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Securities (Tables) | 6 Months Ended
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Jun. 30, 2012
Securities [Abstract] |
Securities available for sale | Securities available for sale at June 30, 2012 and December 31, 2011 are as follows:
|  | June 30, 2012 |  |  | December 31, 2011 |
|  | Amortized Cost |  |  | Unrealized |  |  | Fair Value |  |  | Amortized Cost |  |  | Unrealized |  |  | Fair Value |
|  |  | Gains |  |  | Losses |  |  |  |  | Gains |  |  | Losses |  |
U.S. Treasury |  | $ | 6,036 |  |  | $ | 33 |  |  | $ | 0 |  |  | $ | 6,069 |  |  | $ | 8,064 |  |  | $ | 66 |  |  | $ | 0 |  |  | $ | 8,130 |
U.S. Gov’t sponsored entities |  |  | 107,398 |  |  |  | 5,641 |  |  |  | (9 | ) |  |  | 113,030 |  |  |  | 102,258 |  |  |  | 5,249 |  |  |  | (15 | ) |  |  | 107,492 |
State & political subdivisions |  |  | 151,321 |  |  |  | 10,316 |  |  |  | (54 | ) |  |  | 161,583 |  |  |  | 149,685 |  |  |  | 8,844 |  |  |  | (92 | ) |  |  | 158,437 |
Residential mortgage & asset backed |  |  | 363,792 |  |  |  | 8,923 |  |  |  | (279 | ) |  |  | 372,436 |  |  |  | 292,297 |  |  |  | 8,043 |  |  |  | (214 | ) |  |  | 300,126 |
Commercial mortgage & asset backed |  |  | 2,071 |  |  |  | 61 |  |  |  | 0 |  |  |  | 2,132 |  |  |  | 2,077 |  |  |  | 45 |  |  |  | 0 |  |  |  | 2,122 |
Corporate notes & bonds |  |  | 16,364 |  |  |  | 62 |  |  |  | (3,010 | ) |  |  | 13,416 |  |  |  | 17,358 |  |  |  | 50 |  |  |  | (3,548 | ) |  |  | 13,860 |
Pooled trust preferred |  |  | 800 |  |  |  | 0 |  |  |  | (440 | ) |  |  | 360 |  |  |  | 800 |  |  |  | 0 |  |  |  | (460 | ) |  |  | 340 |
Pooled SBA |  |  | 43,062 |  |  |  | 1,830 |  |  |  | (9 | ) |  |  | 44,883 |  |  |  | 44,851 |  |  |  | 1,282 |  |  |  | (77 | ) |  |  | 46,056 |
Other securities |  |  | 1,521 |  |  |  | 22 |  |  |  | 0 |  |  |  | 1,543 |  |  |  | 1,521 |  |  |  | 23 |  |  |  | 0 |  |  |  | 1,544 |
Total |  | $ | 692,365 |  |  | $ | 26,888 |  |  | $ | (3,801 | ) |  | $ | 715,452 |  |  | $ | 618,911 |  |  | $ | 23,602 |  |  | $ | (4,406 | ) |  | $ | 638,107 |
Trading securities accounted for under the fair value option | Trading securities accounted for under the fair value option at June 30, 2012 and December 31, 2011 are as follows:
|  | June 30, 2012 |  |  | December 31, 2011 |
Corporate equity securities |  | $ | 2,297 |  |  | $ | 1,959 |
Certificates of deposit |  |  | 382 |  |  |  | 255 |
International mutual funds |  |  | 252 |  |  |  | 257 |
Large cap growth mutual funds |  |  | 147 |  |  |  | 145 |
Money market mutual funds |  |  | 108 |  |  |  | 241 |
Large cap value mutual funds |  |  | 103 |  |  |  | 105 |
Corporate notes and bonds |  |  | 101 |  |  |  | 100 |
Real estate investment trust mutual funds |  |  | 64 |  |  |  | 68 |
U.S. Government sponsored entities |  |  | 56 |  |  |  | 55 |
Small cap mutual funds |  |  | 25 |  |  |  | 25 |
Mid cap mutual funds |  |  | 25 |  |  |  | 23 |
Total |  | $ | 3,560 |  |  | $ | 3,233 |
Securities with unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position | Securities with unrealized losses at June 30, 2012 and December 31, 2011, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are as follows (in thousands):
June 30, 2012 |  | Less than 12 Months |  |  | 12 Months or More |  |  | Total |
Description of Securities |  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |
U.S. Treasury |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |
U.S. Gov’t sponsored entities |  |  | 5,989 |  |  |  | (9 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 5,989 |  |  |  | (9 | )
State & political subdivisions |  |  | 5,046 |  |  |  | (53 | ) |  |  | 1,591 |  |  |  | (1 | ) |  |  | 6,637 |  |  |  | (54 | )
Residential mortgage & asset backed |  |  | 42,816 |  |  |  | (276 | ) |  |  | 743 |  |  |  | (3 | ) |  |  | 43,559 |  |  |  | (279 | )
Commercial mortgage & asset backed |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Corporate notes & bonds |  |  | 1,949 |  |  |  | (51 | ) |  |  | 9,492 |  |  |  | (2,959 | ) |  |  | 11,441 |  |  |  | (3,010 | )
Pooled trust preferred |  |  | 0 |  |  |  | 0 |  |  |  | 360 |  |  |  | (440 | ) |  |  | 360 |  |  |  | (440 | )
Pooled SBA |  |  | 2,022 |  |  |  | (9 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 2,022 |  |  |  | (9 | )
Other securities |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
|  | $ | 57,822 |  |  | $ | (398 | ) |  | $ | 12,186 |  |  | $ | (3,403 | ) |  | $ | 70,008 |  |  | $ | (3,801 | )
|  | Less than 12 Months |  |  | 12 Months or More |  |  | Total |
|  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |
December 31, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |
U.S. Gov’t sponsored entities |  |  | 7,671 |  |  |  | (15 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 7,671 |  |  |  | (15 | )
State & political subdivisions |  |  | 5,314 |  |  |  | (92 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 5,314 |  |  |  | (92 | )
Residential mortgage & asset backed |  |  | 36,626 |  |  |  | (162 | ) |  |  | 9,485 |  |  |  | (52 | ) |  |  | 46,111 |  |  |  | (214 | )
Commercial mortgage & asset backed |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Corporate notes & bonds |  |  | 2,860 |  |  |  | (139 | ) |  |  | 8,841 |  |  |  | (3,409 | ) |  |  | 11,701 |  |  |  | (3,548 | )
Pooled trust preferred |  |  | 0 |  |  |  | 0 |  |  |  | 340 |  |  |  | (460 | ) |  |  | 340 |  |  |  | (460 | )
Pooled SBA |  |  | 8,139 |  |  |  | (77 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 8,139 |  |  |  | (77 | )
Other securities |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
|  | $ | 60,610 |  |  | $ | (485 | ) |  | $ | 18,666 |  |  | $ | (3,921 | ) |  | $ | 79,276 |  |  | $ | (4,406 | )
A roll-forward of the other-than-temporary impairment amount related to credit losses | A roll-forward of the other-than-temporary impairment amount related to credit losses for the three and six months ended June 30, 2012 is as follows:
Balance of credit losses on debt securities for which a portion of other-than-temporary impairment was recognized in other comprehensive income, beginning of period |  | $ | 4,054 |
Additional credit loss for which other-than-temporary impairment was not previously recognized |  |  | 0 |
Additional credit loss for which other-than-temporary impairment was previously recognized |  |  | 0 |
Balance of credit losses on debt securities for which a portion of other-than-temporary impairment was recognized in other comprehensive income, end of period |  | $ | 4,054 |
A roll-forward of the other-than-temporary impairment amount related to credit losses for the three months ended June 30, 2011 is as follows:
Balance of credit losses on debt securities for which a portion of other-than-temporary impairment was recognized in other comprehensive income, beginning of period |  | $ | 4,054 |
Additional credit loss for which other-than-temporary impairment was not previously recognized |  |  | 0 |
Additional credit loss for which other-than-temporary impairment was previously recognized |  |  | 0 |
Balance of credit losses on debt securities for which a portion of other-than-temporary impairment was recognized in other comprehensive income, end of period |  | $ | 4,054 |
A roll-forward of the other-than-temporary impairment amount related to credit losses for the six months ended June 30, 2011 is as follows:
Balance of credit losses on debt securities for which a portion of other-than-temporary impairment was recognized in other comprehensive income, beginning of period |  | $ | 3,656 |
Additional credit loss for which other-than-temporary impairment was not previously recognized |  |  | 0 |
Additional credit loss for which other-than-temporary impairment was previously recognized |  |  | 398 |
Balance of credit losses on debt securities for which a portion of other-than-temporary impairment was recognized in other comprehensive income, end of period |  | $ | 4,054 |
Information pertaining to security sales | Information pertaining to security sales is as follows:
|  | Proceeds |  |  | Gross Gains |  |  | Gross Losses |
Three months ended June 30, 2012 |  | $ | 46,468 |  |  | $ | 810 |  |  | $ | (79 | )
Six months ended June 30, 2012 |  |  | 88,617 |  |  |  | 1,446 |  |  |  | (149 | )
Three months ended June 30, 2011 |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Six months ended June 30, 2011 |  |  | 23,610 |  |  |  | 146 |  |  |  | (72 | )
Schedule of the contractual maturity of securities available for sale, excluding equity securities | The following is a schedule of the contractual maturity of securities available for sale, excluding equity securities, at June 30, 2012:
|  | Amortized Cost |  |  | Fair Value |
1 year or less |  | $ | 22,131 |  |  | $ | 22,295 |
1 year – 5 years |  |  | 80,606 |  |  |  | 83,067 |
5 years – 10 years |  |  | 128,463 |  |  |  | 138,447 |
After 10 years |  |  | 93,781 |  |  |  | 95,532 |
|  |  | 324,981 |  |  |  | 339,341 |
Residential mortgage & asset backed securities |  |  | 363,792 |  |  |  | 372,436 |
Commercial mortgage & asset backed securities |  |  | 2,071 |  |  |  | 2,132 |
Total debt securities |  | $ | 690,844 |  |  | $ | 713,909 |

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