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Investment Securities (Tables) | 9 Months Ended
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Sep. 30, 2012
Investments Securities [Abstract] |
Schedule of Available For Sale, Held-to-Maturity, and Restricted Equity Securities | The following table summarizes the amortized cost and estimated fair value of investment securities at September 30, 2012:
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair Value |
|  | Cost |  |  | Gains |  |  | Losses |  |  | (Estimated) |
Securities available for sale |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and agency |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Mortgage-backed securities |  |  | 183,126,000 |  |  |  | 6,408,000 |  |  |  | (97,000 | ) |  |  | 189,437,000 |
State and political subdivisions |  |  | 100,614,000 |  |  |  | 8,363,000 |  |  |  | (22,000 | ) |  |  | 108,955,000 |
Corporate securities |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Other equity securities |  |  | 1,563,000 |  |  |  | 49,000 |  |  |  | (104,000 | ) |  |  | 1,508,000 |
|  | $ | 285,303,000 |  |  | $ | 14,820,000 |  |  | $ | (223,000 | ) |  | $ | 299,900,000 |
Securities to be held to maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and agency |  | $ | 65,859,000 |  |  | $ | 390,000 |  |  | $ | (21,000 | ) |  | $ | 66,228,000 |
Mortgage-backed securities |  |  | 44,236,000 |  |  |  | 3,400,000 |  |  |  | (10,000 | ) |  |  | 47,626,000 |
State and political subdivisions |  |  | 43,861,000 |  |  |  | 4,367,000 |  |  |  | - |  |  |  | 48,228,000 |
Corporate securities |  |  | 300,000 |  |  |  | - |  |  |  | - |  |  |  | 300,000 |
|  | $ | 154,256,000 |  |  | $ | 8,157,000 |  |  | $ | (31,000 | ) |  | $ | 162,382,000 |
Restricted equity securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal Home Loan Bank Stock |  | $ | 13,412,000 |  |  | $ | - |  |  | $ | - |  |  | $ | 13,412,000 |
Federal Reserve Bank Stock |  |  | 1,036,000 |  |  |  | - |  |  |  | - |  |  |  | 1,036,000 |
|  | $ | 14,448,000 |  |  | $ | - |  |  | $ | - |  |  | $ | 14,448,000 |
The following table summarizes the amortized cost and estimated fair value of investment securities at December 31, 2011:
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair Value |
|  | Cost |  |  | Gains |  |  | Losses |  |  | (Estimated) |
Securities available for sale |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and agency |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Mortgage-backed securities |  |  | 191,924,000 |  |  |  | 6,486,000 |  |  |  | (178,000 | ) |  |  | 198,232,000 |
State and political subdivisions |  |  | 80,259,000 |  |  |  | 5,484,000 |  |  |  | (17,000 | ) |  |  | 85,726,000 |
Corporate securities |  |  | 1,098,000 |  |  |  | - |  |  |  | (287,000 | ) |  |  | 811,000 |
Other equity securities |  |  | 1,535,000 |  |  |  | 37,000 |  |  |  | (139,000 | ) |  |  | 1,433,000 |
|  | $ | 274,816,000 |  |  | $ | 12,007,000 |  |  | $ | (621,000 | ) |  | $ | 286,202,000 |
Securities to be held to maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and agency |  | $ | 19,390,000 |  |  | $ | 132,000 |  |  | $ | - |  |  | $ | 19,522,000 |
Mortgage-backed securities |  |  | 56,800,000 |  |  |  | 3,900,000 |  |  |  | (3,000 | ) |  |  | 60,697,000 |
State and political subdivisions |  |  | 46,171,000 |  |  |  | 4,159,000 |  |  |  | (172,000 | ) |  |  | 50,158,000 |
Corporate securities |  |  | 300,000 |  |  |  | - |  |  |  | - |  |  |  | 300,000 |
|  | $ | 122,661,000 |  |  | $ | 8,191,000 |  |  | $ | (175,000 | ) |  | $ | 130,677,000 |
Restricted equity securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal Home Loan Bank Stock |  | $ | 14,031,000 |  |  | $ | - |  |  | $ | - |  |  | $ | 14,031,000 |
Federal Reserve Bank Stock |  |  | 1,412,000 |  |  |  | - |  |  |  | - |  |  |  | 1,412,000 |
|  | $ | 15,443,000 |  |  | $ | - |  |  | $ | - |  |  | $ | 15,443,000 |
The following table summarizes the amortized cost and estimated fair value of investment securities at September 30, 2011:
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair Value |
|  | Cost |  |  | Gains |  |  | Losses |  |  | (Estimated) |
Securities available for sale |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and agency |  | $ | 15,295,000 |  |  | $ | 1,199,000 |  |  | $ | - |  |  | $ | 16,494,000 |
Mortgage-backed securities |  |  | 227,180,000 |  |  |  | 8,173,000 |  |  |  | (315,000 | ) |  |  | 235,038,000 |
State and political subdivisions |  |  | 70,124,000 |  |  |  | 3,936,000 |  |  |  | (21,000 | ) |  |  | 74,039,000 |
Corporate securities |  |  | 1,103,000 |  |  |  | - |  |  |  | (324,000 | ) |  |  | 779,000 |
Other equity securities |  |  | 534,000 |  |  |  | 33,000 |  |  |  | (135,000 | ) |  |  | 432,000 |
|  | $ | 314,236,000 |  |  | $ | 13,341,000 |  |  | $ | (795,000 | ) |  | $ | 326,782,000 |
Securities to be held to maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and agency |  | $ | 20,998,000 |  |  | $ | 180,000 |  |  | $ | - |  |  | $ | 21,178,000 |
Mortgage-backed securities |  |  | 61,048,000 |  |  |  | 4,221,000 |  |  |  | (19,000 | ) |  |  | 65,250,000 |
State and political subdivisions |  |  | 47,353,000 |  |  |  | 3,397,000 |  |  |  | (251,000 | ) |  |  | 50,499,000 |
Corporate securities |  |  | 300,000 |  |  |  | - |  |  |  | - |  |  |  | 300,000 |
|  | $ | 129,699,000 |  |  | $ | 7,798,000 |  |  | $ | (270,000 | ) |  | $ | 137,227,000 |
Restricted equity securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal Home Loan Bank Stock |  | $ | 14,031,000 |  |  | $ | - |  |  | $ | - |  |  | $ | 14,031,000 |
Federal Reserve Bank Stock |  |  | 1,412,000 |  |  |  | - |  |  |  | - |  |  |  | 1,412,000 |
|  | $ | 15,443,000 |  |  | $ | - |  |  | $ | - |  |  | $ | 15,443,000 |
Contractual Maturities of Investment Securities | The following table summarizes the contractual maturities of investment securities at September 30, 2012:
|  | Securities available for sale |  |  | Securities to be held to maturity |
|  | Amortized Cost |  |  | Fair Value (Estimated) |  |  | Amortized Cost |  |  | Fair Value (Estimated) |
Due in 1 year or less |  | $ | 4,592,000 |  |  | $ | 4,652,000 |  |  | $ | 1,376,000 |  |  | $ | 1,380,000 |
Due in 1 to 5 years |  |  | 50,173,000 |  |  |  | 51,286,000 |  |  |  | 11,046,000 |  |  |  | 11,569,000 |
Due in 5 to 10 years |  |  | 16,908,000 |  |  |  | 17,965,000 |  |  |  | 20,519,000 |  |  |  | 22,376,000 |
Due after 10 years |  |  | 212,067,000 |  |  |  | 224,489,000 |  |  |  | 121,315,000 |  |  |  | 127,057,000 |
Equity securities |  |  | 1,563,000 |  |  |  | 1,508,000 |  |  |  | - |  |  |  | - |
|  | $ | 285,303,000 |  |  | $ | 299,900,000 |  |  | $ | 154,256,000 |  |  | $ | 162,382,000 |
The following table summarizes the contractual maturities of investment securities at December 31, 2011:
|  | Securities available for sale |  |  | Securities to be held to maturity |
|  | Amortized Cost |  |  | Fair Value (Estimated) |  |  | Amortized Cost |  |  | Fair Value (Estimated) |
Due in 1 year or less |  | $ | 6,617,000 |  |  | $ | 6,773,000 |  |  | $ | 5,179,000 |  |  | $ | 5,227,000 |
Due in 1 to 5 years |  |  | 18,792,000 |  |  |  | 19,473,000 |  |  |  | 10,085,000 |  |  |  | 10,654,000 |
Due in 5 to 10 years |  |  | 23,219,000 |  |  |  | 24,065,000 |  |  |  | 23,027,000 |  |  |  | 24,694,000 |
Due after 10 years |  |  | 224,653,000 |  |  |  | 234,458,000 |  |  |  | 84,370,000 |  |  |  | 90,102,000 |
Equity securities |  |  | 1,535,000 |  |  |  | 1,433,000 |  |  |  | - |  |  |  | - |
|  | $ | 274,816,000 |  |  | $ | 286,202,000 |  |  | $ | 122,661,000 |  |  | $ | 130,677,000 |
The following table summarizes the contractual maturities of investment securities at September 30, 2011:
|  | Securities available for sale |  |  | Securities to be held to maturity |
|  | Amortized Cost |  |  | Fair Value (Estimated) |  |  | Amortized Cost |  |  | Fair Value (Estimated) |
Due in 1 year or less |  | $ | 4,394,000 |  |  | $ | 4,450,000 |  |  | $ | 152,000 |  |  | $ | 153,000 |
Due in 1 to 5 years |  |  | 11,188,000 |  |  |  | 11,748,000 |  |  |  | 14,848,000 |  |  |  | 15,415,000 |
Due in 5 to 10 years |  |  | 34,872,000 |  |  |  | 36,698,000 |  |  |  | 22,158,000 |  |  |  | 23,608,000 |
Due after 10 years |  |  | 263,248,000 |  |  |  | 273,454,000 |  |  |  | 92,541,000 |  |  |  | 98,051,000 |
Equity securities |  |  | 534,000 |  |  |  | 432,000 |  |  |  | - |  |  |  | - |
|  | $ | 314,236,000 |  |  | $ | 326,782,000 |  |  | $ | 129,699,000 |  |  | $ | 137,227,000 |
Schedule of Securities Gains and Losses | Gains and losses on the sale of securities available for sale are computed by subtracting the amortized cost at the time of sale from the security's selling price, net of accrued interest to be received. The following table shows securities gains and losses for the nine months and quarters ended September 30, 2012 and 2011:
|  | For the nine months ended September 30, |  |  | For the quarters ended September 30, |
|  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
Proceeds from sales of securities |  | $ | 25,437,000 |  |  | $ | 75,182,000 |  |  | $ | 300,000 |  |  | $ | 6,000 |
Gross realized gains |  |  | 2,256,000 |  |  |  | 964,000 |  |  |  | - |  |  |  | 7,000 |
Gross realized losses |  |  | (289,000 | ) |  |  | (727,000 | ) |  |  | - |  |  |  | 1,000 |
Net gain |  | $ | 1,967,000 |  |  | $ | 237,000 |  |  |  | - |  |  | $ | 8,000 |
Related income taxes |  | $ | 688,000 |  |  | $ | 83,000 |  |  | $ | - |  |  | $ | 3,000 |
The following table summarizes activity in the unrealized gain or loss on available for sale securities included in other comprehensive income for the nine months and quarters ended September 30, 2012 and 2011.
|  | For the nine months ended September 30, |  |  | For the quarters ended September 30, |
|  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
Balance at beginning of period |  | $ | 7,401,000 |  |  | $ | (2,057,000 | ) |  | $ | 7,526,000 |  |  | $ | 2,198,000 |
Unrealized gains arising during the period |  |  | 5,178,000 |  |  |  | 15,949,000 |  |  |  | 3,019,000 |  |  |  | 9,174,000 |
Realized gains during the period |  |  | (1,967,000 | ) |  |  | (237,000 | ) |  |  | - |  |  |  | (8,000 | )
Related deferred taxes |  |  | (1,124,000 | ) |  |  | (5,500,000 | ) |  |  | (1,057,000 | ) |  |  | (3,209,000 | )
Net change |  |  | 2,087,000 |  |  |  | 10,212,000 |  |  |  | 1,962,000 |  |  |  | 5,957,000 |
Balance at end of period |  | $ | 9,488,000 |  |  | $ | 8,155,000 |  |  | $ | 9,488,000 |  |  | $ | 8,155,000 |
Schedule of Temporary Impairment Losses | As of December 31, 2011, there were 29 securities with unrealized losses held in the Company's portfolio. These securities were temporarily impaired as a result of changes in interest rates reducing their fair value, of which 11 had been temporarily impaired for 12 months or more. Information regarding securities temporarily impaired as of December 31, 2011 is summarized below:
|  | Less than 12 months |  |  | 12 months or more |  |  | Total |
|  | Fair Value |  |  | Unrealized |  |  | Fair Value |  |  | Unrealized |  |  | Fair Value |  |  | Unrealized |
|  | (Estimated) |  |  | Losses |  |  | (Estimated) |  |  | Losses |  |  | (Estimated) |  |  | Losses |
U.S. Treasury and agency |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Mortgage-backed securities |  |  | 12,489,000 |  |  |  | (25,000 | ) |  |  | 6,780,000 |  |  |  | (156,000 | ) |  |  | 19,269,000 |  |  |  | (181,000 | )
State and political subdivisions |  |  | 1,984,000 |  |  |  | (17,000 | ) |  |  | 1,667,000 |  |  |  | (172,000 | ) |  |  | 3,651,000 |  |  |  | (189,000 | )
Corporate securities |  |  | - |  |  |  | - |  |  |  | 811,000 |  |  |  | (287,000 | ) |  |  | 811,000 |  |  |  | (287,000 | )
Other equity securities |  |  | 154,000 |  |  |  | (120,000 | ) |  |  | 34,000 |  |  |  | (19,000 | ) |  |  | 188,000 |  |  |  | (139,000 | )
|  | $ | 14,627,000 |  |  | $ | (162,000 | ) |  | $ | 9,292,000 |  |  | $ | (634,000 | ) |  | $ | 23,919,000 |  |  | $ | (796,000 | )
As of September 30, 2011, there were 29 securities with unrealized losses held in the Company's portfolio. These securities were temporarily impaired as a result of changes in interest rates reducing their fair value, of which 12 had been temporarily impaired for 12 months or more. Information regarding securities temporarily impaired as of September 30, 2011 is summarized below:
|  | Less than 12 months |  |  | 12 months or more |  |  | Total |
|  | Fair Value |  |  | Unrealized |  |  | Fair Value |  |  | Unrealized |  |  | Fair Value |  |  | Unrealized |
|  | (Estimated) |  |  | Losses |  |  | (Estimated) |  |  | Losses |  |  | (Estimated) |  |  | Losses |
U.S. Treasury and agency |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Mortgage-backed securities |  |  | 11,669,000 |  |  |  | (46,000 | ) |  |  | 6,984,000 |  |  |  | (288,000 | ) |  |  | 18,653,000 |  |  |  | (334,000 | )
State and political subdivisions |  |  | 1,748,000 |  |  |  | (21,000 | ) |  |  | 1,569,000 |  |  |  | (251,000 | ) |  |  | 3,317,000 |  |  |  | (272,000 | )
Corporate securities |  |  | - |  |  |  | - |  |  |  | 779,000 |  |  |  | (324,000 | ) |  |  | 779,000 |  |  |  | (324,000 | )
Other equity securities |  |  | 151,000 |  |  |  | (119,000 | ) |  |  | 36,000 |  |  |  | (16,000 | ) |  |  | 187,000 |  |  |  | (135,000 | )
|  | $ | 13,568,000 |  |  | $ | (186,000 | ) |  | $ | 9,368,000 |  |  | $ | (879,000 | ) |  | $ | 22,936,000 |  |  | $ | (1,065,000 | )

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- Definition Tabular presentation of available for sale securities, held-to-maturity securities and restricted equity securities as of the balance sheet date. + References No definition available. + Details
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- Definition Tabular disclosure of the proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that have been included in earnings as a result of those sales. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Topic 320 -SubTopic 10 -Publisher FASB -Number -Article -Subparagraph (a) -Name Accounting Standards Codification -Paragraph 9 -Section 50 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27357-111563 + Details
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- Definition Tabular disclosure of investments in an unrealized loss position for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), including: (a) the aggregate related fair value of investments with unrealized losses, (b) the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Topic 320 -SubTopic 10 -Publisher FASB -Number -Article -Subparagraph -Name Accounting Standards Codification -Paragraph 6 -Section 50 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27290-111563 + Details
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