INVESTMENT SECURITIES (Tables)

9 Months Ended

Sep. 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:
September 30, 2012:
Reverse mortgages	$	(552	)	$	—	$	—		$	(552	)
U.S. Government and government sponsored enterprises (“GSE”)		50,747			308		(3	)		51,052
State and political subdivisions		3,120			29		(1	)		3,148
Collateralized Mortgage Obligation (“CMO”) (1)		247,991			7,462		(131	)		255,322
Federal National Mortgage Association (“FNMA”) Mortgage-Backed Securities (“MBS”)		446,296			15,193		(54	)		461,435
Federal Home Loan Mortgage Corporation (“FHLMC”) MBS		70,110			2,246		—			72,356
Government National Mortgage Association (“GNMA”) MBS		63,757			3,537		—			67,294
	$	881,469		$	28,775	$	(189	)	$	910,055
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
September 30, 2012:
CMO	$	12,590		$	—	$	—		$	12,590
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 September 30, 2012 and December 31, 2011 were as follows:

	Available-for-Sale
	Amortized Cost		Fair Value
	(In Thousands)
September 30, 2012
Within one year (1)	$	8,889	$	8,941
After one year but within five years		42,447		42,729
After five years but within ten years		273,536		282,968
After ten years		556,597		575,417
	$	881,469	$	910,055
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 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 September 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 securities:
U.S Government and agencies	$	2,008	$	3	$	—	$	—	$	2,008	$	3
State and political subdivisions		—		—		125		1		125		1
CMO		10,694		131		—		—		10,694		131
FNMA		4,288		54		—		—		4,288		54
FHLMC		—		—		—		—		—		—
GNMA		—		—		—		—		—		—
Total temporarily impaired investments	$	16,990	$	188	$	125	$	1	$	17,115	$	189

For these investment securities with unrealized losses, the table below shows our 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 securities:
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