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INVESTMENTS (Tables)
 12 Months Ended
Dec. 31, 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 December 31 are presented in the following table:

 

    2012     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   $ 155,442     $ 1,084     $ (98 )   $ 156,428     $ 197,816     $ 2,436     $ -     $ 200,252  
State and municipal     160,496       13,996       (1 )     174,491       160,657       12,456       (2 )     173,111  
Mortgage-backed     471,527       19,080       (128 )     490,479       551,518       18,639       (13 )     570,144  
Corporate debt     2,000       -       (4 )     1,996       2,000       -       (22 )     1,978  
Trust preferred     1,701       -       (236 )     1,465       5,936       260       (480 )     5,716  
Total debt securities     791,166       34,160       (467 )     824,859       917,927       33,791       (517 )     951,201  
Marketable equity securities     723       -       -       723       100       -       -       100  
Total investments available-for-sale   $ 791,889     $ 34,160     $ (467 )   $ 825,582     $ 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 December 31, 2010     262  
Additions for credit losses not previously recognized     160  
Cumulative credit losses on investment securities, through December 31, 2011     422  
Additions for credit losses not previously recognized     109  
Cumulative credit losses on investment securities, through December 31, 2012   $ 531  
Other Equity Securities

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

 

(In thousands)   2012     2011  
Federal Reserve Bank stock   $ 8,269     $ 7,530  
Federal Home Loan Bank of Atlanta stock     25,367       27,328  
Other equities     -       75  
Total equity securities   $ 33,636     $ 34,933  
Gross Realized Gains and Losses on All Investments

Securities gains

Gross realized gains and losses on all investments for the periods indicated are presented in the following table:

 

    For the year ended December 31,  
(In thousands)   2012     2011     2010  
Gross realized gains from sales of investments available-for-sale   $ 56     $ -     $ 1,001  
Gross realized losses from sales of investments available-for-sale     -       -       (371 )
Net gains or (losses) from calls of investments available-for-sale     294       205       99  
Net gains or (losses) from calls of investments held-to-maturity     109       87       67  
Net securities gains   $ 459     $ 292     $ 796  
Available-for-Sale Securities
  
Gross Unrealized Losses and Fair Value by Length of Time

Gross unrealized losses and fair values by length of time that the individual available-for-sale securities have been in an unrealized loss position at December 31 are presented in the following table:

 

    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     2     $ 29,900     $ 98     $ -     $ 98  
State and municipal     1       390       1       -       1  
Mortgage-backed     2       12,653       128       -       128  
Corporate debt     1       1,996       4       -       4  
Trust preferred     1       1,465       -       236       236  
Total     7     $ 46,404     $ 231     $ 236     $ 467  

 

    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 December 31 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.

 

    2012     2011  
          Estimated           Estimated  
    Amortized     Fair     Amortized     Fair  
(In thousands)   Cost     Value     Cost     Value  
Due in one year or less   $ 35,544     $ 36,349     $ 65,569     $ 65,972  
Due after one year through five years     3,957       3,994       62,993       64,656  
Due after five years through ten years     382,957       399,180       342,813       354,238  
Due after ten years     368,708       385,336       446,552       466,335  
Total debt securities available for sale   $ 791,166     $ 824,859     $ 917,927     $ 951,201  
Held-to-Maturity Securities
  
Gross Unrealized Losses and Fair Value by Length of Time

Gross unrealized losses and fair values by length of time that the individual held-to-maturity securities have been in a continuous unrealized loss position at December 31 are presented in the following tables:

 

    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     1     $ 9,961     $ 29     $ -     $ 29  
State and municipal     13       16,868       123       -       123  
Total     14     $ 26,829     $ 152     $ -     $ 152  

 

    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 December 31 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.

 

    2012     2011  
          Estimated           Estimated  
    Amortized     Fair     Amortized     Fair  
(In thousands)   Cost     Value     Cost     Value  
Due in one year or less   $ 7,431     $ 7,523     $ 18,860     $ 19,203  
Due after one year through five years     4,653       4,725       6,937       7,144  
Due after five years through ten years     116,735       120,074       98,428       101,008  
Due after ten years     86,995       89,702       54,240       56,812  
Total debt securities held-to-maturity   $ 215,814     $ 222,024     $ 178,465     $ 184,167
Amortized Cost and Estimated Fair Values of Investments Held-To-Maturity

The amortized cost and estimated fair values of investments held-to-maturity at December 31 are presented in the following table:

 

    2012     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   $ 64,498     $ 125     $ (29 )   $ 64,594     $ 54,983     $ 406     $ -     $ 55,389  
State and municipal     150,995       6,194       (123 )     157,066       123,075       5,244       (1 )     128,318  
Mortgage-backed     321       43       -       364       407       53       -       460  
Total investments held-to-maturity   $ 215,814     $ 6,362     $ (152 )   $ 222,024     $ 178,465     $ 5,703     $ (1 )   $ 184,167