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NOTE 6: INVESTMENT SECURITIES
The amortized cost and estimated fair values of available-for-sale securities by balance sheet classification are as follows:
|
As of December 31, 2011
|
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
|
|
Municipal obligations
|
|
$
|
1,158
|
|
$
|
51
|
|
$
|
—
|
|
$
|
1,209
|
|
|
U.S. government securities funds
|
|
988
|
|
—
|
|
(5
|
)
|
983
|
|
|
Short-term deposits
|
|
3,104
|
|
—
|
|
—
|
|
3,104
|
|
|
Equity securities
|
|
227
|
|
159
|
|
(5
|
)
|
381
|
|
|
Total short-term investment securities
|
|
$
|
5,477
|
|
$
|
210
|
|
$
|
(10
|
)
|
$
|
5,677
|
|
|
As of December 31, 2010
|
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
|
|
Municipal obligations
|
|
$
|
1,883
|
|
$
|
77
|
|
$
|
—
|
|
$
|
1,960
|
|
|
U.S. government securities funds
|
|
989
|
|
—
|
|
(15
|
)
|
974
|
|
|
Short-term deposits
|
|
3,148
|
|
—
|
|
—
|
|
3,148
|
|
|
Equity securities
|
|
228
|
|
160
|
|
—
|
|
388
|
|
|
Total short-term investment securities
|
|
$
|
6,248
|
|
$
|
237
|
|
$
|
(15
|
)
|
$
|
6,470
|
|
The municipal obligations held at fair value of $1,209 at December 31, 2011, all mature in less than five years.
During 2011, 2010 and 2009, the proceeds from the sales of available-for-sale securities were $7,697, $125 and $794, respectively. There were no gross realized gains (losses) on sales of available-for-sale securities (net of tax) for the years ended December 31, 2011, 2010 and 2009, respectively.
The Company’s trading securities portfolio totaled $1,429 and $1,778 at December 31, 2011 and 2010, respectively, and generated gains of $16, $158 and $182, for the years ended December 31, 2011, 2010 and 2009, respectively.
As of December 31, 2011 and 2010, the Company had unrealized losses of $10 and $15, respectively, in its municipal obligations, short-term deposits and equity securities investments. These losses are due to the interest rate sensitivity of the municipal obligations and the performance of the overall stock market for the equity securities.
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