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Investments | 9 Months Ended
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Sep. 30, 2013
Investments [Abstract] |
Investments | INVESTMENTS The following table presents the amortized cost, gross unrealized gains and losses and fair value of securities available-for-sale:
| September 30, 2013
(in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Available for sale securities: |  |  |  |  |  |  |
Obligations of U.S. Government-sponsored enterprises | $ | 93,680 |  |  | $ | 599 |  |  | $ | (305 | ) |  | $ | 93,974 |
Obligations of states and political subdivisions | 51,702 |  |  | 1,079 |  |  | (1,588 | ) |  | 51,193 |
Residential mortgage-backed securities | 310,907 |  |  | 3,127 |  |  | (6,155 | ) |  | 307,879 |
| $ | 456,289 |  |  | $ | 4,805 |  |  | $ | (8,048 | ) |  | $ | 453,046 |
| December 31, 2012
(in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Available for sale securities: |  |  |  |  |  |  |
Obligations of U.S. Government-sponsored enterprises | $ | 149,039 |  |  | $ | 3,329 |  |  | $ | — |  |  | $ | 152,368 |
Obligations of states and political subdivisions | 51,202 |  |  | 2,279 |  |  | (478 | ) |  | 53,003 |
Residential mortgage-backed securities | 427,221 |  |  | 7,884 |  |  | (264 | ) |  | 434,841 |
| $ | 627,462 |  |  | $ | 13,492 |  |  | $ | (742 | ) |  | $ | 640,212 |
At September 30, 2013, and December 31, 2012, there were no holdings of securities of any one issuer in an amount greater than 10% of shareholders’ equity, other than the U.S. government agencies and sponsored enterprises. The residential mortgage-backed securities are all issued by U.S. government sponsored enterprises. Available for sale securities having a fair value of $227.5 million and $359.3 million at September 30, 2013, and December 31, 2012, respectively, were pledged as collateral to secure deposits of public institutions and for other purposes as required by law or contract provisions. The amortized cost and estimated fair value of debt securities classified as available for sale at September 30, 2013, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The weighted average life of the mortgage-backed securities is approximately 5 years.
(in thousands) | Amortized Cost |  | Estimated Fair Value
Due in one year or less | $ | 885 |  |  | $ | 892 |
Due after one year through five years | 107,062 |  |  | 107,703 |
Due after five years through ten years | 23,333 |  |  | 23,516 |
Due after ten years | 14,102 |  |  | 13,056 |
Mortgage-backed securities | 310,907 |  |  | 307,879 |
| $ | 456,289 |  |  | $ | 453,046 |
The following table represents a summary of available-for-sale investment securities that had an unrealized loss:
| September 30, 2013
Less than 12 months |  | 12 months or more |  | Total
(in thousands) | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Obligations of U.S. Government-sponsored enterprises | $ | 30,355 |  |  | $ | 305 |  |  | $ | — |  |  | $ | — |  |  | $ | 30,355 |  |  | $ | 305 |
Obligations of states and political subdivisions | $ | 20,306 |  |  | $ | 1,230 |  |  | $ | 3,042 |  |  | $ | 358 |  |  | $ | 23,348 |  |  | $ | 1,588 |
Residential mortgage-backed securities | 188,849 |  |  | 5,692 |  |  | 8,779 |  |  | 463 |  |  | 197,628 |  |  | 6,155 |
| $ | 239,510 |  |  | $ | 7,227 |  |  | $ | 11,821 |  |  | $ | 821 |  |  | $ | 251,331 |  |  | $ | 8,048 |
| December 31, 2012
Less than 12 months |  | 12 months or more |  | Total
(in thousands) | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Obligations of states and political subdivisions | 6,434 |  |  | 122 |  |  | 3,389 |  |  | 356 |  |  | 9,823 |  |  | 478 |
Residential mortgage-backed securities | 40,471 |  |  | 143 |  |  | 11,266 |  |  | 121 |  |  | 51,737 |  |  | 264 |
| $ | 46,905 |  |  | $ | 265 |  |  | $ | 14,655 |  |  | $ | 477 |  |  | $ | 61,560 |  |  | $ | 742 |
The unrealized losses at both September 30, 2013, and December 31, 2012, were primarily attributable to changes in market interest rates since the securities were purchased. Management systematically evaluates investment securities for other-than-temporary declines in fair value on a quarterly basis. This analysis requires management to consider various factors, which include (1) the present value of the cash flows expected to be collected compared to the amortized cost of the security, (2) duration and magnitude of the decline in value, (3) the financial condition of the issuer or issuers, (4) structure of the security and (5) the intent to sell the security or whether it is more likely than not that the Company would be required to sell the security before its anticipated recovery in market value. At September 30, 2013, management performed its quarterly analysis of all securities with an unrealized loss and concluded no individual securities were other-than-temporarily impaired. The gross gains and gross losses realized from sales of available-for-sale investment securities were as follows:
| Three months ended September 30, |  | Nine months ended September 30,
(in thousands) | 2013 |  | 2012 |  | 2013 |  | 2012
Gross gains realized | $ | 611 |  |  | $ | — |  |  | $ | 1,477 |  |  | $ | 1,399 |
Gross losses realized | — |  |  | — |  |  | (182 | ) |  | (243 | )
Proceeds from sales | 36,710 |  |  | — |  |  | 159,604 |  |  | 110,876 |

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