INVESTMENT AND MORTGAGE-BACKED SECURITIES (Tables)

9 Months Ended

Sep. 30, 2013

INVESTMENT AND MORTGAGE-BACKED SECURITIES [Abstract]

Amortized Cost And Estimated Fair Value Of Available For Sale And Held To Maturity Securities

The following is a summary of major categories of securities owned by the Company excluding trading securities at September 30, 2013:

	Unrealized Gains or Losses Recognized in Accumulated Other Comprehensive Loss
	Purchase Amortized / Historical Cost		Recorded Amortized/ Historical Cost⁽¹⁾		Non-Credit OTTI			Unrealized Gains		Unrealized Losses			Book Value		Other Unrecognized Losses		Fair Value
Investment securities held-to-maturity:
Pooled bank trust preferred securities ("TRUPS")	$	$16,316	$	$7,369	$	(609	)		-	$	(1,138	)⁽²⁾	$	5,622	$	516	$	6,138
Investment securities available for sale:
Registered Mutual Funds		2,797		2,691		-			670		(10	)		3,351		-		3,351
Agency notes		15,070		15,070		-			47		-			15,117		-		15,117
Pass-through MBS issued by GSEs		30,727		30,727		-			1,588		(10	)		32,305		-		32,305
Collateralized mortgage obligations ("CMOs") issued by GSEs		531		531		-			4		-			535		-		535
Private issuer pass through MBS		709		709		-			19		-			728		-		728
Private issuer CMOs		647		647		-			11		-			658		-		658

(1)	Amount represents the purchase amortized / historical cost less any credit-related OTTI charges recognized through earnings.

(2)	Amount represents the unamortized portion of the unrealized loss that was recognized in accumulated other comprehensive loss on September 1, 2008 (the day on which these securities were transferred from available-for-sale to held-to-maturity).

The following is a summary of major categories of securities owned by the Company at December 31, 2012:

	Unrealized Gains or Losses Recognized in Accumulated Other Comprehensive Loss
	Purchase Amortized / Historical Cost		Recorded Amortized/ Historical Cost ⁽¹⁾		Non-Credit OTTI			Unrealized Gains		Unrealized Losses			Book Value		Other Unrecognized Gains		Fair Value
Investment securities held-to-maturity:
TRUPS	$	16,774	$	7,829	$	(634	)		-	$	(1,268	)⁽²⁾	$	5,927	$	340	$	6,267
Investment securities available for sale:
Registered Mutual Funds		2,904		2,556		-			449		-			3,005		-		3,005
Agency notes		29,820		29,820		-			125		-			29,945		-		29,945
Pass-through MBS issued by GSEs		43,142		43,142		-			1,561		(25	)		44,678		-		44,678
CMOs issued by GSEs		2,436		2,436		-			26		-			2,462		-		2,462
Private issuer pass through MBS		962		962		-			-		(7	)		955		-		955
Private issuer CMOs		908		908		-			18		-			926		-		926

(1)	Amount represents the purchase amortized / historical cost less any credit-related OTTI charges recognized through earnings.

(2)	Amount represents the unamortized portion of the unrealized loss that was recognized in accumulated other comprehensive loss on September 1, 2008 (the day on which these securities were transferred from available-for-sale to held-to-maturity).

Investments Classified by Contractual Maturity Date

At September 30, 2013, the agency note investments in the table above had contractual maturities as follows:

	Amortized Cost		Estimated Fair Value
Due after one year through three years	$	15,000	$	15,047
Due after three years through five years		70		70
TOTAL	$	15,070	$	15,117

Other than Temporary Impairment, Credit Losses Recognized in Earnings

The following table provides a reconciliation of the pre-tax OTTI charges recognized on the Company's TRUPS:

	At or for the Three Months Ended September 30, 2013								At or for the Three Months Ended September 30, 2012
	Credit Related OTTI Recognized in Earnings		Non-Credit OTTI Recognized in Accumulated Other Comprehensive Loss			Total OTTI			Credit Related OTTI Recognized in Earnings		Non-Credit OTTI Recognized in Accumulated Other Comprehensive Loss			Total OTTI
Cumulative balance at the beginning of the period	$	8,947	$	617		$	9,564		$	8,945	$	655		$	9,600
OTTI recognized on securities with previous OTTI		-		-			-			-		-			-
Reductions and transfers to credit-related OTTI		-		-			-			-		-			-
Amortization of previously recognized OTTI		-		(8	)		(8	)		-		(14	)		(14	)
Cumulative balance at end of the period	$	8,947	$	609		$	9,556		$	8,945	$	641		$	9,586

	At or for the Nine Months Ended September 30, 2013								At or for the Nine Months Ended September 30, 2012
	Credit Related OTTI Recognized in Earnings		Non-Credit OTTI Recognized in Accumulated Other Comprehensive Loss			Total OTTI			Credit Related OTTI Recognized in Earnings			Non-Credit OTTI Recognized in Accumulated Other Comprehensive Loss			Total OTTI
Cumulative balance at the beginning of the period	$	8,945	$	634		$	9,579		$	8,974		$	930		$	9,904
OTTI recognized on securities with previous OTTI		-		-			-			181			6			187
Reductions and transfers to credit-related OTTI		-		-			-			-			(181	)		(181	)
Amortization of previously recognized OTTI		2		(25	)		(23	)		(210	)		(114	)		(324	)
Cumulative balance at end of the period	$	8,947	$	609		$	9,556		$	8,945		$	641		$	9,586

Available For Sale And Held To Maturity Securities Continuous Unrealized Loss Position Fair Value

The following table summarizes the gross unrealized losses and fair value of investment securities as of September 30, 2013, aggregated by investment category and the length of time the securities were in a continuous unrealized loss position:

	Less than 12 Months Consecutive Unrealized Losses						12 Months or More Consecutive Unrealized Losses						Total
	Fair Value			Gross Unrecognized/ Unrealized Losses			Fair Value			Gross Unrecognized/ Unrealized Losses			Fair Value			Gross Unrecognized/ Unrealized Losses
Held-to-Maturity Securities:
TRUPS ⁽¹⁾		$	-		$	-		$	4,004		$	974		$	4,004		$	974
Available for Sale Securities
Registered Mutual Funds			539			10			-			-			539			10
Pass-through MBS issued by GSEs			307			10			-			-			307			10

(1) At September 30, 2013, the recorded balance of these securities was $3,840. This balance reflected the remaining unrealized loss of $1,138 that was recognized in accumulated other comprehensive loss on September 1, 2008 (the day these securities were transferred from available-for-sale to held-to-maturity). In accordance with both ASC 320-10-35-17 and 320-10-65, this unrealized loss is currently being amortized over the remaining estimated life of these securities.

The following table summarizes the gross unrealized losses and fair value of investment securities and MBS as of December 31, 2012, aggregated by investment category and the length of time that the securities were in a continuous unrealized loss position:

	Less than 12 Months Consecutive Unrealized Losses						12 Months or More Consecutive Unrealized Losses						Total
	Fair Value			Gross Unrecognized/ Unrealized Losses			Fair Value			Gross Unrecognized/ Unrealized Losses			Fair Value			Gross Unrecognized/ Unrealized Losses
Held-to-Maturity Securities:
TRUPS ⁽¹⁾		$	-		$	-		$	3,705		$	1,732		$	3,705		$	1,732
Available-for-Sale Securities:
Federal Home Loan Mortgage Corporation pass-through certificates			5,867			25			-			-			5,867			25
Private label MBS			-			-			955			7			955			7

(1) At December 31, 2012, the recorded balance of these securities was $4,170. This balance reflected the remaining unrealized loss of $1,268 that was recognized in accumulated other comprehensive loss on September 1, 2008 (the day these securities were transferred from available-for-sale to held-to-maturity). In accordance with both ASC 320-10-35-17 and 320-10-65, this unrealized loss is currently being amortized over the remaining estimated life of these securities.

- Definition

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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