INVESTMENT SECURITIES (Tables)

3 Months Ended

Mar. 31, 2013

Amortized cost, estimated fair values, and gross unrealized gains and losses of securities available for sale and held to maturity

The amortized cost, estimated fair value and gross unrealized gains and losses of the Company's investment securities available for sale and held to maturity at March 31, 2013 and December 31, 2012 follow (in thousands).

	March 31, 2013									December 31, 2012
			Gross		Gross			Estimated				Gross		Gross			Estimated
	Amortized		Unrealized		Unrealized			Fair		Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value		Cost		Gains		Losses			Value
Available for sale:
U.S. Treasury securities	$	-	$	-	$	-		$	-	$	500	$	-	$	-		$	500
U.S. government agency securities		75,533		59		(204	)		75,388		65,085		70		(77	)		65,078
Obligations of states and political subdivisions		153,701		12,851		-			166,552		155,121		13,314		-			168,435
Collateralized mortgage obligations		64,724		1,449		(69	)		66,104		87,624		2,148		(80	)		89,692
Mortgage-backed securities		86,156		500		(277	)		86,379		61,750		766		(66	)		62,450
Corporate bonds		18,507		362		(15	)		18,854		15,701		497		-			16,198
Total available for sale securities		398,621		15,221		(565	)		413,277		385,781		16,795		(223	)		402,353
Held to maturity:
Obligations of states and political subdivisions		7,871		791		-			8,662		8,035		826		-			8,861
Total investment securities	$	406,492	$	16,012	$	(565	)	$	421,939	$	393,816	$	17,621	$	(223	)	$	411,214

Investment securities amortized cost, maturities, and approximate fair value

The amortized cost, contractual maturities and estimated fair value of the Company's investment securities at March 31, 2013 (in thousands) are presented in the table below. Collateralized mortgage obligations ("CMOs") and mortgage-backed securities ("MBS") assume maturity dates pursuant to average lives.

	March 31, 2013
	Amortized		Estimated
	Cost		Fair Value
Securities available for sale:
Due in one year or less	$	42,434	$	43,232
Due from one to five years		116,217		123,531
Due from five to ten years		209,792		216,357
Due after ten years		30,178		30,157
Total securities available for sale		398,621		413,277
Securities held to maturity:
Due in one year or less		1,535		1,545
Due from one to five years		5,938		6,672
Due from five to ten years		398		445
Total securities held to maturity		7,871		8,662
Total investment securities	$	406,492	$	421,939

Proceeds from sales of securities available for sale and the associated realized securities gains and losses

The proceeds from sales of securities available for sale and the associated net realized gains follow (in thousands):

	Three Months Ended
	March 31,
	2013		2012
Proceeds	$	10,475	$	-

Gross realized gains		359		-
Gross realized losses		-		-
Net realized gains	$	359	$	-

Length of time individual securities for held-to-maturity and available-for-sale held in a continuous unrealized loss position

The table below indicates the length of time individual securities, both held to maturity and available for sale, have been held in a continuous unrealized loss position at the date indicated (in thousands).

			Less than 12 months				12 months or longer				Total
As of March 31, 2013	Number of		Estimated		Unrealized		Estimated		Unrealized		Estimated		Unrealized
Type of securities	Securities		Fair value		Losses		Fair value		Losses		Fair value		Losses
U.S. government agency securities		8	$	38,820	$	204	$	-	$	-	$	38,820	$	204
Collateralized mortgage obligations		3		10,177		69		-		-		10,177		69
Mortgage-backed securities		9		30,696		277		-		-		30,696		277
Corporate bonds		2		5,520		15		-		-		5,520		15
Total		22	$	85,213	$	565	$	-	$	-	$	85,213	$	565

			Less than 12 months				12 months or longer				Total
As of December 31, 2012	Number of		Estimated		Unrealized		Estimated		Unrealized		Estimated		Unrealized
Type of securities	Securities		Fair value		Losses		Fair value		Losses		Fair value		Losses
U.S. government agency securities		6	$	28,958	$	77	$	-	$	-	$	28,958	$	77
Collateralized mortgage obligations		2		7,878		80		-		-		7,878		80
Mortgage-backed securities		4		14,098		66		-		-		14,098		66
Total		12	$	50,934	$	223	$	-	$	-	$	50,934	$	223