SECURITIES (Tables)

3 Months Ended

Mar. 31, 2014

SECURITIES [Abstract]

Amortized Cost and Fair Value of Securities Available for Sale and Held for Investment

The amortized cost and fair value of securities available for sale at March 31, 2014 and December 31, 2013 are summarized as follows:

	March 31, 2014
	Gross		Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
(Dollars in thousands)	Cost		Gains		Losses			Value
SECURITIES AVAILABLE FOR SALE
U.S. Treasury securities and obligations of U.S. Government Sponsored Entities	$	100	$	0	$	0		$	100
Mortgage-backed securities of U.S. Government Sponsored Entities		153,330		1,516		(3,536	)		151,310
Collateralized mortgage obligations of U.S. Government Sponsored Entities		369,042		680		(11,609	)		358,113
Private mortgage backed securities		29,838		0		(343	)		29,495
Private collateralized mortgage obligations		80,223		1,141		(331	)		81,033
Collateralized loan obligations		32,624		0		(409	)		32,215
Obligations of state and political subdivisions		5,894		357		(5	)		6,246
	$	671,051	$	3,694	$	(16,233	)	$	658,512

	December 31, 2013
	Gross		Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
(Dollars in thousands)	Cost		Gains		Losses			Value
SECURITIES AVAILABLE FOR SALE
U.S. Treasury securities and obligations  of U.S. Government Sponsored Entities	$	100	$	0	$	0		$	100
Mortgage-backed securities of U.S.  Government Sponsored Entities		129,468		1,456		(4,189	)		126,735
Collateralized mortgage obligations of  U.S. Government Sponsored Entities		383,392		776		(14,747	)		369,421
Private mortgage backed securities		29,800		0		(226	)		29,574
Private collateralized mortgage obligations		76,520		731		(413	)		76,838
Collateralized loan obligations		32,592		0		(413	)		32,179
Obligations of state and political subdivisions		6,586		193		(15	)		6,764
	$	658,458	$	3,156	$	(20,003	)	$	641,611

Amortized Cost and Fair Value of Securities by Contractual Maturity

The amortized cost and fair value of securities at March 31, 2014, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or repay obligations with or without call or prepayment penalties.

	Available for Sale
	Amortized		Fair
(Dollars in thousands)	Cost		Value
Due in less than one year	$	100	$	100
Due after one year through five years		567		580
Due after five years through ten years		8,025		7,936
Due after ten years		29,926		29,945
		38,618		38,561
Mortgage-backed securities of Government Sponsored Entities		153,330		151,310
Collateralized mortgage obligations of Government Sponsored Entities		369,042		358,113
Private mortgage backed securities		29,838		29,495
Private collateralized mortgage obligations		80,223		81,033
No contractual maturity		0		0
	$	671,051	$	658,512

Schedule of Unrealized Loss and Fair Value on Investments

The estimated fair value of a security is determined based on market quotations when available or, if not available, by using quoted market prices for similar securities, pricing models or discounted cash flows analyses, using observable market data where available. The tables below indicate the amount of securities with unrealized losses and period of time for which these losses were outstanding at March 31, 2014 and December 31, 2013, respectively.

	March 31, 2014
	Less than 12 months					12 months or longer					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
(Dollars in thousands)	Value		Losses			Value		Losses			Value		Losses
Mortgage-backed securities of U.S. Government  Sponsored Entities	$	71,947	$	(1,871	)	$	28,370	$	(1,665	)	$	100,317	$	(3,536	)
Collateralized mortgage obligations of U.S. Government Sponsored Entities		201,523		(6,782	)		102,894		(4,827	)		304,417		(11,609	)
Private mortage backed securities		29,495		(343	)		0		0			29,495		(343	)
Private collaterlized mortgage obligations		28,443		(331	)		0		0			28,443		(331	)
Collateralized loan obligations		32,215		(409	)		0		0			32,215		(409	)
Obligations of state and political subdivisions		512		(4	)		125		(1	)		637		(5	)
Total temporarily impaired securities	$	364,135	$	(9,740	)	$	131,389	$	(6,493	)	$	495,524	$	(16,233	)

	December 31, 2013
	Less than 12 months					12 months or longer					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
(Dollars in thousands)	Value		Losses			Value		Losses			Value		Losses
Mortgage-backed securities of U.S. Government Sponsored Entities	$	33,425	$	(2,045	)	$	35,043	$	(2,144	)	$	68,468	$	(4,189	)
Collateralized mortgage obligations of U.S. Government Sponsored Entities		287,312		(12,450	)		45,657		(2,297	)		332,969		(14,747	)
Private mortage backed securities		29,573		(226	)		0		0			29,573		(226	)
Private collateralized mortgage obligations		47,653		(413	)		0		0			47,653		(413	)
Collateralized loan obligations		32,179		(413	)		0		0			32,179		(413	)
Obligations of state and political subdivisions		502		(14	)		0		(1	)		502		(15	)
Total temporarily impaired securities	$	430,644	$	(15,561	)	$	80,700	$	(4,442	)	$	511,344	$	(20,003	)