Investments (Tables)

6 Months Ended

Jun. 30, 2012

Investments [Abstract]

Summary of amortized cost and fair value of investment securities

The amortized cost and fair value of investment securities at June 30, 2012 and December 31, 2011 were as follows (in thousands):

			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
June 30, 2012	Cost		Gains		Losses			Value
Available-for-sale securities:
U.S. agency securities	$	144,214	$	2,157	$	(7	)	$	146,364
Obligations of state and political subdivisions		93,130		5,089		(72	)		98,147
Corporate obligations		10,790		276		(20	)		11,046
Mortgage-backed securities in government sponsored entities		64,072		2,223		(101	)		66,194
Equity securities in financial institutions		911		469		-			1,380
Total available-for-sale securities	$	313,117	$	10,214	$	(200	)	$	323,131

			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
December 31, 2011	Cost		Gains		Losses			Value
Available-for-sale securities:
U.S. Agency securities	$	166,534	$	2,087	$	(21	)	$	168,600
Obligations of state and  political subdivisions		96,556		4,996		(5	)		101,547
Corporate obligations		8,263		197		-			8,460
Mortgage-backed securities in  government sponsored entities		36,630		2,356		(12	)		38,974
Equity securities in financial institutions		823		420		(1	)		1,242
Total available-for-sale securities	$	308,806	$	10,056	$	(39	)	$	318,823

Unrealized losses and fair value of investments

The following table shows the Company's gross unrealized losses and fair value of the Company's investments with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time, that the individual securities have been in a continuous unrealized loss position, at June 30, 2012 and December 31, 2011 (in thousands). As of June 30, 2012, the Company owned 13 securities whose fair value was less than their cost basis.

June 30, 2012	Less than Twelve Months					Twelve Months or Greater				Total
			Gross					Gross				Gross
	Fair		Unrealized			Fair		Unrealized		Fair		Unrealized
	Value		Losses			Value		Losses		Value		Losses
U.S. Agency securities	$	4,010	$	(7	)	$	-	$	-	$	4,010	$	(7	)
Obligations of state and political subdivisions		3,437		(72	)		-		-		3,437		(72	)
Corporate obligations		2,585		(20	)		-		-		2,585		(20	)
Mortgage-backed securities in government sponsored entities		9,360		(101	)		-		-		9,360		(101	)
Total securities	$	19,392	$	(200	)	$	-	$	-	$	19,392	$	(200	)

December 31, 2011	Less than Twelve Months					Twelve Months or Greater					Total
			Gross					Gross					Gross
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
	Value		Losses			Value		Losses			Value		Losses
U.S. Agency securities	$	10,018	$	(21	)	$	-	$	-		$	10,018	$	(21	)
Obligations of states and  political subdivisions		1,057		(3	)		771		(2	)		1,828		(5	)
Mortgage-backed securities in  government sponsored entities		3,164		(12	)		-		-			3,164		(12	)
Equity securities in financial institutions		39		(1	)		-		-			39		(1	)
Total securities	$	14,278	$	(37	)	$	771	$	(2	)	$	15,049	$	(39	)

Gross gains and losses of available-for-sale securities

Proceeds from sales of securities available-for-sale for the six months ended June 30, 2012 and 2011 were $16,654,000 and $7,821,000, respectively.  For the three months ended June 30, 2012 and 2011, there were sales of $5,418,000 and $4,632,000, respectively, of available-for-sale securities. The gross gains and losses were as follows (in thousands):

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2012		2011		2012		2011
Gross gains	$	213	$	114	$	321	$	263
Gross losses		-		-				(29	)
Net gains	$	213	$	114	$	321	$	234

Summary of amortized cost and fair value of debt securities by contractual maturity

Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.   The amortized cost and fair value of debt securities at June 30, 2012, by contractual maturity, are shown below (in thousands):

	Amortized
	Cost		Fair Value
Available-for-sale debt securities:
Due in one year or less	$	15,878	$	16,028
Due after one year through five years		83,752		85,499
Due after five years through ten years		47,862		49,081
Due after ten years		164,714		171,143
Total	$	312,206	$	321,751