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Investment Securities (Tables)
 12 Months Ended
Dec. 31, 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 December 31, 2013 and 2012.  At December 31, 2013 and 2012, there were no investment securities classified as held to maturity or trading.
(dollars in thousands)
December 31, 2013
 
Amortized cost
 
Unrealized gains
 
Unrealized losses
 
Fair value
U.S. government agencies
$
85,631

 
$
706

 
$
(665
)
 
$
85,672

Residential pass-through securities
185,677

 
589

 
(5,457
)
 
180,809

Taxable state and political subdivisions
2,294

 
174

 
—

 
2,468

Tax exempt state and political subdivisions
74,761

 
1,420

 
(1,374
)
 
74,807

Corporate obligations
11,000

 
21

 
(88
)
 
10,933

Agency-issued collateralized mortgage obligations
55,579

 
18

 
(1,452
)
 
54,145

Asset-backed securities
23,597

 
—

 
(1,781
)
 
21,816

Investments in mutual funds and other equities
2,018

 
—

 
(126
)
 
1,892

Total investment securities available for sale
$
440,557

 
$
2,928

 
$
(10,943
)
 
$
432,542


(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
Gross unrealized losses and fair value of securities
Investment securities that were in an unrealized loss position at December 31, 2013 and 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)
December 31, 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
$
40,528

 
$
(665
)
 
$
—

 
$
—

 
$
40,528

 
$
(665
)
Residential pass-through securities
$
110,071

 
$
(3,262
)
 
$
31,494

 
$
(2,195
)
 
$
141,565

 
$
(5,457
)
Tax exempt state and political subdivisions
35,360

 
(990
)
 
6,593

 
(384
)
 
41,953

 
(1,374
)
Corporate obligations
2,997

 
(4
)
 
2,916

 
(84
)
 
5,913

 
(88
)
Agency-issued collateralized mortgage obligations
49,230

 
(1,452
)
 
—

 
—

 
49,230

 
(1,452
)
Asset-backed securities
8,718

 
(482
)
 
13,097

 
(1,299
)
 
21,815

 
(1,781
)
Investments in mutual funds and other equities
—

 
—

 
2,018

 
(126
)
 
2,018

 
(126
)
Total investment securities available for sale
$
246,904

 
$
(6,855
)
 
$
56,118

 
$
(4,088
)
 
$
303,022

 
$
(10,943
)
 
(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
)
Amortized cost and fair value of investment securities, by 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)
December 31, 2013
 
Amortized cost
 
Fair value
Three months or less
$
2,000

 
$
2,011

Over three months to one year
4,231

 
4,320

After one year through three years
54,220

 
55,008

After three years through five years
241,061

 
235,756

After five years through ten years
80,002

 
78,254

After ten years
59,043

 
57,193

Total
$
440,557

 
$
432,542
Securities pledged to secure public deposits, borrowings and other items
The following table presents investment securities which were pledged to secure borrowings and public deposits as permitted or required by law:
(dollars in thousands)
December 31, 2013
 
Amortized cost
 
Fair value
To state and local governments to secure public deposits
$
71,045

 
$
71,078

To Federal Reserve Bank to secure borrowings
17,921

 
17,865

To Federal Home Loan Bank to secure borrowings
521

 
539

Other securities pledged, principally to secure deposits
12,568

 
12,965

Total pledged investment securities
$
102,055

 
$
102,447
Gross realized gains and gross realized losses on sale of investment securities
The following table presents the gross realized gains and gross realized losses on the sale of investment securities available for sale:
(dollars in thousands)
For the Year Ended December 31,
 
2013
 
2012
2011
Gross realized gains
556

 
933

—

Gross realized losses
—

 
(2
)
—

Gain on sale of investment securities, net
$
556

 
$
931

$
—