Investment Securities (Tables)

3 Months Ended

Mar. 31, 2013

Investment Securities [Abstract]

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

The carrying value and fair value of investment securities available-for-sale ("AFS") at March 31, 2013 and December 31, 2012 are as follows:

As of March 31, 2013			Included in Accumulated Other Comprehensive Income (AOCI)
					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	$	69,358	$	92	$	(77	)	$	-	$	69,373
Mortgage-backed  securities-residential		31,653		573		(61	)		-		32,165
Collateralized mortgage obligations:											-
Issued or guaranteed by U.S. government agencies		196,521		4,844		(378	)		-		200,987
Non-agency		874		30		-			-		904
Corporate bonds		7,868		70		(49	)		-		7,889
Municipal bonds		5,640		1		(47	)		-		5,594
Other securities		3,673		695		(143	)		-		4,225
Common stocks		33		14		-			-		47
Total available for sale	$	315,620	$	6,319	$	(755	)	$	-	$	321,184

			Included in Accumulated Other Comprehensive Income (AOCI)
					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
Other securities		3,752		520		(108	)		-		4,164
Common stocks		33		14		-			-		47
Total available for sale	$	343,879	$	6,270	$	(946	)	$	-	$	349,203

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

The amortized cost and fair value of investment securities at March 31, 2013, 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 March 31, 2013
(In thousands)	Amortized cost		Fair value
Within 1 year	$	19,905	$	19,975
After 1 but within 5 years		4,682		4,724
After 5 but within 10 years		31,841		31,708
After 10 years		26,438		26,449
Mortgage-backed  securities-residential		31,653		32,165
Collateralized mortgage obligations:
Issued or guaranteed by U.S. government agencies		196,521		200,987
Non-agency		874		904
Total available for sale debt securities		311,914		316,912
No contractual maturity		3,706		4,272
Total available for sale securities	$	315,620	$	321,184

Gross realized gains and losses realized on sale of securities

Proceeds from the sales of AFS investments during the three months ended March 31, 2013 and 2012 were $12.1 million and $11.8 million, respectively.  The following table summarizes gross realized gains and losses on the sale of securities recognized in earnings in the periods indicated:

	For the three months
	ended March 31,
(In thousands)	2013			2012
Gross realized gains	$	138		$	311
Gross realized losses		(93	)		(172	)
Net realized gains	$	45		$	139

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 March 31, 2013 and 2012 for which a portion of OTTI was recognized in other comprehensive income:

(In thousands)	2013		2012
Balance at January 1,	$	173	$	173
Reductions for securities sold during the period (realized)		-		-
Reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the Company intends to sell the security		-		-
Balance at March 31,	$	173	$	173

Investment securities in a continuous unrealized loss position

The tables below indicate the length of time individual AFS securities have been in a continuous unrealized loss position at March 31, 2013 and December 31, 2012:

March 31, 2013	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
U.S. government agencies	$	24,560	$	(77	)	$	-	$	-		$	24,560	$	(77	)
Mortgage-backed securities-residential		10,664		(61	)		-		-			10,664		(61	)
Collateralized mortgage obligations:
Issued or guaranteed by U.S. government agencies		43,889		(372	)		2,885		(6	)		46,774		(378	)
Corporate bonds		995		(5	)		956		(44	)		1,951		(49	)
Municipal bonds		5,458		(47	)		-		-			5,458		(47	)
Other securities		276		(44	)		226		(99	)		502		(143	)
Total available-for-sale	$	85,842	$	(606	)	$	4,067	$	(149	)	$	89,909	$	(755	)

December 31, 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
U.S. government agencies	$	23,818	$	(78	)	$	-	$	-		$	23,818	$	(78	)
Mortgage-backed securities-residential		7,280		(47	)		-		-			7,280		(47	)
Collateralized mortgage obligations:
Issued or guaranteed by U.S. government agencies		44,937		(592	)		3,975		(19	)		48,912		(611	)
Corporate bonds		2,165		(13	)		941		(59	)		3,106		(72	)
Municipal bonds		4,597		(21	)		882		(9	)		5,479		(30	)
Other securities		289		(38	)		255		(70	)		544		(108	)
Total available-for-sale	$	83,086	$	(789	)	$	6,053	$	(157	)	$	89,139	$	(946	)