Investment Securities (Tables)

6 Months Ended

Jun. 30, 2013

Investment Securities [Abstract]

Amortized cost, fair values, and unrealized gains and losses of the securities available-for-sale

The amortized cost, fair values, and unrealized gains and losses of the securities available-for-sale are as follows (in thousands):

	Amortized		Gross Unrealized				Fair/Book
June 30, 2013	Cost		Gains		Losses		Value
Government Agency & Government-Sponsored Entities	$	26,327	$	155	$	-	$	26,482
Obligations of States and Political Subdivisions		5,612		-		-		5,612
Mortgage Backed Securities (1)		396,041		4,373		7,840		392,574
Corporate Securities		49,647		180		267		49,560
Other		1,186		-		-		1,186
Total	$	478,813	$	4,708	$	8,107	$	475,414

	Amortized		Gross Unrealized				Fair/Book
December 31, 2012	Cost		Gains		Losses		Value
Government Agency & Government-Sponsored Entities	$	26,546	$	277	$	-	$	26,823
Obligations of States and Political Subdivisions		5,665		-		-		5,665
Mortgage Backed Securities (1)		341,212		11,570		10		352,772
Corporate Securities		22,318		252		12		22,558
Other		10,173		-		-		10,173
Total	$	405,914	$	12,099	$	22	$	417,991

	Amortized		Gross Unrealized				Fair/Book
June 30, 2012	Cost		Gains		Losses		Value
Government Agency & Government-Sponsored Entities	$	56,764	$	314	$	-	$	57,078
Obligations of States and Political Subdivisions		5,724		-		-		5,724
Mortgage Backed Securities (1)		414,990		12,647		-		427,637
Corporate Securities		8,983		29		17		8,995
Other		2,458		-		-		2,458
Total	$	488,919	$	12,990	$	17	$	501,892

Book values, estimated fair values and unrealized gains and losses of investments classified as held-to-maturity

The book values, estimated fair values and unrealized gains and losses of investments classified as held-to-maturity are as follows (in thousands):

	Book		Gross Unrealized				Fair
June 30, 2013	Value		Gains		Losses		Value
Obligations of States and Political Subdivisions	$	64,648	$	1,252	$	531	$	65,369
Mortgage Backed Securities (1)		217		3		-		220
Other		2,194		-		-		2,194
Total	$	67,059	$	1,255	$	531	$	67,783

	Book		Gross Unrealized				Fair
December 31, 2012	Value		Gains		Losses		Value
Obligations of States and Political Subdivisions	$	65,694	$	2,296	$	3	$	67,987
Mortgage Backed Securities (1)		484		12		-		496
Other		2,214		-		-		2,214
Total	$	68,392	$	2,308	$	3	$	70,697

	Book		Gross Unrealized				Fair
June 30, 2012	Value		Gains		Losses		Value
Obligations of States and Political Subdivisions	$	67,159	$	2,498	$	51	$	69,606
Mortgage Backed Securities (1)		806		25		-		831
Other		2,230		-		-		2,230
Total	$	70,195	$	2,523	$	51	$	72,667

⁽¹⁾ All Mortgage Backed Securities consist of securities collateralized by residential real estate and were issued by an agency or government sponsored entity of the U.S. government.

Amortized cost and estimated fair values of investment securities by contractual maturity

The amortized cost and estimated fair values of investment securities at June 30, 2013 by contractual maturity are shown in the following tables (in thousands):

	Available-for-Sale				Held-to-Maturity
	Amortized		Fair/Book		Book		Fair
June 30, 2013	Cost		Value		Value		Value
Within One Year	$	11,680	$	11,718	$	2,075	$	2,084
After One Year Through Five Years		64,383		64,378		13,317		13,627
After Five Years Through Ten Years		1,310		1,345		36,228		37,161
After Ten Years		5,399		5,399		15,222		14,691
		82,772		82,840		66,842		67,563
Investment Securities Not Due at a Single Maturity Date:
Mortgage Backed Securities		396,041		392,574		217		220
Total	$	478,813	$	475,414	$	67,059	$	67,783

Investments with gross unrealized losses and their market value aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position

The following tables show those investments with gross unrealized losses and their market value aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at the dates indicated (in thousands):

	Less Than 12 Months				12 Months or More				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
June 30, 2013	Value		Loss		Value		Loss		Value		Loss
Securities Available-for-Sale
Mortgage Backed Securities	$	205,363	$	7,840	$	-	$	-	$	205,363	$	7,840
Corporate Securities		30,597		267		-		-		30,597		267
Total	$	235,960	$	8,107	$	-	$	-	$	235,960	$	8,107
Securities Held-to-Maturity
Obligations of States and Political Subdivisions	$	9,626	$	531	$	-	$	-	$	9,626	$	531
Total	$	9,626	$	531	$	-	$	-	$	9,626	$	531

	Less Than 12 Months				12 Months or More				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
December 31, 2012	Value		Loss		Value		Loss		Value		Loss
Securities Available-for-Sale
Mortgage Backed Securities	$	4,542	$	10	$	-	$	-	$	4,542	$	10
Corporate Securities		3,442		12		-		-		3,442		12
Total	$	7,984	$	22	$	-	$	-	$	7,984	$	22
Securities Held-to-Maturity
Obligations of States and Political Subdivisions	$	528	$	3	$	-	$	-	$	528	$	3
Total	$	528	$	3	$	-	$	-	$	528	$	3

	Less Than 12 Months				12 Months or More				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
June 30, 2012	Value		Loss		Value		Loss		Value		Loss
Securities Available-for-Sale
Corporate Securities	$	3,405	$	17	$	-	$	-	$	3,405	$	17
Total	$	3,405	$	17	$	-	$	-	$	3,405	$	17
Securities Held-to-Maturity
Obligations of States and Political Subdivisions	$	4,774	$	51	$	-	$	-	$	4,774	$	51
Total	$	4,774	$	51	$	-	$	-	$	4,774	$	51

Proceeds from sales of securities available-for-sale

Proceeds from sales and calls of securities available-for-sale were as follows:

	Three Months				Six Months
	Ended June 30,				Ended June 30,
(in thousands)	2013		2012		2013		2012
Proceeds	$	4,356	$	1,530	$	49,615	$	26,530
Gains		154		-		903		-
Losses		-		-		14		-