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Securities
 9 Months Ended
Sep. 30, 2012
Securities [Abstract]  
SECURITIES
(3) SECURITIES

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

 

         
    September 30, 2012  
    (Dollars in thousands)  

Held for investment, at cost (market value: $17,080)

   $ 16,769  

Available for sale, at market value

     523,706  
   

 

 

  

Total

   $  540,475  
   

 

 

  

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

 

                                 
    September 30, 2012  
    Amortized
Cost		     Gross
Unrealized
Gains		     Gross
Unrealized
Losses		     Estimated
Market
Value		  
    (Dollars in thousands)  

U.S. treasury and other Federal agencies

   $ 844     $ 65     $ —       $ 909  

States and political subdivisions

     15,925       254       (8 )      16,171  
   

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 16,769     $ 319     $ (8 )    $ 17,080  
   

 

 

    

 

 

    

 

 

    

 

 

  

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

 

                                 
    September 30, 2012  
    Amortized
Cost		     Gross
Unrealized
Gains		     Gross
Unrealized
Losses		     Estimated
Market
Value		  
    (Dollars in thousands)  

U.S. Federal agencies (1)

   $ 429,163     $ 4,126     $ (158 )    $ 433,131  

Mortgage backed securities

     21,453       939       (2 )      22,390  

States and political subdivisions

     54,631       3,219       (21 )      57,829  

Other securities (2)

     8,145       2,233       (22 )      10,356  
   

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 513,392     $ 10,517     $ (203 )    $ 523,706  
   

 

 

    

 

 

    

 

 

    

 

 

  

 

(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.

 

                 
    September 30, 2012  
    Amortized
Cost		     Estimated
Market
Value		  
    (Dollars in thousands)  

Held for Investment

                

Contractual maturity of debt securities:

                

Within one year

   $ 4,000     $ 4,069  

After one year but within five years

     9,355       9,484  

After five years but within ten years

     2,825       2,878  

After ten years

     589       649  
   

 

 

    

 

 

  

Total

   $ 16,769     $ 17,080  
   

 

 

    

 

 

  

Available for Sale

                

Contractual maturity of debt securities:

                

Within one year

   $ 117,905     $ 118,531  

After one year but within five years

     252,639       255,416  

After five years but within ten years

     41,284       43,218  

After ten years

     93,419       96,185  
   

 

 

    

 

 

  

Total debt securities

     505,247       513,350  

Equity securities

     8,145       10,356  
   

 

 

    

 

 

  

Total

   $ 513,392     $ 523,706  
   

 

 

    

 

 

  

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:

 

         
    September 30, 2012  
    (Dollars in thousands)  

Book value of pledged securities

   $  453,005