Investment in Securities

3 Months Ended

Mar. 31, 2012

Investments, Debt and Equity Securities [Abstract]

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

Note 11 – Investment in Securities

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:

	March 31, 2012
			Gross		Gross
	Amortized		Unrealized		Unrealized
(In thousands)	Cost		Gains		Losses		Fair Value
State and political subdivisions	$	288,537	$	17,816	$	394	$	305,959
Certificates of deposit		3,250		—		—		3,250
Total	$	291,787	$	17,816	$	394	$	309,209
	December 31, 2011
			Gross		Gross
	Amortized		Unrealized		Unrealized
(In thousands)	Cost		Gains		Losses		Fair Value
State and political subdivisions	$	287,585	$	19,797	$	20	$	307,362
Certificates of deposit		3,250		—		—		3,250
Total	$	290,835	$	19,797	$	20	$	310,612

The fair values of securities with unrealized losses are as follows:

	March 31, 2012
	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	$	25,593	$	394	$	—	$	—	$	25,593	$	394
Certificates of deposit		—		—		—		—		—		—
Total	$	25,593	$	394	$	—	$	—	$	25,593	$	394
	December 31, 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	$	4,362	$	20	$	—	$	—	$	4,362	$	20
Certificates of deposit		—		—		—		—		—		—
Total	$	4,362	$	20	$	—	$	—	$	4,362	$	20

There were 30 securities (none greater than 12 months) in an unrealized loss position as of March 31, 2012. There were 7 securities (none greater than 12 months) in an unrealized loss position as of December 31, 2011. 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 maturity.

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.

	March 31, 2012
(In thousands)	Amortized Cost		Fair Value
Due in 1 year or less	$	8,119	$	8,220
Due after 1 year through 5 years		48,415		52,210
Due after 5 years through 10 years		120,163		128,348
Due after 10 years		115,090		120,431
Total	$	291,787	$	309,209

There was one security for $3,250,000 pledged to secure public deposits and for other purposes at March 31, 2012.

Proceeds from sales of investment securities classified as available for sale were $14,659,000 and $501,000 for the first three months of 2012 and 2011, respectively. There were $966,000 gross realized gains for the first three months of 2012 and no gross realized gains or losses for the first three months of 2011.