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Investment Securities Available for Sale
9 Months Ended
Sep. 30, 2011
Investments, Debt and Equity Securities [Abstract] 
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]
Note 12 – Investment Securities Available for Sale
 
Investment securities available-for-sale are recorded at fair value on a recurring basis. The Company’s investment securities available-for-sale are measured at fair value using Level 2 valuations. The market evaluation utilizes several sources which include “observable inputs” rather than “significant unobservable inputs” and therefore falls into the Level 2 category. The amortized cost, gross unrealized gains, gross unrealized losses and fair value of investment securities are summarized as follows:
 
  September 30, 2011
     Gross Gross   
  Amortized Unrealized Unrealized   
(In thousands) Cost Gains Losses Fair Value
State and political subdivisions      $     258,622      $     16,069      $     119      $     274,572
   
  December 31, 2010
     Gross Gross   
  Amortized Unrealized Unrealized   
(In thousands) Cost Gains Losses Fair Value
State and political subdivisions $255,929 $9,829 $1,189 $264,569

The fair values of securities with unrealized losses are as follows:
 
  September 30, 2011
  Less than 12 months 12 months or more Total
  Estimated Unrealized Estimated Unrealized Estimated   Unrealized
(In thousands) Fair Value Losses Fair Value Losses Fair Value Losses
State and political                                                
       subdivisions $     15,900 $     119 $     — $     — $     15,900 $     119

 
 

  December 31, 2010
  Less than 12 months 12 months or more Total
  Estimated Unrealized Estimated Unrealized Estimated Unrealized
(In thousands) Fair Value Losses Fair Value Losses Fair Value Losses
State and political                                                
       subdivisions $     53,741 $     1,189 $     — $     — $     53,741 $     1,189

There were 17 securities (none greater than 12 months) in an unrealized loss position as of September 30, 2011. There were 61 securities (none greater than 12 months) in an unrealized loss position as of December 31, 2010. All unrealized losses were reviewed to determine whether the losses were other than temporary. Management believes that all unrealized losses are temporary since they were market driven, and the Company has the ability and intent to hold these securities until recovery.
 
The amortized cost and fair value of investment securities by contractual maturity are shown in the following table. Expected maturities may differ from contractual maturities because borrowers have the right to prepay obligations with or without prepayment penalties.
 
  September 30, 2011
(In thousands) Amortized Cost Fair Value
Due in 1 year or less      $     12,674      $     12,852
Due after 1 year through 5 years  39,639  42,341
Due after 5 years through 10 years  97,522  106,439
Due after 10 years  108,787  112,940
       Total $258,622 $274,572

There were no securities pledged to secure public deposits and for other purposes at September 30, 2011.
 
Proceeds from sales of investment securities classified as available for sale were $0 for both the three months ended September 30, 2011 and 2010, and were $5,405,000 and $0 for the nine months ended September 30, 2011 and 2010, respectively. Gross realized gains were $0 for both the three months ended September 30, 2011 and 2010, and were $48,000 and $0 for the nine months ended September 30, 2011 and 2010, respectively.