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Securities (Tables)
12 Months Ended
Dec. 31, 2012
Securities [Abstract]  
Summarizes securities held for investment and securities available for sale

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  
   

 

 

   

 

 

 
Summarizes amortized cost and estimated fair values of securities held for investment

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  
   

 

 

   

 

 

   

 

 

   

 

 

 
Summarizes amortized cost and estimated fair values of securities available for sale

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.
Maturity of securities

The maturities of securities held for investment and available for sale are summarized in the following table using contractual maturities.

                                 
    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  
   

 

 

   

 

 

   

 

 

   

 

 

 
Proceeds from sales and calls, and realized securities gains and losses, on available for sale securities

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  
Company's book value of pledged securities

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  
Summary of securities with unrealized losses, segregated by the duration of the unrealized loss

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