Investment in Securities

9 Months Ended

Sep. 30, 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:

	September 30, 2012
			Gross		Gross
	Amortized		Unrealized		Unrealized
(In thousands)	Cost		Gains		Losses		Fair Value
State and political subdivisions	$	333,855	$	20,834	$	52	$	354,637
Certificates of deposit		12,882		—		—		12,882
Total	$	346,737	$	20,834	$	52	$	367,519
	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:

	September 30, 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	$	21,181	$	52	$	—	$	—	$	21,181	$	52
Certificates of deposit		—		—		—		—		—		—
Total	$	21,181	$	52	$	—	$	—	$	21,181	$	52
	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 23 securities (none greater than 12 months) in an unrealized loss position as of September 30, 2012. There were seven 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.

	September 30, 2012
(In thousands)	Amortized Cost		Fair Value
Due in 1 year or less	$	18,898	$	19,036
Due after 1 year through 5 years		62,453		66,994
Due after 5 years through 10 years		180,082		190,378
Due after 10 years		85,304		91,111
Total	$	346,737	$	367,519

Proceeds from sales of investment securities classified as available for sale were $3,485,000 and $0 for the three months ended September 30, 2012 and 2011, respectively, and were $33,234,000 and $5,405,000 for the nine months ended September 30, 2012 and 2011, respectively. Gross realized gains were $267,000 and $0 for the three months ended September 30, 2012 and 2011, respectively, and were $2,401,000 and $48,000 for the nine months ended September 30, 2012 and 2011, respectively. There was one security for $3,250,000 pledged to secure public deposits and for other purposes at September 30, 2012.