Investment Securities (Tables)

12 Months Ended

Dec. 31, 2012

Investment Securities

Schedule of investment securities

2012	Amortized cost		Unrealized gains		Unrealized losses		Fair value
	(in thousands)
Available for sale securities:
Mortgage-backed securities	$	9		1		-		10
Corporate bonds		30,408		248		(3)		30,653
Affiliated mutual funds		73,443		3,749		(1,090)		76,102
	$	103,860		3,998		(1,093)		106,765
Trading securities:
Mortgage-backed securities								44
Municipal bonds								501
Corporate bonds								12,112
Common stock								37
Affiliated mutual funds								56,683
								69,377
Total investment securities								176,142

2011	Amortized cost		Unrealized gains		Unrealized losses		Fair value
	(in thousands)
Available for sale securities:
Mortgage-backed securities	$	9		2		-		11
Municipal bonds		2,549		-		(13)		2,536
Corporate bonds		45,893		170		(89)		45,974
Affiliated mutual funds		51,456		2,738		(5,379)		48,815
	$	99,907		2,910		(5,481)		97,336
Trading securities:
Mortgage-backed securities								63
Municipal bonds								500
Corporate bonds								17,319
Common stock								37
Affiliated mutual funds								19,007
								36,926
Total investment securities								134,262

Summary of investments with fair values below carrying values

     A summary of available for sale debt securities and affiliated mutual funds with fair values below carrying values at December 31, 2012 is as follows:

	Less than 12 months				12 months or longer				Total
	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
	(in thousands)
Corporate bonds	$	997		(3)		-		-		997		(3)
Affiliated mutual funds		23,478		(469)		5,604		(621)		29,082		(1,090)
Total temporarily impaired securities	$	24,475		(472)		5,604		(621)		30,079		(1,093)

Schedule of available for sale securities by maturity date

 Mortgage-backed securities and corporate bonds accounted for as available for sale and held as of December 31, 2012 mature as follows:

	Amortized cost		Fair value
	(in thousands)
Within one year	$	15,488		15,529
After one year but within 10 years		14,929		15,134
	$	30,417		30,663

Schedule of trading securities by maturity date

  Mortgage-backed securities, municipal bonds and corporate bonds accounted for as trading and held as of December 31, 2012 mature as follows:

	Fair value
	(in thousands)
Within one year	$	2,531
After one year but within 10 years		10,126
	$	12,657

Schedule of fair value of investment securities

2012	Level 1		Level 2		Level 3		Total
	(in thousands)
Mortgage-backed securities	$	-		54		-		54
Municipal bonds		-		501		-		501
Corporate bonds		-		42,765		-		42,765
Common stock		37		-		-		37
Affiliated mutual funds		132,785		-		-		132,785
Total	$	132,822	$	43,320	$	-	$	176,142

2011	Level 1		Level 2		Level 3		Total
	(in thousands)
Mortgage-backed securities		-		74		-		74
Municipal bonds		-		3,036		-		3,036
Corporate bonds		-		63,293		-		63,293
Common stock		37		-		-		37
Affiliated mutual funds		67,822		-		-		67,822
Total	$	67,859	$	66,403	$	-	$	134,262