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Investment Securities | 6 Months Ended
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Jun. 30, 2012
Investment Securities [Abstract] |
Investment Securities | 3. Investment Securities Summary information regarding investment securities classified as available for sale and held to maturity as of June 30, 2012 and December 31, 2011 is as follows.
(dollars in thousands) |  |  |  |  |  |  |  | Gross Unrealized Losses |  |  |  |
June 30, 2012 |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Less Than 1 Year |  |  | Over 1 Year |  |  | Fair Value |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. agency mortgage-backed |  | $ | 106,150 |  |  | $ | 3,224 |  |  | $ | 5 |  |  | $ | — |  |  | $ | 109,369 |
Non-U.S. agency mortgage-backed |  |  | 13,746 |  |  |  | 126 |  |  |  | 8 |  |  |  | 236 |  |  |  | 13,628 |
Municipal bonds |  |  | 11,542 |  |  |  | 651 |  |  |  | — |  |  |  | — |  |  |  | 12,193 |
U.S. government agency |  |  | 17,143 |  |  |  | 387 |  |  |  | 2 |  |  |  | — |  |  |  | 17,528 |
Total available for sale |  | $ | 148,581 |  |  | $ | 4,388 |  |  | $ | 15 |  |  | $ | 236 |  |  | $ | 152,718 |
Held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. agency mortgage-backed |  | $ | 1,451 |  |  | $ | 23 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,474 |
Municipal bonds |  |  | 972 |  |  |  | 71 |  |  |  | — |  |  |  | — |  |  |  | 1,043 |
Total held to maturity |  | $ | 2,423 |  |  | $ | 94 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,517 |
(dollars in thousands) |  |  |  |  |  |  |  | Gross Unrealized Losses |  |  |  |
December 31, 2011 |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Less Than 1 Year |  |  | Over 1 Year |  |  | Fair Value |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. agency mortgage-backed |  | $ | 113,692 |  |  | $ | 2,879 |  |  | $ | 42 |  |  | $ | — |  |  | $ | 116,529 |
Non-U.S. agency mortgage-backed |  |  | 14,833 |  |  |  | 37 |  |  |  | 766 |  |  |  | 425 |  |  |  | 13,679 |
Municipal bonds |  |  | 11,598 |  |  |  | 623 |  |  |  | — |  |  |  | — |  |  |  | 12,221 |
U.S. government agency |  |  | 12,521 |  |  |  | 310 |  |  |  | — |  |  |  | — |  |  |  | 12,831 |
Total available for sale |  | $ | 152,644 |  |  | $ | 3,849 |  |  | $ | 808 |  |  | $ | 425 |  |  | $ | 155,260 |
Held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. agency mortgage-backed |  | $ | 2,289 |  |  | $ | 49 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,338 |
Municipal bonds |  |  | 1,173 |  |  |  | 64 |  |  |  | — |  |  |  | — |  |  |  | 1,237 |
Total held to maturity |  | $ | 3,462 |  |  | $ | 113 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,575 |
The amortized cost and estimated fair value by maturity of the Company’s investment securities as of June 30, 2012 are shown in the following table. Securities are classified according to their contractual maturities without consideration of principal amortization, potential prepayments or call options. The expected maturity of a security may differ from its contractual maturity because of prepayments or the exercise of call options. Accordingly, actual maturities may differ from contractual maturities.
(dollars in thousands) |  | One Year or Less |  |  | One Year to Five Years |  |  | Five to Ten Years |  |  | Over Ten Years |  |  | Total |
Fair Value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. agency mortgage-backed |  | $ | — |  |  | $ | 1,256 |  |  | $ | 8,788 |  |  | $ | 99,325 |  |  | $ | 109,369 |
Non-U.S. agency mortgage-backed |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 13,628 |  |  |  | 13,628 |
Municipal bonds |  |  | — |  |  |  | 3,238 |  |  |  | 6,032 |  |  |  | 2,923 |  |  |  | 12,193 |
U.S. government agency |  |  | — |  |  |  | 5,912 |  |  |  | 6,117 |  |  |  | 5,499 |  |  |  | 17,528 |
Total available for sale |  | $ | — |  |  | $ | 10,406 |  |  | $ | 20,937 |  |  | $ | 121,375 |  |  | $ | 152,718 |
Securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. agency mortgage-backed |  | $ | 17 |  |  | $ | 1,017 |  |  | $ | 440 |  |  | $ | — |  |  | $ | 1,474 |
Municipal bonds |  |  | — |  |  |  | 1,043 |  |  |  | — |  |  |  | — |  |  |  | 1,043 |
Total held to maturity |  |  | 17 |  |  |  | 2,060 |  |  |  | 440 |  |  |  | — |  |  |  | 2,517 |
Total investment securities |  | $ | 17 |  |  | $ | 12,466 |  |  | $ | 21,377 |  |  | $ | 121,375 |  |  | $ | 155,235 |
(dollars in thousands) |  | One Year or Less |  |  | One Year to Five Years |  |  | Five to Ten Years |  |  | Over Ten Years |  |  | Total |
Amortized Cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. agency mortgage-backed |  | $ | — |  |  | $ | 1,184 |  |  | $ | 8,666 |  |  | $ | 96,300 |  |  | $ | 106,150 |
Non-U.S. agency mortgage-backed |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 13,746 |  |  |  | 13,746 |
Municipal bonds |  |  | — |  |  |  | 3,148 |  |  |  | 5,649 |  |  |  | 2,745 |  |  |  | 11,542 |
U.S. government agency |  |  | — |  |  |  | 5,863 |  |  |  | 5,975 |  |  |  | 5,305 |  |  |  | 17,143 |
Total available for sale |  | $ | — |  |  | $ | 10,195 |  |  | $ | 20,290 |  |  | $ | 118,096 |  |  | $ | 148,581 |
Securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. agency mortgage-backed |  | $ | 17 |  |  | $ | 997 |  |  | $ | 437 |  |  | $ | — |  |  | $ | 1,451 |
Municipal bonds |  |  | — |  |  |  | 972 |  |  |  | — |  |  |  | — |  |  |  | 972 |
Total held to maturity |  |  | 17 |  |  |  | 1,969 |  |  |  | 437 |  |  |  | — |  |  |  | 2,423 |
Total investment securities |  | $ | 17 |  |  | $ | 12,164 |  |  | $ | 20,727 |  |  | $ | 118,096 |  |  | $ | 151,004 |
Management evaluates securities for other-than-temporary impairment at least quarterly, and more frequently when economic and market conditions warrant such evaluations. Consideration is given to (1) the extent and length of time the fair value has been below cost; (2) the reasons for the decline in value; and (3) the Company’s intent to sell a security or whether it is more likely than not the Company will be required to sell the security before the recovery of its amortized cost, which may extend to maturity. The Company has developed a process to identify securities that could potentially have a credit impairment that is other-than-temporary. This process involves evaluating each security for impairment by monitoring credit performance, collateral type, collateral geography, bond credit support, loan-to-value ratios, credit scores, loss severity levels, pricing levels, downgrades by rating agencies, cash flow projections and other factors as indicators of potential credit issues. The Company performs a credit analysis based on different credit scenarios at least quarterly to detect impairment on its investment securities. When the Company determines that a security is deemed to be other-than-temporarily impaired, an impairment loss is recognized. As of June 30, 2012 and December 31, 2011, the Company had $38,795,000 and $20,912,000, respectively, of securities pledged to secure public deposits.

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