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SECURITIES (Tables)

6 Months Ended

Jun. 30, 2013

Summary of available-for-sale securities

Information related to the fair value and amortized cost of securities available for sale and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) is provided in the tables below.

			Gross		Gross
	Fair		Unrealized		Unrealized		Amortized
	Value		Gain		Losses		Cost
June 30, 2013
U.S. Treasury securities	$	1,027	$	26	$	0	$	1,001
U.S. government sponsored agencies		5,224		202		0		5,022
Agency residential mortgage-backed securities		366,418		5,790		(6,555)		367,183
Non-agency residential mortgage-backed securities		5,392		167		0		5,225
State and municipal securities		94,915		3,730		(1,566)		92,751
Total	$	472,976	$	9,915	$	(8,121)	$	471,182

December 31, 2012
U.S. Treasury securities	$	1,037	$	35	$	0	$	1,002
U.S. government sponsored agencies		5,304		278		0		5,026
Agency residential mortgage-backed securities		365,644		7,813		(1,495)		359,326
Non-agency residential mortgage-backed securities		6,453		242		0		6,211
State and municipal securities		88,583		5,509		(189)		83,263
Total	$	467,021	$	13,877	$	(1,684)	$	454,828

Schedule of available-for-sale securities by maturity

Actual maturities of securities may differ from contractual maturities because borrowers may have the right to prepay the obligation without a prepayment penalty.

	Amortized		Fair
	Cost		Value
Due in one year or less	$	3,192	$	3,259
Due after one year through five years		26,030		27,527
Due after five years through ten years		39,306		40,700
Due after ten years		30,246		29,680
		98,774		101,166
Mortgage-backed securities		372,408		371,810
Total debt securities	$	471,182	$	472,976

Schedule of available-for-sale securities continuous unrealized loss position

Information regarding securities with unrealized losses as of June 30, 2013 and December 31, 2012 is presented below. The tables divide the securities between those with unrealized losses for less than twelve months and those with unrealized losses for twelve months or more.

	Less than 12 months				12 months or more				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
June 30, 2013

Agency residential mortgage-backed securities	$	168,399	$	(6,118)	$	23,900	$	(437)	$	192,299	$	(6,555)
State and municipal securities		22,860		(1,566)		0		0		22,860		(1,566)
Total temporarily impaired	$	191,259	$	(7,684)	$	23,900	$	(437)	$	215,159	$	(8,121)

December 31, 2012

Agency residential mortgage-backed securities	$	92,974	$	(1,066)	$	20,422	$	(429)	$	113,396	$	(1,495)
State and municipal securities		10,791		(188)		50		(1)		10,841		(189)
Total temporarily impaired	$	103,765	$	(1,254)	$	20,472	$	(430)	$	124,237	$	(1,684)

Quantitative disclosure of available-for-sale securities

The number of securities with unrealized losses as of June 30, 2013 and December 31, 2012 is presented below.

	Less than		12 months
	12 months		or more		Total
June 30, 2013

Agency residential mortgage-backed securities		43		10		53
State and municipal securities		49		0		49
Total temporarily impaired		92		10		102

	Less than		12 months
	12 months		or more		Total
December 31, 2012

Agency residential mortgage-backed securities		29		9		38
State and municipal securities		29		1		30
Total temporarily impaired		58		10		68

Schedule of debt securities credit loss recognized

The table represents the three months and six months ended June 30, 2013 and 2012.

	Three Months Ended June 30,
	2013		2012
Balance April 1,	$	0	$	869
Additions related to other-than-temporary impairment losses not previously recognized		0		198
Additional increases to the amount of credit loss for which other-than-temporary impairment was previously recognized		0		251
Reductions for previous credit losses realized on securities sold during the year		0		0
Balance June 30,	$	0	$	1,318

	Six Months Ended June 30,
	2013		2012
Balance January 1,	$	0	$	359
Additions related to other-than-temporary impairment losses not previously recognized		0		747
Additional increases to the amount of credit loss for which other-than-temporary impairment was previously recognized		0		212
Reductions for previous credit losses realized on securities sold during the year		0		0
Balance June 30,	$	0	$	1,318

Securities with at least one rating below investment grade

Information on securities with at least one rating below investment grade at June 30, 2013 is presented below.

6/30/2013

1-Month

3-Month

6-Month

Other Than

June 30, 2013

Lowest

Constant

Temporary

Par

Amortized

Fair

Unrealized

Credit

Default

Credit

Description

CUSIP

Impairment

Value

Cost

Value

Gain/(Loss)

Rating

Rate

Support

RALI 2004-QS7 A3

76110HTX7

2,567

2,551

2,591

BB+

2.97

3.30

3.21

9.99

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

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- 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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