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2. Investment Securities | 9 Months Ended
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Sep. 30, 2013
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | Investment securities available for sale at September 30, 2013 and December 31, 2012 are as follows:
(Dollars in thousands) |  |  |  |  |  |  |
| September 30, 2013
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Mortgage-backed securities | $ | 127,153 |  | 1,017 |  | 697 |  | 127,473
U.S. Government |  |  |  |  |  |  |  |
sponsored enterprises |  | 22,557 |  | 186 |  | 9 |  | 22,734
State and political subdivisions |  | 147,847 |  | 2,313 |  | 5,032 |  | 145,128
Corporate bonds |  | 3,535 |  | 15 |  | 63 |  | 3,487
Trust preferred securities |  | 1,250 |  | - |  | - |  | 1,250
Equity securities |  | 748 |  | 968 |  | - |  | 1,716
Total | $ | 303,090 |  | 4,499 |  | 5,801 |  | 301,788
(Dollars in thousands) |  |  |  |  |  |  |  |
| December 31, 2012
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Mortgage-backed securities | $ | 146,755 |  | 1,875 |  | 606 |  | 148,024
U.S. Government |  |  |  |  |  |  |  |
sponsored enterprises |  | 18,714 |  | 203 |  | 80 |  | 18,837
State and political subdivisions |  | 118,591 |  | 7,171 |  | 104 |  | 125,658
Corporate bonds |  | 2,571 |  | 19 |  | 4 |  | 2,586
Trust preferred securities |  | 1,250 |  | - |  | - |  | 1,250
Equity securities |  | 748 |  | 720 |  | - |  | 1,468
Total | $ | 288,629 |  | 9,988 |  | 794 |  | 297,823
The current fair value and associated unrealized losses on investments in securities with unrealized losses at September 30, 2013 and December 31, 2012 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, 2013
| Less than 12 Months |  | 12 Months or More |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Mortgage-backed securities | $ | 45,774 |  | 596 |  | 10,173 |  | 101 |  | 55,947 |  | 697
U.S. Government |  |  |  |  |  |  |  |  |  |  |  |
sponsored enterprises |  | 1,078 |  | 9 |  | - |  | - |  | 1,078 |  | 9
State and political subdivisions |  | 76,195 |  | 5,032 |  | - |  | - |  | 76,195 |  | 5,032
Corporate bonds |  | 1,507 |  | 63 |  | - |  | - |  | 1,507 |  | 63
Total | $ | 124,554 |  | 5,700 |  | 10,173 |  | 101 |  | 134,727 |  | 5,801
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |
| December 31, 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 | $ | 48,126 |  | 468 |  | 12,913 |  | 138 |  | 61,039 |  | 606
U.S. Government |  |  |  |  |  |  |  |  |  |  |  |
sponsored enterprises |  | 3,402 |  | 80 |  | - |  | - |  | 3,402 |  | 80
State and political subdivisions |  | 9,490 |  | 104 |  | - |  | - |  | 9,490 |  | 104
Corporate bonds |  | 1,035 |  | 4 |  | - |  | - |  | 1,035 |  | 4
Total | $ | 62,053 |  | 656 |  | 12,913 |  | 138 |  | 74,966 |  | 794
At September 30, 2013, unrealized losses in the investment securities portfolio relating to debt securities totaled $5.8 million. The unrealized losses on these debt securities arose due to changing interest rates and are considered to be temporary. From the September 30, 2013 tables above, 78 out of 180 securities issued by state and political subdivisions contained unrealized losses, 27 out of 95 securities issued by U.S. Government sponsored enterprises, including mortgage-backed securities, contained unrealized losses, and two out of five securities issued by corporations contained unrealized losses. These unrealized losses are considered temporary because of acceptable financial condition and results of operations on each security and the repayment sources of principal and interest on U.S. Government sponsored enterprises, including mortgage-backed securities, are government backed. The amortized cost and estimated fair value of investment securities available for sale at September 30, 2013, 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.
September 30, 2013 |  |  |
(Dollars in thousands) |  |  |
| Amortized Cost |  | Estimated Fair Value
Due within one year | $ | 2,637 |  | 2,670
Due from one to five years |  | 27,480 |  | 27,789
Due from five to ten years |  | 118,720 |  | 116,014
Due after ten years |  | 26,352 |  | 26,126
Mortgage-backed securities |  | 127,153 |  | 127,473
Equity securities |  | 748 |  | 1,716
Total | $ | 303,090 |  | 301,788
Proceeds from sales of securities available for sale during the nine months ended September 30, 2013 were $17.5 million and resulted in gross gains of $738,000 and gross losses of $124,000. 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. Securities with a fair value of approximately $82.7 million and $73.9 million at September 30, 2013 and December 31, 2012, respectively, were pledged to secure public deposits and for other purposes as required by law.

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