Investment Securities

6 Months Ended

Jun. 30, 2011

Investment Securities [Abstract]

Investment Securities

Note 3 — Investment Securities

Investment securities consist of the following (in thousands):

	June 30, 2011
	Amortized		Unrealized		Unrealized			Market
	Cost		Gains		Losses			Value
U.S. government agency securities	$	92,279	$	136	$	(1,224	)	$	91,191
Mortgage backed securities		36,146		2,837		—			38,983
State and municipal obligations		17,388		71		(932	)		16,527
Corporate bonds		100,882		1,821		(523	)		102,180
Collateralized mortgage obligations		27,744		1,134		(40	)		28,838
Federal Home Loan Bank stock		9,115		—		—			9,115
Other equity securities		5,775		289		—			6,064
Total	$	289,329	$	6,288	$	(2,719	)	$	292,898

	December 31, 2010
	Amortized		Unrealized		Unrealized			Market
	Cost		Gains		Losses			Value
U.S. government agency securities	$	109,274	$	267	$	(2,017	)	$	107,524
Mortgage backed securities		55,989		4,320		—			60,309
State and municipal obligations		17,380		13		(1,982	)		15,411
Corporate bonds		82,816		2,309		(612	)		84,513
Collateralized mortgage obligations		39,679		823		(90	)		40,412
Federal Home Loan Bank stock		10,399		—		—			10,399
Other equity securities		5,775		786		—			6,561
Total	$	321,312	$	8,518	$	(4,701	)	$	325,129

All securities were classified as available for sale as of each date presented.

The following is a schedule of securities in a loss position as of June 30, 2011 (in thousands):

	Less than 1 year					1 Year or More					Total
	Market		Unrealized			Market		Unrealized			Market		Unrealized
	Value		Loss			Value		Loss			Value		Loss
U.S. government agency securities	$	74,066	$	(1,224	)	$	—	$	—		$	74,066	$	(1,224	)
State and municipal obligations		7,630		(309	)		5,498		(623	)		13,128		(932	)
Corporate bonds		28,084		(523	)		—		—			28,084		(523	)
Collateralized mortgage obligations		1,337		(10	)		2,486		(30	)		3,823		(40	)
Total securities	$	111,117	$	(2,066	)	$	7,984	$	(653	)	$	119,101	$	(2,719	)

Investment securities with an amortized cost of $77,408,000 and $98,111,000, as of June 30, 2011, and December 31, 2010, respectively, were pledged to secure public deposits and for other purposes. The Bank has obtained $50,000,000 in letters of credit, which are used in lieu of securities to pledge against public deposits.

During the first quarter of 2011, the Company sold $31,510,000 of investments for a gain of $1,961,000. The Company elected to sell shorter-duration, odd-lot mortgage backed securities and corporate bonds that had significant gain positions. No investment securities were sold during the six months ended June 30, 2010.