Securities (Tables)

9 Months Ended

Sep. 30, 2012

Summary of Amortized Costs and Estimated Fair Values of Available-For-Sale Securities

The following tables summarize the amortized costs and estimated fair values of securities available-for-sale (“AFS”), as of September 30, 2012 and December 31, 2011:

	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
September 30, 2012
Obligations of states and political subdivisions	$	34,272	$	2,045	$	—		$	36,317
Mortgage-backed securities issued or guaranteed by U.S. government sponsored enterprises		369,595		17,353		(1	)		386,947
Collateralized mortgage obligations issued or guaranteed by U.S. government sponsored enterprises		290,322		6,661		(1	)		296,982
Private issue collateralized mortgage obligations		11,347		—		(963	)		10,384
Total securities available for sale	$	705,536	$	26,059	$	(965	)	$	730,630
December 31, 2011
Obligations of U.S. government sponsored enterprises	$	29,996	$	116	$	(5	)	$	30,107
Obligations of states and political subdivisions		37,138		2,620		—			39,758
Mortgage-backed securities issued or guaranteed by U.S. government sponsored enterprises		361,073		15,861		—			376,934
Collateralized mortgage obligations issued or guaranteed by U.S. government sponsored enterprises		127,153		1,628		(331	)		128,450
Private issue collateralized mortgage obligations		12,557		—		(1,916	)		10,641
Total debt securities		567,917		20,225		(2,252	)		585,890
Equity securities		5,000		—		(854	)		4,146
Total securities available for sale	$	572,917	$	20,225	$	(3,106	)	$	590,036

Unrealized Gross Losses and Estimated Fair Values of Investment Securities by Length of Time that Individual Securities in Each Category in Continuous Loss Position

The following table presents the estimated fair values and gross unrealized losses of investment securities that were in a continuous loss position at September 30, 2012 and December 31, 2011, by length of time that individual securities in each category have been in a continuous loss position: 

	Less Than 12 Months					12 Months or More					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
September 30, 2012
Mortgage-backed securities	$	311	$	(1	)	$	18	$	—		$	329	$	(1	)
Collateralized mortgage obligations		350		(1	)		—		—			350		(1	)
Private issue collateralized mortgage obligations		—		—			10,384		(963	)		10,384		(963	)
Total	$	661	$	(2	)	$	10,402	$	(963	)	$	11,063	$	(965	)
December 31, 2011
U.S. government sponsored enterprises	$	9,995	$	(5	)	$	—	$	—		$	9,995	$	(5	)
Collateralized mortgage obligations		37,994		(331	)		—		—			37,994		(331	)
Private issue collateralized mortgage obligations		—		—			10,641		(1,916	)		10,641		(1,916	)
Equity securities		—		—			4,146		(854	)		4,146		(854	)
Total	$	47,989	$	(336	)	$	14,787	$	(2,770	)	$	62,776	$	(3,106	)

Company's Sales of Securities

The following information details the Company’s sales of securities:

	Nine Months Ended September 30,
Available for sale	2012			2011
Proceeds from sales of securities	$	38,701		$	15,128
Gross realized gains		1,302			270
Gross realized (losses)		(204	)		(73	)

Amortized Cost and Estimated Fair Values of Debt Securities by Contractual Maturity

The amortized cost and estimated fair values of debt securities by contractual maturity at September 30, 2012, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

Available for sale	Amortized Cost		Fair Value
Due in one year or less	$	5,600	$	5,639
Due after one year through five years		17,018		17,611
Due after five years through ten years		152,756		158,907
Due after ten years		530,162		548,473
	$	705,536	$	730,630