Investments (Tables)

3 Months Ended

Mar. 31, 2013

Unrealized Gain (Loss) on Investments [Table Text Block]

The following table shows a comparison of amortized cost and fair values of investment securities at March 31, 2013 and December 31, 2012:



			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair		OTTI in
(in thousands)	Cost		Gains		Losses		Value		AOCI
March 31, 2013
Available for Sale:
U.S. government agencies	$	47,425	$	94	$	291	$	47,228	$	0
Residential mortgage-backed agencies		81,432		681		695		81,418		0
Commercial mortgage-backed agencies		14,934		92		0		15,026		0
Collateralized mortgage obligations		23,054		246		21		23,279		0
Obligations of states and political subdivisions		56,308		2,482		99		58,691		0
Collateralized debt obligations		36,902		35		23,139		13,798		15,215
Total available for sale	$	260,055	$	3,630	$	24,245	$	239,440	$	15,215
Held to Maturity:
Obligations of states and political subdivisions	$	4,040	$	461	$	183	$	4,318	$	0

December 31, 2012
Available for Sale:
U.S. government agencies	$	40,334	$	97	$	111	$	40,320	$	0
Residential mortgage-backed agencies		43,596		703		191		44,108		0
Commercial mortgage-backed agencies		37,330		288		0		37,618		0
Collateralized mortgage obligations		31,836		188		293		31,731		0
Obligations of states and political subdivisions		55,212		2,842		0		58,054		0
Collateralized debt obligations		36,798		0		25,356		11,442		16,876
Total available for sale	$	245,106	$	4,118	$	25,951	$	223,273	$	16,876
Held to Maturity:
Obligations of states and political subdivisions	$	4,040	$	542	$	235	$	4,347	$	0

Proceeds Fom Sales And Realized Gain And Losses [Table Text Block]

Proceeds from sales of securities and the realized gains and losses are as follows:



	Three Months Ended
	March 31,
(in thousands)	2013		2012
Proceeds	$	35,136	$	10,454
Realized gains		412		663
Realized losses		162		64

Gross Unrealized Losses And Fair Values Of Securities [Table Text Block]

The following table shows the Corporation’s securities with gross unrealized losses and fair values at March 31, 2013 and December 31, 2012, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position:



	Less than 12 months				12 months or more
	Fair		Unrealized		Fair		Unrealized
(in thousands)	Value		Losses		Value		Losses
March 31, 2013
Available for Sale:
U.S. government agencies	$	18,041	$	291	$	0	$	0
Residential mortgage-backed agencies		56,952		695		0		0
Commercial mortgage-backed agencies		0		0		0		0
Collateralized mortgage obligations		0		0		3,964		21
Obligations of states and political subdivisions		12,789		99		0		0
Collateralized debt obligations		0		0		13,508		23,139
Total available for sale	$	87,782	$	1,085	$	17,472	$	23,160
Held to Maturity:
Obligations of states and political subdivisions	$	2,817	$	183	$	0	$	0



December 31, 2012
Available for Sale:
U.S. government agencies	$	18,220	$	111	$	0	$	0
Residential mortgage-backed agencies		22,407		191		0		0
Commercial mortgage-backed agencies		0		0		0		0
Collateralized mortgage obligations		16,576		293		450		0*
Obligations of states and political subdivisions		0		0		0		0
Collateralized debt obligations		0		0		11,442		25,356
Total available for sale	$	57,203	$	595	$	11,892	$	25,356
Held to Maturity:
Obligations of states and political subdivisions	$	2,765	$	235	$	0	$	0
* - De minimis

Non-Cash OTTI Credit Losses Recognized In Earnings [Table Text Block]

The following tables present a cumulative roll-forward of the amount of non-cash OTTI charges related to credit losses which have been recognized in earnings for the trust preferred securities in the CDO portfolio held and not intended to be sold for the three-month periods ended March 31, 2013 and 2012:



	Three Months Ended March 31,
(in thousands)	2013		2012
Balance of credit-related OTTI at January 1	$	13,959	$	14,424
Additions for credit-related OTTI not previously recognized		0		0
Additional increases for credit-related OTTI previously recognized when there is no
intent to sell and no requirement to sell before recovery of amortized cost basis		0		0
Decreases for previously recognized credit-related OTTI because there was an
intent to sell		0		0
Reduction for increases in cash flows expected to be collected		(125)		(112)
Balance of credit-related OTTI at March 31	$	13,834	$	14,312

Amortized Cost And Fair Values Classified By Contractual Maturity Date [Table Text Block]



	Three Months Ended March 31,
(in thousands)	2013		2012
Balance of credit-related OTTI at January 1	$	13,959	$	14,424
Additions for credit-related OTTI not previously recognized		0		0
Additional increases for credit-related OTTI previously recognized when there is no
intent to sell and no requirement to sell before recovery of amortized cost basis		0		0
Decreases for previously recognized credit-related OTTI because there was an
intent to sell		0		0
Reduction for increases in cash flows expected to be collected		(125)		(112)
Balance of credit-related OTTI at March 31	$	13,834	$	14,312

The amortized cost and estimated fair value of securities by contractual maturity at March 31, 2013 is shown in the following table. Actual maturities may differ from contractual maturities because the issuers of the securities may have the right to call or prepay obligations with or without call or prepayment penalties.



	March 31, 2013
	Amortized		Fair
(in thousands)	Cost		Value
Contractual Maturity
Available for sale:
Due after five years through ten years	$	59,452	$	60,636
Due after ten years		81,183		59,081
		140,635		119,717
Residential mortgage-backed agencies		81,432		81,418
Commercial mortgage-backed agencies		14,934		15,026
Collateralized mortgage obligations		23,054		23,279
	$	260,055	$	239,440
Held to Maturity:
Due after ten years	$	4,040	$	4,318

- 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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