Securities

6 Months Ended

Jun. 30, 2011

Securities [Abstract]

Securities

(2) Securities

Available for sale securities at June 30, 2011 and December 31, 2010 were as follows:

			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
June 30, 2011	Cost		Gains		Losses			Value
U.S. Treasury securities and obligations of U.S. government agencies	$	57,447	$	536	$	(100	)	$	57,883
Obligations of states and political subdivisions		59,880		1,918		(153	)		61,645
Mortgage-backed securities in government sponsored entities		84,521		2,765		(85	)		87,201
Total debt securities		201,848		5,219		(338	)		206,729
Equity securities in financial institutions		481		195		—			676
Total	$	202,329	$	5,414	$	(338	)	$	207,405

			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
December 31, 2010	Cost		Gains		Losses			Value
U.S. Treasury securities and obligations of U.S. government agencies	$	55,398	$	616	$	(307	)	$	55,707
Obligations of states and political subdivisions		61,401		483		(1,415	)		60,469
Mortgage-backed securities in government sponsored entities		65,917		2,236		(53	)		68,100
Total debt securities		182,716		3,335		(1,775	)		184,276
Equity securities in financial institutions		481		195		—			676
Total	$	183,197	$	3,530	$	(1,775	)	$	184,952

Available for sale	Fair Value
Due in one year or less	$	954
Due after one year through five years		20,828
Due after five years through ten years		12,896
Due after ten years		84,850
Mortgage-backed securities		87,201
Equity securities		676
Total securities available for sale	$	207,405

Proceeds from the sale of securities during the six months ended June 30, 2011 were $300 and $871 for the six months ended June 30, 2010. Gains from securities called, sold or settled by the issuer were $3 during the quarter ended June 30, 2011 and $1 during the quarter ended June 30, 2010.

Securities with a carrying value of approximately $142,590 and $158,940 were pledged as of June 30, 2011 and December 31, 2010, respectively, to secure public deposits, other deposits and liabilities as required by law.

Securities with unrealized losses at June 30, 2011 and December 31, 2010 not recognized in income are as follows:

	12 Months or less					More than 12 months					Total
June 30, 2011	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
Description of Securities	Value		Loss			Value		Loss			Value		Loss
U.S. Treasury securities and obligations of U.S. government agencies	$	8,900	$	(100	)	$	—	$	—		$	8,900	$	(100	)
Obligations of states and political subdivisions		9,209		(149	)		314		(4	)		9,523		(153	)
Mortgage-backed securities in gov’t sponsored entities		11,493		(85	)		—		—			11,493		(85	)
Total temporarily impaired	$	29,602	$	(334	)	$	314	$	(4	)	$	29,916	$	(338	)

	12 Months or less					More than 12 months					Total
December 31, 2010	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
Description of Securities	Value		Loss			Value		Loss			Value		Loss
U.S. Treasury securities and obligations of U.S. government agencies	$	10,257	$	(307	)	$	—	$	—		$	10,257	$	(307	)
Obligations of states and political subdivisions		34,938		(1,359	)		2,256		(56	)		37,194		(1,415	)
Mortgage-backed securities in gov’t sponsored entities		9,696		(53	)		—		—			9,696		(53	)
Total temporarily impaired	$	54,891	$	(1,719	)	$	2,256	$	(56	)	$	57,147	$	(1,775	)

There are thirty-nine securities in the portfolio with unrealized losses. Unrealized losses on securities have not been recognized into income because the issuers’ securities are of high credit quality, management has the intent and ability to hold these securities for the foreseeable future, and the decline in fair value is largely due to market yields increasing across the municipal sector partly due to higher risk premiums associated with municipal insurers. The fair value is expected to recover as the securities approach their maturity date or reset date. The Corporation does not intend to sell until recovery and does not believe selling will be required before recovery.