Securities (Tables)

9 Months Ended

Sep. 30, 2012

Investments, Debt and Equity Securities [Abstract]

Summary of Investments

The following tables present the amortized cost, gross unrealized holding gains, gross unrealized holding losses and fair value of securities by major security type and class of security at September 30, 2012 and December 31, 2011.

(Dollars in thousands)
September 30, 2012	Amortized Cost (1)		Unrealized Gains		Unrealized Losses			Fair Value
Securities Available for Sale:
Obligations of U.S. government-sponsored enterprises		$29,451		$2,584		$—			$32,035
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises	277,432		18,394		—			295,826
States and political subdivisions	68,700		4,913		—			73,613
Trust preferred securities:
Individual name issuers	30,667		—		(7,231		)	23,436
Collateralized debt obligations	4,047		—		(3,117		)	930
Corporate bonds	13,897		585		(33		)	14,449
Total securities available for sale		$424,194		$26,476		($10,381	)		$440,289
Held to Maturity:
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises		$43,569		$1,462		$—			$45,031
Total securities held to maturity		$43,569		$1,462		$—			$45,031
Total securities		$467,763		$27,938		($10,381	)		$485,320

(Dollars in thousands)
December 31, 2011	Amortized Cost (1)		Unrealized Gains		Unrealized Losses			Fair Value
Securities Available for Sale:
Obligations of U.S. government-sponsored enterprises		$29,429		$3,404		$—			$32,833
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises	369,946		19,712		—			389,658
States and political subdivisions	74,040		5,453		—			79,493
Trust preferred securities:
Individual name issuers	30,639		—		(8,243		)	22,396
Collateralized debt obligations	4,256		—		(3,369		)	887
Corporate bonds	13,872		813		(403		)	14,282
Perpetual preferred stocks (2)	1,854		—		(150		)	1,704
Total securities available for sale		$524,036		$29,382		($12,165	)		$541,253
Held to Maturity:
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises		$52,139		$360		$—			$52,499
Total securities held to maturity		$52,139		$360		$—			$52,499
Total securities		$576,175		$29,742		($12,165	)		$593,752

(1)    Net of other-than-temporary impairment losses.

(2)    Callable at the discretion of the issuer.

Rollforward of OTTI Recognized in Earnings

The following table presents a roll forward of the balance of credit-related impairment losses on debt securities, for which a portion of an other-than-temporary impairment was recognized in other comprehensive income:

(Dollars in thousands)	Three Months				Nine Months
Periods ended September 30,	2012		2011		2012		2011
Balance at beginning of period		$3,313		$2,946		$3,104		$2,913
Credit-related impairment loss on debt securities for which an other-than-temporary impairment was not previously recognized	—		—		—		—
Additional increases to the amount of credit-related impairment loss on debt securities for which an other-than-temporary impairment was previously recognized	—		158		209		191
Balance at end of period		$3,313		$3,104		$3,313		$3,104

Securities in a Continuous Unrealized Loss Position

The following table summarizes temporarily impaired securities at September 30, 2012, segregated by length of time the securities have been in a continuous unrealized loss position:

(Dollars in thousands)	Less than 12 Months						12 Months or Longer						Total
September 30, 2012	#	Fair Value		Unrealized Losses			#	Fair Value		Unrealized Losses			#	Fair Value		Unrealized Losses
Trust preferred securities:
Individual name issuers	—		$—		$—		11		$23,436		($7,231	)	11		$23,436		($7,231	)
Collateralized debt obligations	—	—		—			2	930		(3,117		)	2	930		(3,117		)
Corporate bonds	2	4,966		(33		)	—	—		—			2	4,966		(33		)
Subtotal, debt securities	2	4,966		(33		)	13	24,366		(10,348		)	15	29,332		(10,381		)
Total temporarily impaired securities	2		$4,966		($33	)	13		$24,366		($10,348	)	15		$29,332		($10,381	)

The following table summarizes temporarily impaired securities at December 31, 2011, segregated by length of time the securities have been in a continuous unrealized loss position:

(Dollars in thousands)	Less than 12 Months						12 Months or Longer						Total
December 31, 2011	#	Fair Value		Unrealized Losses			#	Fair Value		Unrealized Losses			#	Fair Value		Unrealized Losses
Trust preferred securities:
Individual name issuers	—		$—		$—		11		$22,396		($8,243	)	11		$22,396		($8,243	)
Collateralized debt obligations	—	—		—			2	887		(3,369		)	2	887		(3,369		)
Corporate bonds	3	5,203		(403		)	—	—		—			3	5,203		(403		)
Subtotal, debt securities	3	5,203		(403		)	13	23,283		(11,612		)	16	28,486		(12,015		)
Perpetual preferred stocks	2	1,704		(150		)	—	—		—			2	1,704		(150		)
Total temporarily impaired securities	5		$6,907		($553	)	13		$23,283		($11,612	)	18		$30,190		($12,165	)

Securities by Contractual Maturity

As of September 30, 2012, the amortized cost of debt securities by maturity is presented below.  Mortgage-backed securities are included based on weighted average maturities, adjusted for anticipated prepayments.  All other securities are included based on contractual maturities.  Actual maturities may differ from amounts presented because certain issuers have the right to call or prepay obligations with or without call or prepayment penalties.  Yields on tax exempt obligations are not computed on a tax equivalent basis.  Included in the securities portfolio at September 30, 2012 were debt securities with an amortized cost balance of $91.9 million and a fair value of $85.5 million that are callable at the discretion of the issuers.  Final maturities of the callable securities range from three to twenty-five years, with call features ranging from one month to five years.

(Dollars in thousands)	Within 1 Year			1-5 Years			5-10 Years			After 10 Years			Totals
Securities Available for Sale:
Obligations of U.S. government-sponsored enterprises:
Amortized cost		$—			$29,451			$—			$—			$29,451
Weighted average yield	—		%	5.40		%	—		%	—		%	5.40		%
Mortgage-backed securities issued by U.S. government-sponsored enterprises:
Amortized cost	92,691			145,406			33,912			5,423			277,432
Weighted average yield	4.27		%	3.83		%	2.44		%	2.54		%	3.78		%
State and political subdivisions:
Amortized cost	3,852			64,045			803			—			68,700
Weighted average yield	3.62		%	3.91		%	3.81		%	—		%	3.89		%
Trust preferred securities:
Amortized cost (1)	—			—			—			34,714			34,714
Weighted average yield	—		%	—		%	—		%	1.72		%	1.72		%
Corporate bonds:
Amortized cost	3,199			10,698			—			—			13,897
Weighted average yield	6.31		%	4.68		%	—		%	—		%	5.05		%
Total debt securities available for sale:
Amortized cost		$99,742			$249,600			$34,715			$40,137			$424,194
Weighted average yield	4.31		%	4.07		%	2.48		%	1.83		%	3.78		%
Fair value		$103,908			$258,863			$37,021			$40,497			$440,289
Securities Held to Maturity:
Mortgage-backed securities issued by U.S. government-sponsored enterprises:
Amortized cost		$10,635			$22,407			$8,376			$2,151			$43,569
Weighted average yield	2.48		%	2.36		%	2.24		%	1.19		%	2.31		%
Fair value		$10,992			$23,159			$8,657			$2,223			$45,031

(1) Net of other-than-temporary impairment losses.