SECURITIES (Tables)

9 Months Ended

Sep. 30, 2012

SECURITIES

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

	September 30, 2012
			Gross		Gross			Estimated
	Amortized		Unrealized		Unrealized			Fair
(In thousands)	Cost		Gains		Losses			Value
Available for sale:
U.S. GSE securities	$	150,215	$	1,249	$	(53	)	$	151,411
State and municipal obligations	69,250		1,390		(27		)	70,613
U.S. GSE residential mortgage-backed securities	24,107		1,733		—			25,840
U.S. GSE residential collateralized mortgage obligations	275,668		2,847		(626		)	277,889
U.S. GSE commercial collateralized mortgage obligations (1)	9,132		307		—			9,439
Non Agency commercial mortgage-backed securities	4,960		48					5,008
Other Asset backed securities	20,734		14		(158		)	20,590
Total available for sale	554,066		7,588		(864		)	560,790
Held to maturity:
U.S. GSE securities	4,992		47		—			5,039
State and municipal obligations	98,685		2,433		(39		)	101,079
U.S. GSE residential mortgage-backed securities	9,899		47		—			9,946
U.S. GSE residential collateralized mortgage obligations	61,152		848		(278		)	61,722
U.S. GSE commercial mortgage-backed securities	10,371		369		—			10,740
U.S. GSE commercial collateralized mortgage obligations	4,975		220		—			5,195
Corporate Bonds	22,805		137		(580		)	22,362
Total held to maturity	212,879		4,101		(897		)	216,083
Total securities	$	766,945	$	11,689	$	(1,761	)	$	776,873

	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

	September 30, 2012
	Amortized		Fair
(In thousands)	Cost		Value
Maturity
Available for sale:
Within one year	$	21,185	$	21,261
One to five years	55,332		56,991
Five to ten years	137,666		139,072
Beyond ten years	339,883		343,466
Total	$	554,066	$	560,790
Held to maturity:
Within one year	$	46,758	$	46,798
One to five years	51,368		51,408
Five to ten years	22,556		23,526
Beyond ten years	92,197		94,351
Total	$	212,879	$	216,083

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
September 30, 2012			Unrealized				Unrealized
(In thousands)	Fair Value		losses		Fair Value		losses
Available for sale:
U.S. GSE securities	$	27,928	$	53	$	—	$	—
State and municipal obligations	9,601		27		—		—
U.S. GSE residential collateralized mortgage obligations	81,896		626		—		—
Other Asset backed securities	7,831		158
Total available for sale	127,256		864		—		—
Held to maturity:
State and municipal obligations	22,136		39		—		—
U.S. GSE residential collateralized mortgage obligations	26,402		278		—		—
Corporate Bonds	—		—		17,419		580
Total held to maturity	$	48,538	$	317	$	17,419	$	580

	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