Investment Securities (Tables)

12 Months Ended

Dec. 31, 2012

Amortized cost, estimated fair values, and gross unrealized gains and losses of securities available for sale and held to maturity

The amortized cost, estimated fair value and gross unrealized gains and losses of the Company's investment securities available for sale and held to maturity at December 31, 2012 and 2011 were: (in thousands)

	December 31, 2012									December 31, 2011
			Gross		Gross			Estimated				Gross		Gross			Estimated
	Amortized		Unrealized		Unrealized			Fair		Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value		Cost		Gains		Losses			Value
Available for sale:
U.S. Treasury securities	$	500	$	-	$	-		$	500	$	-	$	-	$	-		$	-
U.S. government agency securities		65,085		70		(77	)		65,078		-		-		-			-
Obligations of states and political subdivisions		155,121		13,314		-			168,435		156,663		15,329		-			171,992
Collateralized mortgage obligations		87,624		2,148		(80	)		89,692		122,155		5,768		(1,153	)		126,770
Mortgage-backed securities		61,750		766		(66	)		62,450		391		51		-			442
Corporate bonds		15,701		497		-			16,198		-		-		-			-
Balance at end of period		385,781		16,795		(223	)		402,353		279,209		21,148		(1,153	)		299,204
Held to maturity:
Obligations of states and political subdivisions		8,035		826		-			8,861		9,315		846		-			10,161
Total investment securities	$	393,816	$	17,621	$	(223	)	$	411,214	$	288,524	$	21,994	$	(1,153	)	$	309,365

Investment securities amortized cost, maturities, and approximate fair value

The amortized cost, contractual maturities and approximate fair value of the Company's investment securities at December 31, 2012 (in thousands) are presented in the table below. CMOs and MBS assume maturity dates pursuant to average lives.


	December 31, 2012
	Amortized		Fair
	Cost		Value
Securities available for sale:
Due in one year or less	$	68,312	$	69,887
Due from one to five years		111,534		118,665
Due from five to ten years		178,693		186,461
Due after ten years		27,242		27,340
Total securities available for sale		385,781		402,353
Securities held to maturity:
Due in one year or less		1,544		1,556
Due from one to five years		6,013		6,771
Due from five to ten years		478		534
Total securities held to maturity		8,035		8,861
Total investment securities	$	393,816	$	411,214

Proceeds from sales of securities available for sale and the associated realized securities gains and losses

The following table presents detail concerning proceeds from sales of securities available for sale and the associated realized securities gains and losses during the years indicated: (in thousands)

	2012			2011		2010
Proceeds	$	7,457		$	44,142	$	12,500
Gross realized gains	$	-		$	1,701	$	391
Gross realized losses		217			53		16
Net (losses) gains	$	(217	)	$	1,648	$	375

Length of time individual securities for held-to-maturity and available-for-sale held in a continuous unrealized loss position

The table below indicates the length of time individual securities, both held to maturity and available for sale, have been held in a continuous unrealized loss position at the date indicated: (in thousands)

			Less than 12 months				12 months or longer				Total
As of December 31, 2012	Number of				Unrealized				Unrealized				Unrealized
Type of securities	Securities		Fair value		Losses		Fair value		Losses		Fair value		Losses
U.S. government agency securities		6	$	28,958	$	77	$	-	$	-	$	28,958	$	77
Collateralized mortgage obligations		2		7,878		80		-		-		7,878		80
Mortgage-backed securities		4		14,098		66		-		-		14,098		66
Total		12	$	50,934	$	223	$	-	$	-	$	50,934	$	223

			Less than 12 months				12 months or longer				Total
As of December 31, 2011	Number of				Unrealized				Unrealized				Unrealized
Type of securities	Securities		Fair value		Losses		Fair value		Losses		Fair value		Losses
Collateralized mortgage obligations		2	$	-	$	-	$	7,994	$	1,153	$	7,994	$	1,153
Total		2	$	-	$	-	$	7,994	$	1,153	$	7,994	$	1,153

Schedule of non agency private collateralized mortgage obligation securities


							Total OTTI
	Year of		Total		Total		Related to
	Vintage		Fair		Amortized		Credit Loss at
(in thousands)	2006		Value		Cost		December 31, 2011
Rating:
Total Non-Agency
CMOs
CCC and Below	$	7,994	$	7,994	$	9,147	$	1,052

Total Non-Agency
CMO's	$	7,994	$	7,994	$	9,147	$	1,052