Securities (Tables)

3 Months Ended

Mar. 31, 2014

Securities [Abstract]

Securities available for sale

Securities available for sale consist of the following:

	Amortized		Unrealized
	Cost		Gains		Losses		Fair Value
	(In thousands)
March 31, 2014
U.S. agency	$	48,024	$	18	$	388	$	47,654
U.S. agency residential mortgage-backed		235,601		1,573		429		236,745
U.S. agency commercial mortgage-backed		12,640		27		27		12,640
Private label residential mortgage-backed		7,052		137		546		6,643
Other asset backed		43,425		45		156		43,314
Obligations of states and political subdivisions		156,342		738		3,150		153,930
Corporate		19,503		83		21		19,565
Trust preferred		2,904		-		460		2,444
Total	$	525,491	$	2,621	$	5,177	$	522,935
December 31, 2013
U.S. agency	$	32,106	$	44	$	342	$	31,808
U.S. agency residential mortgage-backed		202,649		1,343		532		203,460
Private label residential mortgage-backed		7,294		112		618		6,788
Other asset backed		45,369		10		194		45,185
Obligations of states and political subdivisions		157,966		496		4,784		153,678
Corporate		19,120		43		26		19,137
Trust preferred		2,902		-		477		2,425
Total	$	467,406	$	2,048	$	6,973	$	462,481

Investments in a continuous unrealized loss position

Our investments’ gross unrealized losses and fair values aggregated by investment type and length of time that individual securities have been at a continuous unrealized loss position follows:

	Less Than Twelve Months				Twelve Months or More				Total
			Unrealized				Unrealized				Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
	(In thousands)
March 31, 2014
U.S. agency	$	36,853	$	388	$	-	$	-	$	36,853	$	388
U.S. agency residential mortgage-backed		52,705		315		23,242		114		75,947		429
U.S. agency commercial mortgage-backed		4,318		27		-		-		4,318		27
Private label residential mortgage-backed		167		1		4,485		545		4,652		546
Other asset backed		28,442		156		-		-		28,442		156
Obligations of states and political subdivisions		70,657		2,607		11,521		543		82,178		3,150
Corporate		5,844		21		-		-		5,844		21
Trust preferred		-		-		2,444		460		2,444		460
Total	$	198,986	$	3,515	$	41,692	$	1,662	$	240,678	$	5,177
December 31, 2013
U.S. agency	$	16,715	$	342	$	-	$	-	$	16,715	$	342
U.S. agency residential mortgage-backed		78,256		532		-		-		78,256		532
Private label residential mortgage-backed		407		6		4,602		612		5,009		618
Other asset backed		33,862		194		-		-		33,862		194
Obligations of states and political subdivisions		103,942		4,645		4,805		139		108,747		4,784
Corporate		7,105		26		-		-		7,105		26
Trust preferred		-		-		2,425		477		2,425		477
Total	$	240,287	$	5,745	$	11,832	$	1,228	$	252,119	$	6,973

Unrealized losses largely attributable to credit spread

The unrealized losses are largely attributable to credit spread widening on these securities since their acquisition.  The underlying loans within these securities include Jumbo (69%) and Alt A (31%) at March 31, 2014.

	March 31, 2014					December 31, 2013
			Net					Net
	Fair		Unrealized			Fair		Unrealized
	Value		Loss			Value		Loss
	(In thousands)
Private label residential mortgage-backed
Jumbo	$	4,563	$	(371	)	$	4,687	$	(441	)
Alt-A		2,080		(38	)		2,101		(65	)

Private label residential mortgage backed securities below investment grade

At March 31, 2014 three below investment grade private label residential mortgage-backed securities had credit related OTTI and are summarized as follows:

			Super		Senior
	Senior		Senior		Support
	Security		Security		Security		Total
	(In thousands)
As of March 31, 2014
Fair value	$	2,426	$	1,712	$	45	$	4,183
Amortized cost		2,697		1,622		-		4,319
Non-credit unrealized loss		271		-		-		271
Unrealized gain		-		90		45		135
Cumulative credit related OTTI		748		457		380		1,585
Credit related OTTI recognized in our Condensed
Consolidated Statements of Operations For the three months ended March 31,
2014	$	-	$	-	$	-	$	-
2013		-		-		-		-

Trust preferred securities

The following table breaks out our trust preferred securities in further detail as of March 31, 2014 and December 31, 2013:

	March 31, 2014					December 31, 2013
			Net					Net
	Fair		Unrealized			Fair		Unrealized
	Value		Loss			Value		Loss
	(In thousands)
Trust preferred securities
Rated issues	$	1,619	$	(285	)	$	1,600	$	(302	)
Unrated issues		825		(175	)		825		(175	)

Credit losses recognized in earnings on securities available for sale

A roll forward of credit losses recognized in earnings on securities available for sale for the three month periods ending March 31, follows:

	2014		2013
	(In thousands)
Balance at beginning of year	$	1,835	$	1,809
Additions to credit losses on securities for which no previous OTTI was recognized		-		-
Increases to credit losses on securities for which OTTI was previously recognized		-		-
Total	$	1,835	$	1,809

Amortized cost and fair value of securities available for sale by contractual maturity

The amortized cost and fair value of securities available for sale at March 31, 2014, by contractual maturity, follow:

	Amortized		Fair
	Cost		Value
	(In thousands)
Maturing within one year	$	15,809	$	15,837
Maturing after one year but within five years		86,513		86,741
Maturing after five years but within ten years		50,721		50,491
Maturing after ten years		73,730		70,524
		226,773		223,593
U.S. agency residential mortgage-backed		235,601		236,745
U.S. agency commercial mortgage-backed		12,640		12,640
Private label residential mortgage-backed		7,052		6,643
Other asset backed		43,425		43,314
Total	$	525,491	$	522,935

Gains and losses realized on sale of securities available for sale

A summary of proceeds from the sale of securities available for sale and gains and losses for the three month periods ending March 31, follows:

			Realized
	Proceeds		Gains		Losses
	(In thousands)
2014	$	-	$	-	$	-
2013		1,800		-		7