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Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2013
Investments, Debt and Equity Securities [Abstract]  
Schedule Of Investment Securities
Investment securities at December 31, 2013 and 2012 consisted of the following (dollars in thousands):
 
Amortized
cost
 
Gross
unrealized
gains
 
Gross
unrealized
losses
 
Estimated
fair value
2013
 

 
 

 
 

 
 

Available-for-sale
 

 
 

 
 

 
 

U.S. Agency mortgage-backed securities (MBS) *
$
171,853

 
$
3,125

 
$
(3,646
)
 
$
171,332

Non-agency MBS
13,500

 
11

 
(414
)
 
13,097

U.S. Agency asset-backed securities
8,683

 
887

 
(21
)
 
9,549

Mutual fund
502

 
1

 
—

 
503

 
$
194,538

 
$
4,024

 
$
(4,081
)
 
$
194,481

Held-to-maturity
 

 
 

 
 

 
 

Tax credit investments
$
614

 
$
—

 
$
—

 
$
614

Obligations of state and political subdivisions
706

 
22

 
—

 
728

 
$
1,320

 
$
22

 
$
—

 
$
1,342

 
 
 
 
 
 
 
 
2012
 

 
 

 
 

 
 

Available-for-sale
 

 
 

 
 

 
 

U.S. Agency MBS *
$
216,141

 
$
5,426

 
$
(252
)
 
$
221,315

Non-agency MBS
20,601

 
253

 
—

 
20,854

U.S. Agency asset-backed securities
9,374

 
599

 
(118
)
 
9,855

Commercial paper
5,000

 
—

 
—

 
5,000

Mutual fund
486

 
34

 
—

 
520

 
$
251,602

 
$
6,312

 
$
(370
)
 
$
257,544

Held-to-maturity
 

 
 

 
 

 
 

Tax credit investments
$
790

 
$
—

 
$
—

 
$
790

Obligations of state and political subdivisions
1,023

 
50

 
—

 
1,073

 
$
1,813

 
$
50

 
$
—

 
$
1,863

 
* U.S. Agency MBS include private label MBS of approximately $11.3 million and $14.4 million at December 31, 2013 and 2012, respectively, which are supported by FHA/VA collateral.
Available For Sale Securities Continuous Unrealized Loss Position Fair Value
The following table presents the fair value and gross unrealized losses of the Bank’s investment securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2013 and 2012 (dollars in thousands):
 
Less than 12 months
 
12 months or more
 
Total
 
Estimated 
fair value
 
Unrealized
losses
 
Estimated 
fair value
 
Unrealized
losses
 
Estimated 
fair value
 
Unrealized
losses
2013
 

 
 

 
 

 
 

 
 

 
 

U.S. Agency MBS
$
35,440

 
$
(810
)
 
$
30,779

 
$
(2,836
)
 
$
66,219

 
$
(3,646
)
Non-Agency MBS
9,569

 
(412
)
 
179

 
(2
)
 
9,748

 
(414
)
U.S. Agency asset-backed securities
703

 
(4
)
 
1,775

 
(17
)
 
2,478

 
(21
)
 
$
45,712

 
$
(1,226
)
 
$
32,733

 
$
(2,855
)
 
$
78,445

 
$
(4,081
)
 
 
 
 
 
 
 
 
 
 
 
 
2012
 

 
 

 
 

 
 

 
 

 
 

U.S. Agency MBS
$
34,114

 
$
(43
)
 
$
12,718

 
$
(209
)
 
$
46,832

 
$
(252
)
U.S. Agency asset-backed securities
—

 
—

 
2,750

 
(118
)
 
2,750

 
(118
)
 
$
34,114

 
$
(43
)
 
$
15,468

 
$
(327
)
 
$
49,582

 
$
(370
)
Investments Classified by Contractual Maturity Date
Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
 
Available-for-sale
 
Held-to-maturity
 
Amortized
cost
 
Estimated
fair value
 
Amortized
cost
 
Estimated
fair value
Due in one year or less
$
—

 
$
—

 
$
510

 
$
521

Due after one year through five years
74

 
76

 
196

 
207

Due after five years through ten years
47,214

 
44,081

 
—

 
—

Due after ten years
146,748

 
149,821

 
—

 
—

Mutual fund
502

 
503

 
—

 
—

Tax credit investments
—

 
—

 
614

 
614

 
$
194,538

 
$
194,481

 
$
1,320

 
$
1,342