Securities (Tables)

6 Months Ended

Jun. 30, 2012

Securities [Abstract]

Amortized costs and fair values of securities available for sale

Amortized costs and fair values of securities available for sale at June 30, 2012 are summarized as follows:

	June 30, 2012
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(In Thousands)
Available for Sale
U.S. government agencies	$	8,764	$	374	$	-		$	9,138
Obligations of states and
political subdivisions	69,061		3,546		(4		)	72,603
Mortgage-backed securities:
Agency	168,363		5,728		(281		)	173,810
Non-agency	49,246		383		(534		)	49,095
Corporate preferred stock	68		-		(14		)	54
Corporate securities	10,611		8		(900		)	9,719
Trust-preferred securities	244		-		(133		)	111
Total	$	306,357	$	10,039	$	(1,866	)	$	314,530

Amortized costs and fair values of securities available for sale at December 31, 2011 are summarized as follows:

	December 31, 2011
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(In Thousands)
Available for Sale
U.S. government agencies	$	9,068	$	293	$	(18	)	$	9,343
Obligations of states and
political subdivisions	65,090		2,503		(51		)	67,542
Mortgage-backed securities:
Agency	181,797		5,482		(209		)	187,070
Non-agency	34,847		157		(1,002		)	34,002
Corporate preferred stock	68		-		(28		)	40
Corporate securities	10,612		5		(641		)	9,976
Trust-preferred securities	497		-		(228		)	269
Total	$	301,979	$	8,440	$	(2,177	)	$	308,242

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 June 30, 2012, by contractual maturity are shown below.  Maturities may differ from contractual maturities in corporate and mortgage-backed securities because the securities and mortgages 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.

	June 30, 2012
	Amortized Cost		Fair Value
	(In thousands)
Due in one year or less	$	4,013	$	4,040
Due after one year through
five years	18,524		18,547
Due after five years through
ten years	34,031		35,696
Due after ten years	31,868		33,177
Mortgage-backed securities	217,609		222,905
Corporate preferred stock	68		54
Trust preferred securities	244		111
Total	$	306,357	$	314,530

Investments in unrealized loss position

At June 30, 2012, investments in an unrealized loss position that were temporarily impaired are as follows:

	June 30, 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	$	375	$	-		$	25	$	-		$	400	$	-
Obligations of states and
political subdivisions	1,937		(4		)	-		-			1,937		(4		)
Mortgage backed securities:
Agency	18,601		(281		)	-		-			18,601		(281		)
Non-agency	18,007		(264		)	8,374		(270		)	26,381		(534		)
Corporate preferred stock	-		-			25		(14		)	25		(14		)
Corporate securities	3,164		(336		)	6,407		(564		)	9,571		(900		)
Trust-preferred securities	-		-			111		(133		)	111		(133		)
Total	$	42,084	$	(885	)	$	14,942	$	(981	)	$	57,026	$	(1,866	)

At December 31, 2011, investments in an unrealized loss position that were temporarily impaired are as follows:

	December 31, 2011
						(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	$	2,045	$	(18	)	$	26	$	-		$	2,071	$	(18	)
Obligations of states and
political subdivisions	43		-			2,243		(51		)	2,286		(51		)
Mortgage backed securities:
Agency	22,768		(209		)	-		-			22,768		(209		)
Non-agency	15,345		(465		)	5,989		(537		)	21,334		(1,002		)
Corporate preferred stock	-		-			11		(28		)	11		(28		)
Corporate securities	7,775		(227		)	2,057		(414		)	9,832		(641		)
Trust-preferred securities	-		-			269		(228		)	269		(228		)
Total	$	47,976	$	(2,634	)	$	10,595	$	(1,258	)	$	58,571	$	(2,177	)

Trust preferred securities considered other-than-temporarily impaired

The following table provides further information on the Company's trust preferred security that is not considered other-than-temporarily impaired as of June 30, 2012 (in thousands):

Security	Tranche Level	Current Moody's Rating	Par Value	Book Value	Fair Value	Cumulative Other Comprehensive Loss	Institutions Performing	(1) Excess Subord.	Deferrals/ Defaults	Expected Default Rate	Expected Recovery	Lag Years
Trust Preferred IV	Mez	Ca	$244	$244	$111	$133	4	19.71%	27.10%	0.50%	15%	2
			$244	$244	$111	$133

(1)  Excess subordination.  See explanation in text below table.