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Investment Securities (Tables)

9 Months Ended

Sep. 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 September 30, 2012, and December 31, 2011, were as follows:

		September 30, 2012
(Amounts in thousands)		Amortized Cost				Unrealized Gains				Unrealized Losses				Fair Value				OTTI in AOCI(1)
Municipal securities		$	147,134			$	8,801			$	(7	)		$	155,928			$	—
Single issue trust preferred securities			55,692				—				(13,095	)			42,597				—
Corporate FDIC insured securities			13,467				12				—				13,479				—
Mortgage-backed securities:
Agency			281,009				7,394				(120	)			288,283				—
Non-Agency Alt-A residential			14,230				—				(3,018	)			11,212				(3,018	)
Total mortgage-backed securities			295,239				7,394				(3,138	)			299,495				(3,018	)
Equity securities			5,556				218				(112	)			5,662				—
Total		$	517,088			$	16,425			$	(16,352	)		$	517,161			$	(3,018	)

		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 September 30, 2012, and December 31, 2011, were as follows:

		September 30, 2012
(Amounts in thousands)		Amortized Cost				Unrealized Gains				Unrealized Losses				Fair Value
Municipal securities		$	816			$	9			$	—			$	825
Total		$	816			$	9			$	—			$	825
		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 September 30, 2012, are shown below.

(Amounts in thousands)		Amortized Cost				Fair Value
Available-for-sale securities
Due within one year		$	14,567			$	14,580
Due after one year but within five years			16,957				17,592
Due after five years but within ten years			19,505				20,561
Due after ten years			165,264				159,271
			216,293				212,004
Mortgage-backed securities			295,239				299,495
Equity securities			5,556				5,662
Total		$	517,088			$	517,161
Held-to-maturity securities
Due within one year		$	60			$	61
Due after one year but within five years			756				764
Due after five years but within ten years			—				—
Due after ten years			—				—
Total		$	816			$	825

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 September 30, 2012, and December 31, 2011 were as follows:

		September 30, 2012
		Less than 12 Months								12 Months or longer								Total
(Amounts in thousands)		Fair Value				Unrealized Losses				Fair Value				Unrealized Losses				Fair Value				Unrealized Losses
Municipal securities		$	1,824			$	(7	)		$	—			$	—			$	1,824			$	(7	)
Single issue trust preferred securities			—				—				42,598				(13,095	)			42,598				(13,095	)
Mortgage-backed securities:
Agency			22,444				(120	)			16				—				22,460				(120	)
Non-Agency Alt-A residential			—				—				11,212				(3,018	)			11,212				(3,018	)
Total mortgage-backed securities			22,444				(120	)			11,228				(3,018	)			33,672				(3,138	)
Equity securities			5,114				(22	)			98				(90	)			5,212				(112	)
Total		$	29,382			$	(149	)		$	53,924			$	(16,203	)		$	83,306			$	(16,352	)

		December 31, 2011
		Less than 12 Months								12 Months or longer								Total
(Amounts in thousands)		Fair Value				Unrealized Losses				Fair Value				Unrealized Losses				Fair Value				Unrealized 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 nine months ended September 30, 2012 and 2011.

		Three Months Ended September 30,								Nine Months Ended September 30,
(Amounts in thousands)		2012				2011				2012				2011
Gross realized gains		$	315			$	208			$	434			$	6,889
Gross realized losses			(87	)			(30	)			(164	)			(1,651	)
Net (loss) gain on sale of securities		$	228			$	178			$	270			$	5,238

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 September 30,								Nine Months Ended September 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			942				210				942				737
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		$	7,478			$	4,988			$	7,478			$	4,988

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

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