(5)	Securities

The amortized cost, estimated fair value, and unrealized gains and losses of securities available for sale are as follows:

(In thousands)	Amortized cost		Unrealized gains		Unrealized losses		Estimated fair value
December 31, 2012
U.S. Treasury	$	63,668	$	757	$	-	$	64,425
Federal Agency		281,398		1,507		91		282,814
State & municipal		82,675		4,127		-		86,802
Mortgage-backed		237,461		12,820		-		250,281
Collateralized mortgage obligations		443,972		5,751		-		449,723
Corporate		-		-		-		-
Other securities		11,210		2,832		88		13,954
Total securities available for sale	$	1,120,384	$	27,794	$	179	$	1,147,999
December 31, 2011
U.S. Treasury	$	81,006	$	1,228	$	-	$	82,234
Federal Agency		254,983		879		16		255,846
State & municipal		99,176		5,624		11		104,789
Mortgage-backed		310,767		14,629		-		325,396
Collateralized mortgage obligations		459,067		6,458		51		465,474
Corporate		-		-		-		-
Other securities		8,935		2,021		76		10,880
Total securities available for sale	$	1,213,934	$	30,839	$	154	$	1,244,619

In the available for sale category at December 31, 2012, federal agency securities were comprised of Government-Sponsored Enterprise ("GSE") securities; mortgaged-backed securities were comprised of GSEs with an amortized cost of $221.1 million and a fair value of $232.3 million and US Government Agency securities with an amortized cost of $16.4 million and a fair value of $18.0 million; Collateral Mortgage Obligations ("CMOs") were comprised of GSEs with an amortized cost of $399.2 million and a fair value of $403.6 million and U.S. Government Agency securities with an amortized cost of $44.8 million and a fair value of $46.2 million. At December 31, 2012, all of the mortgaged-backed securities held to maturity were comprised of U.S. Government Agency securities.

In the available for sale category at December 31, 2011, federal agency securities were comprised of GSE securities; mortgaged-backed securities were comprised of GSEs with an amortized cost of $290.2 million and a fair value of $303.0 million and U.S. Government Agency securities with an amortized cost of $20.5 million and a fair value of $22.4 million; CMOs were comprised of GSEs with an amortized cost of $398.3 million and a fair value of $402.4 million and U.S. Government Agency securities with an amortized cost of $60.8 million and a fair value of $63.1 million.

The following table sets forth information with regard to sales transactions of securities available for sale:

	Years ended December 31
(In thousands)	2012		2011			2010
Proceeds from sales	$	1,790	$	2,437		$	103,253
Gross realized gains	$	442	$	7		$	3,170
Gross realized losses		-		(165	)		(25	)
Net securities gains (losses)	$	442	$	(158	)	$	3,145

In addition to gains (losses) from sales transactions, the Company also recorded gains from calls on securities available for sale of approximately $0.2 million for the year ended December 31, 2012, $0.3 million for the year ended December 31, 2011, and $0.1 million for the year ended December 31, 2010.

At December 31, 2012 and 2011, securities available for sale with amortized costs totaling $1.2 billion, respectively, were pledged to secure public deposits and for other purposes required or permitted by law. Additionally, at December 31, 2012, securities available for sale with an amortized cost of $209.0 million were pledged as collateral for securities sold under the repurchase agreements.

The amortized cost, estimated fair value, and unrealized gains and losses of securities held to maturity are as follows:

	Amortized		Unrealized		Unrealized		Estimated
(In thousands)	cost		gains		losses		fair value
December 31, 2012
Mortgage-backed	$	1,168	$	184	$	-	$	1,352
State & municipal		59,395		788		-		60,183
Total securities held to maturity	$	60,563	$	972	$	-	$	61,535
December 31, 2011
Mortgage-backed	$	1,447	$	213	$	-	$	1,660
State & municipal		69,364		1,174		-		70,538
Total securities held to maturity	$	70,811	$	1,387	$	-	$	72,198

At December 31, 2012 and 2011, all of the mortgaged-backed securities held to maturity were comprised of U.S. Government Agency securities.

The following table sets forth information with regard to investment securities with unrealized losses at December 31, 2012 and 2011, segregated according to the length of time the securities had been in a continuous unrealized loss position:

	Less than 12 months							12 months or longer							Total
Security Type:	Fair Value		Unrealized losses			Number of Positions		Fair Value		Unrealized losses			Number of Positions		Fair Value		Unrealized losses			Number of Positions

December 31, 2012
U.S. Treasury	$	-	$	-			-	$	-	$	-			-	$	-	$	-			-
Federal agency		39,906		(91	)		4		-		-			-		39,906		(91	)		4
State & municipal		-		-			-		-		-			-		-		-			-
Mortgage-backed		-		-			-		-		-			-		-		-			-
Collateralized mortgage obligations		23		-			2		-		-			-		23		-			2
Other securities		468		(6	)		1		167		(82	)		1		635		(88	)		2
Total securities with unrealized losses	$	40,397	$	(97	)		7	$	167	$	(82	)		1	$	40,564	$	(179	)		8

December 31, 2011
U.S. Treasury	$	-	$	-			-	$	-	$	-			-	$	-	$	-			-
Federal agency		34,996		(16	)		3		-		-			-		34,996		(16	)		3
State & municipal		957		(10	)		3		377		(1	)		2		1,334		(11	)		5
Mortgage-backed		-		-			-		-		-			-		-		-			-
Collateralized mortgage obligations		27,368		(51	)		3		-		-			-		27,368		(51	)		3
Other securities		645		(76	)		2		-		-			-		645		(76	)		2
Total securities with unrealized losses	$	63,966	$	(153	)		11	$	377	$	(1	)		2	$	64,343	$	(154	)		13

Management has the intent to hold the securities classified as held to maturity until they mature, at which time it is believed the Company will receive full value for the securities. Furthermore, as of December 31, 2012, management also had intent to hold, and will not be required to sell, the securities classified as available for sale for a period of time sufficient for a recovery of cost, which may be until maturity. The unrealized losses are due to increases in market interest rates over the yields available at the time the underlying securities were purchased. When necessary, the Company has performed a discounted cash flow analysis to determine whether or not it will receive the contractual principal and interest on certain securities. The fair value is expected to recover as the bonds approach their maturity date or repricing date or if market yields for such investments decline. As of December 31, 2012, management believes the impairments detailed in the table above are temporary and no other-than-temporary impairment losses have been realized in the Company's consolidated statements of income.

The following tables set forth information with regard to contractual maturities of debt securities at December 31, 2012:

(In thousands)	Amortized cost		Estimated fair value
Debt securities classified as available for sale
Within one year	$	26,678	$	26,788
From one to five years		193,142		195,953
From five to ten years		311,575		319,229
After ten years		577,779		592,075
	$	1,109,174	$	1,134,045
Debt securities classified as held to maturity
Within one year	$	25,184	$	25,258
From one to five years		27,413		28,118
From five to ten years		5,425		5,434
After ten years		2,541		2,725
	$	60,563	$	61,535

Maturities of mortgage-backed, CMOs and asset-backed securities are stated based on their estimated average lives. Actual maturities may differ from estimated average lives or contractual maturities because, in certain cases, borrowers have the right to call or prepay obligations with or without call or prepayment penalties.

Except for U.S. Government securities, there were no holdings, when taken in the aggregate, of any single issuer that exceeded 10% of consolidated stockholders' equity at December 31, 2012 and 2011.