Investment Securities (Tables)

6 Months Ended

Jun. 30, 2013

Investment Securities

Schedule of amortized cost and fair value of debt securities classified as available-for-sale

			Gross		Gross
	Amortized		unrealized		unrealized
(in thousands)	cost		gains		losses		Fair value
June 30, 2013
U.S. Treasury	$	1,000	$	9	$	0	$	1,009
Government sponsored enterprises	65,757		414		718		65,453
Asset-backed securities	120,106		1,469		2,132		119,443
Obligations of states and political subdivisions	34,341		681		272		34,750
Total available for sale securities	$	221,204	$	2,573	$	3,122	$	220,655
December 31, 2012
U.S. Treasury	$	2,000	$	30	$	0	$	2,030
Government sponsored enterprises	54,327		853		0		55,180
Asset-backed securities	104,607		3,276		11		107,872
Obligations of states and political subdivisions	33,959		1,222		17		35,164
Total available for sale securities	$	194,893	$	5,381	$	28	$	200,246

Schedule of amortized cost and fair value of debt securities classified as available-for-sale by contractual maturity

The amortized cost and fair value of debt securities classified as available-for-sale at June 30, 2013 by contractual maturity are shown below. Expected maturities may differ from contractual maturities because borrowers have the right to call or prepay obligations with or without prepayment penalties.

	Amortized		Fair
(in thousands)	cost		value
Due in one year or less	$	6,293	$	6,352
Due after one year through five years	59,775		60,297
Due after five years through ten years	33,889		33,480
Due after ten years	1,141		1,083
Total	101,098		101,212
Asset-backed securities	120,106		119,443
Total available for sale securities	$	221,204	$	220,655

Schedule of gross unrealized losses on debt securities and fair value of related securities 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					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
(in thousands)	Value		Losses			Value		Losses			Value		Losses
At June 30, 2013
Government sponsored enterprises	$	30,857	$	(718	)	$	0	$	0		$	30,857	$	(718	)
Asset-backed securities	69,425		(2,117		)	842		(15		)	70,267		(2,132		)
Obligations of states and political subdivisions	10,133		(272		)	0		0			10,133		(272		)
Total	$	110,415	$	(3,107	)	$	842	$	(15	)	$	111,257	$	(3,122	)

(in thousands)
At December 31, 2012
Government sponsored enterprises	$	1,044	$	0		$	0	$	0	$	1,044	$	0
Asset-backed securities	4,729		(11		)	0		0		4,729		(11		)
Obligations of states and political subdivisions	2,114		(17		)	150		0		2,264		(17		)
Total	$	7,887	$	(28	)	$	150	$	0	$	8,037	$	(28	)

Schedule of components of investment securities gains (losses), which are recognized in earnings

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2013		2012		2013		2012
Gross gains realized on sales	$	260	$	0	$	554	$	0
Gross losses realized on sales	0		0		0		0
Other-than-temporary impairment recognized	0		0		0		0
Net realized gains	$	260	$	0	$	554	$	0