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INVESTMENT SECURITIES | 12 Months Ended
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Dec. 31, 2011
Investments, Debt and Equity Securities [Abstract] |
INVESTMENT SECURITIES | Note 2 INVESTMENT SECURITIES Investment Portfolio Composition. The amortized cost and related market value of investment securities available-for-sale at December 31, were as follows:
| 2011 |
(Dollars in Thousands) | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Market Value |
U.S. Government Treasury | $ | 168,001 |  |  | $ | 1,463 |  |  | $ | - |  |  | $ | 169,464 |
U.S. Government Agency |  | 14,758 |  |  |  | 27 |  |  |  | 48 |  |  |  | 14,737 |
States and Political Subdivisions |  | 58,946 |  |  |  | 186 |  |  |  | 38 |  |  |  | 59,094 |
Mortgage-Backed Securities |  | 51,775 |  |  |  | 809 |  |  |  | 87 |  |  |  | 52,497 |
Other Securities(1) |  | 11,957 |  |  |  | - |  |  |  | 600 |  |  |  | 11,357 |
Total Investment Securities | $ | 305,437 |  |  | $ | 2,485 |  |  | $ | 773 |  |  | $ | 307,149 |
| 2010 |
(Dollars in Thousands) | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Market Value |
U.S. Government Treasury | $ | 160,913 |  |  | $ | 1,371 |  |  | $ | 134 |  |  | $ | 162,150 |
U.S. Government Agency |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
States and Political Subdivisions |  | 78,990 |  |  |  | 319 |  |  |  | 9 |  |  |  | 79,300 |
Mortgage-Backed Securities |  | 56,099 |  |  |  | 678 |  |  |  | 560 |  |  |  | 56,217 |
Other Securities(1) |  | 12,664 |  |  |  | - |  |  |  | 600 |  |  |  | 12,064 |
Total Investment Securities | $ | 308,666 |  |  | $ | 2,368 |  |  | $ | 1,303 |  |  | $ | 309,731 |
| (1) | Includes Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank stock recorded at cost of $6.5 million and $4.8 million, respectively, at December 31, 2011 and $7.2 million and $4.8 million, respectively, at December 31, 2010. No ready market exists for these stocks, and they have no quoted market value. However, redemption of these stocks has historically been at par value.
Securities with an amortized cost of $102.1 million and $131.6 million at December 31, 2011 and 2010, respectively, were pledged to secure public deposits and for other purposes. The Company’s subsidiary, CCB, as a member of the FHLB of Atlanta, is required to own capital stock in the FHLB of Atlanta based generally upon the balances of residential and commercial real estate loans, and FHLB advances. FHLB stock of $6.5 million which is included in other securities is pledged to secure FHLB advances. Investment Sales. The total proceeds from the sale or call of investment securities and the gross realized gains and losses from the sale or call of such securities for each of the last three years are as follows:
(Dollars in Thousands) | Year |  | Total Proceeds |  |  | Gross Realized Gains |  |  | Gross Realized Losses |
| 2011 |  | $ | 321 |  |  | $ | - |  |  | $ | - |
| 2010 |  | $ | 3,640 |  |  | $ | 8 |  |  | $ | - |
| 2009 |  | $ | 5,316 |  |  | $ | 10 |  |  | $ | - |
Maturity Distribution. As of December 31, 2011, the Company's investment securities had the following maturity distribution based on contractual maturities:
(Dollars in Thousands) |  | Amortized Cost |  | Market Value
Due in one year or less | $ | 127,800 |  | $ | 128,164 |
Due after one through five years |  | 164,490 |  |  | 166,340 |
Due after five through ten years |  | 1,190 |  |  | 1,288 |
Due over ten years |  | - |  |  | - |
No Maturity |  | 11,957 |  |  | 11,357 |
Total Investment Securities | $ | 305,437 |  | $ | 307,149 |
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. Other Than Temporarily Impaired Securities. The following table summarizes the investment securities with unrealized losses at December 31, aggregated by major security type and length of time in a continuous unrealized loss position:
|  |  | 2011 |  |  |
| Less Than 12 Months |  | Greater Than 12 Months |  | Total |
(Dollars in Thousands) | Market Value |  | Unrealized Losses |  | Market Value |  | Unrealized Losses |  | Market Value |  | Unrealized Losses |
U.S. Government Treasury |  | $ | 9,698 |  |  | $ | 48 |  |  | $ | - |  |  | $ | - |  |  | $ | 9,698 |  |  | $ | 48 |
U.S. Government Agency |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
States and Political Subdivisions |  |  | 14,597 |  |  |  | 38 |  |  |  | - |  |  |  | - |  |  |  | 14,597 |  |  |  | 38 |
Mortgage-Backed Securities |  |  | 11,612 |  |  |  | 87 |  |  |  | 37 |  |  |  | - |  |  |  | 11,649 |  |  |  | 87 |
Other Securities |  |  | - |  |  |  | - |  |  |  | 600 |  |  |  | 600 |  |  |  | 600 |  |  |  | 600 |
Total Investment Securities |  | $ | 35,907 |  |  | $ | 173 |  |  | $ | 637 |  |  | $ | 600 |  |  | $ | 36,544 |  |  | $ | 773 |
|  |  | 2010 |  |  |
| Less Than 12 Months |  | Greater Than 12 Months |  | Total |
(Dollars in Thousands) | Market Value |  | Unrealized Losses |  | Market Value |  | Unrealized Losses |  | Market Value |  | Unrealized Losses |
U.S. Government Treasury |  | $ | 36,103 |  |  | $ | 134 |  |  | $ | - |  |  | $ | - |  |  | $ | 36,103 |  |  | $ | 134 |
U.S. Government Agency |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
States and Political Subdivisions |  |  | 4,622 |  |  |  | 9 |  |  |  | - |  |  |  | - |  |  |  | 4,622 |  |  |  | 9 |
Mortgage-Backed Securities |  |  | 33,990 |  |  |  | 560 |  |  |  | - |  |  |  | - |  |  |  | 33,990 |  |  |  | 560 |
Other Securities |  |  | - |  |  |  | - |  |  |  | 600 |  |  |  | 600 |  |  |  | 600 |  |  |  | 600 |
Total Investment Securities |  | $ | 74,715 |  |  | $ | 703 |  |  | $ | 600 |  |  | $ | 600 |  |  | $ | 75,315 |  |  | $ | 1,303 |
Management evaluates securities for other than temporary impairment at least quarterly, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to: 1) the length of time and the extent to which the fair value has been less than amortized cost, 2) the financial condition and near-term prospects of the issuer, and 3) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for recovery in the fair value above amortized cost. In analyzing an issuer’s financial condition, management considers whether the securities are issued by the federal government or its agencies, whether downgrades by rating agencies have occurred, regulatory and analysts’ report. At December 31, 2011, the Company had securities of $305.4 million with net pre-tax unrealized gains of $1.7 million on these securities, of which $36.5 million have unrealized losses totaling $0.8 million. Approximately $0.2 million of these securities have been in a loss position for less than 12 months. These securities are primarily in a loss position because they were acquired when the general level of interest rates was lower than that on December 31, 2011. The Company believes that the losses in these securities are temporary in nature and that the full principal will be collected as anticipated. Because the declines in the market value of these investments are attributable to changes in interest rates and not credit quality and because the Company has the ability and intent to hold these investments until there is a recovery in fair value, which may be at maturity, the Company does not consider these investments to be other-than-temporarily impaired at December 31, 2011. One preferred bank stock issue for $0.6 million has been in a loss position for greater than 12 months.

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- Definition Tabular disclosure of investments in certain debt and equity securities (and certain other trading assets) which include all debt and equity securities (other than those equity securities accounted for under the equity or cost methods of accounting) with readily determinable fair values. Other trading assets include assets that are carried on the balance sheet at fair value and held for trading purposes. A debt security represents a creditor relationship with an enterprise that is in the form of a security. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt. An entity may opt to provide the reader with additional narrative text to better understand the nature of investments in debt and equity securities (and other trading assets). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27405-111563 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6379141&loc=d3e15032-111544 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Equity Security -URI http://asc.fasb.org/extlink&oid=6511694 -Topic 320 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27161-111563 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Debt Security -URI http://asc.fasb.org/extlink&oid=6509901 -Topic 320 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 115 -Paragraph 3, 19, 20, 21, 22, 137 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27232-111563 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27357-111563 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803 Reference 10: 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 + Details
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