Investment Securities (Tables)

6 Months Ended

Jun. 30, 2012

Unrealized gains on investment securities [Table Text Block]

The following tables present information related to the Corporation's investment securities at June 30, 2012 and December 31, 2011.


	June 30, 2012
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
Investment Securities Available-for-Sale:
Federal agency obligations	$	18,301	$	382	$	—		$	18,683
Residential mortgage-backed securities		86,792		2,002		—			88,794
Commercial mortgage-backed securities		9,742		74		(17	)		9,799
Obligations of U.S. states and political subdivisions		81,898		3,449		(203	)		85,144
Trust preferred securities		20,610		42		(1,827	)		18,825
Corporate bonds and notes		210,859		3,432		(1,587	)		212,704
Asset-backed securities		19,643		117		(127	)		19,633
Collateralized mortgage obligations		2,854		—		(1,102	)		1,752
Equity securities		772		16		(187	)		601
Other securities		11,229		47		(21	)		11,255
Total	$	462,700	$	9,561	$	(5,071	)	$	467,190


Investment Securities Held-to-Maturity:
Federal agency obligations		$			17,532		$		103			$	(22		)			$		17,613
Commercial mortgage-backed securities					6,182				93				(8		)					6,267
Obligations of U.S. states and political subdivisions					39,283				3,400				(1		)					42,682
Total		$			62,997		$		3,596			$	(31		)			$		66,562

Total investment securities		$			525,697		$		13,157			$	(5,102			)	$				533,752

	December 31, 2011
			Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses								Fair Value
				(in thousands)
Investment Securities Available-for-Sale:
Federal agency obligations		$			24,781	$		188		$		—					$				24,969
Residential mortgage-backed securities					113,213			2,157				(6		)							115,364
Obligations of U.S. states and political subdivisions					66,309			2,900				(36		)							69,173
Trust preferred securities					20,567			14				(4,394		)							16,187
Corporate bonds and notes					175,812			1,382				(4,077		)							173,117
Collateralized mortgage obligations					3,226			—				(1,327		)							1,899
Asset-backed securities					7,614			52				(13		)							7,653
Equity securities					535			21				(273		)							262
Other securities					5,882			21				(20		)							5,883
Total		$			417,939	$		6,714		$		(10,146		)			$				414,507
Investment Securities Held-to-Maturity:
Federal agency obligations		$			28,262	$		177		$		(34		)			$				28,405
Commercial mortgage-backed securities					6,276			—				(69		)							6,207
Obligations of U.S. states and political subdivisions					37,695			2,615				—									40,310
Total		$			72,233	$		2,792		$		(103		)			$				74,922
Total investment securities		$			490,172	$		9,506		$		(10,249		)			$				489,429

Investments classified by maturity date [Table Text Block]


	June 30, 2012
	Amortized Cost		Fair Value
Investment Securities Available-for-Sale :	(in thousands)
Due in one year or less	$	14,556	$	14,476
Due after one year through five years		96,758		97,606
Due after five years through ten years		116,072		117,896
Due after ten years		126,779		126,763
Residential mortgage-backed securities		86,792		88,794
Commercial mortgage-backed securities		9,742		9,799
Equity securities		772		601
Other securities		11,229		11,255
Total	$	462,700	$	467,190
Investment Securities Held-to-Maturity :
Due after five years through ten years	$	5,498	$	5,607
Due after ten years		51,317		54,688
Commercial mortgage-backed securities		6,182		6,267
Total	$	62,997	$	66,562

Total investment securities	$	525,697	$	533,752

Schedule of OTTI Charges for period [Table Text Block]


	Six Months Ended
	June 30,
	2012		2011
	(in thousands)
Other than temporary impairment charges	$	28	$	18
Principal losses on a variable rate CMO		170		219
Total other-than-temporary impairment charges	$	198	$	237

Schedule of preferred security and associated ratings [Table Text Block]


Deal Name	Single Issuer or Pooled		Class/ Tranche		Amortized Cost		Fair Value		Gross Unrealized Gain (Loss)			Lowest Credit Rating Assigned		Number of Banks Currently Performing		Deferrals and Defaults as % of Original Collateral			Expected Deferral/Defaults as % of Remaining Performing Collateral
	(dollars in thousands)
Countrywide Capital IV		Single		—	$	1,770	$	1,747	$	(23	)		BB+		1		None			None
Countrywide Capital V		Single		—		2,747		2,731		(16	)		BB+		1		None			None
Countrywide Capital V		Single		—		250		248		(2	)		BB+		1		None			None
NPB Capital Trust II		Single		—		868		894		26			NR		1		None			None
Citigroup Cap IX		Single		—		992		980		(12	)		BB		1		None			None
Citigroup Cap IX		Single		—		1,904		1,891		(13	)		BB		1		None			None
Citigroup Cap XI		Single		—		246		244		(2	)		BB		1		None			None
BAC Capital Trust X		Single		—		2,500		2,508		8			BB+		1		None			None
Nationsbank Cap Trust III		Single		—		1,571		1,125		(446	)		BB+		1		None			None
Morgan Stanley Cap Trust IV		Single		—		2,500		2,380		(120	)		BB+		1		None			None
Morgan Stanley Cap Trust IV		Single		—		1,742		1,665		(77	)		BB+		1		None			None
Saturns — GS 2004-06		Single		—		242		244		2			BB+		1		None			None
Saturns — GS 2004-06		Single		—		312		314		2			BB+		1		None			None
Saturns — GS 2004-04		Single		—		780		785		5			BB+		1		None			None
Saturns — GS 2004-04		Single		—		22		22		—			BB+		1		None			None
Goldman Sachs		Single		—		1,000		942		(58	)		BB+		1		None			None
ALESCO Preferred Funding VI		Pooled		C2		325		69		(256	)		Ca		36 of 56		36.1	%		46.7	%
ALESCO Preferred Funding VII		Pooled		C1		839		36		(803	)		Ca		48 of 62		35.9	%		47.7	%
Total					$	20,610	$	18,825	$	(1,785	)

Credit loss portion of OTTI recognized in earnings on debt securities [Table Text Block]


	Six Months Ended June 30, 2012		Year Ended December 31, 2011
	(in thousands)
Balance of credit-related OTTI at January 1,	$	6,539	$	6,197
Addition:
Credit losses on investment securities for which other-than-temporary impairment was not previously recognized		198		342
Reduction:
Credit losses on investment securities sold during the period		—		—
Balance of credit-related OTTI at period end	$	6,737	$	6,539

Schedule of unrealized losses not recognized in income [Table Text Block]


	June 30, 2012
	Total					Less than 12 Months					12 Months or Longer
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
	(in thousands)
Investment Securities Available-for-Sale:
Commercial mortgage-backed securities	$	3,080	$	(17	)	$	3,080	$	(17	)	$	—	$	—
Obligations of U.S. states and political subdivisions		13,166		(203	)		13,166		(203	)		—		—
Trust preferred securities		14,059		(1,827	)		—		—			14,059		(1,827	)
Corporate bonds and notes		85,953		(1,587	)		54,310		(517	)		31,643		(1,070	)
Collateralized mortgage obligations		1,752		(1,102	)		—		—			1,752		(1,102	)
Asset-backed securities		8,352		(127	)		8,352		(127	)		—		—
Equity securities		349		(187	)		—		—			349		(187	)
Other securities		978		(21	)		—		—			978		(21	)
Total		127,689		(5,071	)		78,908		(864	)		48,781		(4,207	)
Investment Securities Held-to-Maturity:
Federal agency obligations		5,138		(22	)		5,138		(22	)		—		—
Commercial mortgage-backed securities		1,538		(8	)		1,538		(8	)		—		—
Obligations of U.S. states and political subdivisions		1,021		(1	)		1,021		(1	)		—		—
Total		7,697		(31	)		7,697		(31	)		—		—
Total Temporarily Impaired Securities	$	135,386	$	(5,102	)	$	86,605	$	(895	)	$	48,781	$	(4,207	)


	December 31, 2011
	Total					Less than 12 Months					12 Months or Longer
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
	(in thousands)
Investment Securities Available-for-Sale:
Residential mortgage pass-through securities	$	2,013	$	(6	)	$	2,013	$	(6	)	$	—	$	—
Obligations of U.S. states and political subdivisions		4,352		(36	)		4,352		(36	)		—		—
Trust preferred securities		15,272		(4,394	)		4,325		(996	)		10,947		(3,398	)
Corporate bonds and notes		97,043		(4,077	)		89,534		(3,663	)		7,509		(414	)
Collateralized mortgage obligations		1,899		(1,327	)		—		—			1,899		(1,327	)
Asset-backed securities		3,884		(13	)		3,884		(13	)		—		—
Equity securities		262		(273	)		—		—			262		(273	)
Other securities		980		(20	)		—		—			980		(20	)
Total		125,705		(10,146	)		104,108		(4,714	)		21,597		(5,432	)
Investment Securities Held-to-Maturity:
Federal agency obligations		11,980		(34	)		11,980		(34	)		—		—
Collateralized mortgage obligations		6,207		(69	)		6,207		(69	)		—		—
Total		18,187		(103	)		18,187		(103	)		—		—
Total Temporarily Impaired Securities	$	143,892	$	(10,249	)	$	122,295	$	(4,817	)	$	21,597	$	(5,432	)

- 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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- Definition

Tabular disclosure of each guarantee obligation, or each group of similar guarantee obligations, including (a) the nature of the guarantee, including its term, how it arose, and the events or circumstances that would require the guarantor to perform under the guarantee; (b) the maximum potential amount of future payments (undiscounted) the guarantor could be required to make under the guarantee; (c) the current carrying amount of the liability, if any, for the guarantor's obligations under the guarantee; and (d) the nature of any recourse provisions under the guarantee, and any assets held either as collateral or by third parties, and any relevant related party disclosure. Excludes disclosures about product warranties.

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