss position until the  recovery of its cost. Due to the issuers’ continued satisfaction of the securities’ obligations in accordance with their  contractual terms and the expectation that they will continue to do so, the evaluation of the fundamentals of the issuers’  financial condition and other objective evidence, the Company believes that the municipal obligations identified in the  tables above are temporarily impaired.  The Company’s mortgage-backed securities portfolio consists of securities underwritten to the standards of and  guaranteed by the government-sponsored agencies of FHLMC, FNMA and the Government National Mortgage Association  (“GNMA”). The receipt of principal, at par, and interest on mortgage-backed securities is guaranteed by the respective  government-sponsored agency guarantor, such that the Company believes that its mortgage-backed securities do not expose  the Company to credit-related losses. Based on these factors, along with the Company’s intent to not sell the securities and  the Company’s belief that it is more likely than not that the Company will not be required to sell the securities before  recovery of their cost basis, the Company believes that the mortgage-backed securities identified in the tables above are  temporarily impaired. As of December 31, 2012, the Company had one common stock investment in an unrealized loss position. During  2011, the Company determined that some of its common stock investments in financial institutions were other-than- 75  No. of Fair Unrealized  Fair Unrealized  Fair Unrealized  securities value losses value losses value losses Municipal obligations, tax exempt 1 247 $ (1) $ - $ - $ 247 (1) Municipal obligations, taxable 15 6,579 (69) - - 6,579 (69) Mortgage-backed securities 10 14,260 (93) - - 14,260 (93) Pooled trust preferred securities 2 - - 405 (699) 405 (699) Total 28 21,086 $ (163) $ 405 $ (699) $ 21,491 $ (862) $ As of December 31, 2011 Less than 12 months 12 months or longer Total (Dollars in thousands) No. of Fair Unrealized  Fair Unrealized  Fair Unrealized  securities value losses value losses value losses U.S. federal agency obligations 2 2,241 $ (6) $ - $ - $ 2,241 (6) Municipal obligations, tax exempt 16 4,669 (31) - - 4,669 (31) Municipal obligations, taxable 8 2,948 (8) 209 (2) 3,157 (10) Mortgage-backed securities 24 27,974 (154) - - 27,974 (154) Common stocks 1 21 (1) - - 21 (1) Total 51 37,853 $ (200) $ 209 $ (2) $ 38,062 $ (202) $ As of December 31, 2012 Less than 12 months 12 months or longer Total