content_image/50778.jpg content_image/50779.jpg
## Available for Sale Securities 

The amortized cost and fair value of available for sale securities are as follows (in thousands): 

<img src='content_image/50778.jpg'>

The amortized cost and fair values of available for sale securities at December 31, 2001, by contractual maturity, are as shown in the following table (dollars in thousands): 

<img src='content_image/50779.jpg'>

Calculated on a taxable equivalent basis using a 39% effective tax rate. The ‘average expected lives of mortgage-backed securities were 3.66 years based upon current prepayment assumptions. Primarily common stock and preferred stock of U.S. Government agencies with no stated maturity. Bw Nw 

The nominal yield on mortgage-backed securities is based upon prepayment assumptions at the purchase date. Actual yields earned may 

differ significantly based upon actual prepayments. Expected maturities may differ from contractual maturities because borrowers may have the right to-call or prepay obligations with or without penalty. 

At December 31, 2001, there were outstanding commitments to buy $277 million securities that have not yet been issued. 

