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Investment in Securities
 6 Months Ended
Jun. 30, 2012
Investments, Debt and Equity Securities [Abstract]  
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

Note 11 – Investment in Securities

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:

June 30, 2012
Gross Gross
Amortized Unrealized       Unrealized      
(In thousands)       Cost       Gains Losses Fair Value
State and political subdivisions $      299,031 $      18,648 $      313 $      317,366
Certificates of deposit 5,423 — — 5,423
       Total $ 304,454 $ 18,648 $ 313 $ 322,789
 
December 31, 2011
Gross Gross
Amortized Unrealized       Unrealized      
(In thousands)       Cost       Gains Losses Fair Value
State and political subdivisions $      287,585 $      19,797 $      20 $      307,362
Certificates of deposit 3,250 — — 3,250
       Total $ 290,835 $ 19,797 $ 20 $ 310,612
 
The fair values of securities with unrealized losses are as follows:
 
June 30, 2012
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 $      39,964 $      313 $      — $      — $      39,964 $      313
Certificates of deposit — — — — — —
       Total $ 39,964 $ 313 $ — $ — $ 39,964 $ 313
 
December 31, 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 $      4,362 $      20 $      — $      — $      4,362 $      20
Certificates of deposit — — — — — —
       Total $ 4,362 $ 20 $ — $ — $ 4,362 $ 20
 

There were 46 securities (none greater than 12 months) in an unrealized loss position as of June 30, 2012. There were seven securities (none greater than 12 months) in an unrealized loss position as of December 31, 2011. 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 maturity.

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.

June 30, 2012
(In thousands)       Amortized Cost       Fair Value
Due in 1 year or less $      9,303 $      9,404
Due after 1 year through 5 years 55,153 59,392
Due after 5 years through 10 years 138,102 146,603
Due after 10 years 101,896 107,390
       Total $ 304,454 $ 322,789
 

Proceeds from sales of investment securities classified as available for sale were $15,090,000 and $4,904,000 for the three months ended June 30, 2012 and 2011, respectively, and were $29,749,000 and $5,405,000 for the six months ended June 30, 2012 and 2011, respectively. Gross realized gains were $1,168,000 and $48,000 for the three months ended June 30, 2012 and 2011, respectively, and were $2,134,000 and $48,000 for the six months ended June 30, 2012 and 2011, respectively. There was one security for $3,250,000 pledged to secure public deposits and for other purposes at June 30, 2012.