(4) SECURITIES

The following table summarizes securities held for investment and securities available for sale:


	March 31, 2012
	(Dollars in thousands)
Held for investment, at cost (market value: $21,788)	$	21,359
Available for sale, at market value		552,442

Total	$	573,801

The following table summarizes the amortized cost and estimated market values of securities held for investment:


	March 31, 2012
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Market Value
	(Dollars in thousands)
U.S. treasury and other Federal agencies	$	950	$	74	$	—	$	1,024
States and political subdivisions		20,409		355		—		20,764

Total	$	21,359	$	429	$	—	$	21,788

The following table summarizes the amortized cost and estimated market values of securities available for sale:


	March 31, 2012
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Market Value
	(Dollars in thousands)
U.S. Federal agencies (1)	$	447,995	$	5,375	$	(123	)	$	453,247
Mortgage backed securities		26,519		840		(3	)		27,356
States and political subdivisions		59,838		2,650		(22	)		62,466
Other securities (2)		6,498		2,875		—			9,373

Total	$	540,850	$	11,740	$	(148	)	$	552,442

(1)	Primarily consists of FHLMC, FNMA, GNMA and mortgage backed securities through U.S. agencies.

(2)	Primarily consists of equity securities.

The maturities of securities held for investment and available for sale are summarized in the following table using contractual maturities. Actual maturities may differ from contractual maturities due to obligations that are called or prepaid. For purposes of the maturity table, mortgage-backed securities, which are not due at a single maturity date, have been presented at their contractual maturity.


	March 31, 2012
	Amortized Cost		Estimated Market Value
	(Dollars in thousands)
Held for Investment
Contractual maturity of debt securities:
Within one year	$	5,050	$	5,082
After one year but within five years		13,897		14,164
After five years but within ten years		1,741		1,804
After ten years		671		738

Total	$	21,359	$	21,788

Available for Sale
Contractual maturity of debt securities:
Within one year	$	76,102	$	77,447
After one year but within five years		319,115		322,207
After five years but within ten years		55,372		57,277
After ten years		83,763		86,138

Total debt securities		534,352		543,069
Equity securities		6,498		9,373

Total	$	540,850	$	552,442

The following table is a summary of the Company's book value of securities that were pledged as collateral for public funds on deposit, repurchase agreements and for other purposes as required or permitted by law:


	March 31, 2012
	(Dollars in thousands)
Book value of pledged securities	$	499,578