Securities

3 Months Ended

Mar. 31, 2013

Securities

Securities

4) Securities

        The amortized cost and estimated fair value of securities at March 31, 2013 and December 31, 2012 were as follows:

March 31, 2013	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(Dollars in thousands)
Securities available-for-sale:
Agency mortgage-backed securities	$	262,710	$	8,444	$	(77	)	$	271,077
Corporate bonds		53,681		1,269		(58	)		54,892
Trust preferred securities		20,789		150		(108	)		20,831
Total	$	337,180	$	9,863	$	(243	)	$	346,800
Securities held-to-maturity:
Agency mortgage-backed securities	$	15,185	$	6	$	(298	)	$	14,893
Municipals—tax exempt		53,098		1		(2,333	)		50,766
Total	$	68,283	$	7	$	(2,631	)	$	65,659

December 31, 2012	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(Dollars in thousands)
Securities available-for-sale:
Agency mortgage-backed securities	$	281,598	$	9,668	$	(22	)	$	291,244
Corporate bonds		53,739		1,849		—			55,588
Trust preferred securities		20,769		375		(64	)		21,080
Total	$	356,106	$	11,892	$	(86	)	$	367,912
Securities held-to-maturity:
Agency mortgage-backed securities	$	16,659	$	2	$	(177	)	$	16,484
Municipals—tax exempt		34,813		80		(413	)		34,480
Total	$	51,472	$	82	$	(590	)	$	50,964

        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, 2013, the Company held 320 securities (169 available-for-sale and 151 held-to-maturity), of which 143 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 does not consider these securities to be other-than-temporarily impaired at March 31, 2013.

        At December 31, 2012, the Company held 269 securities (168 available-for-sale and 101 held-to-maturity), of which 70 had fair values below amortized cost. No securities had been carried with an unrealized loss for over 12 months. The Company does not consider these securities to be other-than-temporarily impaired at December 31, 2012.

        The amortized cost and estimated fair values of securities as March 31, 2013, 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	$	924	$	963
Due after five through ten years		52,757		53,929
Due after ten years		20,789		20,831
Agency mortgage-backed securities	$	262,710		271,077
Total	$	337,180	$	346,800

	Held-to-maturity
	Amortized Cost		Estimated Fair Value
	(Dollars in thousands)
Due after five through ten years	$	1,085	$	1,060
Due after ten years		52,013		49,706
Agency mortgage-backed securities		15,185		14,893
Total	$	68,283	$	65,659