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Investment in Securities | 9 Months Ended
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Sep. 30, 2013
Investment in Securities [Abstract] |
Investment in Securities | 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 fall 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, 2013
|  |  |  |  | Gross |  | Gross |  |  |
|  | Amortized |  | Unrealized |  | Unrealized |  |  |
(In thousands) |  | Cost |  | Gains |  | Losses |  | Fair Value
State and political subdivisions |  | $ | 297,331 |  | $ | 9,944 |  | $ | 2,304 |  | $ | 304,971
Certificates of deposit |  |  | 3,750 |  |  | - |  |  | - |  |  | 3,750
Total |  | $ | 301,081 |  | $ | 9,944 |  | $ | 2,304 |  | $ | 308,721
|  | 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:
|  | September 30, 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 |  | $ | 68,468 |  | $ | 2,304 |  | $ | - |  | $ | - |  | $ | 68,468 |  | $ | 2,304
Certificates of deposit |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | -
Total |  | $ | 68,468 |  | $ | 2,304 |  | $ | - |  | $ | - |  | $ | 68,468 |  | $ | 2,304
|  | 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 66 securities, or 21% of the total (none greater than 12 months), in an unrealized loss position as of September 30, 2013. There were 18 securities, or 5% of the 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 does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before 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, 2013
(In thousands) |  | Amortized Cost |  | Fair Value
Due in 1 year or less |  | $ | 12,838 |  | $ | 12,961
Due after 1 year through 5 years |  |  | 69,279 |  |  | 73,393
Due after 5 years through 10 years |  |  | 139,442 |  |  | 141,773
Due after 10 years |  |  | 79,522 |  |  | 80,594
Total |  | $ | 301,081 |  | $ | 308,721
Proceeds from sales of investment securities classified as available for sale were $31,006,000 and $3,485,000 for the three months ended September 30, 2013 and 2012, respectively, and were $94,666,000 and $33,234,000 for the nine months ended September 30, 2013 and 2012, respectively. Gross realized gains were $866,000 and $267,000 for the three months ended September 30, 2013 and 2012, respectively, and were $4,003,000 and $2,401,000 for the nine months ended September 30, 2013 and 2012, respectively. There were two securities totaling $3,750,000 pledged to secure public deposits and for other purposes at September 30, 2013.

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