SECURITIES (Tables)

3 Months Ended

Mar. 31, 2013

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) is provided in the tables below.

			Gross		Gross
	Fair		Unrealized		Unrealized			Amortized
	Value		Gain		Losses			Cost
March 31, 2013
U.S. Treasury securities	$	1,032	$	31	$	0		$	1,001
U.S. government sponsored agencies		5,289		265		0			5,024
Agency residential mortgage-backed securities		375,468		7,446		(1,400	)		369,422
Non-agency residential mortgage-backed securities		5,885		202		0			5,683
State and municipal securities		95,030		5,139		(531	)		90,422
Total	$	482,704	$	13,083	$	(1,931	)	$	471,552
December 31, 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

Schedule of available-for-sale securities by maturity

Actual maturities of securities may differ from contractual maturities because borrowers may have the right to prepay the obligation without a prepayment penalty.

	Amortized		Fair
	Cost		Value
Due in one year or less	$	3,294	$	3,298
Due after one year through five years		24,585		26,255
Due after five years through ten years		39,703		42,175
Due after ten years		28,865		29,623
		96,447		101,351
Mortgage-backed securities		375,105		381,353
Total debt securities	$	471,552	$	482,704

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

Information regarding securities with unrealized losses as of March 31, 2013 and December 31, 2012 is presented below. The tables divide 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
March 31, 2013
Agency residential mortgage-backed securities	$	108,460	$	(923	)	$	28,997	$	(477	)	$	137,457	$	(1,400	)
State and municipal securities		18,052		(522	)		469		(9	)		18,521		(531	)
Total temporarily impaired	$	126,512	$	(1,445	)	$	29,466	$	(486	)	$	155,978	$	(1,931	)
December 31, 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	)

Quantitative disclosure of available-for-sale securities

The number of securities with unrealized losses as of March 31, 2013 and December 31, 2012 is presented below.

	Less than		12 months
	12 months		or more		Total
March 31, 2013
Agency residential mortgage-backed securities		25		11		36
State and municipal securities		42		6		48
Total temporarily impaired		67		17		84

	Less than		12 months
	12 months		or more		Total
December 31, 2012
Agency residential mortgage-backed securities		29		9		38
State and municipal securities		29		1		30
Total temporarily impaired		58		10		68

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 for which other losses are recorded in other comprehensive income. The table represents the three months ended March 31, 2013 and 2012.

	2013		2012
Balance January 1,	$	0	$	359
Additions related to other-than-temporary impairment losses not previously recognized		0		449
Additional increases to the amount of credit loss for which other-than-temporary impairment was previously recognized		0		61
Reductions for previous credit losses realized on securities sold during the year		0		0
Balance March 31,	$	0	$	869

Securities with at least one rating below investment grade

Information on securities with at least one rating below investment grade at March 31, 2013 is presented below.

3/31/2013

1-Month

3-Month

6-Month

Other Than

March 31, 2013

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

RALI 2004-QS7 A3

76110HTX7

$

0

$

2,739

$

2,722

$

2,790

$

68

BB+

3.96

3.22

4.31

10.03