Securities (Tables)

6 Months Ended

Jun. 30, 2013

Investments, Debt and Equity Securities [Abstract]

Schedule of available for sale securities

Available-for-Sale Securities
The following table summarizes available-for-sale securities held by the Company at June 30, 2013:
	Available-for-Sale Securities
June 30, 2013	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
(in thousands)
Obligations of U.S. Government sponsored entities	$	585,539	$	9,625	$	6,853	$	588,311
Obligations of U.S. states and political subdivisions		73,769		1,417		1,235		73,951
Mortgage-backed securities – residential, issued by
U.S. Government agencies		143,418		3,223		2,348		144,293
U.S. Government sponsored entities		624,318		8,860		12,600		620,578
Non-U.S. Government agencies or sponsored entities		385		9		0		394
U.S. corporate debt securities		5,005		53		113		4,945
Total debt securities		1,432,434		23,187		23,149		1,432,472
Equity securities		2,034		0		52		1,982
Total available-for-sale securities	$	1,434,468	$	23,187	$	23,201	$	1,434,454

The following table summarizes available-for-sale securities held by the Company at December 31, 2012:
	Available-for-Sale Securities
December 31, 2012	Amortized Cost1		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
(in thousands)
U.S. Treasury securities	$	1,001	$	3	$	0	$	1,004
Obligations of U.S. Government sponsored entities		570,871		22,909		2		593,778
Obligations of U.S. states and political subdivisions		76,803		2,326		73		79,056
Mortgage-backed securities – residential, issued by
U.S. Government agencies		162,853		5,362		548		167,667
U.S. Government sponsored entities		526,364		15,759		1,768		540,355
Non-U.S. Government agencies or sponsored entities		4,457		40		143		4,354
U.S. corporate debt securities		5,009		87		13		5,083
Total debt securities		1,347,358		46,486		2,547		1,391,297
Equity securities		2,058		0		15		2,043
Total available-for-sale securities	$	1,349,416	$	46,486	$	2,562	$	1,393,340
1 Net of other-than-temporary impairment losses recognized in earnings.

Schedule of held to maturity securities

Held-to-Maturity Securities
The following table summarizes held-to-maturity securities held by the Company at June 30, 2013:
	Held-to-Maturity Securities
June 30, 2013	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
(in thousands)
Obligations of U.S. states and political subdivisions	$	20,173	$	956	$	0	$	21,129
Total held-to-maturity debt securities	$	20,173	$	956	$	0	$	21,129

The following table summarizes held-to-maturity securities held by the Company at December 31, 2012:
	Held-to-Maturity Securities
December 31, 2012	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
(in thousands)
Obligations of U.S. states and political subdivisions	$	24,062	$	1,101	$	0	$	25,163
Total held-to-maturity debt securities	$	24,062	$	1,101	$	0	$	25,163

Schedule available for sale securities with unrealized losses

The following table summarizes available-for-sale securities that had unrealized losses at June 30, 2013:
	Less than 12 Months				12 Months or Longer				Total
(in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Obligations of U.S. Government sponsored entities	$	316,509	$	6,853	$	0	$	0	$	316,509	$	6,853
Obligations of U.S. states and political subdivisions		30,641		1,235		0		0		30,641		1,235
Mortgage-backed securities – issued by
U.S. Government agencies		63,312		2,348		0		0		63,312		2,348
U.S. Government sponsored entities		372,386		12,600		0		0		372,386		12,600
U.S. corporate debt securities		2,387		113		0		0		2,387		113
Equity securities		948		52		0		0		948		52
Total available-for-sale securities	$	786,183	$	23,201	$	0	$	0	$	786,183	$	23,201
There were no unrealized losses on held-to-maturity securities at June 30, 2013.

The following table summarizes available-for-sale securities that had unrealized losses at December 31, 2012:
	Less than 12 Months				12 Months or Longer				Total
(in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Obligations of U.S. Government sponsored entities	$	1,147	$	2	$	0	$	0	$	1,147	$	2
Obligations of U.S. states and political subdivisions		10,307		73		0		0		10,307		73
Mortgage-backed securities – residential, issued by
U.S. Government agencies		40,022		548		0		0		40,022		548
U.S. Government sponsored entities		128,365		1,768		0		0		128,365		1,768
Non-U.S. Government agencies or sponsored entities		833		143		0		0		833		143
U.S. corporate debt securities		2,487		13		0		0		2,487		13
Equity securities		985		15		0		0		985		15
Total available-for-sale securities	$	184,146	$	2,562	$	0	$	0	$	184,146	$	2,562

Schedule of rollforward of credit losses on debt securities for which portion of OTTI is recognized in OCI

The following table summarizes the roll-forward of credit losses on debt securities held by the Company for which a portion of an other-than-temporary impairment is recognized in other comprehensive income:
	Three Months Ended				Six Months Ended
(in thousands)	06/30/2013		06/30/2012		06/30/2013			06/30/2012
Credit losses at beginning of the period	$	0	$	245	$	441		$	245
Credit losses related to securities for which an other-than-temporary impairment was previously recognized		0		65		0			65
Sales of securities for which an other-than-temporary impairment was previously recognized		0		0		(441	)		0
Ending balance of credit losses on debt securities held for which a portion of an other-than-temporary impairment was recognized in other comprehensive income	$	0	$	310	$	0		$	310

Schedule of amortized cost and estimated fair value of debt

The amortized cost and estimated fair value of debt securities by contractual maturity are shown in the following table.  Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.  Mortgage-backed securities are shown separately since they are not due at a single maturity date.

June 30, 2013
(in thousands)	Amortized Cost		Fair Value
Available-for-sale securities:
Due in one year or less	$	21,957	$	22,249
Due after one year through five years		229,402		239,169
Due after five years through ten years		381,530		375,541
Due after ten years		31,424		30,248
Total		664,313		667,207
Mortgage-backed securities		768,121		765,265
Total available-for-sale debt securities	$	1,432,434	$	1,432,472

December 31, 2012
(in thousands)	Amortized Cost1		Fair Value
Available-for-sale securities:
Due in one year or less	$	39,552	$	39,990
Due after one year through five years		355,296		370,933
Due after five years through ten years		255,795		264,966
Due after ten years		3,041		3,032
Total		653,684		678,921
Mortgage-backed securities		693,674		712,376
Total available-for-sale debt securities	$	1,347,358	$	1,391,297
1 Net of other-than-temporary impairment losses recognized in earnings.

June 30, 2013
(in thousands)	Amortized Cost		Fair Value
Held-to-maturity securities:
Due in one year or less	$	11,167	$	11,254
Due after one year through five years		6,336		6,815
Due after five years through ten years		2,080		2,370
Due after ten years		590		690
Total held-to-maturity debt securities	$	20,173	$	21,129

December 31, 2012
(in thousands)	Amortized Cost		Fair Value
Held-to-maturity securities:
Due in one year or less	$	13,070	$	13,154
Due after one year through five years		7,974		8,535
Due after five years through ten years		2,283		2,619
Due after ten years		735		855
Total held-to-maturity debt securities	$	24,062	$	25,163

Schedule of trading securities at estimated fair value

Trading Securities
The following summarizes trading securities, at estimated fair value, as of:
(in thousands)	June 30, 2013		December 31, 2012
Obligations of U.S. Government sponsored entities	$	11,185	$	11,860
Mortgage-backed securities – residential, issued by
U.S. Government sponsored entities		3,503		4,590
Total	$	14,688	$	16,450