Investment Securities Available for Sale (Tables)

3 Months Ended

Mar. 31, 2013

Reconciliation of Available-for-Sale Securities

The following tables summarize the amortized cost, gross unrealized gains and losses included in accumulated other comprehensive income (loss) and fair values of investment securities available for sale at the dates indicated (in thousands). At March 31, 2013 and December 31, 2012, the Company did not have any investment securities classified as trading or held-to-maturity.

	March 31, 2013
	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
State and municipal	$	10,864	$	253	$	(1	)	$	11,116
Collateralized mortgage obligations (federal agencies)		129,740		735		(1,114	)		129,361
Other mortgage-backed (federal agencies)		60,772		1,067		(72	)		61,767
SBA loan-backed (federal agency)		63,752		209		(407	)		63,554
Total investment securities available for sale	$	265,128	$	2,264	$	(1,594	)	$	265,798
	December 31, 2012
	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
State and municipal	$	11,247	$	283	$	—		$	11,530
Collateralized mortgage obligations (federal agencies)		122,444		1,219		(155	)		123,508
Other mortgage-backed (federal agencies)		62,581		1,328		(92	)		63,817
SBA loan-backed (federal agency)		65,828		182		(363	)		65,647
Total investment securities available for sale	$	262,100	$	3,012	$	(610	)	$	264,502

Reconciliation of Available for Sale Securities in Continuous Unrealized Loss Position

The following tables summarize securities in each category of investment securities available for sale that were in an unrealized loss position at the dates indicated (dollars in thousands).

	March 31, 2013
	Less than 12 months						12 months or longer						Total
	#		Fair value		Gross unrealized losses		#		Fair value		Gross unrealized losses		#		Fair value		Gross unrealized losses
State and municipal		1	$	1,087	$	1		—	$	—	$	—		1	$	1,087	$	1
Collateralized mortgage obligations (federal agencies)		18		62,043		1,080		8		5,707		34		26		67,750		1,114
Other mortgage-backed (federal agencies)		2		5,646		72		—		—		—		2		5,646		72
SBA loan-backed (federal agency)		7		23,925		407		—		—		—		7		23,925		407
Total investment securities available for sale		28	$	92,701	$	1,560		8	$	5,707	$	34		36	$	98,408	$	1,594
	December 31, 2012
	Less than 12 months						12 months or longer						Total
	#		Fair value		Gross unrealized losses		#		Fair value		Gross unrealized losses		#		Fair value		Gross unrealized losses
Collateralized mortgage obligations (federal agencies)		7	$	23,301	$	109		9	$	9,547	$	46		16	$	32,848	$	155
Other mortgage-backed (federal agencies)		3		14,586		92		—		—		—		3		14,586		92
SBA loan-backed (federal agency)		6		25,115		363		—		—		—		6		25,115		363
Total investment securities available for sale		16	$	63,002	$	564		9	$	9,547	$	46		25	$	72,549	$	610

Summary of Ratings by Segment of Investment Securities Available for Sale

The following table summarizes Moody’s ratings of investment securities available for sale, based on fair value, at March 31, 2013. An “Aaa” rating is based not only on the credit of the issuer but may also include consideration of the structure of the securities and the credit quality of the collateral.

	State and municipal			Collateralized mortgage obligations (federal agencies)			Other mortgage-backed (federal agencies)			SBA loan-backed (federal agency)
Aaa		—	%		96	%		100	%		100	%
Aa1—A1		73			—			—			—
Baa2		13			—			—			—
Not rated		14			4			—			—
Total		100	%		100	%		100	%		100	%

Summary of Ratings by Standards Poors of Investment Securities Available for Sale

The following table summarizes Standard and Poor’s ratings of investment securities available for sale, based on fair value, at March 31, 2013.

	State and municipal			Collateralized mortgage obligations (federal agencies)			Other mortgage-backed (federal agencies)			SBA loan-backed (federal agency)
Aa+		—	%		100	%		100	%		100	%
Aa—Aa-		43			—			—			—
Not rated		57			—			—			—
Total		100	%		100	%		100	%		100	%

Summary of Amortized Cost and Estimated Fair Value of Investment Securities Available for Sale

The following table summarizes the amortized cost and fair value of investment securities available for sale at March 31, 2013 by contractual maturity and estimated principal repayment distribution (in thousands).  

	Amortized cost		Fair value
Due in one year or less	$	4,621	$	4,657
Due after one year through five years		5,155		5,372
Due after five years through ten years		1,088		1,087
Due after ten years		—		—
State and municipal		10,864		11,116
Due in one year or less		21,953		21,970
Due after one year through five years		27,296		27,356
Due after five years through ten years		80,491		80,035
Due after ten years		—		—
Collateralized mortgage obligations (federal agencies)		129,740		129,361
Due in one year or less		—		—
Due after one year through five years		58,072		59,048
Due after five years through ten years		2,149		2,129
Due after ten years		551		590
Other mortgage-backed (federal agencies)		60,772		61,767
Due in one year or less		—		—
Due after one year through five years		34,585		34,506
Due after five years through ten years		15,063		15,133
Due after ten years		14,104		13,915
SBA loan-backed (federal agency)		63,752		63,554
Total investment securities available for sale	$	265,128	$	265,798

Summary of Investment Securities Pledged as Collateral

Investment securities were pledged as collateral for the following purposes at the dates indicated (in thousands).

	March 31, 2013		December 31, 2012
Public funds deposits	$	100,344	$	106,642
Federal Reserve line of credit		1,436		1,583
Total	$	101,780	$	108,225