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Investment Securities | 9 Months Ended
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Sep. 30, 2012
Investment Securities [Abstract] |
Investment Securities | (2) Investment Securities Investment securities as of September 30, 2012 are summarized as follows:
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
Securities Available for Sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government Agencies |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-Backed |  | $ | 235,730 |  |  | $ | 1,573 |  |  | $ | (493 | ) |  | $ | 236,810 |
State, County & Municipal |  |  | 3,995 |  |  |  | 43 |  |  |  | (1 | ) |  |  | 4,037 |
Corporate Obligations |  |  | 1,000 |  |  |  | 118 |  |  |  | -- |  |  |  | 1,118 |
Asset-Backed Securities |  |  | 367 |  |  |  | -- |  |  |  | (235 | ) |  |  | 132 |
|  | $ | 241,092 |  |  | $ | 1,734 |  |  | $ | (729 | ) |  | $ | 242,097 |
Securities Held to Maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State, County and Municipal |  | $ | 45 |  |  | $ | 1 |  |  | $ | -- |  |  | $ | 46 |
The amortized cost and fair value of investment securities as of September 30, 2012, by contractual maturity, are shown hereafter. Expected maturities will differ from contractual maturities because issuers have the right to call or prepay obligations with or without call or prepayment penalties.
|  | Securities |
|  | Available for Sale |  |  | Held to Maturity |
|  | Amortized Cost |  |  | Fair Value |  |  | Amortized Cost |  |  | Fair Value |
Due Less Than One Year |  | $ | 125 |  |  | $ | 127 |  |  | $ | -- |  |  | $ | -- |
Due After One Year Through Five Years |  |  | 2,697 |  |  |  | 2,847 |  |  |  | 45 |  |  |  | 46 |
Due After Five Years Through Ten Years |  |  | 1,965 |  |  |  | 1,973 |  |  |  | -- |  |  |  | -- |
Due After Ten Years |  |  | 575 |  |  |  | 340 |  |  |  | -- |  |  |  | -- |
|  |  | 5,362 |  |  |  | 5,287 |  |  |  | 45 |  |  |  | 46 |
Mortgage-Backed Securities |  |  | 235,730 |  |  |  | 236,810 |  |  |  | -- |  |  |  | -- |
|  | $ | 241,092 |  |  | $ | 242,097 |  |  | $ | 45 |  |  | $ | 46 |
Investment securities as of December 31, 2011 are summarized as follows:
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
Securities Available for Sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government Agencies |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-Backed |  | $ | 291,097 |  |  | $ | 3,152 |  |  | $ | (188 | ) |  | $ | 294,061 |
State, County & Municipal |  |  | 7,475 |  |  |  | 132 |  |  |  | (23 | ) |  |  | 7,584 |
Corporate Obligations |  |  | 2,000 |  |  |  | 124 |  |  |  | (10 | ) |  |  | 2,114 |
Asset-Backed Securities |  |  | 426 |  |  |  | -- |  |  |  | (294 | ) |  |  | 132 |
|  | $ | 300,998 |  |  | $ | 3,408 |  |  | $ | (515 | ) |  | $ | 303,891 |
Securities Held to Maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State, County and Municipal |  | $ | 46 |  |  | $ | -- |  |  | $ | -- |  |  | $ | 46 |
Proceeds from the sale of investments available for sale during first nine months of 2012 totaled $161,811 compared to $251,044 for the first nine months of 2011. The sale of investments available for sale during 2012 resulted in gross realized gains of $2,204 and losses of $(137). This was offset by other than temporary impairment charges of $(60). The sale of investments available for sale during the first nine months of 2011 resulted in gross realized gains of $1,947 and losses of $(2). Nonaccrual securities are securities for which principal and interest are doubtful of collection in accordance with original terms and for which accruals of interest have been discontinued due to payment delinquency. Fair value of securities on nonaccrual status totaled $132 and $132 as of September 30, 2012 and December 31, 2011, respectively. Investment securities having a carry value approximating $78,187 and $136,838 as of September 30, 2012 and December 31, 2011, respectively, were pledged to secure public deposits and for other purposes. Information pertaining to securities with gross unrealized losses at September 30, 2012 and December 31, 2011 aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows:
|  | Less Than 12 Months |  |  | 12 Months or Greater |  |  | Total |
|  |  |  |  | Gross |  |  |  |  |  | Gross |  |  |  |  |  | Gross |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
|  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
September 30, 2012 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government Agencies |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-Backed |  | $ | 68,388 |  |  | $ | (464 | ) |  | $ | 2,235 |  |  | $ | (29 | ) |  | $ | 70,623 |  |  | $ | (493 | )
State, County and Municipal |  |  | 208 |  |  |  | (1 | ) |  |  | -- |  |  |  | -- |  |  |  | 208 |  |  |  | (1 | )
Asset-Backed Securities |  |  | -- |  |  |  | -- |  |  |  | 132 |  |  |  | (235 | ) |  |  | 132 |  |  |  | (235 | )
|  | $ | 68,596 |  |  | $ | (465 | ) |  | $ | 2,367 |  |  | $ | (264 | ) |  | $ | 70,963 |  |  | $ | (729 | )
December 31, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government Agencies |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-Backed |  | $ | 26,440 |  |  | $ | (188 | ) |  | $ | -- |  |  | $ | -- |  |  | $ | 26,440 |  |  | $ | (188 | )
State, County and Municipal |  |  | 1,224 |  |  |  | (21 | ) |  |  | 73 |  |  |  | (2 | ) |  |  | 1,297 |  |  |  | (23 | )
Corporate Obligations |  |  | -- |  |  |  | -- |  |  |  | 990 |  |  |  | (10 | ) |  |  | 990 |  |  |  | (10 | )
Asset-Backed Securities |  |  | -- |  |  |  | -- |  |  |  | 132 |  |  |  | (294 | ) |  |  | 132 |  |  |  | (294 | )
|  | $ | 27,664 |  |  | $ | (209 | ) |  | $ | 1,195 |  |  | $ | (306 | ) |  | $ | 28,859 |  |  | $ | (515 | )
Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer and (3) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. At September 30, 2012, the debt securities with unrealized losses have depreciated 1.02 percent from the Company's amortized cost basis. These securities are guaranteed by either the U.S. Government, other governments or U.S. corporations, except for asset-backed securities. In analyzing an issuer's financial condition, management considers whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred and the results of reviews of the issuer's financial condition. The unrealized losses are largely due to increases in market interest rates over the yields available at the time the underlying securities were purchased. As management has the ability to hold debt securities until maturity, or for the foreseeable future if classified as available-for-sale, no declines are deemed to be other than temporary. However, the Company did own one asset-backed security at September 30, 2012 which has been in a continuous unrealized loss position for more than twelve months. This investment is comprised of one issuance of a trust preferred security, has a book value of $367 and an unrealized loss of $235. Management evaluates this investment on a quarterly basis utilizing a third-party valuation model. The results of this model revealed other-than-temporary impairment and as a result, $60 was written off during the first quarter ended March 31, 2012. The Company does not intend to sell this investment, nor does the Company consider it likely that it will be required to sell the investment prior to recovery of the remaining fair value.

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