Investment Securities (Tables)

6 Months Ended

Jun. 30, 2012

Schedule of fair value of investment securities available-for-sale

The carrying value and fair value of investment securities AFS at June 30, 2012 are as follows:

			Included in Accumulated Other Comprehensive Income (AOCI)
					Gross unrealized losses
(In thousands)	Amortized cost		Gross unrealized gains		Non-OTTI in AOCI			Non-credit related OTTI in AOCI		Fair value
Mortgage-backed securities-residential	$	36,369	$	514	$	(18	)	$	-	$	36,865
U.S. government agencies		34,979		207		-			-		35,186
Common stocks		33		12		-			-		45
Collateralized mortgage obligations:
Issued or guaranteed by U.S. government agencies		248,369		4,158		(368	)		-		252,159
Non-agency		1,067		-		(69	)		-		998
Corporate bonds		7,299		35		(320	)		-		7,014
Municipal bonds		3,627		-		(34	)		-		3,593
Trust preferred securities		13,652		1,660		-			-		15,312
Other securities		5,737		537		(356	)		-		5,918
Total available for sale	$	351,132	$	7,123	$	(1,165	)	$	-	$	357,090

The carrying value and fair value of investment securities AFS at December 31, 2011 are as follows:

			Included in Accumulated Other Comprehensive Income (AOCI)
					Gross unrealized losses
(In thousands)	Amortized cost		Gross unrealized gains		Non-OTTI in AOCI			Non-credit related OTTI in AOCI		Fair value
Mortgage-backed securities-residential	$	16,763	$	309	$	(67	)	$	-	$	17,005
U.S. government agencies		35,966		122		(4	)		-		36,084
Common stocks		130		118		-			-		248
Collateralized mortgage obligations:
Issued or guaranteed by U.S. government agencies		231,262		3,315		(543	)		-		234,034
Non-agency		4,739		94		(1	)		-		4,832
Corporate bonds		13,342		104		(471	)		-		12,975
Municipal bonds		985		-		(20	)				965
Trust preferred securities		13,665		2,280		-			-		15,945
Other securities		6,586		347		(15	)		-		6,918
Total available for sale	$	323,438	$	6,689	$	(1,121	)	$	-	$	329,006

Schedule of amortized cost and fair value of investment securities, by contractual maturity

The amortized cost and fair value of investment securities at June 30, 2012, by contractual maturity, are shown below. 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.

	As of June 30, 2012
(In thousands)	Amortized cost		Fair value
Within 1 year	$	4,374	$	4,461
After 1 but within 5 years		6,199		6,259
After 5 but within 10 years		4,604		4,345
After 10 years		44,380		46,040
Mortgage-backed securities-residential		36,369		36,865
Collateralized mortgage obligations:
Issued or guaranteed by U.S. government agencies		248,369		252,159
Non-agency		1,067		998
Total available for sale debt securities		345,362		351,127
No contractual maturity		5,770		5,963
Total available for sale securities	$	351,132	$	357,090

Schedule of gross realized gains and losses on the sale of securities

Proceeds from the sales of investments AFS during the three months ended June 30, 2012 and 2011 were $75,000 and $26.9 million, respectively. Proceeds from the sales of investments AFS for the six months ended June 30, 2012 and 2011 were $11.9 million and $70.5 million, respectively. The following table summarizes gross realized gains and losses realized on the sale of securities recognized in earnings in the periods indicated:

	For the three months						For the six months
	ended June 30,						ended June 30,
(In thousands)	2012			2011			2012			2011
Gross realized gains	$	29		$	1,140		$	340		$	1,727
Gross realized losses		(9	)		(47	)		(181	)		(626	)
Net realized gains	$	20		$	1,093		$	159		$	1,101

Schedule of credit related impairment losses on debt securities held, for portion of OTTI was recognized in other comprehensive income

The following table summarizes OTTI losses on securities recognized in earnings in the periods indicated:

	For the three months				For the six months
	ended June 30,				ended June 30,
(In thousands)	2012		2011		2012		2011
Trust preferred securities	$	-	$	334	$	-	$	334
Common stocks		-		47		-		47
Other securities		859		-		859		-
Total OTTI charges	$	859	$	381	$	859	$	381

The following table presents a roll-forward of the balance of credit-related impairment losses on debt securities held at June 30, 2012 and 2011 for which a portion of OTTI was recognized in other comprehensive income:

(In thousands)	2012		2011
Balance at January 1,	$	173	$	924
Additional credit-related impairment loss on debt securities for which an other-than-temporary impairment was previously recognized		-		334
Balance at June 30,	$	173	$	1,258

Schedule of continuous unrealized loss position

The tables below indicate the length of time individual securities have been in a continuous unrealized loss position at June 30, 2012 and December 31, 2011:

June 30, 2012	Less than 12 months					12 months or longer					Total
(In thousands)	Fair value		Gross unrealized losses			Fair value		Gross unrealized losses			Fair value		Gross unrealized losses
Mortgage-backed securities-residential	$	8,157	$	(18	)	$	-	$	-		$	8,157	$	(18	)
Collateralized mortgage obligations:
Issued or guaranteed by U.S. government agencies		53,561		(340	)		3,426		(28	)		56,987		(368	)
Non-agency		998		(69	)		-		-			998		(69	)
Corporate bonds		2,935		(64	)		2,742		(256	)		5,677		(320	)
Municipal bonds		2,887		(34	)		-		-			2,887		(34	)
Other securities		1,546		(286	)		334		(70	)		1,880		(356	)
Total available-for-sale	$	70,084	$	(811	)	$	6,502	$	(354	)	$	76,586	$	(1,165	)

December 31, 2011	Less than 12 months					12 months or longer					Total
(In thousands)	Fair value		Gross unrealized losses			Fair value		Gross unrealized losses			Fair value		Gross unrealized losses
Mortgage-backed securities-residential	$	9,588	$	(67	)	$	-	$	-		$	9,588	$	(67	)
U.S. government agencies		2,999		(1	)		3,996		(3	)		6,995		(4	)
Collateralized mortgage obligations:
Issued or guaranteed by U.S. government agencies		35,511		(374	)		10,149		(169	)		45,660		(543	)
Non-agency		-		-			669		(1	)		669		(1	)
Corporate bonds		3,804		(197	)		3,751		(274	)		7,555		(471	)
Municipal bonds		965		(20	)		-		-			965		(20	)
Other securities		502		(15	)		-		-			502		(15	)
Total available-for-sale	$	53,369	$	(674	)	$	18,565	$	(447	)	$	71,934	$	(1,121	)

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

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+ Details

- Definition

Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income.

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