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Securities
 3 Months Ended
Mar. 31, 2013
Securities [Abstract]  
SECURITIES

(3) SECURITIES

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

 

         
    March 31, 2013  
    (Dollars in thousands)  

Held for investment, at cost (fair value: $16,317)

   $ 16,099  

Available for sale, at fair value

     549,391  
   

 

 

  

Total

   $ 565,490  
   

 

 

  

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

 

                                 
    March 31, 2013  
    Amortized
Cost		     Gross
Unrealized
Gains		     Gross
Unrealized
Losses		     Estimated
Fair
Value		  
    (Dollars in thousands)  

Mortgage backed securities (1)

   $ 740     $ 56     $ —       $ 796  

States and political subdivisions

     15,359       170       (8 )      15,521  
   

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 16,099     $ 226     $ (8 )    $ 16,317  
   

 

 

    

 

 

    

 

 

    

 

 

  

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

 

                                 
    March 31, 2013  
    Amortized
Cost		     Gross
Unrealized
Gains		     Gross
Unrealized
Losses		     Estimated
Fair
Value		  
    (Dollars in thousands)  

U.S. treasury and other Federal agencies

   $ 459,301     $ 3,233     $ (155 )    $ 462,379  

Mortgage backed securities (1)

     17,212       764       (2 )      17,974  

States and political subdivisions

     52,858       2,646       (11 )      55,493  

Other securities (2)

     10,965       2,580       —         13,545  
   

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 540,336     $ 9,223     $ (168 )    $ 549,391  
   

 

 

    

 

 

    

 

 

    

 

 

  

 

(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, 2013  
    Amortized
Cost		     Estimated
Fair
Value		  
    (Dollars in thousands)  

Held for Investment

                

Contractual maturity of debt securities:

                

Within one year

   $ 4,590     $ 4,627  

After one year but within five years

     9,898       9,999  

After five years but within ten years

     1,179       1,212  

After ten years

     432       479  
   

 

 

    

 

 

  

Total

   $ 16,099     $ 16,317  
   

 

 

    

 

 

  

Available for Sale

                

Contractual maturity of debt securities:

                

Within one year

   $ 191,802     $ 192,015  

After one year but within five years

     219,323       221,790  

After five years but within ten years

     34,426       35,851  

After ten years

     87,206       89,611  
   

 

 

    

 

 

  

Total debt securities

     532,757       539,267  

Equity securities

     7,579       10,124  
   

 

 

    

 

 

  

Total

   $ 540,336     $ 549,391  
   

 

 

    

 

 

  

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, 2013  
    (Dollars in thousands)  

Book value of pledged securities

   $ 487,367