SECURITIES (Tables)

12 Months Ended

Dec. 31, 2012

Securities [Abstract]

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) at December 31 is provided in the tables below.

			Gross		Gross
	Fair		Unrealized		Unrealized			Amortized
	Value		Gain		Losses			Cost
	(in thousands)
2012
U.S. Treasury securities	$	1,037	$	35	$	0		$	1,002
U.S. government sponsored agencies		5,304		278		0			5,026
Agency residential mortgage-backed securities		365,644		7,813		(1,495	)		359,326
Non-agency residential mortgage-backed securities		6,453		242		0			6,211
State and municipal securities		88,583		5,509		(189	)		83,263
Total	$	467,021	$	13,877	$	(1,684	)	$	454,828
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

	Amortized		Fair
	Cost		Value
	(in thousands)
Due in one year or less	$	2,221	$	2,213
Due after one year through five years		24,636		26,233
Due after five years through ten years		36,310		39,017
Due after ten years		26,124		27,461
		89,291		94,924
Mortgage-backed securities		365,537		372,097
Total debt securities	$	454,828	$	467,021

Schedule of sales of securities available for sale

Security proceeds, gross gains and gross losses for 2012, 2011 and 2010 were as follows:

	2012		2011		2010
			(in thousands)
Sales of securities available for sale
Proceeds	$	27,855	$	73,318	$	0
Gross gains		824		3,997		0
Gross losses		1,203		4,171		0

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

Information regarding securities with unrealized losses as of December 31, 2012 and 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
	(in thousands)
2012
Agency residential mortgage-backed securities	$	92,974	$	(1,066	)	$	20,422	$	(429	)	$	113,396	$	(1,495	)
State and municipal securities		10,791		(188	)		50		(1	)		10,841		(189	)
Total temporarily impaired	$	103,765	$	(1,254	)	$	20,472	$	(430	)	$	124,237	$	(1,684	)
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 December 31, 2012 and 2011 is presented below.

	Less than		12 months
	12 months		or more		Total
2012
Agency residential mortgage-backed securities		29		9		38
State and municipal securities		29		1		30
Total temporarily impaired		58		10		68

	Less than		12 months
	12 months		or more		Total
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 were recorded in other comprehensive income.

	2012			2011
	(in thousands)
Balance January 1,	$	359		$	1,812
Additions related to other-than-temporary impairment losses not previously recognized		779			42
Additional increases to the amount of credit loss for which other-than-temporary impairment was previously recognized		247			244
Reductions for previous credit losses realized on securities sold during the year		(1,385	)		(1,739	)
Balance December 31,	$	0		$	359

Securities with at least one rating below investment grade

Information on securities with at least one rating below investment grade as of December 31, 2012 is presented below.

12/31/2012

1-Month

3-Month

6-Month

Other Than

December 31, 2012

Lowest

Constant

Constant

Constant

Temporary

Par

Amortized

Fair

Unrealized

Credit

Default

Default

Default

Credit

Description

CUSIP

Impairment

Value

Cost

Value

Gain/(Loss)

Rating

Rate

Rate

Rate

Support

(in thousands)

RALI 2004-QS7 A3

76110HTX7

$

0

$

2,908

$

2,891

$

2,979

$

88

BB+

5.67

5.46

3.38

10.34

Information on securities with at least one rating below investment grade as of December 31, 2011 is presented below.

														12/31/2011	1-Month		3-Month		6-Month
			Other Than		December 31, 2011									Lowest	Constant		Constant		Constant
			Temporary		Par		Amortized		Fair		Unrealized			Credit	Default		Default		Default		Credit
Description	CUSIP		Impairment		Value		Cost		Value		Gain/(Loss)			Rating	Rate		Rate		Rate		Support
		(in thousands)
CWHL 2006-18 2A7	12543WAJ7		$	0	$	2,815	$	2,761	$	2,450	$	(311	)	C		12.89		8.16		4.06		2.89
CWALT 2005-46CB A1	12667G6U2			42		3,530		3,323		2,747		(576	)	CC		5.42		3.95		3.16		3.01
CWALT 2005-J8 1A3	12667GJ20			0		5,043		4,835		4,560		(275	)	CC		7.9		8.6		5.04		6.2
CHASE 2005-S3 A4	16162WNE5			0		333		331		330		(1	)	B1		0		0		2.43		4.02
CHASE 2006-S3 1A5	16162XAE7			0		1,281		1,279		1,199		(80	)	C		0.84		1.2		2.73		2.2
CMSI 2007-61A5	173103AE2			0		2,523		2,521		2,473		(48	)	B1		5.29		3.04		2.69		6.68
GSR 2006-10F 1A1	36266WAC6			0		3,626		3,374		3,164		(210	)	C		0		0		1.13		2.17
MALT 2004-6 7 A1	576434SK1			0		3,072		3,052		3,048		(4	)	B1		0		0		0		11.3
MANA 2007-F1 1A1	59023YAA2			0		2,168		2,126		1,745		(381	)	D		0		0		0		0
RFMSI 2006-S5 A14	74957EAP2			317		2,707		2,332		2,029		(303	)	D		6.03		4.98		5.45		0
			$	359	$	27,098	$	25,934	$	23,745	$	(2,189	)