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Investments (Tables)

9 Months Ended

Sep. 30, 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 September 30, 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	$	177,979	$	126	$	(5,862)	$	172,243	$	155,442	$	1,084	$	(98)	$	156,428
State and municipal		159,772		7,164		(70)		166,866		160,496		13,996		(1)		174,491
Mortgage-backed		464,483		12,523		(4,737)		472,269		471,527		19,080		(128)		490,479
Corporate debt		2,000		5		-		2,005		2,000		-		(4)		1,996
Trust preferred		1,701		-		(262)		1,439		1,701		-		(236)		1,465
Total debt securities		805,935		19,818		(10,931)		814,822		791,166		34,160		(467)		824,859
Marketable equity securities		723		-		-		723		723		-		-		723
Total investments available-for-sale	$	806,658	$	19,818	$	(10,931)	$	815,545	$	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 September 30, 2013	$	531

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 September 30, 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	$	64,503	$	-	$	(3,381)	$	61,122	$	64,498	$	125	$	(29)	$	64,594
State and municipal		161,231		2,219		(4,813)		158,637		150,995		6,194		(123)		157,066
Mortgage-backed		260		35		-		295		321		43		-		364
Total investments held-to-maturity	$	225,994	$	2,254	$	(8,194)	$	220,054	$	215,814	$	6,362	$	(152)	$	222,024

Other Equity Securities

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

(In thousands)	September 30, 2013		December 31, 2012
Federal Reserve Bank stock	$	8,269	$	8,269
Federal Home Loan Bank of Atlanta stock		28,143		25,367
Total equity securities	$	36,412	$	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 September 30, 2013
				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	14	$	138,520	$	5,862	$	-	$	5,862
State and municipal	7		5,758		70		-		70
Mortgage-backed	24		150,173		4,737		-		4,737
Trust preferred	1		1,439		-		262		262
Total	46	$	295,890	$	10,669	$	262	$	10,931

	At December 31, 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

Amortized Cost and Estimated Fair Values of Investment Securities

The amortized cost and estimated fair values of debt 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 September 30, 2013				At December 31, 2012
			Estimated				Estimated
	Amortized		Fair		Amortized		Fair
(In thousands)	Cost		Value		Cost		Value
Due in one year or less	$	30,314	$	30,439	$	35,544	$	36,349
Due after one year through five years		11,953		12,301		3,957		3,994
Due after five years through ten years		394,079		398,163		382,957		399,180
Due after ten years		369,589		373,919		368,708		385,336
Total debt securities available for sale	$	805,935	$	814,822	$	791,166	$	824,859

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 September 30, 2013
						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		8	$	61,122	$	3,381	$	-	$	3,381
State and municipal		100		85,882		4,813		-		4,813
Total		108	$	147,004	$	8,194	$	-	$	8,194

	At December 31, 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

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 September 30, 2013				At December 31, 2012
			Estimated				Estimated
	Amortized		Fair		Amortized		Fair
(In thousands)	Cost		Value		Cost		Value
Due in one year or less	$	2,765	$	2,787	$	7,431	$	7,523
Due after one year through five years		3,253		3,264		4,653		4,725
Due after five years through ten years		132,577		130,588		116,735		120,074
Due after ten years		87,399		83,415		86,995		89,702
Total debt securities held-to-maturity	$	225,994	$	220,054	$	215,814	$	222,024

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

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- Definition

Tabular disclosure of all investments in certain debt and equity securities for which the entity has the positive intent and ability to hold until maturity.

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- Definition

Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income.

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