INVESTMENT SECURITIES (Tables)

12 Months Ended

Dec. 31, 2013

INVESTMENT SECURITIES [Abstract]

Amortized cost, gross unrealized gains and losses, and fair value of available-for-sale investment securities

The amortized cost, gross unrealized gains and losses, and fair value of the Company’s available-for-sale investment securities are summarized as follows:

As of December 31, 2013			Included in AOCL*
(In thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Investment securities available-for-sale
U.S. government agencies	$	68,207	$	-	$	(6,171	)	$	62,036
Mortgage-backed  securities-residential		32,769		210		(882	)		32,097
Collateralized mortgage obligations:
Issued or guaranteed by U.S. government agencies		188,194		2,887		(1,978	)		189,103
Non-agency		4,454		25		-			4,479
Corporate bonds		9,669		25		(256	)		9,438
Municipal bonds		7,163		-		(263	)		6,900
Common stocks		33		16		-			49
Other securities		3,363		1,405		(143	)		4,625
Total available for sale	$	313,852	$	4,568	$	(9,693	)	$	308,727

As of December 31, 2012			Included in AOCL*
(In thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Investment securities available-for-sale
U.S. government agencies	$	66,371	$	151	$	(78	)	$	66,444
Mortgage-backed  securities-residential		30,038		518		(47	)		30,509
Collateralized mortgage obligations:
Issued or guaranteed by U.S. government agencies		229,556		5,031		(611	)		233,976
Non-agency		1,007		4		-			1,011
Corporate bonds		7,477		32		(72	)		7,437
Municipal bonds		5,645		-		(30	)		5,615
Common stocks		33		14		-			47
Other securities		3,752		520		(108	)		4,164
Total available for sale	$	343,879	$	6,270	$	(946	)	$	349,203

* Accumulated other comprehensive loss

Amortized cost and fair value of investment securities, by contractual maturity

The amortized cost and fair value of investment securities at December 31, 2013, by contractual maturity, are shown below.  Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

	As of December 31, 2013
(In thousands)	Amortized cost		Fair value
Within 1 year	$	11,806	$	10,257
After 1 but within 5 years		6,432		6,359
After 5 but within 10 years		33,519		31,246
After 10 years		33,282		30,512
Mortgage-backed  securities-residential		32,769		32,097
Collateralized mortgage obligations:
Issued or guaranteed by U.S. government agencies		188,194		189,103
Non-agency		4,454		4,479
Total available for sale debt securities		310,456		304,053
No contractual maturity		3,396		4,674
Total available for sale securities	$	313,852	$	308,727

Gross realized gains and losses realized on sale of securities

The following table summarizes gross realized gains and losses realized on the sale of securities recognized in earnings in the periods indicated:

	For the years ended December 31,
(In thousands)	2013			2012
Gross realized gains	$	416		$	1,211
Gross realized losses		(258	)		(181	)
Net realized gains	$	158		$	1,030

Investment securities in a continuous unrealized loss position

The tables below indicate the length of time individual securities have been in a continuous unrealized loss position at December 31, 2013 and 2012:

As of December 31, 2013	Less than 12 months							12 months or longer							Total
(In thousands)	Fair value		Gross unrealized losses			Number of  positions		Fair value		Gross unrealized  losses			Number of positions		Fair value		Gross  unrealized losses			Number of positions
Investment securities available for sale
U.S. government agencies	$	48,919	$	(5,035	)		16	$	12,267	$	(1,136	)		5	$	61,186	$	(6,171	)		21
Mortgage-backed  securities-residential		18,045		(518	)		7		6,276		(364	)		2		24,321		(882	)		9
Collateralized mortgage obligations:
Issued or guaranteed by U.S. government agencies		67,240		(1,446	)		21		9,974		(532	)		3		77,214		(1,978	)		24
Corporate bonds		4,848		(221	)		5		965		(35	)		1		5,813		(256	)		6
Municipal bonds		3,019		(102	)		5		3,881		(161	)		4		6,900		(263	)		9
Other securities		-		-			-		301		(143	)		2		301		(143	)		2
Total available for sale	$	142,071	$	(7,322	)		54	$	33,664	$	(2,371	)		17	$	175,735	$	(9,693	)		71

As of December 31, 2012	Less than 12 months							12 months or longer							Total
(In thousands)	Fair value		Gross unrealized losses			Number of positions		Fair value		Gross unrealized losses			Number of positions		Fair value		Gross unrealized losses			Number  of positions
Investment securities available for sale
U.S. government agencies	$	23,818	$	(78	)		8	$	-	$	-			-	$	23,818	$	(78	)		8
Mortgage-backed securities-residential		7,280		(47	)		2		-		-			-		7,280		(47	)		2
Collateralized mortgage obligations:
Issued or guaranteed by U.S. government agencies		44,937		(592	)		15		3,975		(19	)		2		48,912		(611	)		17
Corporate bonds		2,165		(13	)		2		941		(59	)		1		3,106		(72	)		3
Municipal bonds		4,597		(21	)		5		882		(9	)		1		5,479		(30	)		6
Other securities		289		(38	)		1		255		(70	)		1		544		(108	)		2
Total available for sale	$	83,086	$	(789	)		33	$	6,053	$	(157	)		5	$	89,139	$	(946	)		38

Schedule of credit related impairment losses on debt securities held, for portion of OTTI was recognized in other comprehensive income

The following table presents a roll-forward of the balance of credit-related impairment losses on debt securities held at December 31, 2013 and 2012 for which a portion of an other-than-temporary impairment was recognized in other comprehensive income:

(In thousands)	2013			2012
Balance at January 1,	$	173		$	173
Reductions for securities sold during the period (realized)		(173	)		-
Balance at December 31,	$	-		$	173

The following table summarizes other-than-temporary impairment losses on securities recognized in earnings in the periods indicated:

	For the years ended December 31,
(In thousands)	2013		2012
Other securities	$	-	$	2,359
Total OTTI recognized in earnings	$	-	$	2,359