Investment Securities (Tables)

9 Months Ended

Sep. 30, 2012

Unrealized gains on investment securities [Table Text Block]


	September 30, 2012
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
Investment Securities Available-for-Sale:
U.S. Treasury and agency securities	$	20,571	$	111	$	(50	)	$	20,632
Federal agency obligations		27,928		514		(4	)		28,438
Residential mortgage-backed securities		57,695		1,804		—			59,499
Commercial mortgage-backed securities		9,734		267		—			10,001
Obligations of U.S. states and political subdivisions		91,037		5,222		(7	)		96,252
Trust preferred securities		18,113		118		(1,492	)		16,739
Corporate bonds and notes		228,865		8,262		(412	)		236,715
Asset-backed securities		19,609		253		—			19,862
Collateralized mortgage obligations		2,673		—		(736	)		1,937
Certificates of deposit		3,005		28		(6	)		3,027
Equity securities		635		7		(186	)		456
Other securities		15,994		68		(15	)		16,047
Total	$	495,859	$	16,654	$	(2,908	)	$	509,605


Investment Securities Held-to-Maturity:
Federal agency obligations	$	11,663	$	80	$	—				$	11,743
Commercial mortgage-backed securities		5,598		179		(9	)				5,768
Obligations of U.S. states and political subdivisions		39,242		4,193		—					43,435
Total	$	56,503	$	4,452	$	(9	)			$	60,946

Total investment securities	$	552,362	$	21,106	$	(2,917		)	$			570,551


	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			—			(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]


	September 30, 2012
	Amortized Cost		Fair Value
Investment Securities Available-for-Sale :	(in thousands)
Due in one year or less	$	22,762	$	22,775
Due after one year through five years		108,756		111,597
Due after five years through ten years		138,074		143,806
Due after ten years		142,209		145,424
Residential mortgage-backed securities		57,695		59,499
Commercial mortgage-backed securities		9,734		10,001
Equity securities		635		456
Other securities		15,994		16,047
Total	$	495,859	$	509,605
Investment Securities Held-to-Maturity :
Due after five years through ten years	$	6,741	$	6,971
Due after ten years		44,164		48,207
Commercial mortgage-backed securities		5,598		5,768
Total	$	56,503	$	60,946

Total investment securities	$	552,362	$	570,551

Schedule of Realized Gain (Loss) [Table Text Block]


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2012		2011		2012		2011
Gross gains on sales of investment securities	$	897	$	1,316	$	2,545	$	3,189
Gross losses on sales of investment securities		—		—		—		69
Net gains on sales of investment securities	$	897	$	1,316	$	2,545	$	3,120

Schedule of OTTI Charges for period [Table Text Block]


	Nine Months Ended
	September 30,
	2012		2011
	(in thousands)
Other than temporary impairment charges	$	60	$	18
Principal losses on a variable rate CMO		272		285
Total other-than-temporary impairment charges	$	332	$	303

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	$	1,780	$	10			BB+		1		None			None
Countrywide Capital V		Single		—		2,747		2,773		26			BB+		1		None			None
Countrywide Capital V		Single		—		250		252		2			BB+		1		None			None
NPB Capital Trust II		Single		—		868		896		28			NR		1		None			None
Citigroup Cap IX		Single		—		992		998		6			BB		1		None			None
Citigroup Cap IX		Single		—		1,905		1,926		21			BB		1		None			None
Citigroup Cap XI		Single		—		246		248		2			BB		1		None			None
Nationsbank Cap Trust III		Single		—		1,572		1,151		(421	)		BB+		1		None			None
Morgan Stanley Cap Trust IV		Single		—		2,500		2,484		(16	)		BB+		1		None			None
Morgan Stanley Cap Trust IV		Single		—		1,742		1,738		(4	)		BB+		1		None			None
Saturns — GS 2004-06		Single		—		242		246		4			BB+		1		None			None
Saturns — GS 2004-06		Single		—		313		317		4			BB+		1		None			None
Saturns — GS 2004-04		Single		—		780		789		9			BB+		1		None			None
Saturns — GS 2004-04		Single		—		22		22		—			BB+		1		None			None
Goldman Sachs		Single		—		999		1,005		6			BB+		1		None			None
ALESCO Preferred Funding VI		Pooled		C2		343		79		(264	)		Ca		36 of 56		36.1	%		41.9	%
ALESCO Preferred Funding VII		Pooled		C1		822		35		(787	)		Ca		48 of 62		35.9	%		49.4	%
Total					$	18,113	$	16,739	$	(1,374	)

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


	Nine Months Ended September 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		332		342
Reduction:
Credit losses on investment securities sold during the period		—		—
Balance of credit-related OTTI at period end	$	6,871	$	6,539

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


	September 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:
U.S. Treasury and agency securities	$	10,098	$	(50	)	$	10,098	$	(50	)	$	—	$	—
Federal agency obligations		624		(4	)		624		(4	)		—		—
Obligations of U.S. states and political subdivisions		2,100		(7	)		2,100		(7	)		—		—
Trust preferred securities		5,508		(1,492	)		4,243		(21	)		1,265		(1,471	)
Corporate bonds and notes		39,081		(412	)		14,775		(38	)		24,306		(374	)
Collateralized mortgage obligations		1,937		(736	)		—		—			1,937		(736	)
Certificates of deposit		391		(6	)		391		(6	)		—		—
Equity securities		349		(186	)		—		—			349		(186	)
Other securities		985		(15	)		—		—			985		(15	)
Total		61,073		(2,908	)		32,231		(126	)		28,842		(2,782	)
Investment Securities Held-to-Maturity:
Commercial mortgage-backed securities		989		(9	)		989		(9	)		—		—
Total		989		(9	)		989		(9	)		—		—
Total Temporarily Impaired Securities	$	62,062	$	(2,917	)	$	33,220	$	(135	)	$	28,842	$	(2,782	)


	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.

+ References+ Details

- 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.

+ References+ Details