Investments (Tables)

6 Months Ended

Jun. 30, 2012

Amortized cost and Estimated fair values of Investments Available-for-sale

The amortized cost and estimated fair values of investments available-for-sale at the dates indicated are presented in the following table:

	At June 30, 2012									At December 31, 2011
			Gross		Gross			Estimated				Gross		Gross			Estimated
	Amortized		Unrealized		Unrealized			Fair		Amortized		Unrealized		Unrealized			Fair
(In thousands)	Cost		Gains		Losses			Value		Cost		Gains		Losses			Value
U.S. government agencies	$	120,027	$	1,593	$	-		$	121,620	$	197,816	$	2,436	$	-		$	200,252
State and municipal		159,144		12,575		(13	)		171,706		160,657		12,456		(2	)		173,111
Mortgage-backed		488,647		20,924		(37	)		509,534		551,518		18,639		(13	)		570,144
Corporate debt		2,000		-		(5	)		1,995		2,000		-		(22	)		1,978
Trust preferred		3,554		164		(415	)		3,303		5,936		260		(480	)		5,716
Total debt securities		773,372		35,256		(470	)		808,158		917,927		33,791		(517	)		951,201
Marketable equity securities		723		-		-			723		100		-		-			100
Total investments available-for-sale	$	774,095	$	35,256	$	(470	)	$	808,881	$	918,027	$	33,791	$	(517	)	$	951,301

Activity of OTTI on investment Securities Due to Credit Losses Recognized in Earnings

The following table provides the activity of OTTI on investment securities due to credit losses recognized in earnings for the period indicated:

(In thousands)	OTTI Losses
Cumulative credit losses on investment securities, through January 1, 2012	$	422
Additions for credit losses not previously recognized		72
Cumulative credit losses on investment securities, through June 30, 2012	$	494

Amortized Cost and Estimated Fair Values of Investments Held-To-Maturity

The amortized cost and estimated fair values of investments held-to-maturity at the dates indicated are presented in the following table:

	At June 30, 2012									At December 31, 2011
			Gross		Gross			Estimated				Gross		Gross			Estimated
	Amortized		Unrealized		Unrealized			Fair		Amortized		Unrealized		Unrealized			Fair
(In thousands)	Cost		Gains		Losses			Value		Cost		Gains		Losses			Value
U.S. government agencies	$	37,576	$	37	$	(140	)	$	37,473	$	54,983	$	406	$	-		$	55,389
State and municipal		126,904		4,883		(277	)		131,510		123,075		5,244		(1	)		128,318
Mortgage-backed		366		47		-			413		407		53		-			460
Total investments held-to-maturity	$	164,846	$	4,967	$	(417	)	$	169,396	$	178,465	$	5,703	$	(1	)	$	184,167

Other Equity Securities

Other equity securities at the dates indicated are presented in the following table:

(In thousands)	June 30, 2012		December 31, 2011
Federal Reserve Bank stock	$	8,292	$	7,530
Federal Home Loan Bank of Atlanta stock		24,724		27,328
Other equities		-		75
Total equity securities	$	33,016	$	34,933

Available-for-Sale Securities

Gross Unrealized Losses and Fair Value by Length of Time

Gross unrealized losses and fair value by length of time that the individual available-for-sale securities have been in an unrealized loss position at the dates indicated are presented in the following table:

	At June 30, 2012
					Continuous Unrealized
					Losses Existing for:
	Number								Total
	of				Less than		More than		Unrealized
(Dollars in thousands)	securities		Fair Value		12 months		12 months		Losses
State and municipal		2	$	1,176	$	13	$	-	$	13
Mortgage-backed		2		7,073		37		-		37
Corporate debt		1		1,995		5		-		5
Trust preferred		1		1,817		-		415		415
Total		6	$	12,061	$	55	$	415	$	470

	At December 31, 2011
					Continuous Unrealized
					Losses Existing for:
	Number								Total
	of				Less than		More than		Unrealized
(Dollars in thousands)	securities		Fair Value		12 months		12 months		Losses
State and municipal		1	$	397	$	2	$	-	$	2
Mortgage-backed		3		5,081		13		-		13
Corporate debt		1		3,326		22		-		22
Trust preferred		1		2,467		-		480		480
Total		6	$	11,271	$	37	$	480	$	517

Amortized Cost and Estimated Fair Values of Investment Securities

The amortized cost and estimated fair values of investment securities available-for-sale by contractual maturity at the dates indicated are provided in the following table. The Company has allocated mortgage-backed securities into the four maturity groupings reflected in the following table using the expected average life of the individual securities based on statistics provided by independent third party industry sources. Expected maturities will differ from contractual maturities as borrowers may have the right to prepay obligations with or without prepayment penalties.

	At June 30, 2012				At December 31, 2011
			Estimated				Estimated
	Amortized		Fair		Amortized		Fair
(In thousands)	Cost		Value		Cost		Value
Due in one year or less	$	20,284	$	20,381	$	65,569	$	65,972
Due after one year through five years		37,844		39,045		62,993		64,656
Due after five years through ten years		311,158		324,495		342,813		354,238
Due after ten years		404,086		424,237		446,552		466,335
Total debt securities available for sale	$	773,372	$	808,158	$	917,927	$	951,201

Held-to-Maturity Securities

Gross Unrealized Losses and Fair Value by Length of Time

Gross unrealized losses and fair value by length of time that the individual held-to-maturity securities have been in a continuous unrealized loss position at the dates indicated are presented in the following tables:

	At June 30, 2012
					Continuous Unrealized
					Losses Existing for:
	Number								Total
	of				Less than		More than		Unrealized
(Dollars in thousands)	securities		Fair Value		12 months		12 months		Losses
U.S. government agencies		3	$	17,435	$	140	$	-	$	140
State and municipal		20		20,624		277		-		277
Total		23	$	38,059	$	417	$	-	$	417

	At December 31, 2011
					Continuous Unrealized
					Losses Existing for:
	Number								Total
	of				Less than		More than		Unrealized
(Dollars in thousands)	securities		Fair Value		12 months		12 months		Losses
State and municipal		1	$	541	$	1	$	-	$	1
Total		1	$	541	$	1	$	-	$	1

Amortized Cost and Estimated Fair Values of Investment Securities

The amortized cost and estimated fair values of debt securities held-to-maturity by contractual maturity at the dates indicated are reflected in the following table. Expected maturities will differ from contractual maturities as borrowers may have the right to prepay obligations with or without prepayment penalties.

	At June 30, 2012				At December 31, 2011
			Estimated				Estimated
	Amortized		Fair		Amortized		Fair
(In thousands)	Cost		Value		Cost		Value
Due in one year or less	$	11,939	$	12,168	$	18,860	$	19,203
Due after one year through five years		5,605		5,731		6,937		7,144
Due after five years through ten years		80,110		82,340		98,428		101,008
Due after ten years		67,192		69,157		54,240		56,812
Total debt securities held-to-maturity	$	164,846	$	169,396	$	178,465	$	184,167