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Securities (Tables)

9 Months Ended

Sep. 30, 2013

Securities [Abstract]

Amortized cost and fair value of securities

The amortized cost and fair value of securities at September 30, 2013 are summarized as follows:

Available-for-Sale

(in thousands)		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
U.S. Treasury and government agencies		$	66,049			$	284			$	(3,817	)		$	62,516
State and political subdivisions			118,708				2,261				(2,604	)			118,365
U.S. government sponsored agency mortgage-backed securities			429,547				5,676				(5,706	)			429,517
Total debt securities			614,304				8,221				(12,127	)			610,398
Marketable equity securities			55,000				0				(1,482	)			53,518
Total available-for-sale securities		$	669,304			$	8,221			$	(13,609	)		$	663,916

Held-to-Maturity

(in thousands)		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
U.S. Treasury and government agencies		$	480			$	0			$	(49	)		$	431
State and political subdivisions			1,182				1				0				1,183
Total held-to-maturity securities		$	1,662			$	1			$	(49	)		$	1,614

The amortized cost and fair value of securities as of December 31, 2012 are summarized as follows:

Available-for-Sale

(in thousands)		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
U.S. Treasury and government agencies		$	60,625			$	463			$	(173	)		$	60,915
State and political subdivisions			107,987				5,369				(135	)			113,221
U.S. government sponsored agency mortgage-backed securities			370,246				13,347				(12	)			383,581
Total debt securities			538,858				19,179				(320	)			557,717
Marketable equity securities			45,000				791				(165	)			45,626
Total available-for-sale securities		$	583,858			$	19,970			$	(485	)		$	603,343

Held-to-Maturity

(in thousands)		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
U.S. Treasury and government agencies		$	480			$	0			$	(4	)		$	476
State and political subdivisions			1,182				1				0				1,183
Total held-to-maturity securities		$	1,662			$	1			$	(4	)		$	1,659

Amortized cost and fair value of securities by contractual maturity

The amortized cost and fair value of securities at September 30, 2013 by contractual maturity are shown below.  Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

		Available-for-Sale								Held-to-Maturity
(in thousands)		Amortized Cost				Fair Value				Amortized Cost				Fair Value
Due in one year or less		$	4,305			$	4,326			$	0			$	0
Due after one through five years			23,044				23,774				0				0
Due after five through ten years			120,948				117,093				1,182				1,183
Due after ten years			36,460				35,688				480				431
U.S. government sponsored agency mortgage-backed securities			429,547				429,517				0				0
Total debt securities			614,304				610,398				1,662				1,614
Marketable equity securities			55,000				53,518				0				0
Total securities		$	669,304			$	663,916			$	1,662			$	1,614

Available for sale securities and Held-to-maturity securities, continuous unrealized loss position

The following tables provide the amortized cost, gross unrealized losses, and fair market value, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position as of September 30, 2013 that are not deemed to be other-than-temporarily impaired.

Available-for-Sale

(in thousands)		Amortized Cost				Gross Unrealized Losses				Fair Value
Less Than 12 Months
U.S. Treasury and government agencies		$	55,516			$	(3,817	)		$	51,699
State and political subdivisions			60,407				(2,568	)			57,839
U.S. government sponsored agency mortgage-backed securities			240,284				(5,698	)			234,586
Total debt securities			356,207				(12,083	)			344,124
Marketable equity securities			55,000				(1,482	)			53,518
Total <12 months temporarily impaired AFS securities			411,207				(13,565	)			397,642
12 Months or More
State and political subdivisions			1,407				(36	)			1,371
U.S. government sponsored agency mortgage-backed securities			7,282				(8	)			7,274
Total ≥12 months temporarily impaired AFS securities			8,689				(44	)			8,645
Total
U.S. Treasury and government agencies			55,516				(3,817	)			51,699
State and political subdivisions			61,814				(2,604	)			59,210
U.S. government sponsored agency mortgage-backed securities			247,566				(5,706	)			241,860
Total debt securities			364,896				(12,127	)			352,769
Marketable equity securities			55,000				(1,482	)			53,518
Total temporarily impaired AFS securities		$	419,896			$	(13,609	)		$	406,287

Held-to-Maturity

(in thousands)		Amortized Cost				Gross Unrealized Losses				Fair Value
Less Than 12 Months
U.S. Treasury and government agencies		$	480			$	(49	)		$	431
Total temporarily impaired HTM securities		$	480			$	(49	)		$	431

The analysis performed as of December 31, 2012 indicated that all impairment was considered temporary, market driven, and not credit-related.  The following tables provide the amortized cost, gross unrealized losses, and fair market value, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position as of December 31, 2012 that are not deemed to be other-than-temporarily impaired.

Available-for-Sale

(in thousands)		Amortized Cost				Gross Unrealized Losses				Fair Value
Less Than 12 Months
U.S. Treasury and government agencies		$	47,576			$	(173	)		$	47,403
State and political subdivisions			11,126				(135	)			10,991
U.S. government sponsored agency mortgage-backed securities			10,563				(12	)			10,551
Total debt securities			69,265				(320	)			68,945
Marketable equity securities			20,000				(165	)			19,835
Total temporarily impaired AFS securities		$	89,265			$	(485	)		$	88,780

Held-to-Maturity

(in thousands)		Amortized Cost				Gross Unrealized Losses				Fair Value
Less Than 12 Months
U.S. Treasury and government agencies		$	480			$	(4	)		$	476
Total temporarily impaired HTM securities		$	480			$	(4	)		$	476

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- Definition

Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

+ References

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- Definition

For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27290-111563

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Tabular disclosure of unrealized gains and losses on investments.

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