INVESTMENT SECURITIES (Tables)

12 Months Ended

Dec. 31, 2012

INVESTMENT SECURITIES [Abstract]

Amortized cost, gross unrealized gains and losses, and fair value of available-for-sale investment securities

The amortized cost, gross unrealized gains and losses, and fair value of the Company's available-for-sale investment securities are summarized as follows:

As of December 31, 2012			Included in Accumulated Other Comprehensive Loss (AOCL)
					Gross unrealized losses
(In thousands)	Amortized cost		Gross unrealized gains		Non-OTTI in AOCL			Non-credit related OTTI in AOCL		Fair value
U.S. government agencies	$	66,371	$	151	$	(78	)	$	-	$	66,444
Mortgage-backed  securities-residential		30,038		518		(47	)		-		30,509
Collateralized mortgage obligations:
Issued or guaranteed by U.S. government agencies		229,556		5,031		(611	)		-		233,976
Non-agency		1,007		4		-			-		1,011
Corporate bonds		7,477		32		(72	)		-		7,437
Municipal bonds		5,645		-		(30	)		-		5,615
Common stocks		33		14		-			-		47
Other securities		3,752		520		(108	)		-		4,164
Total available for sale	$	343,879	$	6,270	$	(946	)	$	-	$	349,203

As of December 31, 2011			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
U.S. government agencies	$	35,966	$	122	$	(4	)	$	-	$	36,084
Mortgage-backed  securities-residential		16,763	$	309	$	(67	)	$	-	$	17,005
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
Common stocks		130		118		-			-		248
Other securities		6,586		347		(15	)		-		6,918
Total available for sale	$	323,438	$	6,689	$	(1,121	)	$	-	$	329,006

Amortized cost and fair value of investment securities, by contractual maturity

The amortized cost and fair value of investment securities at December 31, 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 December 31, 2012
(In thousands)	Amortized cost		Fair value
Within 1 year	$	7,935	$	7,984
After 1 but within 5 years		4,292		4,305
After 5 but within 10 years		27,843		27,706
After 10 years		39,423		39,501
Mortgage-backed  securities-residential		30,038		30,509
Collateralized mortgage obligations:
Issued or guaranteed by U.S. government agencies		229,556		233,976
Non-agency		1,007		1,011
Total available for sale debt securities		340,094		344,992
No contractual maturity		3,785		4,211
Total available for sale securities	$	343,879	$	349,203

Gross realized gains and losses realized on sale of securities

Proceeds from the sales of investments available for sale during 2012, 2011 and 2010 were $28.2 million, $113.0 million, and $181.3 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 years ended December 31,
(In thousands)	2012			2011			2010
Gross realized gains	$	1,211		$	2,584		$	1,938
Gross realized losses		(181	)		(802	)		(648	)
Net realized gains	$	1,030		$	1,782		$	1,290

Investment securities in a continuous unrealized loss position

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

As of December 31, 2012	Less than 12 months							12 months or longer							Total
(In thousands)	Fair value		Gross unrealized losses			Number of positions		Fair value		Gross unrealized losses			Number of positions		Fair value		Gross unrealized losses			Number of positions
Investment securities available for sale
U.S. government agencies	$	23,818	$	(78	)		8	$	-	$	-			-	$	23,818	$	(78	)		8
Mortgage-backed  securities-residential		7,280		(47	)		2		-		-			-		7,280		(47	)		2
Collateralized mortgage obligations:
Issued or guaranteed by U.S. government agencies		44,937		(592	)		15		3,975		(19	)		2		48,912		(611	)		17
Corporate bonds		2,165		(13	)		2		941		(59	)		1		3,106		(72	)		3
Municipal bonds		4,597		(21	)		5		882		(9	)		1		5,479		(30	)		6
Other securities		289		(38	)		1		255		(70	)		1		544		(108	)		2
Total available for sale	$	83,086	$	(789	)		33	$	6,053	$	(157	)		5	$	89,139	$	(946	)		38

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

As of December 31, 2011	Less than 12 months							12 months or longer							Total
(In thousands)	Fair value		Gross unrealized losses			Number of positions		Fair value		Gross unrealized losses			Number of positions		Fair value		Gross unrealized losses			Number of positions
Investment securities available for sale
U.S. government agencies	$	2,999	$	(1	)		1	$	3,996	$	(3	)		1	$	6,995	$	(4	)		2
Mortgage-backed securities-residential		9,588		(67	)		2		-		-			-		9,588		(67	)		2
Collateralized mortgage obligations:
Issued or guaranteed by U.S. government agencies		35,511		(374	)		8		10,149		(169	)		3		45,660		(543	)		11
Non-agency		-		-			-		669		(1	)		1		669		(1	)		1
Corporate bonds		3,804		(197	)		5		3,751		(274	)		4		7,555		(471	)		9
Municipal bonds		965		(20	)		1		-		-			-		965		(20	)		1
Other securities		502		(15	)		1		-		-			-		502		(15	)		1
Total available for sale	$	53,369	$	(674	)		18	$	18,565	$	(447	)		9	$	71,934	$	(1,121	)		27

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

The following table presents a roll-forward of the balance of credit-related impairment losses on debt securities held at December 31, 2012 and 2011 for which a portion of an other-than-temporary impairment was recognized in other comprehensive income:

(In thousands)	2012		2011
Balance at January 1,	$	173	$	924
Reductions for securities for which the amount previously recognized
in other comprehensive income was recognized in earnings because
the Company does not expect to recover the entire amortized cost		-		(751	)
Balance at December 31,	$	173	$	173

The following table summarizes other-than-temporary impairment losses on securities recognized in earnings in the periods indicated:

	For the years ended December 31,
(In thousands)	2012		2011		2010
Corporate bonds	$	-	$	-	$	58
Trust preferred securities		-		1,749		193
Common stocks		-		47		-
Preferred stocks		-		-		165
Other securities		2,359		-		63
Total OTTI recognized in earnings	$	2,359	$	1,796	$	479