Securities (Tables)

6 Months Ended

Jun. 30, 2012

Securities [Abstract]

Schedule of securities available for sale portfolio

The Company’s securities available for sale portfolio is summarized as follows:

(Dollar amounts in thousands)	Amortized cost		Unrealized gains		Unrealized losses			Fair value
June 30, 2012:
Trust preferred securities	$	45,892	$	341	$	(8,801	)	$	37,432
Municipal securities		175,110		12,594		(278	)		187,426
Equity securities		1,355		369		—			1,724
Corporate bonds		204,647		3,311		(3,303	)		204,655
Mortgage-backed securities
U.S. sponsored entities		673,259		37,741		(15	)		710,985
Private label		7,332		192		(329	)		7,195
Subtotal mortgage-backed securities		680,591		37,933		(344	)		718,180
Total securities	$	1,107,595	$	54,548	$	(12,726	)	$	1,149,417
December 31, 2011:
Trust preferred securities	$	45,894	$	265	$	(8,615	)	$	37,544
Municipal securities		174,288		10,427		(230	)		184,485
Equity securities		1,754		351		(2	)		2,103
Corporate bonds		165,923		1,784		(2,928	)		164,779
Mortgage-backed securities
U.S. sponsored entities		694,674		37,636		(8	)		732,302
Private label		8,964		241		(302	)		8,903
Subtotal mortgage-backed securities		703,638		37,877		(310	)		741,205
Total securities	$	1,091,497	$	50,704	$	(12,085	)	$	1,130,116

Schedule of investments gross unrealized losses and fair value

The following table shows the Company’s investments gross unrealized losses and fair value aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at June 30, 2012:

As of June 30, 2012
(Dollar amounts in thousands)	Less than 12 Months						12 Months or more						Total
	# of Securities		Fair Value		Unrealized losses		# of Securities		Fair Value		Unrealized losses		# of Securities		Fair Value		Unrealized losses
Trust preferred securities		—	$	—	$	—		9	$	35,604	$	8,801		9	$	35,604	$	8,801
Municipal securities		6		7,137		278		—		—		—		6		7,137		278
Corporate bonds		16		51,461		3,303		—		—		—		16		51,461		3,303
Mortgage-backed securities
U.S. sponsored entities		2		7,502		15		—		—		—		2		7,502		15
Private label		2		2,133		283		1		659		46		3		2,792		329
Subtotal mortgage-backed securities		4		9,635		298		1		659		46		5		10,294		344
Total		26	$	68,233	$	3,879		10	$	36,263	$	8,847		36	$	104,496	$	12,726

The following table shows the Company’s investments gross unrealized losses and fair value aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2011:

As of December 31, 2011
(Dollar amounts in thousands)	Less than 12 Months						12 Months or more						Total
	# of Securities		Fair Value		Unrealized losses		# of Securities		Fair Value		Unrealized losses		# of Securities		Fair Value		Unrealized losses
Trust preferred securities		—	$	—	$	—		9	$	35,789	$	8,615		9	$	35,789	$	8,615
Municipal securities		2		3,094		149		3		2,627		81		5		5,721		230
Equity securities		—		—		—		1		130		2		1		130		2
Corporate bonds		27		91,046		2,928		—		—		—		27		91,046		2,928
Mortgage-backed securities
U.S. sponsored entities		1		4,596		8		—		—		—		1		4,596		8
Private label		3		3,084		302		—		—		—		3		3,084		302
Subtotal mortgage-backed securities		4		7,680		310		—		—		—		4		7,680		310
Total		33	$	101,820	$	3,387		13	$	38,546	$	8,698		46	$	140,366	$	12,085

Scheduled maturities of securities

The following table summarizes scheduled maturities of the Company’s securities as of June 30, 2012 and December 31, 2011 excluding equity securities which have no maturity dates:

As of June 30, 2012
(Dollar amounts in thousands)	Available for sale
	Weighted Average Yield			Amortized cost		Fair value
Due in one year or less		3.89	%	$	33,579	$	33,855
Due from one year to five years		3.37	%		160,980		164,208
Due from five to ten years		4.86	%		101,153		103,808
Due after ten years		3.58	%		810,528		845,822
		3.67	%	$	1,106,240	$	1,147,693

As of December 31, 2011
(Dollar amounts in thousands)	Available for sale
	Weighted Average Yield			Amortized cost		Fair value
Due in one year or less		4.65	%	$	43,232	$	43,644
Due from one year to five years		3.62	%		106,858		107,452
Due from five to ten years		5.03	%		102,525		106,384
Due after ten years		3.74	%		837,128		870,533
		3.89	%	$	1,089,743	$	1,128,013