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Investments (Tables)
 3 Months Ended
Mar. 31, 2013
Investments [Abstract]  
Summary of amortized cost and fair value of investment securities
The amortized cost and fair value of investment securities at March 31, 2013 and December 31, 2012 were as follows (in thousands):

 
 
 
 
 
Gross
 
 
Gross
 
 
 
 
 
 
Amortized
 
 
Unrealized
 
 
Unrealized
 
 
Fair
 
March 31, 2013
 
Cost
 
 
Gains
 
 
Losses
 
 
Value
 
Available-for-sale securities:
 
 
 
 
 
 
 
 
 
 
 
 
  U.S. Agency securities
 
$
120,575
 
 
$
1,896
 
 
$
(37
)
 
$
122,434
 
  U.S. Treasury securities
 
 
11,839
 
 
 
85
 
 
 
-
 
 
 
11,924
 
  Obligations of state and political subdivisions
 
 
90,503
 
 
 
4,711
 
 
 
(190
)
 
 
95,024
 
  Corporate obligations
 
 
21,287
 
 
 
459
 
 
 
(260
)
 
 
21,486
 
  Mortgage-backed securities in government sponsored entities
 
 
46,398
 
 
 
1,435
 
 
 
(122
)
 
 
47,711
 
  Equity securities in financial institutions
 
 
912
 
 
 
685
 
 
 
-
 
 
 
1,597
 
Total available-for-sale securities
 
$
291,514
 
 
$
9,271
 
 
$
(609
)
 
$
300,176
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross
 
 
Gross
 
 
 
 
 
 
 
Amortized
 
 
Unrealized
 
 
Unrealized
 
 
Fair
 
December 31, 2012
 
Cost
 
 
Gains
 
 
Losses
 
 
Value
 
Available-for-sale securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  U.S. Agency securities
 
$
125,125
 
 
$
2,150
 
 
$
(41
)
 
$
127,234
 
  U.S. Treasuries
 
 
4,922
 
 
 
25
 
 
 
-
 
 
 
4,947
 
  Obligations of state and political subdivisions
 
 
95,288
 
 
 
5,721
 
 
 
(134
)
 
 
100,875
 
  Corporate obligations
 
 
21,699
 
 
 
452
 
 
 
(42
)
 
 
22,109
 
  Mortgage-backed securities in government sponsored entities
 
 
52,072
 
 
 
1,728
 
 
 
(127
)
 
 
53,673
 
  Equity securities in financial institutions
 
 
912
 
 
 
502
 
 
 
-
 
 
 
1,414
 
Total available-for-sale securities
 
$
300,018
 
 
$
10,578
 
 
$
(344
)
 
$
310,252
 
 
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, which individual securities have been in a continuous unrealized loss position, at March 31, 2013 and December 31, 2012 (in thousands). As of March 31, 2013, the Company owned 27 securities whose fair value was less than their cost basis.
 
March 31, 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
 
$
13,131
 
 
$
(37
)
 
$
-
 
 
$
-
 
 
$
13,131
 
 
$
(37
)
Obligations of state and  political subdivisions
 
 
9,303
 
 
 
(190
)
 
 
-
 
 
 
-
 
 
 
9,303
 
 
 
(190
)
Corporate obligations
 
 
8,330
 
 
 
(260
)
 
 
-
 
 
 
-
 
 
 
8,330
 
 
 
(260
)
 Mortgage-backed securities in government sponsored entities
 
 
4,666
 
 
 
(63
)
 
 
2,053
 
 
 
(59
)
 
 
6,719
 
 
 
(122
)
    Total securities
 
$
35,430
 
 
$
(550
)
 
$
2,053
 
 
$
(59
)
 
$
37,483
 
 
$
(609
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Agency securities
 
$
6,016
 
 
$
(41
)
 
$
-
 
 
$
-
 
 
$
6,016
 
 
$
(41
)
 Obligations of states and  political subdivisions
 
 
7,981
 
 
 
(134
)
 
 
-
 
 
 
-
 
 
 
7,981
 
 
 
(134
)
Corporate obligations
 
 
10,972
 
 
 
(42
)
 
 
-
 
 
 
-
 
 
 
10,972
 
 
 
(42
)
Mortgage-backed securities in  government sponsored entities
 
 
8,651
 
 
 
(127
)
 
 
-
 
 
 
-
 
 
 
8,651
 
 
 
(127
)
    Total securities
 
$
33,620
 
 
$
(344
)
 
$
-
 
 
$
-
 
 
$
33,620
 
 
$
(344
)
Gross gains and losses on available-for-sale securities
Proceeds from sales of securities available-for-sale for the three months ended March 31, 2013 and 2012 were $3,856,000 and $11,236,000, respectively.  The gross gains and losses were as follows (in thousands):

 
 
Three Months Ended
 
 
 
March 31,
 
 
 
2013
 
 
2012
 
Gross gains
 
$
196
 
 
$
108
 
Gross losses
 
 
-
 
 
 
-
 
Net gains
 
$
196
 
 
$
108
 
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 March 31, 2013, by contractual maturity, are shown below (in thousands):

 
 
Amortized
 
 
 
 
 
 
Cost
 
 
Fair Value
 
Available-for-sale debt securities:
 
 
 
 
 
 
  Due in one year or less
 
$
12,115
 
 
$
12,227
 
  Due after one year through five years
 
 
75,759
 
 
 
77,464
 
  Due after five years through ten years
 
 
76,556
 
 
 
77,846
 
  Due after ten years
 
 
126,172
 
 
 
131,042
 
Total
 
$
290,602
 
 
$
298,579