4) Securities

The amortized cost and estimated fair value of securities at June 30, 2013 and December 31, 2012 were as follows:

June 30, 2013	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value

	(Dollars in thousands)
Securities available-for-sale:
Agency mortgage-backed securities	$	224,760	$	3,085	$	(2,448	)	$	225,397
Corporate bonds		49,089		418		(1,861	)		47,646
Trust preferred securities		20,809		114		(188	)		20,735

Total	$	294,658	$	3,617	$	(4,497	)	$	293,778

Securities held-to-maturity:
Agency mortgage-backed securities	$	14,211	$	—	$	(438	)	$	13,773
Municipals—tax exempt		67,520		—		(8,521	)		58,999

Total	$	81,731	$	—	$	(8,959	)	$	72,772

December 31, 2012	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value

	(Dollars in thousands)
Securities available-for-sale:
Agency mortgage-backed securities	$	281,598	$	9,668	$	(22	)	$	291,244
Corporate bonds		53,739		1,849		—			55,588
Trust preferred securities		20,769		375		(64	)		21,080

Total	$	356,106	$	11,892	$	(86	)	$	367,912

Securities held-to-maturity:
Agency mortgage-backed securities	$	16,659	$	2	$	(177	)	$	16,484
Municipals—tax exempt		34,813		80		(413	)		34,480

Total	$	51,472	$	82	$	(590	)	$	50,964

There were no holdings of securities of any one issuer, other than the U.S. Government and its sponsored entities, in an amount greater than 10% of shareholders' equity. At June 30, 2013, the Company held 353 securities (160 available-for-sale and 193 held-to-maturity), of which 235 had fair values below amortized cost. No securities had been carried with an unrealized loss for over 12 months. Unrealized losses were due to higher interest rates. The issuers are of high credit quality and all principal amounts are expected to be paid when securities mature. The Company does not consider these securities to be other-than-temporarily impaired at June 30, 2013.

At December 31, 2012, the Company held 269 securities (168 available-for-sale and 101 held-to-maturity), of which 70 had fair values below amortized cost. No securities had been carried with an unrealized loss for over 12 months. The Company does not consider these securities to be other-than-temporarily impaired at December 31, 2012.

The proceeds from sales of securities and the resulting gains and losses are listed below:

	Three Months Ended June 30,					Six Months Ended June 30,

	2013			2012		2013			2012
	(Dollars in thousands)
Proceeds	$	23,414		$	375	$	26,944		$	2,280
Gross gains		279			32		310			59
Gross losses		(272	)		—		(272	)		—

The amortized cost and estimated fair values of securities as of June 30, 2013, by contractual maturity, are shown below. The expected maturities will differ from contractual maturities if borrowers have the right to call or pre-pay obligations with or without call or pre-payment penalties. Securities not due at a single maturity date are shown separately.

	Available-for-sale

	Amortized Cost		Estimated Fair Value
	(Dollars in thousands)
Due after one through five years	$	2,032	$	2,115
Due after five through ten years		47,057		45,531
Due after ten years		20,809		20,735
Agency mortgage-backed securities		224,760		225,397

Total	$	294,658	$	293,778

	Held-to-maturity

	Amortized Cost		Estimated Fair Value
	(Dollars in thousands)
Due after five through ten years	$	1,093	$	1,011
Due after ten years		66,427		57,988
Agency mortgage-backed securities		14,211		13,773

Total	$	81,731	$	72,772