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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 available for sale at September 30, 2012 and December 31, 2011 are as follows:
(Dollars in thousands) |  |  |  |  |  |  |
| September 30, 2012
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Mortgage-backed securities | $ | 158,548 |  | 1,982 |  | 444 |  | 160,086
U.S. Government |  |  |  |  |  |  |  |
sponsored enterprises |  | 1,254 |  | 40 |  | - |  | 1,294
State and political subdivisions |  | 109,456 |  | 6,739 |  | 46 |  | 116,149
Corporate bonds |  | 1,535 |  | 16 |  | - |  | 1,551
Trust preferred securities |  | 1,250 |  | - |  | - |  | 1,250
Equity securities |  | 748 |  | 707 |  | - |  | 1,455
Total | $ | 272,791 |  | 9,484 |  | 490 |  | 281,785
(Dollars in thousands) |  |  |  |  |  |  |  |
| December 31, 2011
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Mortgage-backed securities | $ | 213,378 |  | 1,371 |  | 1,056 |  | 213,693
U.S. Government |  |  |  |  |  |  |  |
sponsored enterprises |  | 7,429 |  | 265 |  | - |  | 7,694
State and political subdivisions |  | 92,996 |  | 4,157 |  | 56 |  | 97,097
Corporate bonds |  | 546 |  | - |  | 3 |  | 543
Trust preferred securities |  | 1,250 |  | - |  | - |  | 1,250
Equity securities |  | 748 |  | 363 |  | - |  | 1,111
Total | $ | 316,347 |  | 6,156 |  | 1,115 |  | 321,388
The current fair value and associated unrealized losses on investments in securities with unrealized losses at September 30, 2012 and December 31, 2011 are summarized in the tables below, with the length of time the individual securities have been in a continuous loss position.
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  |
| September 30, 2012
| Less than 12 Months |  | 12 Months or More |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Mortgage-backed securities | $ | 38,125 |  | 379 |  | 5,750 |  | 65 |  | 43,875 |  | 444
State and political subdivisions |  | 4,406 |  | 46 |  | - |  | - |  | 4,406 |  | 46
Total | $ | 42,531 |  | 425 |  | 5,750 |  | 65 |  | 48,281 |  | 490
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |
| December 31, 2011
| Less than 12 Months |  | 12 Months or More |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Mortgage-backed securities | $ | 95,122 |  | 991 |  | 4,125 |  | 65 |  | 99,247 |  | 1,056
State and political subdivisions |  | 4,444 |  | 56 |  | - |  | - |  | 4,444 |  | 56
Corporate bonds |  | 542 |  | 3 |  | - |  | - |  | 542 |  | 3
Total | $ | 100,108 |  | 1,050 |  | 4,125 |  | 65 |  | 104,233 |  | 1,115
At September 30, 2012, unrealized losses in the investment securities portfolio relating to debt securities totaled $490,000. The unrealized losses on these debt securities arose due to changing interest rates and are considered to be temporary. From the September 30, 2012 tables above, seven out of 143 securities issued by state and political subdivisions contained unrealized losses and 21 out of 86 securities issued by U.S. Government sponsored enterprises, including mortgage-backed securities, contained unrealized losses. These unrealized losses are considered temporary because of acceptable investment grades on each security and the repayment sources of principal and interest are government backed. The amortized cost and estimated fair value of investment securities available for sale at September 30, 2012, by contractual maturity, are shown below. Expected maturities of mortgage-backed securities will differ from contractual maturities because borrowers have the right to call or prepay obligations with or without call or prepayment penalties.
(Dollars in thousands) |  |  |
| Amortized Cost |  | Estimated Fair Value
Due within one year | $ | 3,611 |  | 3,653
Due from one to five years |  | 12,117 |  | 12,581
Due from five to ten years |  | 84,014 |  | 89,146
Due after ten years |  | 13,753 |  | 14,864
Mortgage-backed securities |  | 158,548 |  | 160,086
Equity securities |  | 748 |  | 1,455
Total | $ | 272,791 |  | 281,785
Proceeds from sales of securities available for sale during the nine months ended September 30, 2012 were $47.0 million and resulted in gross gains of $1.3 million and gross losses of $103,000. Proceeds from sales of securities available for sale during the nine months ended September 30, 2011 were $72.3 million and resulted in gross gains of $2.5 million and gross losses of $9,000. Securities with a fair value of approximately $88.8 million and $83.6 million at September 30, 2012 and December 31, 2011, respectively, were pledged to secure public deposits and for other purposes as required by law.

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- Definition Tabular disclosure of marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27232-111563 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.2,12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6871852&loc=d3e26626-111562 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27161-111563 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6871852&loc=d3e26610-111562 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.4) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 + Details
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