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Investment in Securities
 3 Months Ended
Mar. 31, 2014
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:

    March 31, 2014
          Gross   Gross      
        Amortized       Unrealized       Unrealized          
(In thousands)   Cost   Gains   Losses   Fair Value
State and political subdivisions   $       312,059   $       10,801   $       1,498   $       321,362
Certificates of deposit     3,750     -     -     3,750
       Total   $ 315,809   $ 10,801   $ 1,498   $ 325,112
    
    December 31, 2013
          Gross   Gross      
    Amortized   Unrealized   Unrealized      
(In thousands)   Cost   Gains   Losses   Fair Value
State and political subdivisions   $ 308,403   $ 8,537   $ 2,923   $ 314,017
Certificates of deposit     3,750     -     -     3,750
       Total   $ 312,153   $ 8,537   $ 2,923   $ 317,767

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

  March 31, 2014
  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 $       57,966   $       1,311   $       3,606   $       187   $       61,572   $       1,498
Certificates of deposit   -     -     -     -     -     -
       Total $ 57,966   $ 1,311   $ 3,606   $ 187   $ 61,572   $ 1,498
      
  December 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 $ 101,792   $ 2,661   $ 3,554   $ 262   $ 105,346   $ 2,923
Certificates of deposit   -     -     -     -     -     -
       Total $ 101,792   $ 2,661   $ 3,554   $ 262   $ 105,346   $ 2,923

There were 56 securities, or 17% of the total (three greater than 12 months), in an unrealized loss position as of March 31, 2014. There were 102 securities, or 31% of the total (three greater than 12 months), in an unrealized loss position as of December 31, 2013. 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 it is more likely than not that the Company will not be required to sell prior to recovery of the amortized basis.

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, 2014
(In thousands) Amortized Cost       Fair Value
Due in 1 year or less $       19,013   $       19,303
Due after 1 year through 5 years   71,441     75,511
Due after 5 years through 10 years   147,006     150,185
Due after 10 years   78,349     80,113
       Total $ 315,809   $ 325,112

Proceeds from sales of investment securities classified as available for sale were $0 and $28,021,000 for the three months ended March 31, 2014 and 2013, respectively. Gross realized gains were $0 and $1,453,000 for the three months ended March 31, 2014 and 2013, respectively. There were two securities totaling $3,750,000 pledged to secure public deposits and for other purposes at March 31, 2014.