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Investment in Securities
 3 Months Ended
Mar. 31, 2013
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:

March 31, 2013

Gross

Gross

Amortized

     

Unrealized

Unrealized

(In thousands)

     

Cost

Gains

     

Losses

     

Fair Value

State and political subdivisions

$    

283,625

$    

17,343

$    

203

$    

300,765

Certificates of deposit

6,742

—

—

6,742

       Total

$

290,367

$

17,343

$

203

$

307,507

 

December 31, 2012

Gross

Gross

Amortized

Unrealized

Unrealized

(In thousands)

Cost

Gains

Losses

Fair Value

State and political subdivisions

$

315,345

$

19,960

$

112

$

335,193

Certificates of deposit

6,742

—

—

6,742

       Total

$

322,087

$

19,960

$

112

$

341,935

 The fair values of securities with unrealized losses are as follows:

March 31, 2013

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

     

$    

28,408

$    

203

$    

—

$    

—

$    

28,048

$    

203

Certificates of deposit

—

—

—

—

—

—

       Total

$

28,048

$

203

$

—

$

—

$

28,048

$

203

 

December 31, 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

$

19,758

$

112

$

—

     

$

—

$

19,758

$

112

Certificates of deposit

—

—

—

—

—

—

       Total

$

19,758

$

112

$

—

$

—

$

19,758

$

112

There were 25 securities, or 10% of total (none greater than 12 months), in an unrealized loss position as of March 31, 2013. There were 18 securities, or 5% of total (none greater than 12 months), in an unrealized loss position as of December 31, 2012. 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.

March 31, 2013

(In thousands)

Amortized Cost

Fair Value

Due in 1 year or less

$    

16,816

     

$    

17,039

Due after 1 year through 5 years

72,535

77,867

Due after 5 years through 10 years

     

148,171

155,920

Due after 10 years

52,845

56,681

       Total

$

290,367

$

307,507

Proceeds from sales of investment securities classified as available for sale were $28,021,000 and $14,659,000 for the three months ended March 31, 2013 and 2012, respectively. Gross realized gains were $1,453,000 and $966,000 for the three months ended March 31, 2013 and 2012, respectively. There were two securities totaling $3,750,000 pledged to secure public deposits and for other purposes at March 31, 2013.