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INVESTMENT SECURITIES (Tables)
 3 Months Ended
Mar. 31, 2013
INVESTMENT SECURITIES [Abstract]  
Amortized cost, unrealized gains and losses and estimated fair values of investments in debt and other securities
The amortized cost, unrealized gains and losses and estimated fair values of investments in debt and other securities at March 31, 2013 are summarized as follows:
 
(in thousands)
 
Amortized cost
 
 
Unrealized
gains
 
 
Unrealized
losses
 
 
Estimated
fair value
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment securities available-for-sale:
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury securities
 
$
998
 
 
$
6
 
 
$
—
 
 
$
1,004
 
Securities of U.S. government agencies and corporations
 
 
50,992
 
 
 
92
 
 
 
(120
)
 
 
50,964
 
Obligations of states and political subdivisions
 
 
27,876
 
 
 
1,309
 
 
 
(23
)
 
 
29,162
 
Collateralized mortgage obligations
 
 
7,405
 
 
 
1
 
 
 
(38
)
 
 
7,368
 
Mortgage-backed securities
 
 
111,804
 
 
 
1,656
 
 
 
(97
)
 
 
113,363
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total debt securities
 
$
199,075
 
 
$
3,064
 
 
$
(278
)
 
$
201,861
 

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:
 
(in thousands)
 
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
 
Amortized cost and estimated fair value of debt and other securities by contractual maturity
The amortized cost and estimated market value of debt and other securities at March 31, 2013, by contractual and expected maturity, are shown in the following table.
 
(in thousands)
 
Amortized
cost
 
 
Estimated
fair value
 
 
 
 
 
 
 
Due in one year or less
 
$
22,430
 
 
$
22,493
 
Due after one year through five years
 
 
124,873
 
 
 
126,440
 
Due after five years through ten years
 
 
43,758
 
 
 
44,481
 
Due after ten years
 
 
8,014
 
 
 
8,447
 
 
 
 
 
 
 
 
 
 
$
199,075
 
 
$
201,861
 
Analysis of gross unrealized losses of the available-for-sale investment securities portfolio
An analysis of gross unrealized losses of the available-for-sale investment securities portfolio as of March 31, 2013, follows:
 
 
Less than 12 months
 
 
12 months or more
 
 
Total
 
(in thousands)
 
Fair
Value
 
 
Unrealized
losses
 
 
Fair
Value
 
 
Unrealized
losses
 
 
Fair
Value
 
 
Unrealized
losses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Securities of U.S. government agencies and corporations
 
$
28,684
 
 
$
(120
)
 
$
—
 
 
$
—
 
 
$
28,684
 
 
$
(120
)
Obligations of states and political subdivisions
 
 
2,286
 
 
 
(23
)
 
 
—
 
 
 
—
 
 
 
2,286
 
 
 
(23
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Collateralized mortgage obligations
 
 
6,336
 
 
 
(38
)
 
 
—
 
 
 
—
 
 
 
6,336
 
 
 
(38
)
Mortgaged-backed securities
 
 
18,383
 
 
 
(97
)
 
 
—
 
 
 
—
 
 
 
18,383
 
 
 
(97
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
$
55,689
 
 
$
(278
)
 
$
—
 
 
$
—
 
 
$
55,689
 
 
$
(278
)
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
 
(in thousands)
 
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
)