Securities (Tables)
| 6 Months Ended |
|---|
Jun. 30, 2012 |
|---|
| Fair Value of Available for Sale Securities and Related Gains and Losses Recognized in Accumulated Other Comprehensive Income or loss |
The
fair value of available-for-sale securities and the related gains
and losses recognized in accumulated other comprehensive income
(loss) was as follows (in thousands):
| |
|
|
|
|
Gross |
|
|
Gross |
|
|
|
|
|
|
Amortized |
|
|
Unrealized |
|
|
Unrealized |
|
|
Fair |
|
|
Available-for-Sale |
|
Cost |
|
|
Gains |
|
|
Losses |
|
|
Value |
|
|
June 30, 2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government, federal agencies and government sponsored
enterprises |
|
$ |
135,012 |
|
|
$ |
1,163 |
|
|
$ |
(20 |
) |
|
$ |
136,155 |
|
| U.S.
government residential mortgage-backed |
|
|
179,589 |
|
|
|
4,625 |
|
|
|
(107 |
) |
|
|
184,107 |
|
|
Corporate |
|
|
1,060 |
|
|
|
0 |
|
|
|
0 |
|
|
|
1,060 |
|
|
|
|
$ |
315,661 |
|
|
$ |
5,788 |
|
|
$ |
(127 |
) |
|
$ |
321,322 |
|
| |
|
|
|
|
Gross |
|
|
Gross |
|
|
|
|
| |
|
Amortized |
|
|
Unrealized |
|
|
Unrealized |
|
|
Fair |
|
| |
|
Cost |
|
|
Gains |
|
|
Losses |
|
|
Value |
|
|
December 31, 2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government, federal agencies and government sponsored
enterprises |
|
$ |
168,104 |
|
|
$ |
1,368 |
|
|
$ |
(12 |
) |
|
$ |
169,460 |
|
| U.S.
government residential mortgage-backed |
|
|
148,329 |
|
|
|
3,727 |
|
|
|
(64 |
) |
|
|
151,992 |
|
|
Corporate |
|
|
1,060 |
|
|
|
0 |
|
|
|
0 |
|
|
|
1,060 |
|
|
|
|
$ |
317,493 |
|
|
$ |
5,095 |
|
|
$ |
(76 |
) |
|
$ |
322,512 |
|
|
| Amortized Cost, Unrecognized Gains and Losses, and Fair Value of Securities Held to Maturity |
The
carrying amount, unrecognized gains and losses, and fair value of
securities held-to-maturity were as follows (in thousands):
| |
|
|
|
|
Gross |
|
|
Gross |
|
|
|
|
|
|
Amortized |
|
|
Unrecognized |
|
|
Unrecognized |
|
|
Fair |
|
|
Held-to-Maturity |
|
Cost |
|
|
Gains |
|
|
Losses |
|
|
Value |
|
| 2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal and other obligations |
|
$ |
54,882 |
|
|
$ |
1,921 |
|
|
$ |
(57 |
) |
|
$ |
56,746 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Municipal and
other obligations |
|
$ |
48,975 |
|
|
$ |
1,693 |
|
|
$ |
(25 |
) |
|
$ |
50,643 |
|
|
| Amortized Cost and Fair Value of Debt Securities by Contractual Maturity |
The
amortized cost and fair value of debt securities and carrying
amount, if different, at June 30, 2012 by contractual maturity were
as follows (in thousands), with securities not due at a single
maturity date, primarily mortgage-backed securities, shown
separately.
| |
|
Available-for-Sale |
|
|
Held-to-Maturity |
|
| |
|
Amortized |
|
|
Fair |
|
|
Amortized |
|
|
Fair |
|
| |
|
Cost |
|
|
Value |
|
|
Cost |
|
|
Value |
|
| Due in one year or
less |
|
$ |
1,881 |
|
|
$ |
1,894 |
|
|
$ |
3,419 |
|
|
$ |
3,440 |
|
| Due after one year through five
years |
|
|
65,648 |
|
|
|
66,294 |
|
|
|
27,251 |
|
|
|
28,215 |
|
| Due after five years through ten
years |
|
|
67,483 |
|
|
|
67,967 |
|
|
|
18,287 |
|
|
|
19,167 |
|
| Due after ten years |
|
|
1,060 |
|
|
|
1,060 |
|
|
|
5,925 |
|
|
|
5,925 |
|
| U.S.
Government agency mortgage-backed |
|
|
179,589 |
|
|
|
184,107 |
|
|
|
0 |
|
|
|
0 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
$ |
315,661 |
|
|
$ |
321,322 |
|
|
$ |
54,882 |
|
|
$ |
56,747 |
|
|
| Securities with Unrealized Losses Aggregated by Investment Category and Length of Time Individual Securities Have Been in Continuous Unrealized Loss Position |
Securities with unrealized losses at June 30, 2012 and December 31,
2011, aggregated by investment category and length of time that
individual securities have been in a continuous unrealized loss
position, were as follows (in thousands):
| |
|
Less than 12 Months |
|
|
12 Months or More |
|
|
Total |
|
| |
|
Fair |
|
|
Unrealized |
|
|
Fair |
|
|
Unrealized |
|
|
Fair |
|
|
Unrealized |
|
|
Description of Securities |
|
Value |
|
|
Loss |
|
|
Value |
|
|
Loss |
|
|
Value |
|
|
Loss |
|
| June 30, 2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. government, federal
agencies and government sponsored enterprises |
|
$ |
14,193 |
|
|
$ |
(20 |
) |
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
14,193 |
|
|
$ |
(20 |
) |
| U.S. government residential mortgage-backed |
|
|
23,532 |
|
|
|
(107 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
23,532 |
|
|
|
(107 |
) |
| Municipal &
other obligations |
|
|
3,559 |
|
|
|
(57 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
3,559 |
|
|
|
(57 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total
temporarily impaired |
|
$ |
41,284 |
|
|
$ |
(184 |
) |
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
41,284 |
|
|
$ |
(184 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| December 31, 2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. government, federal agencies and government sponsored enterprises |
|
$ |
18,734 |
|
|
$ |
(12 |
) |
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
18,734 |
|
|
$ |
(12 |
) |
| U.S government residential
mortgage-backed |
|
|
36,707 |
|
|
|
(64 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
36,707 |
|
|
|
(64 |
) |
| Municipal &
other obligations |
|
|
3,225 |
|
|
|
(24 |
) |
|
|
388 |
|
|
|
(1 |
) |
|
|
3,613 |
|
|
|
(25 |
) |
| Total
temporarily impaired |
|
$ |
58,666 |
|
|
$ |
(100 |
) |
|
$ |
388 |
|
|
$ |
(1 |
) |
|
$ |
59,054 |
|
|
$ |
(101 |
) |
|