Investment Securities (Tables)

6 Months Ended

Jun. 30, 2013

Investments, Debt and Equity Securities [Abstract]

Schedule of Securities Available for Sale

The following is a summary of the amortized cost and fair value of securities available for sale at June 30, 2013 and December 31, 2012:

			Gross Unrealized
(Dollars in thousands)	Amortized Cost		Gains		Losses		Fair Value
June 30, 2013:
U.S. Government sponsored entities	$	69,415	$	11	$	727	$	68,699
Mortgage-backed investments	125,347		765		1,803		124,309
Obligations of states and political subdivisions	74,622		1,675		1,895		74,402
Collateralized debt obligations	1,070		—		—		1,070
Other debt securities	5,096		9		32		5,073
	$	275,550	$	2,460	$	4,457	$	273,553
December 31, 2012:
U.S. Government sponsored entities	$	71,645	$	993	$	23	$	72,615
Mortgage-backed investments	185,317		5,324		78		190,563
Obligations of states and political subdivisions	68,445		3,170		154		71,461
Collateralized debt obligations	3,108		—		2,162		946
Other debt securities	12,758		219		—		12,977
	$	341,273	$	9,706	$	2,417	$	348,562

The following is a summary of gains and losses on securities available for sale:

	Three Months Ended				Six Months Ended
(Dollars in thousands)	June 30				June 30
	2013		2012		2013		2012
Proceeds from sales	$	141,658	$	8,855	$	147,799	$	42,837
Gross realized gains	2,126		6		2,180		688
Gross realized losses	748		5		786		96
Net gains from sales	$	1,378	$	1	$	1,394	$	592
Gross recognized losses related to the credit component of other-than-temporary impairments	$	—	$	4	$	—	$	4
Gross recognized losses related to the non-credit component of other-than-temporary impairments	$	2,038	$	—	$	2,038	$	—

Schedule of Securities Available for Sale in a Continuous Loss Position

Provided below is a summary of securities available for sale which were in an unrealized loss position and the length of time that individual securities have been in a continuous loss position at June 30, 2013 and December 31, 2012. Securities on which we have taken only credit-related other-than-temporary-impairment (OTTI) write-downs are categorized as being “less than 12 months” or “12 months or more” in a continuous loss position based on the point in time that the fair value declined to below the amortized cost basis and not the period of time since the OTTI write-down. Management does not intend to sell these securities, and it is not more likely than not, that we will have to sell these securities before the time that their unrealized losses could be recovered.

(Dollars in thousands)	Less Than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
June 30, 2013:
U.S. Government sponsored entities	$	20,715	$	727	$	—	$	—	$	20,715	$	727
Mortgage-backed investments	68,599		1,803		—		—		68,599		1,803
Obligations of states and political subdivisions	30,984		1,877		309		18		31,293		1,895
Other debt securities	2,146		32		—		—		2,146		32
	$	122,444	$	4,439	$	309	$	18	$	122,753	$	4,457
December 31, 2012:
U.S. Government sponsored entities	$	5,478	$	23	$	—	$	—	$	5,478	$	23
Mortgage-backed investments	13,866		77		880		1		14,746		78
Obligations of states and political subdivisions	11,015		154		—		—		11,015		154
Collateralized debt obligations	—		—		946		2,162		946		2,162
Other debt securities	—		—		—		—		—		—
	$	30,359	$	254	$	1,826	$	2,163	$	32,185	$	2,417

Schedule of Other than Temporary Impairment Credit Losses Recognized in Earnings

The following table provides a roll forward of the cumulative activity related to credit losses on debt securities for which a portion of an other-than-temporary impairment was recognized in other comprehensive income.

	Three Months Ended				Six Months Ended
(Dollars in thousands)	June 30				June 30
	2013		2012		2013		2012
Beginning balance	$	1,892	$	1,863	$	1,892	$	1,863
OTTI credit losses on previously impaired securities	—		4		—		4
OTTI non-credit losses on previously impaired securities	2,038		—		2,038		—
Ending balance	$	3,930	$	1,867	$	3,930	$	1,867

Schedule of Investments Classified by Contractual Maturity

The amortized cost and fair values of debt securities available for sale at June 30, 2013, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay certain obligations with, or without, call or prepayment penalties. Mortgage-backed securities receive monthly payments based on the cash flows of the underlying collateral. Therefore, their stated maturities do not represent the timing of principal amounts received and no maturity distributions are shown for these securities.

(Dollars in thousands)	Amortized Cost		Fair Value
One year or less	$	61,386	$	61,207
After one through five years	36,645		37,080
After five through ten years	43,467		42,311
After ten years	8,705		8,646
	150,203		149,244
Mortgage-backed investments	125,347		124,309
	$	275,550	$	273,553