Securities (Tables)

12 Months Ended

Dec. 31, 2012

Securities [Abstract]

Securities available for sale

Securities available-for-sale at December 31, 2012 and 2011 are as follows:

	December 31, 2012								December 31, 2011
	Amortized Cost		Unrealized				Fair Value		Amortized Cost		Unrealized					Fair Value
			Gains		Losses						Gains		Losses
U.S. Treasury		$    4,018		$    18		$          -		$  4,036		$  8,064		$66	$	-			$    8,130
U.S. Gov’t sponsored entities		157,965		5,977		(161)		163,781		102,258		5,249		(15	)		107,492
State & political subdivisions		170,223		11,113		(57)		181,279		149,685		8,844		(92	)		158,437
Residential & multi-family mortgage		308,800		8,724		(702)		316,822		292,297		8,043		(214	)		300,126
Commercial mortgage		1,275		29		-		1,304		2,077		45		-			2,122
Corporate notes & bonds		17,368		26		(2,370)		15,024		17,358		50		(3,548	)		13,860
Pooled trust preferred		800		-		(200)		600		800		-		(460	)		340
Pooled SBA		50,667		2,277		(17)		52,927		44,851		1,282		(77	)		46,056
Other securities		1,521		17		-		1,538		1,521		23		-			1,544
Total		$712,637		$28,181		$(3,507)		$737,311		$618,911		$23,602		$(4,406)			$638,107

Trading securities accounted for under the fair value option

Trading securities accounted for under the fair value option at December 31, 2012 and 2011 are as follows:

	2012		2011
Corporate equity securities	$	3,117	$	1,959
Certificates of deposit		408		255
International mutual funds		287		257
Large cap growth mutual funds		157		145
Money market mutual funds		110		241
Large cap value mutual funds		104		105
Corporate notes and bonds		101		100
Real estate investment trust mutual funds		65		68
U.S. Government sponsored entities		58		55
Small cap mutual funds		26		25
Mid cap mutual funds		26		23
Total	$	4,459	$	3,233

Securities with unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position

Securities with unrealized losses at December 31, 2012 and 2011, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are as follows:

December 31, 2012	Less than 12 Months					12 Months or More					Total
Description of Securities	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
U.S. Treasury	$	-	$	-		$	-	$	-		$	-	$	-
U.S. Gov’t sponsored entities		41,715		(161	)		-		-			41,715		(161	)
State & political subdivisions		7,857		(57	)		-		-			7,857		(57	)
Residential & multi-family mortgage		32,159		(688	)		4,254		(14	)		36,413		(702	)
Commercial mortgage		-		-			-		-			-		-
Corporate notes & bonds		-		-			13,002		(2,370	)		13,002		(2,370	)
Pooled trust preferred		-		-			600		(200	)		600		(200	)
Pooled SBA		3,521		(17	)		-		-			3,521		(17	)
Other securities		-		-			-		-			-		-
	$	85,252	$	(923	)	$	17,856	$	(2,584	)	$	103,108	$	(3,507	)
	Less than 12 Months					12 Months or More					Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
December 31, 2011
U.S. Treasury	$	-	$	-		$	-	$	-		$	-	$	-
U.S. Gov’t sponsored entities		7,671		(15	)		-		-			7,671		(15	)
State & political subdivisions		5,314		(92	)		-		-			5,314		(92	)
Residential and multi-family mortgage		36,626		(162	)		9,485		(52	)		46,111		(214	)
Commercial mortgage		-		-			-		-			-		-
Corporate notes & bonds		2,860		(139	)		8,841		(3,409	)		11,701		(3,548	)
Pooled trust preferred		-		-			340		(460	)		340		(460	)
Pooled SBA		8,139		(77	)		-		-			8,139		(77	)
Other securities		-		-			-		-			-		-
	$	60,610	$	(485	)	$	18,666	$	(3,921	)	$	79,276	$	(4,406	)

Summary of Structured Pooled Trust Preferred Securities

The following table provides detailed information related to the Corporation’s structured pooled trust preferred securities as of December 31, 2012 and for the years ended December 31, 2012, 2011, and 2010:

	As of December 31, 2012							Credit Losses Realized in Earnings
	Adjusted Amortized		Unrealized			Fair		Year Ended December 31,
	Cost		Gain (Loss)			Value		2012		2011		2010
ALESCO Preferred Funding V, Ltd.	$	800	$	(200	)	$	600	$	-	$	-	$	440
ALESCO Preferred Funding XII, Ltd.		-		-			-		-		280		933
ALESCO Preferred Funding XVII, Ltd.		-		-			-		-		-		-
Preferred Term Securities XVI, Ltd.		-		-			-		-		118		868
US Capital Funding VI, Ltd.		-		-			-		-		-		-
Total	$	800	$	(200	)	$	600	$	-	$	398	$	2,241

A roll-forward of the other-than-temporary impairment amount related to credit losses

A roll-forward of the other-than-temporary impairment amount related to credit losses for the years ended December 31, 2012, 2011 and 2010 is as follows:

	2012		2011		2010
Balance of credit losses on debt securities for which a portion of other-than-temporary impairment was recognized in other comprehensive income, beginning of period	$	4,054	$	3,656	$	1,415
Additional credit loss for which other-than-temporary impairment was not previously recognized		-		-		868
Additional credit loss for which other-than-temporary impairment was previously recognized		-		398		1,373
Balance of credit losses on debt securities for which a portion of other-than-temporary impairment was recognized in other comprehensive income, end of period	$	4,054	$	4,054	$	3,656

Schedule of the contractual maturity of securities available for sale, excluding equity securities

The following is a schedule of the contractual maturity of securities available for sale, excluding equity securities, at December 31, 2012:

	December 31, 2012
	Amortized Cost		Fair Value
1 year or less	$	26,495	$	26,741
1 year – 5 years		102,828		106,190
5 years – 10 years		167,676		177,533
After 10 years		53,375		54,256
		350,374		364,720
Residential and multi-family mortgage		308,800		316,822
Pooled SBA		50,667		52,927
Commercial mortgage		1,275		1,304
Total debt securities	$	711,116	$	735,773

Information pertaining to security sales

Information pertaining to security sales is as follows:

Year ended December 31	Proceeds		Gross Gains		Gross Losses
2012	$	125,579	$	1,809	$	430
2011		69,740		878		264
2010		95,381		1,677		17