Investment Securities Available for Sale (Tables)

6 Months Ended

Jun. 30, 2013

Investments Debt And Equity Securities [Abstract]

Amortized Cost and Estimated Market Value of Investment Securities Available for Sale

The amortized cost and estimated market value of investment securities available for sale at June 30, 2013 and December 31, 2012 are as follows (in thousands):

June 30, 2013	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Market Value
U.S. agency obligations	$	148,199	$	479	$	(376	)	$	148,302
State and municipal obligations		27,047		14		(116	)		26,945
Corporate debt securities		55,000		—		(10,438	)		44,562
Equity investments		6,191		781		(28	)		6,944
	$	236,437	$	1,274	$	(10,958	)	$	226,753

December 31, 2012	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Market Value
U.S. agency obligations	$	138,105	$	945	$	—		$	139,050
State and municipal obligations		25,856		5		(81	)		25,780
Corporate debt securities		55,000		—		(11,530	)		43,470
Equity investments		4,992		424		(123	)		5,293
	$	223,953	$	1,374	$	(11,734	)	$	213,593

Contractual Maturity of Investment Securities Available for Sale

The amortized cost and estimated market value of investment securities available for sale, excluding equity investments, at June 30, 2013 by contractual maturity, are shown below (in thousands). Actual maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. At June 30, 2013, investment securities available for sale with an amortized cost and estimated market value of $55.0 million and $44.6 million, respectively, were callable prior to the maturity date.

			Estimated
	Amortized		Market
June 30, 2013	Cost		Value
Less than one year	$	50,482	$	50,711
Due after one year through five years		123,777		123,585
Due after five years through ten years		987		951
Due after ten years		55,000		44,562
	$	230,246	$	219,809

Estimated Market Value and Unrealized Loss for Investment Securities Available for Sale

The estimated market value and unrealized loss for investment securities available for sale at June 30, 2013 and December 31, 2012 segregated by the duration of the unrealized loss are as follows (in thousands):

	Less than 12 months					12 months or longer					Total
June 30, 2013	Estimated Market Value		Unrealized Losses			Estimated Market Value		Unrealized Losses			Estimated Market Value		Unrealized Losses
U.S. agency obligations	$	56,007	$	(376	)	$	—	$	—		$	56,007	$	(376	)
State and municipal obligations		11,978		(114	)		1,183		(2	)		13,161		(116	)
Corporate debt securities		—		—			44,562		(10,438	)		44,562		(10,438	)
Equity investments		609		(28	)		—		—			609		(28	)
	$	68,594	$	(518	)	$	45,745	$	(10,440	)	$	114,339	$	(10,958	)
	Less than 12 months					12 months or longer					Total
December 31, 2012	Estimated Market Value		Unrealized Losses			Estimated Market Value		Unrealized Losses			Estimated Market Value		Unrealized Losses
State and municipal obligations	$	15,918	$	(81	)	$	—	$	—		$	15,918	$	(81	)
Corporate debt securities		—		—			43,470		(11,530	)		43,470		(11,530	)
Equity investments		1,264		(123	)		—		—			1,264		(123	)
	$	17,182	$	(204	)	$	43,470	$	(11,530	)	$	60,652	$	(11,734	)

Amortized Cost, Estimated Market Value and Credit Rating of Corporate Debt Securities

At June 30, 2013, the amortized cost, estimated market value and credit rating of the individual corporate debt securities in an unrealized loss position for greater than one year are as follows (in thousands):

Security Description	Amortized Cost		Estimated Market Value		Credit Rating Moody’s/S&P
BankAmerica Capital	$	15,000	$	11,875	Ba2/BB+
Chase Capital		10,000		8,112	Baa2/BBB
Wells Fargo Capital		5,000		4,125	A3/A-
Huntington Capital		5,000		3,950	Baa3/BB+
Keycorp Capital		5,000		4,050	Baa3/BBB-
PNC Capital		5,000		4,100	Baa2/BBB
State Street Capital		5,000		4,200	A3/BBB+
SunTrust Capital		5,000		4,150	Baa3/BB+
	$	55,000	$	44,562