3. Securities

As of March 31, 2013 and December 31, 2012, the Company had securities available for sale of $274.6 million and $252.0 million, respectively, and securities held to maturity of $14.5 million and $15.2 million, respectively. The securities classified as held to maturity were being held for purposes of the Community Reinvestment Act.

The amortized cost and approximate fair values of securities as of March 31, 2013 and December 31, 2012 are as follows:

	As of March 31, 2013
			Gross Unrealized					Fair
(dollars in thousands)	Cost		Gains		Losses			Value
Securities available for sale
Debt securities:
U.S. government agencies	$	13,374	$	88	$	(117	)	$	13,345
Mortgage backed securities	230,108		3,528		(346		)	233,290
Corporate bonds	25,478		148		(25		)	25,601
Municipal bonds	2,436		—		(69		)	2,367
Total debt securities	271,396		3,764		(557		)	274,603

Total securities available for sale	$	271,396	$	3,764	$	(557	)	$	274,603

Securities held to maturity
Debt securities:
Mortgage backed securities	$	14,451	$	338	$	—		$	14,789
Total debt securities	14,451		338		—			14,789

Total securities held to maturity	$	14,451	$	338	$	—		$	14,789

Total investment securities	$	285,847	$	4,102	$	(557	)	$	289,392

	As of December 31, 2012
			Gross Unrealized					Fair
	Cost		Gains		Losses			Value
Securities available for sale
Debt securities:
U.S. government agencies	$	12,976	$	141	$	(5	)	$	13,112
Mortgage backed securities	208,058		3,136		(274		)	210,919
Corporate bonds	25,559		127		(12		)	25,674
Municipal bonds	2,436		—		(174		)	2,262
Total debt securities	249,029		3,404		(465		)	251,967

Total securities available for sale	$	249,029	$	3,404	$	(465	)	$	251,967

Securities held to maturity
Debt securities:
Mortgage backed securities	$	15,237	$	369	$	—		$	15,606
Total debt securities	15,237		369		—			15,606

Total securities held to maturity	$	15,237	$	369	$	—		$	15,606

Total investment securities	$	264,266	$	3,773	$	(465	)	$	267,573

The scheduled maturities of investment securities at March 31, 2013 and December 31, 2012 were as follows:

	March 31, 2013
	Amortized		Fair
(dollars in thousands)	Cost		Value

Due in one year or less	$	21,782	$	22,386
Due after one year through five years	50,935		52,687
Due after five years through ten years	76,113		76,746
Due after ten years	122,566		122,784
Total securities available for sale	271,396		274,603

Due in one year or less	$	—	$	—
Due after one year through five years	7,309		7,395
Due after five years through ten years	—		—
Due after ten years	7,142		7,394
Total securities held to maturity	14,451		14,789

Total investment securities	$	285,847	$	289,392

	December 31, 2012
	Amortized		Fair
(dollars in thousands)	Cost		Value

Due in one year or less	$	17,100	$	17,604
Due after one year through five years	50,109		51,757
Due after five years through ten years	70,662		71,307
Due after ten years	111,158		111,299
Total securities available for sale	249,029		251,967

Due in one year or less	$	—	$	—
Due after one year through five years	7,395		7,478
Due after five years through ten years	—		—
Due after ten years	7,842		8,128
Total securities held to maturity	15,237		15,606

Total investment securities	$	264,266	$	267,573

As of March 31, 2013 and December 31, 2012, no investment securities were pledged as collateral. As of March 31, 2013, $288,000 in unrealized losses was attributable to fifteen securities that had been in an unrealized loss position for less than 12 months. As of December 31, 2012, $332,000 in unrealized losses was attributable to fourteen securities that had been in an unrealized loss position for less than 12 months. Because the Bank had the ability to hold these investments and doesn’t intend to sell these investments until a recovery in fair value, which may be maturity, these investments were not considered to be other-than-temporarily impaired as of March 31, 2013 and December 31, 2012, respectively.

As of March 31, 2013, $270,000 in unrealized losses was attributable to thirteen securities that had been in an unrealized loss position for greater than 12 months. As of December 31, 2012, $133,000 in unrealized losses was attributable to twelve securities that had been in an unrealized loss position for greater than 12 months.

These unrealized losses, which had been in an unrealized loss position for one year or longer as of March 31, 2013 and December 31, 2012, were caused by market interest rate increases subsequent to the purchase of the securities or price fluctuations driven by volatility of the housing market conditions. Because the Bank had the ability to hold these investments and doesn’t intend to sell these investments until a recovery in fair value, which may be maturity, these investments were not considered to be other-than-temporarily impaired as of March 31, 2013 and December 31, 2012, respectively.