Securities (Tables)

9 Months Ended

Sep. 30, 2013

Investments, Debt and Equity Securities [Abstract]

Amortized costs and fair values of securities available for sale

Amortized costs and fair values of securities available for sale at September 30, 2013 are summarized as follows:

	September 30, 2013
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(In Thousands)
Available for Sale
U.S. government agencies	$	21,360	$	349	$	(244	)	$	21,465
Obligations of states and political subdivisions	77,788		1,483		(3,167		)	76,104
Mortgage-backed securities:
Agency	158,204		3,864		(1,013		)	161,055
Non-agency	18,113		151		(141		)	18,123
Other asset backed securities	35,728		659		(150		)	36,237
Corporate preferred stock	68		5		—			73
Corporate securities	15,695		32		(406		)	15,321
Total	$	326,956	$	6,543	$	(5,121	)	$	328,378

Amortized costs and fair values of securities available for sale at December 31, 2012 are summarized as follows:

	December 31, 2012
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(In Thousands)
Available for Sale
U.S. government agencies	$	15,391	$	459	$	(28	)	$	15,822
Obligations of states and political subdivisions	74,485		3,920		(105		)	78,300
Mortgage-backed securities:
Agency	161,564		5,659		(280		)	166,943
Non-agency	15,310		287		(18		)	15,579
Other asset backed securities	33,648		1,079		(85		)	34,642
Corporate preferred stock	68		—		(6		)	62
Corporate securities	8,730		12		(633		)	8,109
Total	$	309,196	$	11,416	$	(1,155	)	$	319,457

Amortized cost and fair value of securities available for sale by contractual maturity

The amortized cost and fair value of securities available for sale as of September 30, 2013, by contractual maturity are shown below.  Maturities may differ from contractual maturities in mortgage-backed, other asset-backed, and corporate securities because the mortgages, loans, and securities underlying the securities may be called or repaid without any penalties.  Therefore, these securities are not included in the maturity categories in the following maturity summary.

	September 30, 2013
	Amortized Cost		Fair Value
	(In thousands)
Due in one year or less	$	2,520	$	2,555
Due after one year through five years	38,469		39,035
Due after one year through ten years	29,434		28,617
Due after ten years	44,420		42,683
Mortgage-backed securities	176,317		179,178
Other asset backed securities	35,728		36,237
Corporate preferred stock	68		73
Total	$	326,956	$	328,378

Investments in continuous unrealized loss position

At September 30, 2013, investments in an unrealized loss position that were temporarily impaired are as follows:

	September 30, 2013
						(In thousands)
	Less than Twelve Months					Twelve Months or Greater					Total
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
U.S. government agencies	$	11,019	$	(244	)	$	82	$	—		$	11,101	$	(244	)
Obligations of states and
political subdivisions	29,161		(3,129		)	847		(38		)	30,008		(3,167		)
Mortgage backed securities:
Agency	37,619		(878		)	5,256		(135		)	42,875		(1,013		)
Non-agency	3,938		(81		)	1,354		(60		)	5,292		(141		)
Other asset backed securities	1,592		(42		)	2,284		(108		)	3,876		(150		)
Corporate securities	5,656		(167		)	4,261		(239		)	9,917		(406		)
Total	$	88,985	$	(4,541	)	$	14,084	$	(580	)	$	103,069	$	(5,121	)

At December 31, 2012, investments in an unrealized loss position that were temporarily impaired are as follows:

	December 31, 2012
						(In thousands)
	Less than Twelve Months					Twelve Months or Greater					Total
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
U.S. government agencies	$	3,850	$	(28	)	$	16	$	—		$	3,866	$	(28	)
Obligations of states and
political subdivisions	6,966		(105		)	—		—			6,966		(105		)
Mortgage backed securities:
Agency	24,344		(234		)	1,241		(46		)	25,585		(280		)
Non-agency	3,295		(18		)	—		—			3,295		(18		)
Other asset backed securities	2,791		(57		)	1,418		(28		)	4,209		(85		)
Corporate preferred stock	—		—			33		(6		)	33		(6		)
Corporate securities	—		—			6,867		(633		)	6,867		(633		)
Total	$	41,246	$	(442	)	$	9,575	$	(713	)	$	50,821	$	(1,155	)