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Investment Securities (Tables)

6 Months Ended

Jun. 30, 2012

Investment Securities [Abstract]

The amortized cost and estimated fair value of available-for-sale securities, including gross unrealized gains and losses

The amortized cost and estimated fair value of available-for-sale securities, including gross unrealized gains and losses, at June 30, 2012, and December 31, 2011, were as follows:

		June 30, 2012
(Amounts in thousands)		Amortized Cost				Unrealized Gains				Unrealized Losses				Fair Value				OTTI in AOCI(1)
Municipal securities		$	144,940			$	7,249			$	(198	)		$	151,991			$	—
Single issue trust preferred securities			55,678				—				(11,172	)			44,506				—
Corporate FDIC insured securities			13,540				10				—				13,550				—
Mortgage-backed securities:
Agency			300,036				6,310				(257	)			306,089				—
Non-Agency Alt-A residential			15,533				—				(5,607	)			9,926				(5,607	)
Total mortgage-backed securities			315,569				6,310				(5,864	)			316,015				(5,607	)
Equity securities			419				220				(94	)			545				—
Total		$	530,146			$	13,789			$	(17,328	)		$	526,607			$	(5,607	)
		December 31, 2011
(Amounts in thousands)		Amortized Cost				Unrealized Gains				Unrealized Losses				Fair Value				OTTI in AOCI(1)
Municipal securities		$	131,498			$	6,317			$	—			$	137,815			$	—
Single issue trust preferred securities			55,649				—				(15,405	)			40,244				—
Corporate FDIC insured securities			13,685				33				—				13,718				—
Mortgage-backed securities:
Agency			274,384				6,003				(285	)			280,102				—
Non-Agency Alt-A residential			15,980				—				(5,950	)			10,030				(5,950	)
Total mortgage-backed securities			290,364				6,003				(6,235	)			290,132				(5,950	)
Equity securities			419				206				(104	)			521				—
Total		$	491,615			$	12,559			$	(21,744	)		$	482,430			$	(5,950	)

(1) Other-than-temporary impairment in accumulated other comprehensive income

The amortized cost and estimated fair value of held-to-maturity securities, including gross unrealized gains and losses

The amortized cost and estimated fair value of held-to-maturity securities, including gross unrealized gains and losses, at June 30, 2012, and December 31, 2011, were as follows:

		June 30, 2012
		Amortized				Unrealized				Unrealized				Fair
(Amounts in thousands)		Cost				Gains				Losses				Value
Municipal securities		$	1,295			$	24			$	(1	)		$	1,318
Total		$	1,295			$	24			$	(1	)		$	1,318
		December 31, 2011
(Amounts in thousands)		Amortized Cost				Unrealized Gains				Unrealized Losses				Fair Value
Municipal securities		$	3,490			$	42			$	—			$	3,532
Total		$	3,490			$	42			$	—			$	3,532

The amortized cost and estimated fair value of available-for-sale and held-to-maturity securities by contractual maturity

The amortized cost and estimated fair value of available-for-sale and held-to-maturity securities by contractual maturity at June 30, 2012, are shown below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

(Amounts in thousands)		Amortized Cost				Fair Value
Available-for-sale securities
Due within one year		$	14,646			$	14,657
Due after one year but within five years			17,311				17,978
Due after five years but within ten years			19,262				20,238
Due after ten years			162,939				157,174
			214,158				210,047
Mortgage-backed securities			315,569				316,015
Equity securities			419				545
Total		$	530,146			$	526,607
Held-to-maturity securities
Due within one year		$	430			$	434
Due after one year but within five years			865				884
Due after five years but within ten years			—				—
Due after ten years			—				—
Total		$	1,295			$	1,318

Available-for-sale securities in a continuous unrealized loss position

Available-for-sale securities in a continuous unrealized loss position for less than 12 months and for 12 months or longer at June 30, 2012, and December 31, 2011 were as follows:

		June 30, 2012
		Less than 12 Months								12 Months or longer								Total
		Fair				Unrealized				Fair				Unrealized				Fair				Unrealized
(Amounts in thousands)		Value				Losses				Value				Losses				Value				Losses
Municipal securities		$	12,610			$	(198	)		$	—			$	—			$	12,610			$	(198	)
Single issue trust preferred securities			—				—				44,506				(11,172	)			44,506				(11,172	)
Mortgage-backed securities:
Agency			52,932				(252	)			11,790				(5	)			64,722				(257	)
Non-Agency Alt-A residential			—				—				9,925				(5,607	)			9,925				(5,607	)
Total mortgage-backed securities			52,932				(252	)			21,715				(5,612	)			74,647				(5,864	)
Equity securities			—				—				94				(94	)			94				(94	)
Total		$	65,542			$	(450	)		$	66,315			$	(16,878	)		$	131,857			$	(17,328	)
		December 31, 2011
		Less than 12 Months								12 Months or longer								Total
		Fair				Unrealized				Fair				Unrealized				Fair				Unrealized
(Amounts in thousands)		Value				Losses				Value				Losses				Value				Losses
Municipal securities		$	—			$	—			$	40,244			$	(15,405	)		$	40,244			$	(15,405	)
Mortgage-backed securities:
Agency			52,300				(285	)			—				—				52,300				(285	)
Non-Agency Alt-A residential			—				—				10,030				(5,950	)			10,030				(5,950	)
Total mortgage-backed securities			52,300				(285	)			10,030				(5,950	)			62,330				(6,235	)
Equity securities			—				—				188				(104	)			188				(104	)
Total		$	52,300			$	(285	)		$	50,462			$	(21,459	)		$	102,762			$	(21,744	)

Company's gross gains and gross losses realized from the sale of securities

The following table details the Company’s gross gains and gross losses realized from the sale of securities for the three and six months ended June 30, 2012 and 2011.

		Three Months Ended								Six Months Ended
		June 30,								June 30,
(Amounts in thousands)		2012				2011				2012				2011
Gross realized gains		$	30			$	4,325			$	119			$	6,681
Gross realized losses			(39	)			(1,101	)			(77	)			(1,621	)
Net (loss) gain on sale of securities		$	(9	)		$	3,224			$	42			$	5,060

Cumulative roll forward of credit losses recognized in earnings for debt securities for which a portion of the OTTI is recognized in OCI:

The following table provides a cumulative roll forward of credit losses recognized in earnings for debt securities for which a portion of the OTTI is recognized in OCI:

		Three Months Ended June  30,								Six Months Ended June  30,
(Amounts in thousands)		2012				2011				2012				2011
Beginning balance (1)		$	6,536			$	4,778			$	6,536			$	4,251
Additions for credit losses on securities not previously recognized			—				—				—				—
Additions for credit losses on securities previously recognized			—				—				—				527
Reduction for increases in cash flows			—				—				—				—
Reduction for securities management no longer intends to hold to recovery			—				—				—				—
Reduction for securities sold/realized losses			—				—				—				—
Ending balance		$	6,536			$	4,778			$	6,536			$	4,778

(1) The beginning balance includes credit related losses included in OTTI charges recognized on debt securities in prior periods.

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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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