Investment Securities (Tables)

3 Months Ended

Mar. 31, 2013

Unrealized gains on investment securities [Table Text Block]

	March 31, 2013
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
Investment Securities Available-for-Sale:
Federal agency obligations	$	16,146	$	144	$	(121	)	$	16,169
Residential mortgage pass-through securities		50,180		1,334		—			51,514
Commercial mortgage pass-through securities		9,717		209		—			9,926
Obligations of U.S. states and political subdivisions		92,384		3,865		(291	)		95,958
Trust preferred securities		21,427		489		(1,128	)		20,788
Corporate bonds and notes		227,011		10,077		(257	)		236,831
Asset-backed securities		19,236		359		—			19,595
Certificates of deposit		2,853		39		(3	)		2,889
Equity securities		535		—		(165	)		370
Other securities		3,911		68		(15	)		3,964
Total	$	443,400	$	16,584	$	(1,980	)	$	458,004


Investment Securities Held-to-Maturity:
Federal agency obligations	$	3,893	$	157	$	—				$	4,050
Commercial mortgage pass-through securities		5,125		141		(6	)				5,260
Obligations of U.S. states and political subdivisions		69,194		3,686		(269	)				72,611
Total	$	78,212	$	3,984	$	(275	)			$	81,921

Total investment securities	$	521,612	$	20,568	$	(2,255		)	$			539,925

	December 31, 2012
			Amortized Cost				Gross Unrealized Gains			Gross Unrealized Losses				Fair Value
				(in thousands)
Investment Securities Available-for-Sale:
U.S. Treasury and agency securities		$			11,870	$		62	$		(23	)	$		11,909
Federal agency obligations					20,207			333			(5	)			20,535
Residential mortgage pass-through securities					52,400			1,385			(1	)			53,784
Commercial mortgage pass-through securities					9,725			244			—				9,969
Obligations of U.S. states and political subdivisions					103,193			4,653			(132	)			107,714
Trust preferred securities					22,279			144			(1,174	)			21,249
Corporate bonds and notes					228,681			9,095			(371	)			237,405
Collateralized mortgage obligations					2,120			—			—				2,120
Asset-backed securities					19,431			311			—				19,742
Certificates of deposit					2,854			21			(10	)			2,865
Equity securities					535			—			(210	)			325
Other securities					9,145			68			(15	)			9,198
Total		$			482,440	$		16,316	$		(1,941	)	$		496,815
Investment Securities Held-to-Maturity:
Federal agency obligations		$			4,178	$		79	$		—		$		4,257
Commercial mortgage-backed securities					5,501			154			(5	)			5,650
Obligations of U.S. states and political subdivisions					48,385			4,139			—				52,524
Total		$			58,064	$		4,372	$		(5	)	$		62,431
Total investment securities		$			540,504	$		20,688	$		(1,946	)	$		559,246

Investments classified by maturity date [Table Text Block]


	March 31, 2013
	Amortized Cost		Fair Value
Investment Securities Available-for-Sale :	(in thousands)
Due in one year or less	$	20,274	$	20,337
Due after one year through five years		103,422		106,528
Due after five years through ten years		131,744		139,112
Due after ten years		123,617		126,253
Residential mortgage pass-through securities		50,180		51,514
Commercial mortgage pass-through securities		9,717		9,926
Equity securities		535		370
Other securities		3,911		3,964
Total	$	443,400	$	458,004
Investment Securities Held-to-Maturity :
Due after five years through ten years	$	5,195	$	5,491
Due after ten years		67,892		71,170
Commercial mortgage pass-through securities		5,125		5,260
Total	$	78,212	$	81,921

Total investment securities	$	521,612	$	539,925

Schedule of Realized Gains and Losses [Table Text Block


	Three Months Ended March 31,
(in thousands)	2013		2012
Gross gains on sales of investment securities	$	432	$	995
Gross losses on sales of investment securities		89		—
Net gains on sales of investment securities	$	343	$	995

Schedule of OTTI Charges for period [Table Text Block]


	Three Months Ended
	March 31,
	2013		2012
	(in thousands)
Principal losses on a variable rate CMO	$	24	$	58
Total other-than-temporary impairment charges	$	24	$	58

Schedule of preferred security and associated ratings [Table Text Block]


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	$	1,806	$	36			BB+	1			None			None
Countrywide Capital V		Single		—		2,747		2,808		61			BB+	1			None			None
Countrywide Capital V		Single		—		250		256		6			BB+	1			None			None
Citigroup Cap IX		Single		—		992		1,021		29			BB	1			None			None
Citigroup Cap IX		Single		—		1,905		1,971		66			BB	1			None			None
Citigroup Cap XI		Single		—		246		253		7			BB	1			None			None
Nationsbank Cap Trust III		Single		—		1,572		1,245		(327	)		BB+	1			None			None
Morgan Stanley Cap Trust IV		Single		—		2,500		2,513		13			BB+	1			None			None
Morgan Stanley Cap Trust IV		Single		—		1,742		1,758		16			BB+	1			None			None
Saturns — GS 2004-06		Single		—		243		248		5			BB+	1			None			None
Saturns — GS 2004-06		Single		—		313		320		7			BB+	1			None			None
Saturns — GS 2004-04		Single		—		781		798		17			BB+	1			None			None
Saturns — GS 2004-04		Single		—		22		22		—			BB+	1			None			None
Goldman Sachs		Single		—		999		1,045		46			BB+	1			None			None
Stifel Financial		Single		—		4,500		4,680		180			BBB-	1			None			None
ALESCO Preferred Funding VII		Pooled		C1		845		44		(801	)		Ca	47 of 61 (1)			35.9	%		44.5	%
Total					$	21,427	$	20,788	$	(639	)

Credit loss portion of OTTI recognized in earnings on debt securities [Table Text Block]


	Three Months Ended March 31, 2013			Year Ended December 31, 2012
	(in thousands)
Balance of credit-related OTTI at January 1,	$	4,450		$	6,539
Addition:
Credit losses on investment securities for which other-than-temporary impairment was not previously recognized		24			870
Reduction:
Credit losses on investment securities sold during the period		(2,114	)		(2,959	)
Balance of credit-related OTTI at period end	$	2,360		$	4,450

Schedule of unrealized losses not recognized in income [Table Text Block]


	March 31, 2013
	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:
Federal agency obligations	$	6,151	$	(121	)	$	6,151	$	(121	)	$	—	$	—
Obligations of U.S. states and political subdivisions		15,522		(291	)		15,522		(291	)		—		—
Trust preferred securities		1,289		(1,128	)		—		—			1,289		(1,128	)
Corporate bonds and notes		21,985		(257	)		11,577		(139	)		10,408		(118	)
Certificates of deposit		190		(3	)		190		(3	)		—		—
Equity securities		370		(165	)		—		—			370		(165	)
Other securities		985		(15	)		—		—			985		(15	)
Total		46,492		(1,980	)		33,440		(554	)		13,052		(1,426	)
Investment Securities Held-to-Maturity:
Commercial mortgage pass-through securities		592		(6	)		—		—			592		(6	)
Obligations of U.S. states and political subdivisions		18,109		(269	)		18,109		(269	)		—		—
Total		18,701		(275	)		18,109		(269	)		592		(6	)
Total Temporarily Impaired Securities	$	65,193	$	(2,255	)	$	51,549	$	(823	)	$	13,644	$	(1,432	)


	December 31, 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:
U.S. Treasury and agency securities	$	4,460	$	(23	)	$	4,460	$	(23	)	$	—	$	—
Federal agency obligation		877		(5	)		877		(5	)		—		—
Residential mortgage pass-through securities		1,669		(1	)		1,669		(1	)		—		—
Obligations of U.S. states and political subdivisions		18,360		(132	)		18,360		(132	)		—		—
Trust preferred securities		11,740		(1,174	)		10,494		(18	)		1,246		(1,156	)
Corporate bonds and notes		26,440		(371	)		18,244		(134	)		8,196		(237	)
Certificates of deposit		388		(10	)		388		(10	)		—		—
Equity securities		325		(210	)		—		—			325		(210	)
Other securities		985		(15	)		—		—			985		(15	)
Total		65,244		(1,941	)		54,492		(323	)		10,752		(1,618	)
Investment Securities Held-to-Maturity:
Commercial mortgage-backed securities		932		(5	)		932		(5	)		—		—
Total		932		(5	)		932		(5	)		—		—
Total Temporarily Impaired Securities	$	66,176	$	(1,946	)	$	55,424	$	(328	)	$	10,752	$	(1,618	)

- 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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