Securities (Tables)

3 Months Ended

Mar. 31, 2013

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 March 31, 2013 and December 31, 2012 are summarized as follows:

	March 31, 2013
(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	$	1,200	$	2	$	0		$	1,202
Mortgage-backed securities of U.S. Government Sponsored Entities		175,283		3,022		(904	)		177,401
Collateralized mortgage obligations of U.S. Government Sponsored Entities		366,890		2,201		(1,219	)		367,872
Private collateralized mortgage obligations		92,643		1,194		(539	)		93,298
Obligations of state and political subdivisions		7,199		688		(2	)		7,885
Other		1,500		38		0			1,538
	$	644,715	$	7,145	$	(2,664	)	$	649,196

	December 31, 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	$	7	$	0		$	1,707
Mortgage-backed securities of U.S. Government Sponsored Entities		186,404		3,320		(469	)		189,255
Collateralized mortgage obligations of U.S. Government Sponsored Entities		352,731		2,430		(902	)		354,259
Private collateralized mortgage obligations		96,258		1,203		(530	)		96,931
Obligations of state and political subdivisions		847		51		0			898
	$	637,940	$	7,011	$	(1,901	)	$	643,050
SECURITIES HELD FOR INVESTMENT
Collateralized mortgage obligations of U.S. Government Sponsored Entities	$	4,687	$	0	$	(92	)	$	4,595
Private collateralized mortgage obligations		1,278		33		0			1,311
Obligations of state and political subdivisions		6,353		737		(3	)		7,087
Other		1,500		49		0			1,549
	$	13,818	$	819	$	(95	)	$	14,542

Amortized cost and fair value of securities by contractual maturity

The amortized cost and fair value of securities at March 31, 2013, by contractual maturity, are shown below.

	Available for Sale
(Dollars in thousands)	Amortized Cost		Fair Value
Due in less than one year	$	1,200	$	1,202
Due after one year through five years		818		842
Due after five years through ten years		1,353		1,413
Due after ten years		5,028		5,630
		8,399		9,087
Mortgage-backed securities of Government Sponsored Entities		175,283		177,401
Collateralized mortgage obligations of Government Sponsored Entities		366,890		367,872
Private collateralized mortgage obligations		92,643		93,298
No contractual maturity		1,500		1,538
	$	644,715	$	649,196

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 March 31, 2013 and December 31, 2012, respectively.

	March 31, 2013
	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	$	46,580	$	(658	)	$	17,898	$	(246	)	$	64,478	$	(904	)
Collateralized mortgage obligations of U.S. Government Sponsored Entities		188,789		(1,219	)		0		0			188,789		(1,219	)
Private collateralized mortgage obligations		28,118		(441	)		8,298		(98	)		36,416		(539	)
Obligations of state and political subdivisions		0		0			125		(2	)		125		(2	)
Total temporarily impaired securities	$	263,487	$	(2,318	)	$	26,321	$	(346	)	$	289,808	$	(2,664	)

	December 31, 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	$	54,289	$	(469	)	$	0	$	0		$	54,289	$	(469	)
Collateralized mortgage obligations of U.S. Government Sponsored Entities		150,057		(901	)		4,593		(93	)		154,650		(994	)
Private collateralized mortgage obligations		29,969		(441	)		9,221		(89	)		39,190		(530	)
Obligations of state and political subdivisions		0		0			125		(3	)		125		(3	)
Total temporarily impaired securities	$	234,315	$	(1,811	)	$	13,939	$	(185	)	$	248,254	$	(1,996	)