Securities (Tables)

3 Months Ended

Mar. 31, 2013

Securities

Schedule of amortized cost and fair value of the available-for-sale securities and corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive loss

			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
March 31, 2013:
U.S. Treasury	$	1,500	$	2	$	-		$	1,502
U.S. government agencies	69,189		129		(53		)	69,265
U.S. government agency mortgage-backed	76,500		804		(952		)	76,352
States and political subdivisions	25,876		1,139		-			27,015
Corporate Bonds	38,090		650		(161		)	38,579
Collateralized mortgage obligations	131,181		964		(476		)	131,669
Asset-backed securities	219,234		2,174		(671		)	220,737
Collateralized debt obligations	17,919		-		(7,292		)	10,627
	$	579,489	$	5,862	$	(9,605	)	$	575,746
December 31, 2012:
U.S. Treasury	$	1,500	$	7	$	-		$	1,507
U.S. government agencies	49,848		122		(120		)	49,850
U.S. government agency mortgage-backed	127,716		1,605		(583		)	128,738
States and political subdivisions	14,639		1,216		-			15,855
Corporate Bonds	36,355		586		(55		)	36,886
Collateralized mortgage obligations	168,795		1,895		(1,090		)	169,600
Asset-backed securities	165,347		2,468		(322		)	167,493
Collateralized debt obligations	17,941		-		(7,984		)	9,957
	$	582,141	$	7,899	$	(10,154	)	$	579,886

Schedule of fair value, amortized cost and weighted average yield of debt securities by contractual maturity along with securities not due at a single maturity date, primarily mortgage-backed securities, collateralized mortgage obligations and collateralized debt obligations (CDO)

The fair value, amortized cost and weighted average yield of debt securities at March 31, 2013, by contractual maturity, were as follows.  Securities not due at a single maturity date, primarily mortgage-backed securities, collateralized debt obligations and equity securities are shown separately.

			Weighted
	Amortized		Average	Fair
	Cost		Yield	Value
Due in one year or less	$	10,976	1.61%	$	10,984
Due after one year through five years	25,685		1.97%	26,456
Due after five years through ten years	37,930		3.03%	38,730
Due after ten years	60,064		2.93%	60,191
	134,655		2.67%	136,361
Mortgage-backed securities	207,681		2.02%	208,021
Asset-back securites	219,234		1.55%	220,737
Collateralized debt obligations	17,919		1.64%	10,627
	$	579,489	1.98%	$	575,746

Schedule of securities with unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position

Securities with unrealized losses at March 31, 2013, and December 31, 2012, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are as follows (in thousands except for number of securities):

	Less than 12 months					Greater than 12 months
March 31, 2013	in an unrealized loss position					in an unrealized loss position					Total
	Number of	Unrealized		Fair		Number of	Unrealized		Fair		Number of	Unrealized		Fair
	Securities	Losses		Value		Securities	Losses		Value		Securities	Losses		Value
U.S. government agencies	3	$	53	$	12,225	-	$	-	$	-	3	$	53	12,225
U.S. government agency mortgage-backed	9	952		49,575		-	-		-		9	952		49,575
Corporate bonds	5	141		13,657		1	20		1,032		6	161		14,689
Collateralized mortgage obligations	7	476		57,201		-	-		-		7	476		57,201
Asset-backed securities	7	671		47,281		-	-		-		7	671		47,281
Collateralized debt obligations	-	-		-		2	7,292		10,627		2	7,292		10,627
	31	$	2,293	$	179,939	3	$	7,312	$	11,659	34	$	9,605	$	191,598
	Less than 12 months					Greater than 12 months
December 31, 2012	in an unrealized loss position					in an unrealized loss position					Total
	Number of	Unrealized		Fair		Number of	Unrealized		Fair		Number of	Unrealized		Fair
	Securities	Losses		Value		Securities	Losses		Value		Securities	Losses		Value
U.S. government agencies	4	$	120	$	17,039	-	$	-	$	-	4	$	120	$	17,039
U.S. government agency mortgage-backed	12	583		53,184		-	-		-		12	583		53,184
Corporate bonds	4	55		9,724		-	-		-		4	55		9,724
Collateralized mortgage obligations	6	1,060		37,778		1	30		2,343		7	1,090		40,121
Asset-backed securities	6	322		37,488		-	-		-		6	322		37,488
Collateralized debt obligations	-	-		-		2	7,984		9,957		2	7,984		9,957
	32	$	2,140	$	155,213	3	$	8,014	$	12,300	35	$	10,154	$	167,513

Schedule of additional information relating to the collateralized debt obligations (CDO)

					Gross			S&P	Number of	Issuance			Issuance
	Amortized		Fair		Unrealized			Credit	Banks in	Deferrals & Defaults			Excess Subordination
	Cost		Value		Loss			Rating1	Issuance	Amount		Collateral%	Amount		Collateral%
March 31, 2013
Class A1	$	8,981	$	6,055	$	(2,926	)	BB+	63	$	207,000	27.6%	$	194,387	25.9%
Class A2A	8,938		4,572		(4,366		)	B+	63	207,000		27.6%	97,387		13.0%
	$	17,919	$	10,627	$	(7,292	)
December 31, 2012
Class A1	$	9,038	$	5,768	$	(3,270	)	BB+	63	$	208,000	27.7%	$	190,982	25.5%
Class A2A	8,903		4,189		(4,714		)	B+	63	208,000		27.7%	93,982		12.5%
	$	17,941	$	9,957	$	(7,984	)

1 Moody’s credit rating for class A1 and A2A were Baa2 and Ba2, respectively, as of March 31, 2013, and December 31, 2012.  The Fitch ratings for class A1 and A2A were BBB and B, respectively, as of March 31, 2013, and December 31, 2012.