XML 65 R15.htm IDEA: XBRL DOCUMENT
v2.4.0.6

Investment Securities | 6 Months Ended
--- | ---
Jun. 30, 2012
Investment Securities [Abstract] |
Investment Securities | Note 7. Investment Securities The Corporation's investment securities are classified as available-for-sale and held-to-maturity at June 30, 2012 and December 31, 2011. Investment securities available-for-sale are reported at fair value with unrealized gains or losses included in equity, net of tax. Accordingly, the carrying value of such securities reflects their fair value at the balance sheet date. Fair value is based upon either quoted market prices, or in certain cases where there is limited activity in the market for a particular instrument, assumptions are made to determine their fair value. See Note 8 of the Notes to Consolidated Financial Statements for a further discussion. Transfers of debt securities from the available-for-sale category to the held-to-maturity category are made at fair value at the date of transfer. The unrealized holding gain or loss at the date of transfer remains in accumulated other comprehensive income and in the carrying value of the held-to-maturity investment security. Premiums or discounts on investment securities are amortized or accreted using the effective interest method over the life of the security as an adjustment of yield. Unrealized holding gains or losses that remain in accumulated other comprehensive income are amortized or accreted over the remaining life of the security as an adjustment of yield, offsetting the related amortization of the premium or accretion of the discount. The following tables present information related to the Corporation's investment securities at June 30, 2012 and December 31, 2011.
|  | June 30, 2012 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
|  | (in thousands) |
Investment Securities Available-for-Sale: |  |  |  |  |  |  |  |  |  |  |  |
Federal agency obligations |  | $ | 18,301 |  |  | $ | 382 |  |  | $ | — |  |  | $ | 18,683 |
Residential mortgage-backed securities |  |  | 86,792 |  |  |  | 2,002 |  |  |  | — |  |  |  | 88,794 |
Commercial mortgage-backed securities |  |  | 9,742 |  |  |  | 74 |  |  |  | (17 | ) |  |  | 9,799 |
Obligations of U.S. states and political subdivisions |  |  | 81,898 |  |  |  | 3,449 |  |  |  | (203 | ) |  |  | 85,144 |
Trust preferred securities |  |  | 20,610 |  |  |  | 42 |  |  |  | (1,827 | ) |  |  | 18,825 |
Corporate bonds and notes |  |  | 210,859 |  |  |  | 3,432 |  |  |  | (1,587 | ) |  |  | 212,704 |
Asset-backed securities |  |  | 19,643 |  |  |  | 117 |  |  |  | (127 | ) |  |  | 19,633 |
Collateralized mortgage obligations |  |  | 2,854 |  |  |  | — |  |  |  | (1,102 | ) |  |  | 1,752 |
Equity securities |  |  | 772 |  |  |  | 16 |  |  |  | (187 | ) |  |  | 601 |
Other securities |  |  | 11,229 |  |  |  | 47 |  |  |  | (21 | ) |  |  | 11,255 |
Total |  | $ | 462,700 |  |  | $ | 9,561 |  |  | $ | (5,071 | ) |  | $ | 467,190 |
Investment Securities Held-to-Maturity: |  |  |  |  |  |  |  |  |  |  |  |  |
Federal agency obligations |  | $ | 17,532 |  |  | $ | 103 |  |  | $ | (22 | ) |  | $ | 17,613 |  |
Commercial mortgage-backed securities |  |  | 6,182 |  |  |  | 93 |  |  |  | (8 | ) |  |  | 6,267 |  |
Obligations of U.S. states and political subdivisions |  |  | 39,283 |  |  |  | 3,400 |  |  |  | (1 | ) |  |  | 42,682 |  |
Total |  | $ | 62,997 |  |  | $ | 3,596 |  |  | $ | (31 | ) |  | $ | 66,562 |  |
Total investment securities |  | $ | 525,697 |  |  | $ | 13,157 |  |  |  | $ | (5,102 | ) |  | $ | 533,752 |  |
|  | December 31, 2011 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |  |
|  | (in thousands) |
Investment Securities Available-for-Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal agency obligations |  | $ | 24,781 |  |  | $ | 188 |  |  | $ | — |  |  | $ | 24,969 |  |
Residential mortgage-backed securities |  |  | 113,213 |  |  |  | 2,157 |  |  |  | (6 | ) |  |  | 115,364 |  |
Obligations of U.S. states and political subdivisions |  |  | 66,309 |  |  |  | 2,900 |  |  |  | (36 | ) |  |  | 69,173 |  |
Trust preferred securities |  |  | 20,567 |  |  |  | 14 |  |  |  | (4,394 | ) |  |  | 16,187 |  |
Corporate bonds and notes |  |  | 175,812 |  |  |  | 1,382 |  |  |  | (4,077 | ) |  |  | 173,117 |  |
Collateralized mortgage obligations |  |  | 3,226 |  |  |  | — |  |  |  | (1,327 | ) |  |  | 1,899 |  |
Asset-backed securities |  |  | 7,614 |  |  |  | 52 |  |  |  | (13 | ) |  |  | 7,653 |  |
Equity securities |  |  | 535 |  |  |  | 21 |  |  |  | (273 | ) |  |  | 262 |  |
Other securities |  |  | 5,882 |  |  |  | 21 |  |  |  | (20 | ) |  |  | 5,883 |  |
Total |  | $ | 417,939 |  |  | $ | 6,714 |  |  | $ | (10,146 | ) |  | $ | 414,507 |  |
Investment Securities Held-to-Maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal agency obligations |  | $ | 28,262 |  |  | $ | 177 |  |  | $ | (34 | ) |  | $ | 28,405 |  |
Commercial mortgage-backed securities |  |  | 6,276 |  |  |  | — |  |  |  | (69 | ) |  |  | 6,207 |  |
Obligations of U.S. states and political subdivisions |  |  | 37,695 |  |  |  | 2,615 |  |  |  | — |  |  |  | 40,310 |  |
Total |  | $ | 72,233 |  |  | $ | 2,792 |  |  | $ | (103 | ) |  | $ | 74,922 |  |
Total investment securities |  | $ | 490,172 |  |  | $ | 9,506 |  |  | $ | (10,249 | ) |  | $ | 489,429 |  |
The following table presents information for investment securities available-for-sale at June 30, 2012, based on scheduled maturities. Actual maturities can be expected to differ from scheduled maturities due to prepayment or early call options of the issuer.
|  | June 30, 2012 |
|  | Amortized Cost |  |  | Fair Value |
Investment Securities Available-for-Sale : |  | (in thousands) |
Due in one year or less |  | $ | 14,556 |  |  | $ | 14,476 |
Due after one year through five years |  |  | 96,758 |  |  |  | 97,606 |
Due after five years through ten years |  |  | 116,072 |  |  |  | 117,896 |
Due after ten years |  |  | 126,779 |  |  |  | 126,763 |
Residential mortgage-backed securities |  |  | 86,792 |  |  |  | 88,794 |
Commercial mortgage-backed securities |  |  | 9,742 |  |  |  | 9,799 |
Equity securities |  |  | 772 |  |  |  | 601 |
Other securities |  |  | 11,229 |  |  |  | 11,255 |
Total |  | $ | 462,700 |  |  | $ | 467,190 |
Investment Securities Held-to-Maturity : |  |  |  |  |  |  |  |
Due after five years through ten years |  | $ | 5,498 |  |  | $ | 5,607 |
Due after ten years |  |  | 51,317 |  |  |  | 54,688 |
Commercial mortgage-backed securities |  |  | 6,182 |  |  |  | 6,267 |
Total |  | $ | 62,997 |  |  | $ | 66,562 |
Total investment securities |  | $ | 525,697 |  |  | $ | 533,752 |
During the six months ended June 30, 2011, the Corporation reclassified at fair value approximately $36.0 million in available-for-sale investment securities to the held-to-maturity category. The related after-tax gains of approximately $218,000 remained in accumulated other comprehensive income and will be amortized over the remaining life of the securities as an adjustment of yield, offsetting the related amortization of the premium or accretion of the discount on the transferred securities. No gains or losses were recognized at the time of reclassification. Management considers the held-to-maturity classification of these investment securities to be appropriate as the Corporation has the positive intent and ability to hold these securities to maturity. For the six months ended June 30, 2012, proceeds of available for sale investment securities sold amounted to approximately $71.2 million. Gross realized gains on investment securities sold amounted to approximately $1.6 million, while gross realized losses amounted to approximately $198,000, which were impairment charges, for the period. For the six months ended June 30, 2011, proceeds of investment securities sold amounted to approximately $158.2 million. Gross realized gains on investment securities sold amounted to approximately $1.9 million, while gross realized losses, which included impairment charges of $237,000, amounted to approximately $306,000 for the period. The following summarizes OTTI charges for the periods indicated.
|  | Six Months Ended |
|  | June 30, |
|  | 2012 |  |  | 2011 |
|  | (in thousands) |
Other than temporary impairment charges |  | $ | 28 |  |  | $ | 18 |
Principal losses on a variable rate CMO |  |  | 170 |  |  |  | 219 |
Total other-than-temporary impairment charges |  | $ | 198 |  |  | $ | 237 |
The Corporation performs regular analysis on all its investment securities to determine whether a decline in fair value indicates that an investment is other-than-temporarily impaired in accordance with FASB ASC 320-10. FASB ASC 320-10 requires companies to record OTTI charges, through earnings, if they have the intent to sell, or if it is more likely than not that they will be required to sell, an impaired debt security before recovery of its amortized cost basis. If the Corporation intends to sell or it is more likely than not it will be required to sell the security before recovery of its amortized cost basis, less any current period credit loss, the OTTI is recognized in earnings equal to the entire difference between the investment's amortized cost basis and its estimated fair value at the balance sheet date. If the Corporation does not intend to sell the security and it is more likely than not that the entity will be required to sell the security before recovery of its amortized cost basis less any current period loss, and as such, it determines that a decline in fair value is other than temporary, the OTTI is separated into the amount representing the credit loss and the amount related to all other factors. The amount of the OTTI related to the credit loss is determined based on the present value of cash flows expected to be collected and is recognized in earnings. The amount of the total OTTI related to other factors is recognized in other comprehensive income, net of applicable taxes. The previous amortized cost basis less the OTTI recognized in earnings becomes the new amortized cost basis of the investment. The Corporation's assessment of whether an impairment is other than temporary includes factors such as whether the issuer has defaulted on scheduled payments, announced a restructuring and/or filed for bankruptcy, has disclosed severe liquidity problems that cannot be resolved, disclosed a deteriorating financial condition or sustained significant losses. The Corporation maintains a watch list for the identification and monitoring of securities experiencing problems that require a heightened level of review. This could result from credit rating downgrades. The following table presents detailed information for each trust preferred security held by the Corporation at June 30, 2012 which has at least one rating below investment grade.
Deal Name |  | Single Issuer or Pooled |  | Class/ Tranche |  | Amortized Cost |  | Fair Value |  | Gross Unrealized Gain (Loss) |  | Lowest Credit Rating Assigned |  | Number of Banks Currently Performing |  | Deferrals and Defaults as % of Original Collateral |  | Expected Deferral/Defaults as % of Remaining Performing Collateral
|  | (dollars in thousands)
Countrywide Capital IV |  |  | Single |  |  |  | — |  |  | $ | 1,770 |  |  | $ | 1,747 |  |  | $ | (23 | ) |  |  | BB+ |  |  |  | 1 |  |  |  | None |  |  |  | None |
Countrywide Capital V |  |  | Single |  |  |  | — |  |  |  | 2,747 |  |  |  | 2,731 |  |  |  | (16 | ) |  |  | BB+ |  |  |  | 1 |  |  |  | None |  |  |  | None |
Countrywide Capital V |  |  | Single |  |  |  | — |  |  |  | 250 |  |  |  | 248 |  |  |  | (2 | ) |  |  | BB+ |  |  |  | 1 |  |  |  | None |  |  |  | None |
NPB Capital Trust II |  |  | Single |  |  |  | — |  |  |  | 868 |  |  |  | 894 |  |  |  | 26 |  |  |  | NR |  |  |  | 1 |  |  |  | None |  |  |  | None |
Citigroup Cap IX |  |  | Single |  |  |  | — |  |  |  | 992 |  |  |  | 980 |  |  |  | (12 | ) |  |  | BB |  |  |  | 1 |  |  |  | None |  |  |  | None |
Citigroup Cap IX |  |  | Single |  |  |  | — |  |  |  | 1,904 |  |  |  | 1,891 |  |  |  | (13 | ) |  |  | BB |  |  |  | 1 |  |  |  | None |  |  |  | None |
Citigroup Cap XI |  |  | Single |  |  |  | — |  |  |  | 246 |  |  |  | 244 |  |  |  | (2 | ) |  |  | BB |  |  |  | 1 |  |  |  | None |  |  |  | None |
BAC Capital Trust X |  |  | Single |  |  |  | — |  |  |  | 2,500 |  |  |  | 2,508 |  |  |  | 8 |  |  |  | BB+ |  |  |  | 1 |  |  |  | None |  |  |  | None |
Nationsbank Cap Trust III |  |  | Single |  |  |  | — |  |  |  | 1,571 |  |  |  | 1,125 |  |  |  | (446 | ) |  |  | BB+ |  |  |  | 1 |  |  |  | None |  |  |  | None |
Morgan Stanley Cap Trust IV |  |  | Single |  |  |  | — |  |  |  | 2,500 |  |  |  | 2,380 |  |  |  | (120 | ) |  |  | BB+ |  |  |  | 1 |  |  |  | None |  |  |  | None |
Morgan Stanley Cap Trust IV |  |  | Single |  |  |  | — |  |  |  | 1,742 |  |  |  | 1,665 |  |  |  | (77 | ) |  |  | BB+ |  |  |  | 1 |  |  |  | None |  |  |  | None |
Saturns — GS 2004-06 |  |  | Single |  |  |  | — |  |  |  | 242 |  |  |  | 244 |  |  |  | 2 |  |  |  | BB+ |  |  |  | 1 |  |  |  | None |  |  |  | None |
Saturns — GS 2004-06 |  |  | Single |  |  |  | — |  |  |  | 312 |  |  |  | 314 |  |  |  | 2 |  |  |  | BB+ |  |  |  | 1 |  |  |  | None |  |  |  | None |
Saturns — GS 2004-04 |  |  | Single |  |  |  | — |  |  |  | 780 |  |  |  | 785 |  |  |  | 5 |  |  |  | BB+ |  |  |  | 1 |  |  |  | None |  |  |  | None |
Saturns — GS 2004-04 |  |  | Single |  |  |  | — |  |  |  | 22 |  |  |  | 22 |  |  |  | — |  |  |  | BB+ |  |  |  | 1 |  |  |  | None |  |  |  | None |
Goldman Sachs |  |  | Single |  |  |  | — |  |  |  | 1,000 |  |  |  | 942 |  |  |  | (58 | ) |  |  | BB+ |  |  |  | 1 |  |  |  | None |  |  |  | None |
ALESCO Preferred Funding VI |  |  | Pooled |  |  |  | C2 |  |  |  | 325 |  |  |  | 69 |  |  |  | (256 | ) |  |  | Ca |  |  |  | 36 of 56 |  |  |  | 36.1 | % |  |  | 46.7 | %
ALESCO Preferred Funding VII |  |  | Pooled |  |  |  | C1 |  |  |  | 839 |  |  |  | 36 |  |  |  | (803 | ) |  |  | Ca |  |  |  | 48 of 62 |  |  |  | 35.9 | % |  |  | 47.7 | %
Total |  |  |  |  |  |  |  |  |  | $ | 20,610 |  |  | $ | 18,825 |  |  | $ | (1,785 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| (1) | Includes banks and insurance companies.
The Corporation owns two pooled trust preferred securities ("Pooled TRUPS"), which consist of securities issued by financial institutions and insurances companies. The Corporation holds the mezzanine tranche of such securities. Senior tranches generally are protected from defaults by over-collateralization and cash flow default protection provided by subordinated tranches, with senior tranches having the greatest protection and mezzanine tranches subordinated to the senior tranches. The Corporation's analysis of these Pooled TRUPS falls within the scope of EITF 99-20, ASC 320-40 and uses a discounted cash flow model to determine the total OTTI loss. The model considers the structure, and term and the financial condition of the underlying issuers. Specifically, the model details interest rates, principal balances of note classes and underlying issuers and the allocation of the payments to the note classes according to a priority of payments specified in the offering circular and indenture. The current estimate of expected cash flows is based on the most recent trustee reports and other relevant market information including announcements of interest payment deferrals or defaults of underlying trust preferred securities. Assumptions used in the model include defaults rates, default rate timing profile and recovery rates. We assume no prepayments, as these Pooled TRUPS were issued at comparatively tight spreads and as such, there is little incentive, if any, to prepay. One of the Pooled TRUPS, ALESCO VI, has incurred its fourteenth interruption of cash flow payments to date. Management reviewed the expected cash flow analysis and credit support to determine if it was probable that all principal and interest would be repaid, and recorded no other-than-temporary impairment charge for the six months ended June 30, 2012 and June 30, 2011. The other Pooled TRUP, ALESCO VII, incurred its twelfth interruption of cash flow payments to date. Management reviewed the expected cash flow analysis and credit support to determine if it was probable that all principal and interest would be repaid, and recorded an other-than-temporary impairment charge of $28,000 for the six months ended June 30, 2012 and none for the six months ended June 30, 2011. Credit Loss Portion of OTTI Recognized in Earnings on Debt Securities
|  |  |  |  | Six Months Ended June 30, 2012 |  |  | Year Ended December 31, 2011 |
|  |  |  |  | (in thousands) |
Balance of credit-related OTTI at January 1, |  |  |  |  |  | $ | 6,539 |  |  | $ | 6,197 |
Addition: |  |  |  |  |  |  |  |  |  |  |  |
Credit losses on investment securities for which other-than-temporary impairment was not previously recognized |  |  |  |  |  |  | 198 |  |  |  | 342 |
Reduction: |  |  |  |  |  |  |  |  |  |  |  |
Credit losses on investment securities sold during the period |  |  |  |  |  |  | — |  |  |  | — |
Balance of credit-related OTTI at period end |  |  |  |  |  | $ | 6,737 |  |  | $ | 6,539 |
The Corporation owns one variable rate private label CMO, which was also evaluated for impairment. This CMO was originally issued in 2006 and collateralized by 30 year Adjustable Rate Mortgage loans secured by a first lien, fully amortizing one-to-four residential mortgage loans. The tranche purchased was a Super Senior with an original credit rating of AAA/AAA. The top five states geographic concentration comprised in the deal were California 18.2 percent, Arizona 10.5 percent, Virginia 6.1 percent, Florida 6.5 percent and Nevada 6.3 percent. No one state exceeded a 25 percent concentration. These states have been heavily impacted by the financial crises and as such have sustained heavy delinquencies affecting the credit rating of the security. Management had applied aggressive default rates to identify if any credit impairment exists, as these bonds were downgraded to below investment grade. The Corporation recorded $112,000 and $170,000 in principal losses on this bond for the three and six months ended June 30, 2012, and $133,000 and $219,000 in principal losses for the three and six months ended June 30, 2011, respectively, and expects additional losses in future periods. As such, management determined that no an other-than-temporary impairment charge exists for this period. At June 30, 2012, excess subordination as a percentage of remaining performing collateral for the ALESCO Preferred Funding VI and VII investments were -47.6 percent and -49.5 percent, respectively. Excess subordination is the amount of performing collateral above the amount of outstanding collateral underlying each class of the security. The excess subordination as a percent of remaining performing collateral reflects the difference between the performing collateral and the collateral underlying each security divided by the performing collateral. A negative number results when the paying collateral is less than the collateral underlying each class of the security. A low or negative number decreases the likelihood of full repayment of principal and interest accordingly to original contractual terms. The Corporation did not record other-than-temporary impairment charges relating to equity holdings in bank stocks for the six months ended June 30, 2012 and June 30, 2011. Temporarily Impaired Investments For all other securities, the Corporation does not believe that the unrealized losses, which were comprised of 76 investment securities as of June 30, 2012, represent an other-than-temporary impairment. The gross unrealized losses associated with federal agency obligations, mortgage-backed securities, corporate bonds and tax-exempt securities are not considered to be other than temporary because their unrealized losses are related to changes in interest rates and do not affect the expected cash flows of the underlying collateral or issuer. Factors affecting the market price include credit risk, market risk, interest rates, economic cycles, and liquidity risk. The magnitude of any unrealized loss may be affected by the relative concentration of the Corporation's investment in any one issuer or industry. The Corporation has established policies to reduce exposure through diversification of concentration of the investment portfolio including limits on concentrations to any one issuer. The Corporation believes the investment portfolio is prudently diversified. The decline in value is related to a change in interest rates and subsequent change in credit spreads required for these issues affecting market price. All issues are performing and are expected to continue to perform in accordance with their respective contractual terms and conditions. Short to intermediate average durations and in certain cases monthly principal payments should reduce further market value exposure to increases in rates. The Corporation evaluates all securities with unrealized losses quarterly to determine whether the loss is other than temporary. Unrealized losses in the collateralized mortgage obligations category consist primarily of private issue collateralized mortgage obligations. Unrealized losses in the corporate debt securities category consist of single issuer corporate trust preferred securities, pooled trust preferred securities and corporate debt securities issued by large financial institutions, insurance companies and other corporate issuers. The unrealized loss in equity securities consists primarily of other bank equities. The decline in fair value is due in large part to the lack of an active trading market for these securities, changes in market credit spreads and rating agency downgrades. For collateralized mortgage obligations, management reviewed expected cash flows and credit support to determine if it was probable that all principal and interest would be repaid. None of the corporate issuers have defaulted on interest payments. Management concluded that these securities, other than the previously mentioned two Pooled TRUPS and one private label CMO were not other-than-temporarily impaired at June 30, 2012. Future deterioration in the cash flow on collateralized mortgage obligations or the credit quality of these large financial institution issuers of TRUP debt securities could result in impairment charges in the future. In determining that the securities giving rise to the previously mentioned unrealized losses were not other than temporary, the Corporation evaluated the factors cited above, which the Corporation considers when assessing whether a security is other-than-temporarily impaired. In making these evaluations the Corporation must exercise considerable judgment. Accordingly there can be no assurance that the actual results will not differ from the Corporation's judgments and that such differences may not require the future recognition of other-than-temporary impairment charges that could have a material effect on the Corporation's financial position and results of operations. In addition, the value of, and the realization of any loss on, an investment security are subject to numerous risks as cited above. The following tables indicate gross unrealized losses not recognized in income and fair value, aggregated by investment category and 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
|  | Total |  | Less than 12 Months |  | 12 Months or Longer
|  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
|  | (in thousands)
Investment Securities Available-for-Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | $ | 3,080 |  |  | $ | (17 | ) |  | $ | 3,080 |  |  | $ | (17 | ) |  | $ | — |  |  | $ | — |
Obligations of U.S. states and political subdivisions |  |  | 13,166 |  |  |  | (203 | ) |  |  | 13,166 |  |  |  | (203 | ) |  |  | — |  |  |  | — |
Trust preferred securities |  |  | 14,059 |  |  |  | (1,827 | ) |  |  | — |  |  |  | — |  |  |  | 14,059 |  |  |  | (1,827 | )
Corporate bonds and notes |  |  | 85,953 |  |  |  | (1,587 | ) |  |  | 54,310 |  |  |  | (517 | ) |  |  | 31,643 |  |  |  | (1,070 | )
Collateralized mortgage obligations |  |  | 1,752 |  |  |  | (1,102 | ) |  |  | — |  |  |  | — |  |  |  | 1,752 |  |  |  | (1,102 | )
Asset-backed securities |  |  | 8,352 |  |  |  | (127 | ) |  |  | 8,352 |  |  |  | (127 | ) |  |  | — |  |  |  | — |
Equity securities |  |  | 349 |  |  |  | (187 | ) |  |  | — |  |  |  | — |  |  |  | 349 |  |  |  | (187 | )
Other securities |  |  | 978 |  |  |  | (21 | ) |  |  | — |  |  |  | — |  |  |  | 978 |  |  |  | (21 | )
Total |  |  | 127,689 |  |  |  | (5,071 | ) |  |  | 78,908 |  |  |  | (864 | ) |  |  | 48,781 |  |  |  | (4,207 | )
Investment Securities Held-to-Maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal agency obligations |  |  | 5,138 |  |  |  | (22 | ) |  |  | 5,138 |  |  |  | (22 | ) |  |  | — |  |  |  | — |
Commercial mortgage-backed securities |  |  | 1,538 |  |  |  | (8 | ) |  |  | 1,538 |  |  |  | (8 | ) |  |  | — |  |  |  | — |
Obligations of U.S. states and political subdivisions |  |  | 1,021 |  |  |  | (1 | ) |  |  | 1,021 |  |  |  | (1 | ) |  |  | — |  |  |  | — |
Total |  |  | 7,697 |  |  |  | (31 | ) |  |  | 7,697 |  |  |  | (31 | ) |  |  | — |  |  |  | — |
Total Temporarily Impaired Securities |  | $ | 135,386 |  |  | $ | (5,102 | ) |  | $ | 86,605 |  |  | $ | (895 | ) |  | $ | 48,781 |  |  | $ | (4,207 | )
|  | December 31, 2011
|  | Total |  | Less than 12 Months |  | 12 Months or Longer
|  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
|  | (in thousands)
Investment Securities Available-for-Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage pass-through securities |  | $ | 2,013 |  |  | $ | (6 | ) |  | $ | 2,013 |  |  | $ | (6 | ) |  | $ | — |  |  | $ | — |
Obligations of U.S. states and political subdivisions |  |  | 4,352 |  |  |  | (36 | ) |  |  | 4,352 |  |  |  | (36 | ) |  |  | — |  |  |  | — |
Trust preferred securities |  |  | 15,272 |  |  |  | (4,394 | ) |  |  | 4,325 |  |  |  | (996 | ) |  |  | 10,947 |  |  |  | (3,398 | )
Corporate bonds and notes |  |  | 97,043 |  |  |  | (4,077 | ) |  |  | 89,534 |  |  |  | (3,663 | ) |  |  | 7,509 |  |  |  | (414 | )
Collateralized mortgage obligations |  |  | 1,899 |  |  |  | (1,327 | ) |  |  | — |  |  |  | — |  |  |  | 1,899 |  |  |  | (1,327 | )
Asset-backed securities |  |  | 3,884 |  |  |  | (13 | ) |  |  | 3,884 |  |  |  | (13 | ) |  |  | — |  |  |  | — |
Equity securities |  |  | 262 |  |  |  | (273 | ) |  |  | — |  |  |  | — |  |  |  | 262 |  |  |  | (273 | )
Other securities |  |  | 980 |  |  |  | (20 | ) |  |  | — |  |  |  | — |  |  |  | 980 |  |  |  | (20 | )
Total |  |  | 125,705 |  |  |  | (10,146 | ) |  |  | 104,108 |  |  |  | (4,714 | ) |  |  | 21,597 |  |  |  | (5,432 | )
Investment Securities Held-to-Maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal agency obligations |  |  | 11,980 |  |  |  | (34 | ) |  |  | 11,980 |  |  |  | (34 | ) |  |  | — |  |  |  | — |
Collateralized mortgage obligations |  |  | 6,207 |  |  |  | (69 | ) |  |  | 6,207 |  |  |  | (69 | ) |  |  | — |  |  |  | — |
Total |  |  | 18,187 |  |  |  | (103 | ) |  |  | 18,187 |  |  |  | (103 | ) |  |  | — |  |  |  | — |
Total Temporarily Impaired Securities |  | $ | 143,892 |  |  | $ | (10,249 | ) |  | $ | 122,295 |  |  | $ | (4,817 | ) |  | $ | 21,597 |  |  | $ | (5,432 | )
Investment securities having a carrying value of approximately $128.1 million and $98.7 million at June 30, 2012 and December 31, 2011, respectively, were pledged to secure public deposits, securities sold under agreement to repurchase, and Federal Home Loan Bank advances and for other purposes required or permitted by law.

X
- Definition The entire disclosure for investment holdings. This includes the long positions of investments for the entity. It contains investments in affiliated and unaffiliated issuers. The investments include securities and non securities (i.e. commodities and futures contracts). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 13 -Article 12 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 12C -Article 12 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -Section S99 -Paragraph 5 -Subparagraph (SX 210.12-13) -URI http://asc.fasb.org/extlink&oid=6955306&loc=d3e611282-123010 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 12 -Article 12 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-12) -URI http://asc.fasb.org/extlink&oid=6955306&loc=d3e611133-123010 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -Section S99 -Paragraph 4 -Subparagraph (SX 210.12-12C) -URI http://asc.fasb.org/extlink&oid=6955306&loc=d3e611225-123010 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14) -URI http://asc.fasb.org/extlink&oid=6955306&loc=d3e611322-123010 + Details
Name: | us-gaap_InvestmentHoldingsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_InvestmentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration