Securities

6 Months Ended

Jun. 30, 2012

Securities [Abstract]

SECURITIES

(3) SECURITIES

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

	June 30, 2012
	(Dollars in thousands)
Held for investment, at cost (market value: $20,104)	$	19,734
Available for sale, at market value		555,300
Total	$	575,034

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

	June 30, 2012
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Market Value
	(Dollars in thousands)
U.S. treasury and other Federal agencies	$	901	$	68	$	—	$	969
States and political subdivisions		18,833		302		—		19,135
Total	$	19,734	$	370	$	—	$	20,104

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

	June 30, 2012
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Market Value
	(Dollars in thousands)
U.S. Federal agencies (1)	$	455,175	$	4,512	$	(121	)	$	459,566
Mortgage backed securities		23,869		843		(3	)		24,709
States and political subdivisions		57,540		3,008		(10	)		60,538
Other securities (2)		8,011		2,498		(22	)		10,487
Total	$	544,595	$	10,861	$	(156	)	$	555,300

(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.

	June 30, 2012
	Amortized Cost		Estimated Market Value
	(Dollars in thousands)
Held for Investment
Contractual maturity of debt securities:
Within one year	$	1,583	$	1,602
After one year but within five years		14,679		14,909
After five years but within ten years		2,830		2,889
After ten years		642		704
Total	$	19,734	$	20,104
Available for Sale
Contractual maturity of debt securities:
Within one year	$	85,373	$	86,441
After one year but within five years		323,771		326,413
After five years but within ten years		46,982		49,031
After ten years		80,458		82,928
Total debt securities		536,584		544,813
Equity securities		8,011		10,487
Total	$	544,595	$	555,300

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:

	June 30, 2012
	(Dollars in thousands)
Book value of pledged securities	$	484,329