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Investments | 6 Months Ended
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Jun. 30, 2013
Investments [Abstract] |
Investments |
Note 10 – Investments Although the Company currently has the intent and the ability to hold the securities in its investment portfolio to maturity, the securities are all marketable and are classified as "available for sale" to allow maximum flexibility with regard to interest rate risk and liquidity management. Pursuant to FASB's guidance on accounting for debt and equity securities, available for sale securities are carried on the Company's financial statements at their estimated fair market values, with monthly tax-effected "mark-to-market" adjustments made vis-à-vis accumulated other comprehensive income in shareholders' equity. The Company's available-for-sale investment securities totaled $394 million at June 30, 2013, and $380 million at December 31, 2012. Amortized Cost And Estimated Fair Value The amortized cost and estimated fair value of investment securities available-for-sale are as follows (dollars in thousands, unaudited):
|  | June 30, 2013 |
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value |
U.S. Government agencies |  | $ | 4,363 |  | $ | 4 |  | $ | (74) |  | $ | 4,293 |
Obligations of state and political subdivisions |  |  | 87,237 |  |  | 2,138 |  |  | (1,970) |  |  | 87,405 |
U.S. Government agencies collateralized by mortgage obligations |  |  | 300,565 |  |  | 2,096 |  |  | (3,017) |  |  | 299,644 |
Equity Securities |  |  | 1,336 |  |  | 898 |  |  | - |  |  | 2,234 |
|  | $ | 393,501 |  | $ | 5,136 |  | $ | (5,061) |  | $ | 393,576 |
|  | December 31, 2012 |
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value |
U.S. Government agencies |  | $ | 2,987 |  | $ | 3 |  | $ | (17) |  | $ | 2,973 |
Obligations of state and political subdivisions |  |  | 70,736 |  |  | 3,430 |  |  | (180) |  |  | 73,986 |
U.S. Government agencies collateralized by mortgage obligations |  |  | 298,806 |  |  | 3,547 |  |  | (964) |  |  | 301,389 |
Equity Securities |  |  | 1,336 |  |  | 508 |  |  | (4) |  |  | 1,840 |
|  | $ | 373,865 |  | $ | 7,488 |  | $ | (1,165) |  | $ | 380,188 |
At June 30, 2013 and December 31, 2012, the Company had 209 securities and 89 securities, respectively, with unrealized losses. Management has evaluated those securities as of the respective dates, and does not believe that any of the associated unrealized losses are other than temporary. Information pertaining to our investment securities with unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position, is disclosed in the table below. Investment Portfolio - Unrealized Losses (dollars in thousands, unaudited)
|  | June 30, 2013 |
|  | Less than Twelve Months |  | Over Twelve Months |
|  | Gross |  |  |  |  | Gross |  |  |  |
|  | Unrealized |  |  |  |  | Unrealized |  |  |  |
|  | Losses |  | Fair Value |  | Losses |  | Fair Value |
U.S. Government Agencies |  | $ | (74) |  | $ | 2,615 |  | $ | - |  | $ | - |
Obligations of State and Political Subdivisions |  |  | (1,948) |  |  | 36,167 |  |  | (22) |  |  | 309 |
U.S. Government agencies collateralized by mortgage obligations |  |  | (2,786) |  |  | 179,242 |  |  | (231) |  |  | 12,838 |
Other Securities |  |  | - |  |  | - |  |  | - |  |  | - |
Total |  | $ | (4,808) |  | $ | 218,024 |  | $ | (253) |  | $ | 13,147 |
|  | December 31, 2012 |
|  | Less than Twelve Months |  | Over Twelve Months |
|  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |
U.S. Government Agencies |  | $ | (17) |  | $ | 1,996 |  | $ | - |  | $ | - |
Obligations of State and Political Subdivisions |  |  | (180) |  |  | 9,324 |  |  | - |  |  | - |
U.S. Government agencies collateralized by mortgage obligations |  |  | (903) |  |  | 106,799 |  |  | (61) |  |  | 6,965 |
Other Securities |  |  | (4) |  |  | 242 |  |  | - |  |  | - |
Total |  | $ | (1,104) |  | $ | 118,361 |  | $ | (61) |  | $ | 6,965 |

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- Definition The entire disclosure for investments, including all tables. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Article 6 -Section 10 -Paragraph (c) -Subparagraph (1) + Details
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