Securities

9 Months Ended

Sep. 30, 2011

Securities [Abstract]

Securities

(4) SECURITIES

The following table summarizes securities held for investment and securities available for sale:

	September 30, 2011
	(Dollars in thousands)
Held for investment, at cost (market value: $23,257)	$	22,677
Available for sale, at market value		584,369
Total	$	607,046

The following table summarizes the amortized cost and estimated market values of securities held for investment:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Market Value
	(Dollars in thousands)
September 30, 2011
U.S. treasury and other federal agencies	$	1,046	$	79	$	—		$	1,125
States and political subdivisions		21,631		502		(1	)		22,132
Total	$	22,677	$	581	$	(1	)	$	23,257

The following table summarizes the amortized cost and estimated market values of securities available for sale:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Market Value
	(Dollars in thousands)
September 30, 2011
U.S. treasuries	$	30,027	$	10	$	—		$	30,037
U.S. federal agencies (1)		437,594		7,822		(172	)		445,244
Mortgage backed securities		31,798		628		(9	)		32,417
States and political subdivisions		61,650		2,377		(27	)		64,000
Other securities (2)		7,605		5,066		—			12,671
Total	$	568,674	$	15,903	$	(208	)	$	584,369

(1) Primarily consists of FHLMC, FNMA, GNMA and mortgage backed securities through U.S. agencies.

(2) Primarily consists of equity securities.

The maturities of securities held for investment and available for sale are summarized in the following table using contractual maturities. Actual maturities may differ from contractual maturities due to obligations that are called or prepaid. For purposes of the maturity table, mortgage-backed securities, which are not due at a single maturity date, have been presented at their contractual maturity.

	September 30, 2011
	Amortized Cost		Estimated Market Value
	(Dollars in thousands)
Held for Investment
Contractual maturity of debt securities:
Within one year	$	5,809	$	5,907
After one year but within five years		13,871		14,191
After five years but within ten years		2,281		2,352
After ten years		716		807
Total	$	22,677	$	23,257
Available for Sale
Contractual maturity of debt securities:
Within one year	$	195,364	$	198,664
After one year but within five years		199,037		202,827
After five years but within ten years		76,955		78,140
After ten years		89,713		92,067
Total debt securities		561,069		571,698
Equity securities		7,605		12,671
Total	$	568,674	$	584,369

The following table is a summary of the Company's book value of securities that were pledged as collateral for public funds on deposit, repurchase agreements and for other purposes as required or permitted by law:

	September 30, 2011
	(Dollars in thousands)
Book value of pledged securities	$	474,653