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Investments (Tables)
 3 Months Ended
Mar. 31, 2013
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 March. 31, 2013     At December 31, 2012  
          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   $ 130,412     $ 643     $ (158 )   $ 130,897     $ 155,442     $ 1,084     $ (98 )   $ 156,428  
State and municipal     160,255       13,168       -       173,423       160,496       13,996       (1 )     174,491  
Mortgage-backed     440,287       17,607       (350 )     457,544       471,527       19,080       (128 )     490,479  
Corporate debt     2,000       7       -       2,007       2,000       -       (4 )     1,996  
Trust preferred     1,701       -       (215 )     1,486       1,701       -       (236 )     1,465  
Total debt securities     734,655       31,425       (723 )     765,357       791,166       34,160       (467 )     824,859  
Marketable equity securities     723       -       -       723       723       -       -       723  
Total investments available-for-sale   $ 735,378     $ 31,425     $ (723 )   $ 766,080     $ 791,889     $ 34,160     $ (467 )   $ 825,582  
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, 2012   $ 531  
Additions for credit losses not previously recognized     -  
Cumulative credit losses on investment securities, through March 31, 2013   $ 531
Amortized Cost and Estimated Fair Values of Investments Held-To-Maturity

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 March. 31, 2013     At December 31, 2012  
          Estimated           Estimated  
    Amortized     Fair     Amortized     Fair  
(In thousands)   Cost     Value     Cost     Value  
Due in one year or less   $ 5,857     $ 5,924     $ 7,431     $ 7,523  
Due after one year through five years     2,720       2,731       4,653       4,725  
Due after five years through ten years     124,771       128,382       116,735       120,074  
Due after ten years     78,028       79,383       86,995       89,702  
Total debt securities held-to-maturity   $ 211,376     $ 216,420     $ 215,814     $ 222,024  
Other Equity Securities

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

 

(In thousands)   March 31, 2013     December 31, 2012  
Federal Reserve Bank stock   $ 8,269     $ 8,269  
Federal Home Loan Bank of Atlanta stock     22,968       25,367  
Total equity securities   $ 31,237     $ 33,636
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 March. 31, 2013  
                Continuous Unrealized        
    Number           Losses Existing for:     Total  
    of           Less than     More than     Unrealized  
(Dollars in thousands)   securities     Fair Value     12 months     12 months     Losses  
U.S. government agencies     3     $ 39,840     $ 158     $ -     $ 158  
Mortgage-backed     11       53,074       350       -       350  
Trust preferred     1       1,486       -       215       215  
Total     15     $ 94,400     $ 508     $ 215     $ 723  

 

    At December 31, 2012  
                Continuous Unrealized        
    Number           Losses Existing for:     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  
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 March. 31, 2013     At December 31, 2012  
          Estimated           Estimated  
    Amortized     Fair     Amortized     Fair  
(In thousands)   Cost     Value     Cost     Value  
Due in one year or less   $ 35,467     $ 36,056     $ 35,544     $ 36,349  
Due after one year through five years     4,382       4,463       3,957       3,994  
Due after five years through ten years     349,635       364,619       382,957       399,180  
Due after ten years     345,171       360,219       368,708       385,336  
Total debt securities available for sale   $ 734,655     $ 765,357     $ 791,166     $ 824,859  
Held-to-Maturity Securities
  
Amortized Cost and Estimated Fair Values of Investment Securities

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 March. 31, 2013  
                Continuous Unrealized        
    Number           Losses Existing for:     Total  
    of           Less than     More than     Unrealized  
(Dollars in thousands)   securities     Fair Value     12 months     12 months     Losses  
U.S. government agencies     1     $ 4,987     $ 11             $ 11  
State and municipal     24       25,414       301               301  
Total     25     $ 30,401     $ 312     $ -     $ 312  

 

    At December 31, 2012  
                Continuous Unrealized        
    Number           Losses Existing for:     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  
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 March. 31, 2013     At December 31, 2012  
          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   $ 64,500     $ 127     $ (11 )   $ 64,616     $ 64,498     $ 125     $ (29 )   $ 64,594  
State and municipal     146,583       5,189       (301 )     151,471       150,995       6,194       (123 )     157,066  
Mortgage-backed     293       40               333       321       43       -       364  
Total investments held-to-maturity   $ 211,376     $ 5,356     $ (312 )   $ 216,420     $ 215,814     $ 6,362     $ (152 )   $ 222,024