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Securities | 12 Months Ended
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Dec. 31, 2012
Securities [Abstract] |
SECURITIES | (4) SECURITIES The following table summarizes securities held for investment and securities available for sale:
|  | December 31, |
|  | 2012 |  |  | 2011 |
|  | (Dollars in thousands) |
Held for investment at cost (fair value: $16,689 and $22,958, respectively) |  | $ | 16,416 |  |  | $ | 22,477 |
Available for sale, at fair value |  |  | 546,126 |  |  |  | 592,500 |
Total |  | $ | 562,542 |  |  | $ | 614,977 |
The following table summarizes the amortized cost and estimated fair values of securities held for investment:
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
|  | (Dollars in thousands) |
December 31, 2012 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and other Federal agencies |  | $ | 781 |  |  | $ | 59 |  |  | $ | — |  |  | $ | 840 |
States and political subdivisions |  |  | 15,635 |  |  |  | 222 |  |  |  | (8 | ) |  |  | 15,849 |
Total |  | $ | 16,416 |  |  | $ | 281 |  |  | $ | (8 | ) |  | $ | 16,689 |
December 31, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and other Federal agencies |  | $ | 997 |  |  | $ | 75 |  |  | $ | — |  |  | $ | 1,072 |
States and political subdivisions |  |  | 21,480 |  |  |  | 406 |  |  |  | — |  |  |  | 21,886 |
Total |  | $ | 22,477 |  |  | $ | 481 |  |  | $ | — |  |  | $ | 22,958 |
The following table summarizes the amortized cost and estimated fair values of securities available for sale:
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
|  | (Dollars in thousands) |
December 31, 2012 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Federal agencies (1) |  | $ | 452,554 |  |  | $ | 3,654 |  |  | $ | (164 | ) |  | $ | 456,044 |
Mortgage backed securities |  |  | 19,100 |  |  |  | 825 |  |  |  | (1 | ) |  |  | 19,924 |
States and political subdivisions |  |  | 53,912 |  |  |  | 2,875 |  |  |  | (20 | ) |  |  | 56,767 |
Other securities (2) |  |  | 10,843 |  |  |  | 2,562 |  |  |  | (14 | ) |  |  | 13,391 |
Total |  | $ | 536,409 |  |  | $ | 9,916 |  |  | $ | (199 | ) |  | $ | 546,126 |
December 31, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Federal agencies (1) |  | $ | 481,486 |  |  | $ | 6,673 |  |  | $ | (116 | ) |  | $ | 488,043 |
Mortgage backed securities |  |  | 28,984 |  |  |  | 615 |  |  |  | (13 | ) |  |  | 29,586 |
States and political subdivisions |  |  | 60,239 |  |  |  | 2,490 |  |  |  | (20 | ) |  |  | 62,709 |
Other securities (2) |  |  | 7,222 |  |  |  | 4,940 |  |  |  | — |  |  |  | 12,162 |
Total |  | $ | 577,931 |  |  | $ | 14,718 |  |  | $ | (149 | ) |  | $ | 592,500 |
(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.
|  | December 31, |
|  | 2012 |  |  | 2011 |
|  | Amortized Cost |  |  | Estimated Fair Value |  |  | Amortized Cost |  |  | Estimated Fair Value |
|  | (Dollars in thousands) |
Held for Investment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contractual maturity of debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Within one year |  | $ | 4,180 |  |  | $ | 4,227 |  |  | $ | 5,845 |  |  | $ | 5,908 |
After one year but within five years |  |  | 10,360 |  |  |  | 10,496 |  |  |  | 13,967 |  |  |  | 14,256 |
After five years but within ten years |  |  | 1,400 |  |  |  | 1,438 |  |  |  | 1,883 |  |  |  | 1,943 |
After ten years |  |  | 476 |  |  |  | 528 |  |  |  | 782 |  |  |  | 851 |
Total |  | $ | 16,416 |  |  | $ | 16,689 |  |  | $ | 22,477 |  |  | $ | 22,958 |
Available for Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contractual maturity of debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Within one year |  | $ | 144,666 |  |  | $ | 145,027 |  |  | $ | 105,169 |  |  | $ | 107,109 |
After one year but within five years |  |  | 256,890 |  |  |  | 259,475 |  |  |  | 317,979 |  |  |  | 321,661 |
After five years but within ten years |  |  | 36,764 |  |  |  | 38,306 |  |  |  | 61,412 |  |  |  | 63,358 |
After ten years |  |  | 90,626 |  |  |  | 93,293 |  |  |  | 86,149 |  |  |  | 88,210 |
Total debt securities |  |  | 528,946 |  |  |  | 536,101 |  |  |  | 570,709 |  |  |  | 580,338 |
Equity securities |  |  | 7,463 |  |  |  | 10,025 |  |  |  | 7,222 |  |  |  | 12,162 |
Total |  | $ | 536,409 |  |  | $ | 546,126 |  |  | $ | 577,931 |  |  | $ | 592,500 |
The following is a detail of proceeds from sales and calls, and realized securities gains and losses, on available for sale securities:
|  | Year Ended December 31, |
|  | 2012 |  |  | 2011 |  |  | 2010 |
|  | (Dollars in thousands) |
Proceeds |  | $ | 10,425 |  |  | $ | 94,658 |  |  | $ | 5,783 |
Gross gains realized |  |  | 5,575 |  |  |  | 1,940 |  |  |  | 528 |
Gross losses realized |  |  | 660 |  |  |  | 342 |  |  |  | 204 |
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:
|  | Year Ended December 31, |
|  | 2012 |  |  | 2011 |
|  | (Dollars in thousands) |
Book value of pledged securities |  | $ | 499,244 |  |  | $ | 527,211 |
The following table summarizes securities with unrealized losses, segregated by the duration of the unrealized loss, at December 31, 2012 and 2011 respectively:
|  | Less than 12 Months |  |  | More than 12 Months |  |  | Total |
|  | Estimated Fair Value |  |  | Unrealized Losses |  |  | Estimated Fair Value |  |  | Unrealized Losses |  |  | Estimated Fair Value |  |  | Unrealized Losses |
|  | (Dollars in thousands) |
December 31, 2012 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Held for Investment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Federal agencies |  | $ | — |  |  | $ | — |  |  | $ | 6 |  |  | $ | — |  |  | $ | 6 |  |  | $ | — |
States and political subdivisions |  |  | 115 |  |  |  | — |  |  |  | 1,327 |  |  |  | 8 |  |  |  | 1,442 |  |  |  | 8 |
Total |  | $ | 115 |  |  | $ | — |  |  | $ | 1,333 |  |  | $ | 8 |  |  | $ | 1,448 |  |  | $ | 8 |
Available for Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Federal agencies |  | $ | 20,072 |  |  | $ | 7 |  |  | $ | 151,701 |  |  | $ | 158 |  |  | $ | 171,773 |  |  | $ | 165 |
States and political subdivisions |  |  | 928 |  |  |  | 3 |  |  |  | 1,505 |  |  |  | 17 |  |  |  | 2,433 |  |  |  | 20 |
Other |  |  | — |  |  |  | — |  |  |  | 3,366 |  |  |  | 14 |  |  |  | 3,366 |  |  |  | 14 |
Total |  | $ | 21,000 |  |  | $ | 10 |  |  | $ | 156,572 |  |  | $ | 189 |  |  | $ | 177,572 |  |  | $ | 199 |
December 31, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Held for Investment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Federal agencies |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
States and political subdivisions |  |  | 205 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 205 |  |  |  | — |
Total |  | $ | 205 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 205 |  |  | $ | — |
Available for Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Federal agencies |  | $ | — |  |  | $ | — |  |  | $ | 148,576 |  |  | $ | 116 |  |  | $ | 148,576 |  |  | $ | 116 |
States and political subdivisions |  |  | 40 |  |  |  | — |  |  |  | 3,571 |  |  |  | 33 |  |  |  | 3,611 |  |  |  | 33 |
Total |  | $ | 40 |  |  | $ | — |  |  | $ | 152,147 |  |  | $ | 149 |  |  | $ | 152,187 |  |  | $ | 149 |
Declines in the fair value of held for investment and available-for-sale securities below their cost that are deemed to be other than temporary are reflected in earnings as realized losses. In estimating other-than-temporary impairment losses, management considers, among other things, (i) the length of time and the extent to which the fair value has been less than cost, (ii) the financial condition and near-term prospects of the issuer, and (iii) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. Management has the ability and intent to hold the securities classified as held for investment until they mature, at which time the Company will receive full value for the securities. Furthermore, as of December 31, 2012 and 2011, the Company also had the ability and intent to hold the securities classified as available for sale for a period of time sufficient for a recovery of cost. The unrealized losses are largely due to increases in market interest rates over the yields available at the time the underlying debt securities were purchased. The fair value is expected to recover as the securities approach their maturity date or repricing date or if market yields for such investments decline. Management does not believe any of the securities are impaired due to reasons of credit quality and therefore has not recognized any impairment in the Company’s consolidated statement of comprehensive income.

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