Securities (Tables)

3 Months Ended

Mar. 31, 2013

Investments, Debt and Equity Securities [Abstract]

Amortized Cost, Gross Unrealized Gains and Losses and Fair Values of Securities Available for Sale

The amortized cost, gross unrealized gains and losses and fair values of securities at March 31, 2013 and December 31, 2012 follows:

	At March 31, 2013
	Amortized  Cost		Unrealized Gains		Unrealized Losses			Fair Value
	(Dollars in thousands)
Securities available for sale:
U.S. Government agencies and corporations	$	57,736	$	29	$	(38	)	$	57,727
Mortgage backed securities	108,146		2,129		(850		)	109,425
Collateralized mortgage obligations	18,904		412		(40		)	19,276
State and political subdivisions	29,970		2,111		(20		)	32,061
Preferred Securities	4,684		—		—			4,684
Total Securities	$	219,440	$	4,681	$	(948	)	$	223,173
	At December 31, 2012
	Amortized  Cost		Unrealized Gains		Unrealized Losses			Fair Value
	(Dollars in thousands)
Securities available for sale:
U.S. Government agencies and corporations	$	36,868	$	102	$	—		$	36,970
Mortgage backed securities	109,440		2,589		(328		)	111,701
Collateralized mortgage obligations	22,483		398		—			22,881
State and political subdivisions	29,980		2,241		(10		)	32,211
Total Securities	$	198,771	$	5,330	$	(338	)	$	203,763

Amortized Cost and Fair Value of the Debt Securities Portfolio are Shown by Expected Maturity

Mortgage backed securities are not due at a single maturity date and are therefore shown separately.

	At March 31, 2013
	Amortized Cost		Fair Value
	(Dollars in thousands)
Securities available for sale:
Due in one year or less	$	10,080	$	10,085
Due from one year to five years	51,731		52,772
Due from five years to ten years	23,965		24,578
Due after ten years	6,614		7,037
Mortgage backed securities and collateralized mortgage obligations	127,050		128,701
	$	219,440	$	223,173

Realized Gains and Losses Related to Securities Available-for-Sale

Gains or losses on the sales of available-for-sale securities are recognized upon sale and are determined using the specific identification method.

	March 31,
	2013		2012
	(Dollars in thousands)
Gross realized gains	$	178	$	—
Gross realized losses	—		—
Net Securities Gains	$	178	$	—
Proceeds from the sale of available for sale securities	$	2,280	$	—

Summary of Securities that had Unrealized Losses

The Corporation has the intent and the ability to hold these securities until their value recovers, which may be until maturity.

	At March 31, 2013
	Less than 12 months					12 months or longer				Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(Dollars in thousands)
U.S. Government agencies and corporations	$	14,962	$	(38	)	$	—	$	—	$	14,962	(38		)
Mortgage backed securities	$	54,753	$	(890	)	$	—	$	—	$	54,753	(890		)
State and political subdivisions	1,053		(20		)	—		—		1,053		(20		)
Total	$	70,768	$	(948	)	$	—	$	—	$	70,768	$	(948	)
	At December 31, 2012
	Less than 12 months					12 months or longer				Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(Dollars in thousands)
Mortgage backed securities	$	44,491	$	(328	)	$	—	$	—	$	44,491	$	(328	)
State and political subdivisions	1,062		(10		)	—		—		1,062		(10		)
Total	$	45,553	$	(338	)	$	—	$	—	$	45,553	$	(338	)