XML 18 R17.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Investment Securities Available for Sale
 6 Months Ended
Jun. 30, 2011
Investments, Debt and Equity Securities [Abstract]  
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]
Note 12 – Investment Securities Available for Sale
 
Investment securities available-for-sale are recorded at fair value on a recurring basis. The Company’s investment securities available-for-sale are measured at fair value using Level 2 valuations. The market evaluation utilizes several sources which include “observable inputs” rather than “significant unobservable inputs” and therefore falls into the Level 2 category. The amortized cost, gross unrealized gains, gross unrealized losses and fair value of investment securities are summarized as follows:
 
    June 30, 2011
          Gross   Gross      
    Amortized   Unrealized   Unrealized      
(In thousands)       Cost       Gains       Losses       Fair Value
State and political subdivisions   $      254,080   $      10,953   $      815   $      264,218
                   
    December 31, 2010
          Gross   Gross      
    Amortized   Unrealized   Unrealized      
(In thousands)   Cost   Gains   Losses   Fair Value
State and political subdivisions   $ 255,929   $ 9,829   $ 1,189   $ 264,569

The fair values of securities with unrealized losses are as follows:
 
    June 30, 2011
    Less than 12 months   12 months or more   Total
    Estimated   Unrealized   Estimated   Unrealized   Estimated     Unrealized
(In thousands)       fair value       losses       fair value       losses       Fair value       losses
State and political                                    
       subdivisions   $      40,163   $      815   $      —   $      —   $      40,163   $      815
                                     
    December 31, 2010
    Less than 12 months   12 months or more   Total
    Estimated   Unrealized   Estimated   Unrealized   Estimated     Unrealized
(In thousands)       fair value       losses       fair value       losses       Fair value       losses
State and political                                    
       subdivisions   $ 53,741   $ 1,189   $ —   $ —   $ 53,741   $ 1,189

 

There were 47 securities (none greater than 12 months) in an unrealized loss position as of June 30, 2011. There were 61 securities (none greater than 12 months) in an unrealized loss position as of December 31, 2010. All unrealized losses were reviewed to determine whether the losses were other than temporary. Management believes that all unrealized losses are temporary since they were market driven, and the Company has the ability and intent to hold these securities until recovery.
 
The amortized cost and fair value of investment securities by contractual maturity are shown in the following table. Expected maturities may differ from contractual maturities because borrowers have the right to prepay obligations with or without prepayment penalties.
 
    June 30, 2011
(In thousands)       Amortized Cost       Fair Value
Due in 1 year or less   $      14,362   $      14,567
Due after 1 year through 5 years     38,718     41,212
Due after 5 years through 10 years     96,902     104,003
Due after 10 years     104,098     104,436
       Total   $ 254,080   $ 264,218

There were no securities pledged to secure public deposits and for other purposes at June 30, 2011.
 
Proceeds from sales of investment securities classified as available for sale were $4,904,000 and $0 for the three months ended June 30, 2011 and 2010, respectively, and were $5,405,000 and $0 for the six months ended June 30, 2011 and 2010, respectively. Gross realized gains were $48,000 and $0 for the three months ended June 30, 2011 and 2010, respectively, and were $48,000 and $0 for the six months ended June 30, 2011 and 2010, respectively.