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Investment Securities (Tables)

12 Months Ended

Dec. 31, 2012

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

		December 31, 2012
		Amortized Cost				Unrealized Gains				Unrealized Losses				Fair Value				OTTI in AOCI(1)
(Amounts in thousands)
Municipal securities		$	151,119			$	8,195			$	(97	)		$	159,217			$	—
Single issue trust preferred securities			55,707				—				(11,061	)			44,646				—
Mortgage-backed securities:
Agency			310,323				6,023				(449	)			315,897				—
Non-Agency Alt-A residential			14,215				—				(3,148	)			11,067				(3,148	)
Total mortgage-backed securities			324,538				6,023				(3,597	)			326,964				(3,148	)
Equity securities			3,446				190				(105	)			3,531				—
Total		$	534,810			$	14,408			$	(14,860	)		$	534,358			$	(3,148	)
		December 31, 2011
		Amortized Cost				Unrealized Gains				Unrealized Losses				Fair Value				OTTI in AOCI(1)
(Amounts in thousands)
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

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 December 31, 2012 and 2011, were as follows:

		December 31, 2012
		Amortized Cost				Unrealized Gains				Unrealized Losses				Fair Value
(Amounts in thousands)
Municipal securities		$	816			$	16			$	—			$	832
Total		$	816			$	16			$	—			$	832
		December 31, 2011
		Amortized Cost				Unrealized Gains				Unrealized Losses				Fair Value
(Amounts in thousands)
Municipal securities		$	3,490			$	42			$	—			$	3,532
Total		$	3,490			$	42			$	—			$	3,532

Company's Gross Gains and Gross Losses Realized from Sale of Securities

The following table details the Company’s gross gains and gross losses realized from the sale of securities for the periods indicated:

		2012				2011				2010
(Amounts in thousands)
Gross realized gains		$	723			$	6,963			$	8,969
Gross realized losses			(240	)			(1,699	)			(696	)
Net gain on sale of securities		$	483			$	5,264			$	8,273

Available-For-Sale Securities in Continuous Unrealized Loss Position

There were 12 securities in a continuous unrealized loss position for 12 or more months for which the Company does not intend to sell and has determined that it is more likely than not going to be required to sell at December 31, 2012, until the security matures or recovers in value.

		December 31, 2012
		Less than 12 Months								12 Months or longer								Total
		Fair Value				Unrealized Losses				Fair Value				Unrealized Losses				Fair Value				Unrealized Losses
(Amounts in thousands)
Municipal securities		$	6,436			$	(97	)		$	—			$	—			$	6,436			$	(97	)
Single issue trust preferred securities			—				—				44,646				(11,061	)			44,646				(11,061	)
Mortgage-backed securities:
Agency			74,197				(449	)			15				—				74,212				(449	)
Non-Agency Alt-A residential			—				—				11,066				(3,148	)			11,066				(3,148	)
Total mortgage-backed securities			74,197				(449	)			11,081				(3,148	)			85,278				(3,597	)
Equity securities			3,106				(25	)			108				(80	)			3,214				(105	)
Total		$	83,739			$	(571	)		$	55,835			$	(14,289	)		$	139,574			$	(14,860	)

		December 31, 2011
		Less than 12 Months								12 Months or longer								Total
		Fair Value				Unrealized Losses				Fair Value				Unrealized Losses				Fair Value				Unrealized Losses
(Amounts in thousands)
Single issue trust preferred 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	)

Cumulative Roll Forward of Credit Losses Recognized in Earnings for Debt Securities for Which Portion of OTTI 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 an OTTI is recognized in OCI:

		December 31, 2012				December 31, 2011
(Amounts in thousands)
Beginning balance (1)		$	6,536			$	4,251
Additions for credit losses on securities not previously recognized			—				—
Additions for credit losses on securities previously recognized			942				2,285
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			$	6,536

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

Available-for-sale Securities

Amortized Cost, Fair Value, and Weighted-Average Yield of Securities by Contractual Maturity

The amortized cost, fair value, and weighted-average yield of available-for-sale securities by contractual maturity at December 31, 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)		States and Political Subdivisions				Corporate Notes				Total				Tax Equivalent Purchase Yield (1)
Available-for-Sale
Amortized cost maturity:
Within one year		$	111			$	—			$	111				5.53	%
After one year through five years			19,813				—				19,813				5.53	%
After five years through ten years			18,888				—				18,888				5.62	%
After ten years			112,307				55,707				168,014				4.46	%
Amortized cost		$	151,119			$	55,707				206,826
Mortgage-backed securities											324,538				2.50	%
Equity securities											3,446				0.47	%
Total amortized cost										$	534,810
Tax equivalent purchase yield			5.24	%			3.12	%			4.67	%
Average contractual maturity (in years)			10.81				14.86				11.90
Fair value maturity:
Within one year		$	113			$	—			$	113
After one year through five years			20,523				—				20,523
After five years through ten years			19,864				—				19,864
After ten years			118,717				44,646				163,363
Fair value		$	159,217			$	44,646				203,863
Mortgage-backed securities											326,964
Equity securities											3,531
Total fair value										$	534,358

(1) Fully taxable equivalent at the rate of 35%.

Held-to-maturity Securities

Amortized Cost, Fair Value, and Weighted-Average Yield of Securities by Contractual Maturity

The amortized cost, fair value, and weighted-average yield of securities by contractual maturity at December 31, 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)		States and Political Subdivisions				Tax Equivalent Purchase Yield (1)
Held-to-Maturity
Amortized cost maturity:
Within one year		$	250				7.99	%
After one year through five years			566				8.13	%
After five years through ten years			—				0.00	%
After ten years			—				0.00	%
Total amortized cost		$	816
Tax equivalent purchase yield			8.09	%
Average contractual maturity (in years)			1.73
Fair value maturity:
Within one year		$	253
After one year through five years			579
After five years through ten years			—
After ten years			—
Total fair value		$	832

(1) Fully taxable equivalent at the rate of 35%.

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