Securities (Tables)

9 Months Ended

Sep. 30, 2012

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 and held for investment at September 30, 2012 and December 31, 2011 are summarized as follows:

	September 30, 2012
(Dollars in thousands)	Gross Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
SECURITIES AVAILABLE FOR SALE
U.S. Treasury securities and obligations of U.S. Government Sponsored Entities	$	1,700	$	11	$	0		$	1,711
Mortgage-backed securities of U.S. Government Sponsored Entities		169,569		4,057		(86	)		173,540
Collateralized mortgage obligations of U.S. Government Sponsored Entities		315,420		2,496		(1,029	)		316,887
Private collateralized mortgage obligations		93,277		2,012		(84	)		95,205
Obligations of state and political subdivisions		847		58		0			905
	$	580,813	$	8,634	$	(1,199	)	$	588,248
SECURITIES HELD FOR INVESTMENT
Collateralized mortgage obligations of U.S. Government Sponsored Entities	$	5,991	$	0	$	(105	)	$	5,886
Private collateralized mortgage obligations		1,406		37		0			1,443
Obligations of state and political subdivisions		6,659		787		(8	)		7,438
Other		1,500		67		0			1,567
	$	15,556	$	891	$	(113	)	$	16,334

	December 31, 2011
(Dollars in thousands)	Gross Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
SECURITIES AVAILABLE FOR SALE
U.S. Treasury securities and obligations of U.S. Government Sponsored Entities	$	1,699	$	25	$	0		$	1,724
Mortgage-backed securities of U.S. Government Sponsored Entities		135,665		2,819		(37	)		138,447
Collateralized mortgage obligations of U.S. Government Sponsored Entities		428,139		9,111		(316	)		436,934
Private collateralized mortgage obligations		73,247		330		(3,487	)		70,090
Obligations of state and political subdivisions		1,097		70		0			1,167
	$	639,847	$	12,355	$	(3,840	)	$	648,362
SECURITIES HELD FOR INVESTMENT
Collateralized mortgage obligations of U.S. Government Sponsored Entities	$	10,475	$	0	$	(136	)	$	10,339
Private collateralized mortgage obligations		1,840		40		0			1,880
Obligations of state and political subdivisions		6,662		570		0			7,232
Other		1,000		36		0			1,036
	$	19,977	$	646	$	(136	)	$	20,487

Amortized cost and fair value of securities by contractual maturity

The amortized cost and fair value of securities at September 30, 2012, by contractual maturity, are shown below.

	Held for Investment				Available for Sale
(Dollars in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in less than one year	$	0	$	0	$	1,700	$	1,711
Due after one year through five years		376		379		441		472
Due after five years through ten years		1,254		1,371		406		433
Due after ten years		5,029		5,688		0		0
		6,659		7,438		2,547		2,616
Mortgage-backed securities of Government Sponsored Entities		0		0		169,569		173,540
Collateralized mortgage obligations of Government Sponsored Entities		5,991		5,886		315,420		316,887
Private collateralized mortgage obligations		1,406		1,443		93,277		95,205
No contractual maturity		1,500		1,567		0		0
	$	15,556	$	16,334	$	580,813	$	588,248

Schedule of unrealized loss and fair value on investments

The tables below indicate the amount of securities with unrealized losses and period of time for which these losses were outstanding at September 30, 2012 and December 31, 2011, respectively.

	September 30, 2012
	Less than 12 months					12 months or longer					Total
(Dollars in thousands)	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Mortgage-backed securities of U.S. Government Sponsored Entities	$	23,096	$	(86	)	$	0	$	0		$	23,096	$	(86	)
Collateralized mortgage obligations of U.S. Government Sponsored Entities		149,926		(1,029	)		5,886		(105	)		155,812		(1,134	)
Private collateralized mortgage obligations		0		0			10,106		(84	)		10,106		(84	)
Obligations of state and political subdivisions		300		(6	)		125		(2	)		425		(8	)
Total temporarily impaired securities	$	173,322	$	(1,121	)	$	16,117	$	(191	)	$	189,439	$	(1,312	)

	December 31, 2011
	Less than 12 months					12 months or longer					Total
(Dollars in thousands)	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Mortgage-backed securities of U.S. Government Sponsored Entities	$	18,800	$	(37	)	$	0	$	0		$	18,800	$	(37	)
Collateralized mortgage obligations of U.S. Government Sponsored Entities		59,913		(452	)		0		0			59,913		(452	)
Private collateralized mortgage obligations		32,615		(2,001	)		27,282		(1,486	)		59,897		(3,487	)
Total temporarily impaired securities	$	111,328	$	(2,490	)	$	27,282	$	(1,486	)	$	138,610	$	(3,976	)