Investment Securities (Tables)

6 Months Ended

Jun. 30, 2012

Available For Sale And Held For Maturity Securities [Table Text Block]

The amortized cost, gross unrealized gains and losses and estimated fair values for available-for-sale and held-to-maturity securities by major security type at June 30, 2012 and December 31, 2011 were as follows (in thousands):

			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
June 30, 2012	Cost		Gains		(Losses)			Value
Available-for-sale:
U.S. Treasury securities and obligations
of U.S. government corporations & agencies	$	150,936	$	1,166	$	(52	)	$	152,050
Obligations of states and political subdivisions		46,176		2,841		(26	)		48,991
Mortgage-backed securities: GSE residential		291,720		7,206		(91	)		298,835
Trust preferred securities		5,372		7		(4,731	)		648
Other securities		9,612		40		(149	)		9,503
Total available-for-sale	$	503,816	$	11,260	$	(5,049	)	$	510,027
Held-to-maturity:
Obligations of states and political subdivisions	$	51	$	-	$	-		$	51
December 31, 2011
Available-for-sale:
U.S. Treasury securities and obligations
of U.S. government corporations & agencies	$	164,812	$	1,294	$	(40	)	$	166,066
Obligations of states and political subdivisions		38,828		2,374		-			41,202
Mortgage-backed securities: GSE residential		254,930		6,940		(37	)		261,833
Trust preferred securities		5,625		-		(4,906	)		719
Other securities		9,561		-		(465	)		9,096
Total available-for-sale	$	473,756	$	10,608	$	(5,448	)	$	478,916
Held-to-maturity:
Obligations of states and political subdivisions	$	51	$	-	$	-		$	51

Realized Gains and Losses From Sale of Securities

Realized gains and losses resulting from sales of securities were as follows during the periods ended June 30, 2012 and 2011 (in thousands):

	June 30,		June 30,
	2012		2011
Gross gains	$	823	$	377
Gross losses		-		-

Investments Classified by Contractual Maturity Date

The following table indicates the expected maturities of investment securities classified as available-for-sale and held-to-maturity, presented at fair value, at June 30, 2012 and the weighted average yield for each range of maturities (dollars in thousands).

	One year			After 1 through			After 5 through			After ten
	or less			5 years			10 years			years			Total
Available-for-sale:
U.S. Treasury securities and obligations of
U.S. government corporations and agencies	$	89,227		$	60,568		$	2,255		$	-		$	152,050
Obligations of state and political subdivisions		877			20,578			27,130			406			48,991
Mortgage-backed securities: GSE residential		14,056			204,019			80,760			-			298,835
Trust preferred securities		-			-			-			648			648
Other securities		-			7,554			1,901			48			9,503
Total investments	$	104,160		$	292,719		$	112,046		$	1,102		$	510,027
Weighted average yield		2.18	%		2.76	%		2.67	%		3.87	%		2.63	%
Full tax-equivalent yield		2.19	%		2.89	%		3.07	%		4.01	%		2.80	%
Held-to-maturity:
Obligations of state and political subdivisions	$	-		$	51		$	-		$	-		$	51
Weighted average yield		-	%		4.75	%		-	%		-	%		4.75	%
Full tax-equivalent yield		-	%		6.58	%		-	%		-	%		6.58	%

Fair value of investments with sustained gross unrealized losses

The following table presents the aging of gross unrealized losses and fair value by investment category as of June 30, 2012 and December 31, 2011 (in thousands):

	Less than 12 months					12 months or more					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
June 30, 2012
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	19,941	$	(52	)	$	-	$	-		$	19,941	$	(52	)
Obligations of states and political subdivisions		2,890		(26	)		-		-			2,890		(26	)
Mortgage-backed securities: GSE residential		32,833		(91	)		-		-			32,833		(91	)
Trust preferred securities		-		-			518		(4,731	)		518		(4,731	)
Other securities		3,566		(136	)		1,987		(13	)		5,553		(149	)
Total	$	59,230	$	(305	)	$	2,505	$	(4,744	)	$	61,735	$	(5,049	)
December 31, 2011:
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	19,960	$	(40	)	$	-	$	-		$	19,960	$	(40	)
Obligations of states and political subdivisions		690		-			-		-			690		-
Mortgage-backed securities: GSE residential		15,231		(37	)		-		-			15,231		(37	)
Trust preferred securities		-		-			719		(4,906	)		719		(4,906	)
Other securities		7,190		(372	)		1,907		(93	)		9,096		(465	)
Total	$	43,071	$	(449	)	$	2,625	$	(4,999	)	$	45,696	$	(5,448	)

Trust Preferred Securities [Table Text Block]

Following are the details for each trust preferred security (in thousands):

	Book Value		Market Value		Unrealized Gains (Losses)			Other-than- temporary Impairment Recorded To-date
PreTSL I	$	647	$	285	$	(362	)	$	691
PreTSL II		950		207		(743	)		2,187
PreTSL VI		123		130		7			127
PreTSL XXVIII		3,652		26		(3,626	)		1,111
Total	$	5,372	$	648	$	(4,724	)	$	4,116

Credit Losses Recognized on Investments

Credit Losses Recognized on Investments. As described above, some of the Company's investments in trust preferred securities have experienced fair value deterioration due to credit losses but are not otherwise other-than-temporarily impaired. The following table provides information about those trust preferred securities for which only a credit loss was recognized in income and other losses are recorded in other comprehensive income (loss) for the six months ended June 30, 2012 and 2011 (in thousands).

	Accumulated		Accumulated
	Credit Losses		Credit Losses
	June 30, 2012		June 30, 2011
Credit losses on trust preferred securities held
Beginning of period	$	4,116	$	3,230
Additions related to OTTI losses not previously recognized		-		-
Reductions due to sales		-		-
Reductions due to change in intent or likelihood of sale		-		-
Additions related to increases in previously recognized OTTI losses		-		246
Reductions due to increases in expected cash flows		-		-
End of period	$	4,116	$	3,476

- 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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