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SECURITIES (Tables)

6 Months Ended

Jun. 30, 2012

Summary of available-for-sale securities

Information related to the fair value and amortized cost of securities available for sale and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) is provided in the tables below.

		Gross	Gross
	Fair	Unrealized	Unrealized	Amortized
	Value	Gain	Losses	Cost
June 30, 2012
U.S. Treasury securities	$ 1,046	$ 43	$ 0	$ 1,003
U.S. government sponsored agencies	5,298	269	0	5,029
Agency residential mortgage-backed securities	362,009	9,383	(1,138)	353,764
Non-agency residential mortgage-backed securities	28,207	373	(808)	28,642
State and municipal securities	81,880	5,536	(22)	76,366
Total	$ 478,440	$ 15,604	$ (1,968)	$ 464,804

December 31, 2011
U.S. Treasury securities	$ 1,055	$ 52	$ 0	$ 1,003
U.S. government sponsored agencies	5,277	244	0	5,033
Agency residential mortgage-backed securities	350,102	8,989	(923)	342,036
Non-agency residential mortgage-backed securities	32,207	191	(2,225)	34,241
State and municipal securities	78,750	5,292	(9)	73,467
Total	$ 467,391	$ 14,768	$ (3,157)	$ 455,780

Schedule of available-for-sale securities by maturity

Information regarding the fair value and amortized cost of available for sale debt securities by maturity as of June 30, 2012 is presented below. Maturity information is based on contractual maturity for all securities other than mortgage-backed securities. Actual maturities of securities may differ from contractual maturities because borrowers may have the right to prepay the obligation without prepayment penalty.

	Amortized	Fair
	Cost	Value
Due in one year or less	$ 1,793	$ 1,797
Due after one year through five years	23,236	24,847
Due after five years through ten years	34,263	36,820
Due after ten years	23,106	24,760
	82,398	88,224
Mortgage-backed securities	382,406	390,216
Total debt securities	$ 464,804	$ 478,440

Schedule of sales of securities available for sale

Security proceeds, gross gains and gross losses are presented below.

	Six months ended June 30,
	2012	2011
Sales of securities available for sale
Proceeds	$ 0	$ 73,318
Gross gains	0	4,005
Gross losses	0	(4,171)

	Three months ended June 30,
	2012	2011
Sales of securities available for sale
Proceeds	$ 0	$ 4,471
Gross gains	0	76
Gross losses	0	(44)

Schedule of available-for-sale securities continuous unrealized loss position

Information regarding securities with unrealized losses as of June 30, 2012 and December 31, 2011 is presented below. The tables distribute the securities between those with unrealized losses for less than twelve months and those with unrealized losses for twelve months or more.

	Less than 12 months		12 months or more		Total
	Fair	Unrealized	Fair	Unrealized	Fair	Unrealized
	Value	Losses	Value	Losses	Value	Losses
June 30, 2012

Agency residential mortgage-backed
securities	$ 99,303	$ (903)	$ 11,689	$ (235)	$ 110,992	$ (1,138)
Non-agency residential mortgage-backed
securities	3,981	(96)	11,172	(712)	15,153	(808)
State and municipal securities	1,956	(22)			1,956	(22)
Total temporarily impaired	$ 105,240	$ (1,021)	$ 22,861	$ (947)	$ 128,101	$ (1,968)

	Less than 12 months		12 months or more		Total
	Fair	Unrealized	Fair	Unrealized	Fair	Unrealized
	Value	Losses	Value	Losses	Value	Losses
December 31, 2011

Agency residential mortgage-backed
securities	$ 74,463	$ (860)	$ 4,813	$ (63)	$ 79,276	$ (923)
Non-agency residential mortgage-backed
securities	3,379	(4)	23,885	(2,221)	27,264	(2,225)
State and municipal securities	341	(2)	1,003	(7)	1,344	(9)
Total temporarily impaired	$ 78,183	$ (866)	$ 29,701	$ (2,291)	$ 107,884	$ (3,157)

Quantitative disclosure of available-for-sale securities

The number of securities with unrealized losses as of June 30, 2012 and December 31, 2011 is presented below.

	Less than	12 months
	12 months	or more	Total
June 30, 2012

Agency residential mortgage-backed securities	27	4	31
Non-agency residential mortgage-backed securities	1	5	6
State and municipal securities	11	0	11
Total temporarily impaired	39	9	48

	Less than	12 months
	12 months	or more	Total
December 31, 2011

Agency residential mortgage-backed securities	21	1	22
Non-agency residential mortgage-backed securities	2	9	11
State and municipal securities	3	2	5
Total temporarily impaired	26	12	38

Schedule of debt securities credit loss recognized

The following table provides information about debt securities for which only a credit loss was recognized in income and other losses are recorded in other comprehensive income. The table represents the three months and six months ended June 30, 2012 and 2011.

	Three Months Ended June 30,
	2012	2011
Balance April 1,	$ 869	$ 194
Additions related to other-than-temporary impairment losses
not previously recognized	198	0
Additional increases to the amount of credit loss for which
other-than-temporary impairment was previously recognized	251	0
Reductions for previous credit losses realized on
securities sold during the year	0	0
Balance June 30,	$ 1,318	$ 194



	Six Months Ended June 30,
	2012	2011
Balance January 1,	$ 359	$ 1,812
Additions related to other-than-temporary impairment losses
not previously recognized	747	0
Additional increases to the amount of credit loss for which
other-than-temporary impairment was previously recognized	212	121
Reductions for previous credit losses realized on
securities sold during the year	0	(1,739)
Balance June 30,	$ 1,318	$ 194

Schedule of securities with at least one rating below investment grade

Information on securities with at least one rating below investment grade as of June 30, 2012 is presented below.

		Other Than
		Temporary					June 30, 2012	1-Month	3-Month	6-Month
		Impairment	June 30, 2012				Lowest	Constant	Constant	Constant
		Since	Par	Amortized	Fair	Unrealized	Credit	Default	Default	Default	Credit
Description	CUSIP	Purchase	Value	Cost	Value	Gain/(Loss)	Rating	Rate	Rate	Rate	Support

CWHL 2006-18 2A7	12543WAJ7	$ 202	$ 2,437	$ 2,188	$ 2,144	$ (44)	C	4.56	6.87	7.19	0.97
CWALT 2005-46CB A1	12667G6U2	254	3,237	2,833	2,712	(121)	C	5.95	5.35	5.45	1.38
CWALT 2005-J8 1A3	12667GJ20	348	4,620	4,083	3,987	(96)	CC	12.53	6.77	7.30	4.68
CHASE 2006-S3 1A5	16162XAE7	197	823	624	664	40	D	5.74	8.45	8.33	0.00
CMSI 2007-61A5	173103AE2	0	2,100	2,098	2,106	8	B	4.05	1.30	3.54	6.60
GSR 2006-10F 1A1	36266WAC6	0	3,194	2,971	2,821	(150)	C	0.00	0.00	0.00	0.67
MALT 2004-6 7 A1	576434SK1	0	2,791	2,773	2,804	31	B	0.00	0.00	0.00	11.84
MANA 2007-F1 1A1	59023YAA2	0	1,806	1,771	1,468	(303)	D	0.00	0.00	0.00	0.00
RFMSI 2006-S5 A14	74957EAP2	317	2,507	2,149	2,055	(94)	D	6.75	5.06	4.29	0.00

		$ 1,318	$ 23,515	$ 21,490	$ 20,761	$ (729)

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

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-Publisher FASB

-Name Accounting Standards Codification

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Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Name Accounting Standards Codification

-Topic 942

-SubTopic 320

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-Publisher FASB

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

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-Section 50

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+ Details

- 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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