Securities (Tables)

6 Months Ended

Jun. 30, 2012

Securities

Schedule of amortized cost and fair value of the available-for-sale securities and corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive loss

			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
June 30, 2012:
U.S. Treasury	$	1,501	$	14	$	-	$	1,515
U.S. government agencies	44,482		173		(32)		44,623
U.S. government agency mortgage-backed	93,458		1,766		(16)		95,208
States and political subdivisions	12,926		1,137		(5)		14,058
Corporate Bonds	35,127		240		(100)		35,267
Collateralized mortgage obligations	62,890		367		(870)		62,387
Asset-backed securities	137,341		476		(1,143)		136,674
Collateralized debt obligations	17,910		-		(8,747)		9,163
	$	405,635	$	4,173	$	(10,913)	$	398,895
December 31, 2011:
U.S. Treasury	$	1,501	$	23	$	-	$	1,524
U.S. government agencies	43,112		286		-		43,398
U.S. government agency mortgage-backed	152,473		1,553		(19)		154,007
States and political subdivisions	12,152		1,657		-		13,809
Corporate Bonds	32,357		14		(982)		31,389
Collateralized mortgage obligations	25,616		242		(736)		25,122
Asset-backed securities	28,755		-		(414)		28,341
Collateralized debt obligations	17,892		-		(7,918)		9,974
	$	313,858	$	3,775	$	(10,069)	$	307,564

Schedule of fair value, amortized cost and weighted average yield of debt securities by contractual maturity along with securities not due at a single maturity date, primarily mortgage-backed securities, collateralized mortgage obligations and collateralized debt obligations (CDO)

			Weighted
	Amortized		Average	Fair
	Cost		Yield	Value
Due in one year or less	$	8,256	1.81%	$	8,291
Due after one year through five years	48,540		2.01%	48,981
Due after five years through ten years	17,283		3.18%	18,043
Due after ten years	19,957		4.04%	20,148
	94,036		2.64%	95,463
Mortgage-backed securities	156,348		2.17%	157,595
Asset-back securites	137,341		1.63%	137,674
Collateralized debt obligations	17,910		1.89%	9,163
	$	405,635	2.08%	$	399,895

Schedule of securities with unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position

Securities with unrealized losses at June 30, 2012, and December 31, 2011, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are as follows (in thousands except for number of securities):

	Less than 12 months					Greater than 12 months
June 30, 2012	in an unrealized loss position					in an unrealized loss position					Total
	Number of	Unrealized		Fair		Number of	Unrealized		Fair		Number of	Unrealized		Fair
	Securities	Losses		Value		Securities	Losses		Value		Securities	Losses		Value
U.S. government agencies	4	$	32	$	14,156		$	-	$	-	4	$	32	$	14,156
U.S. government agency mortgage-backed	2	16		2,555		-	-		-		2	16		2,555
States and political subdivisions	1	5		1,295		-	-		-		1	5		1,295
Corporate bonds	6	100		12,184		-	-		-		6	100		12,184
Collateralized mortgage obligations	12	870		36,439		-	-		-		12	870		36,439
Asset-backed securities	12	1,143		93,066		-	-		-		12	1,143		93,066
Collateralized debt obligations	-	-		-		2	8,747		9,163		2	8,747		9,163
	37	$	2,166	$	159,695	2	$	8,747	$	9,163	39	$	10,913	$	168,858

	Less than 12 months					Greater than 12 months
December 31, 2011	in an unrealized loss position					in an unrealized loss position					Total
	Number of	Unrealized		Fair		Number of	Unrealized		Fair		Number of	Unrealized		Fair
	Securities	Losses		Value		Securities	Losses		Value		Securities	Losses		Value
U.S. government agency mortgage-backed	4	$	19	$	27,935	-	$	-	$	-	4	$	19	$	27,935
Corporate bonds	11	982		28,605		-	-		-		11	982		28,605
Collateralized mortgage obligations	3	736		9,032		-	-		-		3	736		9,032
Asset-backed securities	4	414		28,341		-	-		-		4	414		28,341
Collateralized debt obligations	-	-		-		2	7,918		9,974		2	7,918		9,974
	22	$	2,151	$	93,913	2	$	7,918	$	9,974	24	$	10,069	$	103,887

Schedule of additional information relating to the collateralized debt obligations (CDO)

					Gross		S&P	Number of	Issuance			Issuance
	Amortized		Fair		Unrealized		Credit	Banks in	Deferrals & Defaults			Excess Subordination
	Cost		Value		Loss		Rating 1	Issuance	Amount		Collateral %	Amount		Collateral %
June 30, 2012
Class A1	$	9,084	$	5,156	$	(3,928)	BB+	63	$	198,000	26.4%	$	198,690	26.5%
Class A2A	8,826		4,007		(4,819)		B+	63	198,000		26.4%	101,690		13.6%
	$	17,910	$	9,163	$	(8,747)
December 31, 2011
Class A1	$	9,136	$	5,584	$	(3,552)	CCC+	63	$	212,750	28.4%	$	181,630	24.2%
Class A2A	8,756		4,390		(4,366)		CCC-	63	212,750		28.4%	84,630		11.3%
	$	17,892	$	9,974	$	(7,918)

1 Moody’s credit rating for class A1 and A2A were Baa2 and Ba2, respectively, as of June 30, 2012, and unchanged from December 31, 2011.  The Fitch ratings for class A1 and A2A were BBB and B, respectively, as of June 30, 2012, and unchanged from December 31, 2011.