Securities

3 Months Ended

Mar. 31, 2012

Securities

Securities

3) Securities

        The amortized cost and estimated fair value of securities at March 31, 2012 and December 31, 2011 were as follows:

March 31, 2012	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(Dollars in thousands)
Securities available-for-sale:
Agency mortgage-backed securities	$	331,496	$	8,702	$	(17	)	$	340,181
Corporate bonds		10,353		283		—			10,636
Trust preferred securities		35,044		154		(189	)		35,009
Total	$	376,893	$	9,139	$	(206	)	$	385,826

December 31, 2011	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(Dollars in thousands)
Securities available-for-sale:
Agency mortgage-backed securities	$	341,901	$	8,484	$	(37	)	$	350,348
Trust preferred securities		29,947		194		(34	)		30,107
Total	$	371,848	$	8,678	$	(71	)	$	380,455

        At March 31, 2012 and December 31, 2011, all agency mortgage-backed securities were issued by the Federal National Mortgage Association ("Fannie Mae") the Federal Home Loan Mortgage Corporation ("Freddie Mac"), or the Government National Mortgage Association ("Ginnie Mae"). At March 31, 2012 and December 31, 2011, trust preferred securities were issued by single entities. There were no holdings of securities of any one issuer, other than the U.S. Government and its sponsored entities, in an amount greater than 10% of shareholders' equity.

        At March 31, 2012, the Company held 176 securities, of which nine had fair values below amortized cost. No securities had been carried with an unrealized loss for over 12 months. Unrealized losses were due to higher interest rates. The issuers are of high credit quality and all principal amounts are expected to be paid when securities mature. The fair value is expected to recover as the securities approach their maturity date and/or market rates decline. The Company does not intend to sell any securities with an unrealized loss and does not believe that it is more likely than not that the Company will be required to sell a security in an unrealized loss position prior to recovery in value. The Company did not consider these securities to be other-than-temporarily impaired at March 31, 2012.

        At December 31, 2011, the Company held 165 securities, of which five had fair values below amortized cost. No securities had been carried with an unrealized loss for over 12 months. The Company did not consider these securities to be other-than-temporarily impaired at December 31, 2011.

        The amortized cost and fair values of debt securities as of March 31, 2012, by contractual maturity, are shown below. The expected maturities will differ from contractual maturities if borrowers have the right to call or pre-pay obligations with or without call or pre-payment penalties. Securities not due at a single maturity date are shown separately.

	Available-for-sale
	Amortized Cost		Estimated Fair Value
	(Dollars in thousands)
Due after one through five years	$	904	$	961
Due after five through ten years		9,449		9,675
Due after ten years		35,044		35,009
Agency mortgage-backed securities		331,496		340,181
Total	$	376,893	$	385,826