INVESTMENT SECURITIES (Tables)

6 Months Ended

Jun. 30, 2012

Amortized Cost And Estimated Fair Value Of Investment Securities Held-To-Maturity And Securities Available-For-Sale

The following tables detail the amortized cost and the estimated fair value of the Company’s investment securities held-to-maturity and securities available-for-sale (which include reverse mortgages):

	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(In Thousands)
Available-for-sale securities:
June 30, 2012:
Reverse mortgages	$	(632	)	$	—	$	—		$	(632	)
U.S. Government and government sponsored enterprises (“GSE”)		47,766			260		(7	)		48,019
State and political subdivisions		3,635			36		(1	)		3,670
Collateralized Mortgage Obligation (“CMO”) (1)		240,739			5,115		(163	)		245,691
Federal National Mortgage Association (“FNMA”) Mortgage-Backed Securities (“MBS”)		369,770			5,928		(141	)		375,557
Federal Home Loan Mortgage Corporation (“FHLMC”) MBS		76,300			1,553		(10	)		77,843
Government National Mortgage Association (“GNMA”) MBS		53,979			3,126		—			57,105
	$	791,557		$	16,018	$	(322	)	$	807,253
December 31, 2011:
Reverse mortgages	$	(646	)	$	—	$	—		$	(646	)
GSE		38,776			262		(13	)		39,025
State and political subdivisions		4,159			39		(8	)		4,190
CMO (1)		323,980			6,933		(2,527	)		328,386
FNMA		320,019			9,379		(44	)		329,354
FHLMC		93,305			1,781		—			95,086
GNMA		60,991			3,033		(57	)		63,967
	$	840,584		$	21,427	$	(2,649	)	$	859,362
Trading securities
June 30, 2012:
CMO	$	12,465		$	—	$	—		$	12,465
December 31, 2011:
CMO	$	12,432		$	—	$	—		$	12,432

(1) Includes agency CMO and SASCO 2002 RM-1 Class O securities classified as available-for-sale

Schedule Of Maturities Of Investment Securities Available-For-Sale

The scheduled maturities of investment securities available-for-sale at June 30, 2012 and December 31, 2011 were as follows:

	Available-for-Sale
	Amortized Cost		Fair Value
	(In Thousands)
June 30, 2012
Within one year (1)	$	6,766	$	6,818
After one year but within five years		42,303		42,542
After five years but within ten years		168,803		172,129
After ten years		573,685		585,764
	$	791,557	$	807,253
December 31, 2011
Within one year (1)	$	7,916	$	7,966
After one year but within five years		32,225		32,465
After five years but within ten years		129,597		135,649
After ten years		670,846		683,282
	$	840,584	$	859,362

(1) Reverse mortgages do not have contractual maturities. We have included reverse mortgages in maturities within one year.

Schedule Of Investment Securities' Gross Unrealized Losses And Fair Value By Investment Category

The table below shows our investment securities’ gross unrealized losses and fair value by investment category and length of time that individual securities have been in a continuous unrealized loss position at June 30, 2012.

	Less than 12 months				12 months or longer				Total
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
	(In Thousands)
Available-for-sale
U.S Government and agencies	$	5,047	$	7	$	—	$	—	$	5,047	$	7
State and political subdivisions		—		—		135		1		135		1
CMO		31,871		163		—		—		31,871		163
FNMA		65,682		141		—		—		65,682		141
FHLMC		5,172		10		—		—		5,172		10
GNMA		—		—		—		—		—		—
Total temporarily impaired investments	$	107,772	$	321	$	135	$	1	$	107,907	$	322

The table below shows our investment securities’ gross unrealized losses and fair value by investment category and length of time that individual securities were in a continuous unrealized loss position at December 31, 2011.

	Less than 12 months				12 months or longer				Total
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
	(In Thousands)
Available-for-sale
U.S Government and agencies	$	5,047	$	13	$	—	$	—	$	5,047	$	13
State and political subdivisions		—		—		440		8		440		8
CMO		78,955		2,194		9,933		333		88,888		2,527
FNMA		6,959		44		—		—		6,959		44
FHLMC		—		—		—		—		—		—
GNMA		5,420		57		—		—		5,420		57
Total temporarily impaired investments	$	96,381	$	2,308	$	10,373	$	341	$	106,754	$	2,649