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Investment Securities (Tables)
 9 Months Ended
Sep. 30, 2012
Investment Securities [Abstract]  
Summarized investment securities classified as available-for-sale and held-to-maturity
The amortized cost, gross unrealized gains and losses, and fair values of the Company's investment securities classified as available-for-sale and held-to-maturity at September 30, 2012 and December 31, 2011 are summarized as follows (in thousands):

Available-for-sale
 
September 30, 2012
 
 
 
 
 
Gross
 
 
Gross
 
 
 
 
 
Amortized
 
 
unrealized
 
 
unrealized
 
 
Fair
 
 
cost
 
 
gains
 
 
losses
 
 
value
 
U.S. Government agency securities
 
$
8,537
 
 
$
291
 
 
$
-
 
 
$
8,828
 
Federally insured student loan securities
 
 
111,197
 
 
 
483
 
 
 
(135
)
 
 
111,545
 
Tax-exempt obligations of states and political subdivisions
 
 
111,456
 
 
 
5,585
 
 
 
(1
)
 
 
117,040
 
Taxable obligations of states and political subdivisions
 
 
43,120
 
 
 
3,245
 
 
 
(30
)
 
 
46,335
 
Residential mortgage-backed securities
 
 
194,322
 
 
 
3,228
 
 
 
(392
)
 
 
197,158
 
Commercial mortgage-backed securities
 
 
98,417
 
 
 
4,116
 
 
 
(56
)
 
 
102,477
 
Other debt securities
 
 
47,687
 
 
 
1,050
 
 
 
(301
)
 
 
48,436
 
Other equity securities
 
 
3,000
 
 
 
75
 
 
 
-
 
 
 
3,075
 
 
$
617,736
 
 
$
18,073
 
 
$
(915
)
 
$
634,894
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Held-to-maturity
 
September 30, 2012
 
 
 
 
 
 
Gross
 
 
Gross
 
 
 
 
 
 
Amortized
 
 
unrealized
 
 
unrealized
 
 
Fair
 
 
cost
 
 
gains
 
 
losses
 
 
value
 
Other debt securities - single issuers
 
$
21,335
 
 
$
344
 
 
$
(4,181
)
 
$
17,498
 
Other debt securities - pooled
 
 
1,372
 
 
 
-
 
 
 
(236
)
 
 
1,136
 
 
$
22,707
 
 
$
344
 
 
$
(4,417
)
 
$
18,634
 

Available-for-sale
 
December 31, 2011
 
 
 
 
 
Gross
 
 
Gross
 
 
 
 
 
Amortized
 
 
unrealized
 
 
unrealized
 
 
Fair
 
 
cost
 
 
gains
 
 
losses
 
 
value
 
U.S. Government agency securities
 
$
9,087
 
 
$
198
 
 
$
-
 
 
$
9,285
 
Tax-exempt obligations of states and political subdivisions
 
 
94,227
 
 
 
3,580
 
 
 
(8
)
 
 
97,799
 
Taxable obligations of states and political subdivisions
 
 
50,778
 
 
 
2,149
 
 
 
(60
)
 
 
52,867
 
Residential mortgage-backed securities
 
 
190,214
 
 
 
3,582
 
 
 
(111
)
 
 
193,685
 
Commercial mortgage-backed securities
 
 
51,242
 
 
 
875
 
 
 
(56
)
 
 
52,061
 
Other debt securities
 
 
38,873
 
 
 
1,058
 
 
 
(399
)
 
 
39,532
 
Other equity securities
 
 
3,000
 
 
 
-
 
 
 
(25
)
 
 
2,975
 
 
$
437,421
 
 
$
11,442
 
 
$
(659
)
 
$
448,204
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Held-to-maturity
 
December 31, 2011
 
 
 
 
 
 
Gross
 
 
Gross
 
 
 
 
 
 
Amortized
 
 
unrealized
 
 
unrealized
 
 
Fair
 
 
cost
 
 
gains
 
 
losses
 
 
value
 
Other debt securities - single issuers
 
$
16,337
 
 
$
138
 
 
$
(4,051
)
 
$
12,424
 
Other debt securities - pooled
 
 
1,707
 
 
 
-
 
 
 
(305
)
 
 
1,402
 
 
$
18,044
 
 
$
138
 
 
$
(4,356
)
 
$
13,826
 
Amortized cost and fair value of investment securities by contractual maturity
The amortized cost and fair value of the Company's investment securities at September 30, 2012, by contractual maturity are shown below (in thousands). Expected maturities may differ from contractual maturities because borrowers have the right to call or prepay obligations with or without call or prepayment penalties.

 
Available-for-sale
 
 
Held-to-maturity
 
 
Amortized
 
 
Fair
 
 
Amortized
 
 
Fair
 
 
cost
 
 
value
 
 
cost
 
 
value
 
Due before one year
 
$
73,508
 
 
$
73,622
 
 
$
-
 
 
$
-
 
Due after one year through five years
 
 
158,815
 
 
 
164,380
 
 
 
-
 
 
 
-
 
Due after five years through ten years
 
 
36,614
 
 
 
37,780
 
 
 
8,240
 
 
 
8,056
 
Due after ten years
 
 
345,799
 
 
 
356,037
 
 
 
14,467
 
 
 
10,578
 
Other equity securities
 
 
3,000
 
 
 
3,075
 
 
 
-
 
 
 
-
 
 
$
617,736
 
 
$
634,894
 
 
$
22,707
 
 
$
18,634
 
Available-for-sale and held-to-maturity securities, continuous unrealized loss position
The table below indicates the length of time individual securities had been in a continuous unrealized loss position at September 30, 2012 (dollars in thousands):

Available-for-sale
 
 
 
 
Less than 12 months
 
 
12 months or longer
 
 
Total
 
 
Number of securities
 
 
Fair Value
 
 
Unrealized
losses
 
 
Fair Value
 
 
Unrealized
losses
 
 
Fair Value
 
 
Unrealized
losses
 
Description of Securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Federally insured student loan securities
 
 
7
 
 
$
38,952
 
 
$
(135
)
 
$
-
 
 
$
-
 
 
$
38,952
 
 
$
(135
)
Tax-exempt obligations of states and     political subdivisions
 
 
4
 
 
 
3,479
 
 
 
(1
)
 
 
1,241
 
 
 
-
 
 
 
4,720
 
 
 
(1
)
Taxable obligations of states and     political subdivisions
 
 
7
 
 
 
7,715
 
 
 
(20
)
 
 
4,035
 
 
 
(10
)
 
 
11,750
 
 
 
(30
)
Residential mortgage-backed securities
 
 
9
 
 
 
43,529
 
 
 
(386
)
 
 
358
 
 
 
(6
)
 
 
43,887
 
 
 
(392
)
Commercial mortgage-backed securities
 
 
2
 
 
 
15,279
 
 
 
(56
)
 
 
-
 
 
 
-
 
 
 
15,279
 
 
 
(56
)
Other debt securities
 
 
3
 
 
 
-
 
 
 
-
 
 
 
9,770
 
 
 
(301
)
 
 
9,770
 
 
 
(301
)
Total temporarily impaired     investment securities
 
 
32
 
 
$
108,954
 
 
$
(598
)
 
$
15,404
 
 
$
(317
)
 
$
124,358
 
 
$
(915
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Held-to-maturity
 
 
 
 
 
Less than 12 months
 
 
12 months or longer
 
 
Total
 
 
Number of securities
 
 
Fair Value
 
 
Unrealized
losses
 
 
Fair Value
 
 
Unrealized
losses
 
 
Fair Value
 
 
Unrealized
losses
 
Description of Securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other debt securities - single issuers
 
 
2
 
 
$
-
 
 
$
-
 
 
$
7,906
 
 
$
(4,181
)
 
$
7,906
 
 
$
(4,181
)
Other debt securities - pooled
 
 
2
 
 
 
-
 
 
 
-
 
 
 
1,136
 
 
 
(236
)
 
 
1,136
 
 
 
(236
)
Total temporarily impaired     investment securities
 
 
4
 
 
$
-
 
 
$
-
 
 
$
9,042
 
 
$
(4,417
)
 
$
9,042
 
 
$
(4,417
)
 
The table below indicates the length of time individual securities had been in a continuous unrealized loss position at December 31, 2011 (dollars in thousands):

Available-for-sale
 
 
 
 
Less than 12 months
 
 
12 months or longer
 
 
Total
 
 
Number of securities
 
 
Fair Value
 
 
Unrealized losses
 
 
Fair Value
 
 
Unrealized losses
 
 
Fair Value
 
 
Unrealized losses
 
Description of Securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Tax-exempt obligations of states and political subdivisions
 
 
7
 
 
$
11,104
 
 
$
(8
)
 
$
-
 
 
$
-
 
 
$
11,104
 
 
$
(8
)
Taxable obligations of states and political subdivisions
 
 
10
 
 
 
16,905
 
 
 
(60
)
 
 
-
 
 
 
-
 
 
 
16,905
 
 
 
(60
)
Residential mortgage-backed securities
 
 
5
 
 
 
10,054
 
 
 
(111
)
 
 
-
 
 
 
-
 
 
 
10,054
 
 
 
(111
)
Commercial mortgage-backed securities
 
 
4
 
 
 
24,421
 
 
 
(56
)
 
 
-
 
 
 
-
 
 
 
24,421
 
 
 
(56
)
Other debt securities
 
 
3
 
 
 
10,929
 
 
 
(93
)
 
 
2,549
 
 
 
(306
)
 
 
13,478
 
 
 
(399
)
Other equity securities
 
 
1
 
 
 
2,975
 
 
 
(25
)
 
 
-
 
 
 
-
 
 
 
2,975
 
 
 
(25
)
Total temporarily impaired  investment securities
 
 
30
 
 
$
76,388
 
 
$
(353
)
 
$
2,549
 
 
$
(306
)
 
$
78,937
 
 
$
(659
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Held-to-maturity
 
 
 
 
 
Less than 12 months
 
 
12 months or longer
 
 
Total
 
 
Number of securities
 
 
Fair Value
 
 
Unrealized
losses
 
 
Fair Value
 
 
Unrealized
losses
 
 
Fair Value
 
 
Unrealized
losses
 
Description of Securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other debt securities - single issuers
 
 
2
 
 
$
-
 
 
$
-
 
 
$
8,021
 
 
$
(4,051
)
 
$
8,021
 
 
$
(4,051
)
Other debt securities - pooled
 
 
2
 
 
 
-
 
 
 
-
 
 
 
1,402
 
 
 
(305
)
 
 
1,402
 
 
 
(305
)
Total temporarily impaired investment securities
 
 
4
 
 
$
-
 
 
$
-
 
 
$
9,423
 
 
$
(4,356
)
 
$
9,423
 
 
$
(4,356
)