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Investment Securities (Tables)
 9 Months Ended
Sep. 30, 2013
Investments, Debt and Equity Securities [Abstract]  
Amortized Cost, Unrealized Gains and Losses and Fair Value of Investments
The following table presents the amortized cost, unrealized gains, unrealized losses and fair value of investment securities available for sale at September 30, 2013 and December 31, 2012.  At September 30, 2013 and December 31, 2012, there were no investment securities classified as held to maturity or trading.
(dollars in thousands)
September 30, 2013
 
Amortized cost
 
Unrealized gains
 
Unrealized losses
 
Fair value
U.S. government agencies
$
85,789

 
$
759

 
$
(633
)
 
$
85,915

Residential pass-through securities
171,312

 
911

 
(3,404
)
 
168,819

Taxable state and political subdivisions
2,295

 
215

 
—

 
2,510

Tax exempt state and political subdivisions
71,678

 
1,711

 
(990
)
 
72,399

Corporate obligations
11,000

 
—

 
(252
)
 
10,748

Agency-issued collateralized mortgage obligations
36,653

 
47

 
(962
)
 
35,738

Asset-backed securities
23,878

 
—

 
(1,644
)
 
22,234

Investments in mutual funds and other equities
2,018

 
—

 
(105
)
 
1,913

Total investment securities available for sale
$
404,623

 
$
3,643

 
$
(7,990
)
 
$
400,276


(dollars in thousands)
December 31, 2012
 
Amortized cost
 
Unrealized gains
 
Unrealized losses
 
Fair value
U.S. government agencies
$
87,297

 
$
1,321

 
$
(32
)
 
$
88,586

Residential pass-through securities
165,175

 
3,430

 
(182
)
 
168,423

Taxable state and political subdivisions
4,759

 
553

 
—

 
5,312

Tax exempt state and political subdivisions
56,431

 
2,703

 
(149
)
 
58,985

Corporate obligations
11,000

 
—

 
(565
)
 
10,435

Agency-issued collateralized mortgage obligations
13,967

 
79

 
—

 
14,046

Asset-backed securities
25,108

 
150

 
(70
)
 
25,188

Investments in mutual funds and other equities
2,018

 
—

 
(25
)
 
1,993

Total investment securities available for sale
$
365,755

 
$
8,236

 
$
(1,023
)
 
$
372,968
Investment Securities in Unrealized Loss Position
Investment securities that were in an unrealized loss position at September 30, 2013 and December 31, 2012, are presented in the following tables, based on the length of time individual securities have been in an unrealized loss position. In the opinion of management, these securities are considered only temporarily impaired due to changes in market interest rates or the widening of market spreads subsequent to the initial purchase of the securities, and not due to concerns regarding the underlying credit of the issuers or the underlying collateral.
(dollars in thousands)
September 30, 2013
 
Less than 12 Months
 
12 Months or Longer
 
Total
 
Fair value
 
Unrealized losses
 
Fair value
 
Unrealized losses
 
Fair value
 
Unrealized losses
U.S. government agencies
$
40,631

 
$
(633
)
 
$
—

 
$
—

 
$
40,631

 
$
(633
)
Residential pass-through securities
$
89,801

 
$
(2,116
)
 
$
23,936

 
$
(1,288
)
 
$
113,737

 
$
(3,404
)
Tax exempt state and political subdivisions
36,019

 
(990
)
 
—

 
—

 
36,019

 
(990
)
Corporate obligations
7,943

 
(57
)
 
2,805

 
(195
)
 
10,748

 
(252
)
Agency-issued collateralized mortgage obligations
25,594

 
(962
)
 
—

 
—

 
25,594

 
(962
)
Asset-backed securities
22,234

 
(1,644
)
 
—

 
—

 
22,234

 
(1,644
)
Investments in mutual funds and other equities
—

 
—

 
1,913

 
(105
)
 
1,913

 
(105
)
Total investment securities available for sale
$
222,222

 
$
(6,402
)
 
$
28,654

 
$
(1,588
)
 
$
250,876

 
$
(7,990
)
 
(dollars in thousands)
December 31, 2012
 
Less than 12 Months
 
12 Months or Longer
 
Total
 
Fair value
 
Unrealized losses
 
Fair value
 
Unrealized losses
 
Fair value
 
Unrealized losses
U.S. government agencies
$
12,056

 
$
(32
)
 
$
—

 
$
—

 
$
12,056

 
$
(32
)
Residential pass-through securities
27,680

 
(182
)
 
—

 
—

 
27,680

 
(182
)
Tax exempt state and political subdivisions
10,113

 
(149
)
 
—

 
—

 
10,113

 
(149
)
Corporate obligations
—

 
—

 
10,435

 
(565
)
 
10,435

 
(565
)
Asset-backed securities
9,856

 
(70
)
 
—

 
—

 
9,856

 
(70
)
Investments in mutual funds and other equities
—

 
—

 
1,993

 
(25
)
 
1,993

 
(25
)
Total investment securities available for sale
$
59,705

 
$
(433
)
 
$
12,428

 
$
(590
)
 
$
72,133

 
$
(1,023
)
Investments Classified by Contractual Maturity
The amortized cost and fair value of investment securities, by maturity, are shown in the table below.  The amortized cost and fair value of residential pass-through securities, agency-issued collateralized mortgage obligations and asset-backed securities are presented by expected average life, rather than contractual maturity.  Expected maturities may differ from contractual maturities because issuers of the securities may have the right to call or prepay obligations with or without call or prepayment penalties.
(dollars in thousands)
September 30, 2013
 
Amortized cost
 
Fair value
Three months or less
$
1,411

 
$
1,415

Over three months to one year
2,519

 
2,550

After one year through three years
44,646

 
45,390

After three years through five years
233,541

 
230,633

After five years through ten years
83,607

 
82,337

After ten years
38,899

 
37,951

Total
$
404,623

 
$
400,276
Schedule of Investment Securities Pledged to Secure Borrowing and Public Deposits
The following table presents investment securities which were pledged to secure borrowings and public deposits as permitted or required by law:
(dollars in thousands)
September 30, 2013
 
Amortized cost
 
Fair value
To state and local governments to secure public deposits
$
53,742

 
$
55,297

To Federal Reserve Bank to secure borrowings
18,226

 
18,259

To Federal Home Loan Bank to secure borrowings
525

 
544

Other securities pledged, principally to secure deposits
12,584

 
13,035

Total pledged investment securities
$
85,077

 
$
87,135
Gross Realized Gains and Losses on Sale of Available-for-sale Securities
The following table presents the gross realized gains and gross realized losses on the sale of investment securities available for sale for the three and nine months ended September 30, 2013 and 2012:
(dollars in thousands)
Three Months Ended
Nine Months Ended
 
September 30,
September 30,
 
2013
 
2012
2013
 
2012
Gross realized gains
—

 
345

556

 
689

Gross realized losses
—

 
—

—

 
(2
)
Gain on sale of investment securities, net
$
—

 
$
345

$
556

 
$
687