Investment Securities

12 Months Ended

Dec. 31, 2012

Investment Securities [Abstract]

Investment Securities

(3) Investment Securities

The amortized cost, unrealized gains and losses and estimated fair values of investments in debt and other securities at December 31, 2012 are summarized as follows:

	Amortized cost		Unrealized gains		Unrealized losses			Estimated fair value
Investment securities available-for-sale:
U.S. Treasury securities	$	997	$	8	$	—		$	1,005
Securities of U.S. government agencies and corporations		28,200		105		—			28,305
Obligations of states and political subdivisions		27,226		1,563		(3	)		28,786
Collateralized mortgage obligations		8,156		123		(1	)		8,278
Mortgage-backed securities		116,855		1,524		(262	)		118,117
Total debt securities	$	181,434	$	3,323	$	(266	)	$	184,491

The amortized cost, unrealized gains and losses and estimated fair values of investments in debt and other securities at December 31, 2011 are summarized as follows:

	Amortized cost		Unrealized gains		Unrealized losses			Estimated fair value
Investment securities available-for-sale:
U.S. Treasury securities	$	2,294	$	20	$	—		$	2,314
Securities of U.S. government agencies and corporations		36,820		203		(9	)		37,014
Obligations of states and political subdivisions		19,735		894		(12	)		20,617
Mortgage-backed securities		100,130		586		(420	)		100,296
Total debt securities	$	158,979	$	1,703	$	(441	)	$	160,241

Gross realized gains from sales of available-for-sale securities were $20, $930, and $672 for the years ended December 31, 2012, 2011, and 2010, respectively. Gross realized losses from sales of available-for-sale securities were $12, $-0-, and $9 for the years ended December 31, 2012, 2011, and 2010, respectively.

The amortized cost and estimated fair value of debt and other securities at December 31, 2012, by contractual maturity, are shown in the following table:  

	Amortized cost		Estimated fair value
Due in one year or less	$	18,178	$	18,262
Due after one year through five years		124,939		126,404
Due after five years through ten years		29,444		30,310
Due after ten years		8,873		9,515
	$	181,434	$	184,491

Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities due after one year through five years included mortgage-backed securities with expected maturities totaling $106,913 as of December 31, 2012. The maturities on these securities were based on the average lives of the securities.

An analysis of gross unrealized losses of the available-for-sale investment securities portfolio as of December 31, 2012, follows:

	Less than 12 months					12 months or more				Total
	Fair Value		Unrealized losses			Fair Value		Unrealized losses		Fair Value		Unrealized losses
Obligations of states and political subdivisions	$	1,262	$	(3	)	$	—	$	—	$	1,262		(3	)
Collateralized mortgage obligations		1,198		(1	)		—		—		1,198		(1	)
Mortgage-backed securities		29,779		(262	)		—		—		29,779		(262	)
Total	$	32,239	$	(266	)	$	—	$	—	$	32,239	$	(266	)

No decline in value was considered "other-than-temporary" during 2012. Twenty one securities that had a fair value of $32,239 and a total unrealized loss of $266 have been in an unrealized loss position for less than twelve months as of December 31, 2012. The declines in market value were primarily attributable to changes in interest rates. As the Company does not intend to sell the securities and it is not more likely than not that we will be required to sell these securities prior to their anticipated recovery, these investments are not considered other-than-temporarily impaired.

An analysis of gross unrealized losses of the available-for-sale investment securities portfolio as of December 31, 2011, follows:

	Less than 12 months					12 months or more					Total
	Fair Value		Unrealized losses			Fair Value		Unrealized losses			Fair Value		Unrealized losses
Securities of U.S. government agencies and corporations	$	4,034	$	(9	)	$	—	$	—		$	4,034	$	(9	)
Obligations of states and political subdivisions		506		(10	)		167		(2	)		673		(12	)
Mortgage-backed securities		47,861		(420	)		—		—			47,861		(420	)
Total	$	52,401	$	(439	)	$	167	$	(2	)	$	52,568	$	(441	)

Investment securities carried at $32,227 and $34,206 at December 31, 2012 and 2011, respectively, were pledged to secure public deposits or for other purposes as required or permitted by law.