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Investments (Tables)
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3 Months Ended |
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Mar. 31, 2013
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| Investments [Abstract] |
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| 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:
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Gross
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Gross
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Amortized
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Unrealized
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Unrealized
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Fair
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OTTI in
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(in thousands)
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Cost
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Gains
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Losses
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Value
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AOCI
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March 31, 2013
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Available for Sale:
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U.S. government agencies
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$
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47,425
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$
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94
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$
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291
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$
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47,228
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$
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0
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Residential mortgage-backed agencies
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81,432
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681
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695
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81,418
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0
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Commercial mortgage-backed agencies
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14,934
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92
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0
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15,026
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0
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Collateralized mortgage obligations
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23,054
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246
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21
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23,279
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0
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Obligations of states and political subdivisions
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56,308
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2,482
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99
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58,691
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0
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Collateralized debt obligations
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36,902
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35
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23,139
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13,798
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15,215
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Total available for sale
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$
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260,055
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$
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3,630
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$
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24,245
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$
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239,440
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$
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15,215
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Held to Maturity:
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Obligations of states and political subdivisions
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$
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4,040
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$
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461
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$
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183
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$
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4,318
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$
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0
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December 31, 2012
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Available for Sale:
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U.S. government agencies
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$
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40,334
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$
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97
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$
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111
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$
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40,320
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$
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0
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Residential mortgage-backed agencies
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43,596
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703
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191
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44,108
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0
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Commercial mortgage-backed agencies
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37,330
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288
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0
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37,618
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0
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Collateralized mortgage obligations
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31,836
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188
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293
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31,731
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0
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Obligations of states and political subdivisions
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55,212
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2,842
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0
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58,054
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0
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Collateralized debt obligations
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36,798
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0
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25,356
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11,442
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16,876
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Total available for sale
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$
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245,106
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$
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4,118
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$
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25,951
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$
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223,273
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$
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16,876
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Held to Maturity:
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Obligations of states and political subdivisions
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$
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4,040
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$
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542
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$
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235
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$
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4,347
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$
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0
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| 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:
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Three Months Ended
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March 31,
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(in thousands)
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2013
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2012
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Proceeds
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$
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35,136
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$
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10,454
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Realized gains
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412
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663
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Realized losses
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162
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64
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| 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:
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Less than 12 months
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12 months or more
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Fair
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Unrealized
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Fair
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Unrealized
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(in thousands)
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Value
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Losses
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Value
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Losses
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March 31, 2013
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Available for Sale:
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U.S. government agencies
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$
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18,041
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$
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291
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$
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0
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$
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0
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Residential mortgage-backed agencies
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56,952
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695
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0
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0
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Commercial mortgage-backed agencies
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0
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0
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0
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0
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Collateralized mortgage obligations
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0
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0
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3,964
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21
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Obligations of states and political subdivisions
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12,789
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99
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0
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0
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Collateralized debt obligations
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0
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0
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13,508
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23,139
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Total available for sale
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$
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87,782
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$
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1,085
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$
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17,472
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$
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23,160
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Held to Maturity:
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Obligations of states and political subdivisions
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$
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2,817
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$
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183
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$
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0
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$
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0
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December 31, 2012
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Available for Sale:
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U.S. government agencies
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$
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18,220
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$
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111
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$
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0
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$
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0
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Residential mortgage-backed agencies
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22,407
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191
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0
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0
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Commercial mortgage-backed agencies
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0
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0
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0
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0
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Collateralized mortgage obligations
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16,576
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293
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450
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0*
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Obligations of states and political subdivisions
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0
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0
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0
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0
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Collateralized debt obligations
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0
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0
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11,442
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25,356
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Total available for sale
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$
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57,203
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$
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595
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$
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11,892
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$
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25,356
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Held to Maturity:
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Obligations of states and political subdivisions
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$
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2,765
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$
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235
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$
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0
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$
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0
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* - De minimis
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| 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:
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Three Months Ended March 31,
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(in thousands)
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2013
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2012
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Balance of credit-related OTTI at January 1
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$
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13,959
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$
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14,424
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Additions for credit-related OTTI not previously recognized
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0
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0
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Additional increases for credit-related OTTI previously recognized when there is no
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intent to sell and no requirement to sell before recovery of amortized cost basis
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0
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0
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Decreases for previously recognized credit-related OTTI because there was an
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intent to sell
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0
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0
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Reduction for increases in cash flows expected to be collected
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(125)
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(112)
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Balance of credit-related OTTI at March 31
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$
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13,834
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$
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14,312
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| Amortized Cost And Fair Values Classified By Contractual Maturity Date [Table Text Block] |
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Three Months Ended March 31,
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(in thousands)
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2013
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2012
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Balance of credit-related OTTI at January 1
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$
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13,959
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$
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14,424
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Additions for credit-related OTTI not previously recognized
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0
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0
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Additional increases for credit-related OTTI previously recognized when there is no
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intent to sell and no requirement to sell before recovery of amortized cost basis
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0
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0
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Decreases for previously recognized credit-related OTTI because there was an
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intent to sell
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0
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0
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Reduction for increases in cash flows expected to be collected
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(125)
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(112)
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Balance of credit-related OTTI at March 31
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$
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13,834
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$
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14,312
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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.
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March 31, 2013
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Amortized
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Fair
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(in thousands)
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Cost
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Value
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Contractual Maturity
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Available for sale:
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Due after five years through ten years
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$
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59,452
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$
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60,636
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Due after ten years
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81,183
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59,081
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140,635
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119,717
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Residential mortgage-backed agencies
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81,432
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81,418
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Commercial mortgage-backed agencies
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14,934
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15,026
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Collateralized mortgage obligations
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23,054
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23,279
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$
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260,055
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$
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239,440
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Held to Maturity:
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Due after ten years
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$
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4,040
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$
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4,318
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