v2.4.0.6

Investment Securities (Tables)

6 Months Ended

Jun. 30, 2012

Investment Securities [Abstract]

Available For Sale And Held For Maturity Securities [Table Text Block]

The amortized cost, gross unrealized gains and losses and estimated fair values for available-for-sale and held-to-maturity securities by major security type at June 30, 2012 and December 31, 2011 were as follows (in thousands):

						Gross				Gross
		Amortized				Unrealized				Unrealized				Fair
June 30, 2012		Cost				Gains				(Losses)				Value
Available-for-sale:
U.S. Treasury securities and obligations
of U.S. government corporations & agencies		$	150,936			$	1,166			$	(52	)		$	152,050
Obligations of states and political subdivisions			46,176				2,841				(26	)			48,991
Mortgage-backed securities: GSE residential			291,720				7,206				(91	)			298,835
Trust preferred securities			5,372				7				(4,731	)			648
Other securities			9,612				40				(149	)			9,503
Total available-for-sale		$	503,816			$	11,260			$	(5,049	)		$	510,027
Held-to-maturity:
Obligations of states and political subdivisions		$	51			$	-			$	-			$	51
December 31, 2011
Available-for-sale:
U.S. Treasury securities and obligations
of U.S. government corporations & agencies		$	164,812			$	1,294			$	(40	)		$	166,066
Obligations of states and political subdivisions			38,828				2,374				-				41,202
Mortgage-backed securities: GSE residential			254,930				6,940				(37	)			261,833
Trust preferred securities			5,625				-				(4,906	)			719
Other securities			9,561				-				(465	)			9,096
Total available-for-sale		$	473,756			$	10,608			$	(5,448	)		$	478,916
Held-to-maturity:
Obligations of states and political subdivisions		$	51			$	-			$	-			$	51

Realized Gains and Losses From Sale of Securities

Realized gains and losses resulting from sales of securities were as follows during the periods ended June 30, 2012 and 2011 (in thousands):

		June 30,				June 30,
		2012				2011
Gross gains		$	823			$	377
Gross losses			-				-

Investments Classified by Contractual Maturity Date

The following table indicates the expected maturities of investment securities classified as available-for-sale and held-to-maturity, presented at fair value, at June 30, 2012 and the weighted average yield for each range of maturities (dollars in thousands).

		One year				After 1 through				After 5 through				After ten
		or less				5 years				10 years				years				Total
Available-for-sale:
U.S. Treasury securities and obligations of
U.S. government corporations and agencies		$	89,227			$	60,568			$	2,255			$	-			$	152,050
Obligations of state and political subdivisions			877				20,578				27,130				406				48,991
Mortgage-backed securities: GSE residential			14,056				204,019				80,760				-				298,835
Trust preferred securities			-				-				-				648				648
Other securities			-				7,554				1,901				48				9,503
Total investments		$	104,160			$	292,719			$	112,046			$	1,102			$	510,027
Weighted average yield			2.18	%			2.76	%			2.67	%			3.87	%			2.63	%
Full tax-equivalent yield			2.19	%			2.89	%			3.07	%			4.01	%			2.80	%
Held-to-maturity:
Obligations of state and political subdivisions		$	-			$	51			$	-			$	-			$	51
Weighted average yield			-	%			4.75	%			-	%			-	%			4.75	%
Full tax-equivalent yield			-	%			6.58	%			-	%			-	%			6.58	%

Fair value of investments with sustained gross unrealized losses

The following table presents the aging of gross unrealized losses and fair value by investment category as of June 30, 2012 and December 31, 2011 (in thousands):

		Less than 12 months								12 months or more								Total
		Fair Value				Unrealized Losses				Fair Value				Unrealized Losses				Fair Value				Unrealized Losses
June 30, 2012
U.S. Treasury securities and obligations of U.S.     government corporations and agencies		$	19,941			$	(52	)		$	-			$	-			$	19,941			$	(52	)
Obligations of states and political subdivisions			2,890				(26	)			-				-				2,890				(26	)
Mortgage-backed securities: GSE residential			32,833				(91	)			-				-				32,833				(91	)
Trust preferred securities			-				-				518				(4,731	)			518				(4,731	)
Other securities			3,566				(136	)			1,987				(13	)			5,553				(149	)
Total		$	59,230			$	(305	)		$	2,505			$	(4,744	)		$	61,735			$	(5,049	)
December 31, 2011:
U.S. Treasury securities and obligations of U.S.     government corporations and agencies		$	19,960			$	(40	)		$	-			$	-			$	19,960			$	(40	)
Obligations of states and political subdivisions			690				-				-				-				690				-
Mortgage-backed securities: GSE residential			15,231				(37	)			-				-				15,231				(37	)
Trust preferred securities			-				-				719				(4,906	)			719				(4,906	)
Other securities			7,190				(372	)			1,907				(93	)			9,096				(465	)
Total		$	43,071			$	(449	)		$	2,625			$	(4,999	)		$	45,696			$	(5,448	)

Trust Preferred Securities [Table Text Block]

Following are the details for each trust preferred security (in thousands):

		Book Value				Market Value				Unrealized Gains (Losses)				Other-than- temporary Impairment Recorded To-date
PreTSL I		$	647			$	285			$	(362	)		$	691
PreTSL II			950				207				(743	)			2,187
PreTSL VI			123				130				7				127
PreTSL XXVIII			3,652				26				(3,626	)			1,111
Total		$	5,372			$	648			$	(4,724	)		$	4,116

Credit Losses Recognized on Investments

Credit Losses Recognized on Investments. As described above, some of the Company's investments in trust preferred securities have experienced fair value deterioration due to credit losses but are not otherwise other-than-temporarily impaired. The following table provides information about those trust preferred securities for which only a credit loss was recognized in income and other losses are recorded in other comprehensive income (loss) for the six months ended June 30, 2012 and 2011 (in thousands).

		Accumulated				Accumulated
		Credit Losses				Credit Losses
		June 30, 2012				June 30, 2011
Credit losses on trust preferred securities held
Beginning of period		$	4,116			$	3,230
Additions related to OTTI losses not previously recognized			-				-
Reductions due to sales			-				-
Reductions due to change in intent or likelihood of sale			-				-
Additions related to increases in previously recognized OTTI losses			-				246
Reductions due to increases in expected cash flows			-				-
End of period		$	4,116			$	3,476

X

- Definition

Tabular disclosure of available-for-sale and held-for-maturity 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, 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.

+ References

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Tabular disclosure of trust preferred securities which includes book value (that is, amortized cost basis), market value (that is, fair value), unrealized gains (losses) and other-than-temporary impairment recorded to-date.

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- 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.

+ References

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

-Paragraph 8

-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27340-111563



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name FASB Staff Position (FSP)

-Number FAS115-1/124-1

-Paragraph 18B

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value).

+ References

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27290-111563

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