SECURITIES (Tables)

6 Months Ended

Jun. 30, 2012

SECURITIES

Summary of the Amortized Cost and Estimated Fair Value of Securities Available-for-Sale and Held-to-Maturity

	June 30, 2012
			Gross		Gross			Estimated
	Amortized		Unrealized		Unrealized			Fair
(In thousands)	Cost		Gains		Losses			Value
Available for sale:
U.S. GSE securities	$	108,856	$	1,054	$	—		$	109,910
State and municipal obligations	62,549		1,390		(70		)	63,869
U.S. GSE residential mortgage-backed securities	29,907		2,007		—			31,914
U.S. GSE residential collateralized mortgage obligations	219,099		2,729		(289		)	221,539
U.S. GSE commercial collateralized mortgage obligations (1)	9,159		225		—			9,384
Non Agency commercial mortgage-backed securities	5,069		—		(7		)	5,062
Other Asset-backed securities	7,979		—		(164		)	7,815
Total available for sale	442,618		7,405		(530		)	449,493
Held to maturity:
U.S. GSE securities	10,491		41		—			10,532
State and municipal obligations	96,416		2,004		(31		)	98,389
U.S. GSE residential collateralized mortgage obligations	37,299		856		(10		)	38,145
U.S. GSE commercial mortgage-backed securities	5,953		148		—			6,101
U.S. GSE commercial collateralized mortgage obligations	4,974		212		—			5,186
Corporate Bonds	22,789		107		(905		)	21,991
Total held to maturity	177,922		3,368		(946		)	180,344
Total securities	$	620,540	$	10,773	$	(1,476	)	$	629,837

	December 31, 2011
			Gross		Gross			Estimated
	Amortized		Unrealized		Unrealized			Fair
(In thousands)	Cost		Gains		Losses			Value
Available for sale:
U.S. GSE securities	$	130,708	$	968	$	(2	)	$	131,674
State and municipal obligations	52,861		1,366		(8		)	54,219
U.S. GSE residential mortgage-backed securities	67,317		3,667		—			70,984
U.S. GSE residential collateralized mortgage obligations	175,878		3,493		(46		)	179,325
U.S. GSE commercial collateralized mortgage obligations (1)	5,167		70		—			5,237
Total available for sale	431,931		9,564		(56		)	441,439
Held to maturity:
State and municipal obligations	104,314		2,048		(5		)	106,357
U.S. GSE residential collateralized mortgage obligations	42,081		1,104		(21		)	43,164
Corporate Bonds	22,758		3		(1,330		)	21,431
Total held to maturity	169,153		3,155		(1,356		)	170,952
Total securities	$	601,084	$	12,719	$	(1,412	)	$	612,391

(1)U.S. GSE commercial collateralized mortgage obligations represent securities with multi-family mortgage loans as the collateral.

Summary of Available-for-Sale and Held-to-Maturity Securities by Contractual Maturity

	June 30, 2012
	Amortized		Fair
(In thousands)	Cost		Value
Maturity
Available for sale:
Within one year	$	16,584	$	16,699
One to five years	62,437		63,846
Five to ten years	105,846		107,322
Beyond ten years	257,751		261,626
Total	$	442,618	$	449,493
Held to maturity:
Within one year	$	46,915	$	46,998
One to five years	37,894		38,090
Five to ten years	33,731		33,796
Beyond ten years	59,382		61,460
Total	$	177,922	$	180,344

Securities having a continuous unrealized loss position aggregated by a period of time less than or greater than 12 months

	Less than 12 months				Greater than 12 months
June 30, 2012			Unrealized				Unrealized
(In thousands)	Fair Value		losses		Fair Value		losses
Available for sale:
State and municipal obligations	$	16,529	$	70	$	—	$	—
U.S. GSE residential collateralized mortgage obligations	58,633		289		—		—
Non Agency commercial mortgage-backed securities	5,062		7
Other Asset-backed securities	7,815		164
Total available for sale	88,039		530		—		—
Held to maturity:
State and municipal obligations	17,407		31		—		—
U.S. GSE residential collateralized mortgage obligations	4,307		10		—		—
Corporate Bonds	4,803		197		12,292		708
Total held to maturity	$	26,517	$	238	$	12,292	$	708

	Less than 12 months				Greater than 12 months
December 31, 2011			Unrealized				Unrealized
(In thousands)	Fair Value		losses		Fair Value		losses
Available for sale:
U.S. GSE securities	$	7,196	$	2	$	—	$	—
State and municipal obligations	4,283		8		—		—
U.S. GSE residential collateralized mortgage obligations	7,672		46		—		—
Total available for sale	$	19,151	$	56	$	—	$	—
Held to maturity:
State and municipal obligations	7,011		5		—		—
U.S. GSE residential collateralized mortgage obligations	4,810		21		—		—
Corporate Bonds	4,664		336		12,006		994
Total held to maturity	$	16,485	$	362	$	12,006	$	994