INVESTMENT SECURITIES

The following tables summarize the amortized cost, gross unrealized gains and losses, and fair value of investment securities available for sale and held to maturity by major classification.



	September 30, 2013
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Securities available for sale:
U.S. government-sponsored enterprise securities	$	14,822	$	—	$	106	$	14,716
SBA-guaranteed securities	68,749		34		614		68,169
Residential mortgage-backed securities (MBS)	222,523		113		8,133		214,503
Corporate bonds	97,518		1,546		527		98,537
Commercial MBS	5,968		82		—		6,050
Municipal obligations - non-taxable	600		1		—		601
Other debt securities	253		—		—		253
Marketable equity securities	677		394		—		1,071
Total securities available for sale	$	411,110	$	2,170	$	9,380	$	403,900

Securities held to maturity:
Corporate bonds	$	208	$	288	$	—	$	496



	December 31, 2012
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Securities available for sale:
Residential MBS	$	76,249	$	574	$	46	$	76,777
Corporate bonds	30,861		1,697		50		32,508
Commercial MBS	6,612		273		—		6,885
Municipal obligations – non-taxable	15,492		709		—		16,201
Municipal obligations – taxable	2,583		142		—		2,725
Other debt securities	1,083		74		—		1,157
Marketable equity securities	37		21		—		58
Total securities available for sale	$	132,917	$	3,490	$	96	$	136,311

Securities held to maturity:
Corporate bonds	$	180	$	230	$	—	$	410

The following tables summarize gross unrealized losses and fair values, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position.



	Less Than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
September 30, 2013
U.S. government-sponsored enterprise securities	$	14,716	$	106	$	—	$	—	$	14,716	$	106
SBA-guaranteed securities	61,297		614		—		—		61,297		614
Residential MBS	209,097		8,133		—		—		209,097		8,133
Corporate bonds	38,063		527		—		—		38,063		527
Total temporarily impaired securities	$	323,173	$	9,380	$	—	$	—	$	323,173	$	9,380

December 31, 2012
Residential MBS	$	28,802	$	46	$	—	$	—	$	28,802	$	46
Corporate bonds	2,013		50		—		—		2,013		50
Total temporarily impaired securities	$	30,815	$	96	$	—	$	—	$	30,815	$	96

All residential MBSs in the investment portfolio as of September 30, 2013 and December 31, 2012 were issued and backed by government-sponsored enterprises ("GSEs"). Unrealized losses on investment securities as of September 30, 2013 related to 65 residential MBSs issued by GSEs, 14 investment grade corporate bonds, two GSE securities, and 24 SBA-guaranteed securities. Unrealized losses on investment securities at December 31, 2012 related to 9 residential MBSs issued by GSEs and 2 investment grade corporate bonds. As of September 30, 2013 and December 31, 2012, none of the securities had been in an unrealized loss position for more than a twelve month period. The increase in gross unrealized losses since year end 2012 was primarily due to increases in long-term market interest rates in the second quarter of 2013 which negatively affected values of fixed income securities. The Company had $527 in total unrealized losses on corporate bonds, which were the only securities in a loss position that were not issued or guaranteed by a U.S. government agency or GSE. These corporate bonds were all issued by large national or international financial institutions, and the Company does not believe the recent unrealized losses on these bonds were due to issuer-related credit events.

The securities in an unrealized loss position as of September 30, 2013 continue to perform and are expected to perform through maturity, and the issuers have not experienced significant adverse events that would call into question their ability to repay these debt obligations according to contractual terms. Further, because the Company does not intend to sell these investments and does not believe that it will be required to sell the investments before recovery of their amortized cost bases, which may be maturity, unrealized losses on such securities were not considered to represent other-than-temporary impairment as of September 30, 2013.

As of September 30, 2013, the Company held no individual investment securities with an aggregate book value greater than 10 percent of total stockholders’ equity. As of September 30, 2013 and December 31, 2012, investment securities with carrying values of $197,910 and $50,685, respectively, were pledged to secure public deposits, borrowings and for other purposes required or permitted by law.

The amortized cost and fair values of securities available for sale, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.



	September 30, 2013				December 31, 2012
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Securities available for sale:
Due within one year	$	1,282	$	1,284	$	13,327	$	13,420
Due after one year through five years	183,277		183,229		78,671		81,064
Due after five years through ten years	158,304		152,479		24,039		24,669
Due after ten years	67,570		65,837		16,843		17,100
Equity securities	677		1,071		37		58
	$	411,110	$	403,900	$	132,917	$	136,311
Securities held to maturity:
Due after five years through ten years	$	208	$	496	$	180	$	410

The following table summarizes securities gains (losses) for the periods presented.



	Successor Company				Successor Company						Predecessor Company
	Three Months Ended September 30, 2013		Three Months Ended September 30, 2012		Nine Months Ended September 30, 2013			Period from February 1 to September 30, 2012			Period from January 1 to January 31, 2012

Gross gains on sales of securities available for sale	$	—	$	483	$	1,249		$	755		$	—
Gross losses on sales of securities available for sale	—		—		(34		)	(107		)	—
Total securities gains	$	—	$	483	$	1,215		$	648		$	—