Securities (Tables)

3 Months Ended

Mar. 31, 2014

Investments, Debt and Equity Securities [Abstract]

Schedule of available for sale securities

The following table summarizes available-for-sale securities held by the Company at March 31, 2014:

			Available-for-Sale Securities
March 31, 2014	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
(in thousands)
Obligations of U.S. Government sponsored entities	$	543,889	$	7,114	$	4,605	$	546,398
Obligations of U.S. states and political subdivisions		69,066		1,149		849		69,366
Mortgage-backed securities – residential, issued by
U.S. Government agencies		140,583		2,631		2,244		140,970
U.S. Government sponsored entities		626,994		7,531		15,500		619,025
Non-U.S. Government agencies or sponsored entities		297		5		0		302
U.S. corporate debt securities		2,500		0		375		2,125
Total debt securities		1,383,329		18,430		23,573		1,378,186
Equity securities		1,475		0		61		1,414
Total available-for-sale securities	$	1,384,804	$	18,430	$	23,634	$	1,379,600

The following table summarizes available-for-sale securities held by the Company at December 31, 2013:

			Available-for-Sale Securities
December 31, 2013	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
(in thousands)
Obligations of U.S. Government sponsored entities	$	558,130	$	7,720	$	9,505	$	556,345
Obligations of U.S. states and political subdivisions		68,216		1,193		1,447		67,962
Mortgage-backed securities – residential, issued by
U.S. Government agencies		147,766		2,554		3,642		146,678
U.S. Government sponsored entities		587,843		8,122		18,493		577,472
Non-U.S. Government agencies or sponsored entities		306		5		0		311
U.S. corporate debt securities		5,000		8		375		4,633
Total debt securities		1,367,261		19,602		33,462		1,353,401
Equity securities		1,475		0		65		1,410
Total available-for-sale securities	$	1,368,736	$	19,602	$	33,527	$	1,354,811

Schedule of held to maturity securities

Held-to-Maturity Securities

The following table summarizes held-to-maturity securities held by the Company at March 31, 2014:

	Held-to-Maturity Securities
March 31, 2014	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
(in thousands)
Obligations of U.S. states and political subdivisions	$	18,820	$	614	$	0	$	19,434
Total held-to-maturity debt securities	$	18,820	$	614	$	0	$	19,434

The following table summarizes held-to-maturity securities held by the Company at December 31, 2013:

	Held-to-Maturity Securities
December 31, 2013	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
(in thousands)
Obligations of U.S. states and political subdivisions	$	18,980	$	645	$	0	$	19,625
Total held-to-maturity debt securities	$	18,980	$	645	$	0	$	19,625

Schedule available for sale securities with unrealized losses

The following table summarizes available-for-sale securities that had unrealized losses at March 31, 2014:

	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	$	279,989	$	4,557	$	3,227	$	48	$	283,216	$	4,605
Obligations of U.S. states and political
subdivisions		18,004		373		8,275		476		26,279		849
Mortgage-backed securities – issued by
U.S. Government agencies		64,054		1,552		12,670		692		76,724		2,244
U.S. Government sponsored entities		304,382		9,490		121,686		6,010		426,068		15,500
U.S. corporate debt securities		0		0		2,125		375		2,125		375
Equity securities		0		0		939		61		939		61
Total available-for-sale securities	$	666,429	$	15,972	$	148,922	$	7,662	$	815,351	$	23,634

There were no unrealized losses on held-to-maturity secrurities at March 31, 2014.

The following table summarizes available-for-sale securities that had unrealized losses at December 31, 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	$	337,967	$	9,467	$	1,761	$	38	$	339,728	$	9,505
Obligations of U.S. states and political subdivisions		21,821		821		6,173		626		27,994		1,447
Mortgage-backed securities – residential, issued by
U.S. Government agencies		70,052		2,701		14,874		941		84,926		3,642
U.S. Government sponsored entities		293,945		14,061		76,070		4,432		370,015		18,493
U.S. corporate debt securities		0		0		2,125		375		2,125		375
Equity securities		0		0		935		65		935		65
Total available-for-sale securities	$	723,785	$	27,050	$	101,938	$	6,477	$	825,723	$	33,527

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
(in thousands)	03/31/2014		03/31/2013
Credit losses at beginning of the period	$	0	$	441
Sales of securities for which an other-than-temporary impairment was previously recognized		0		(441	)
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	$	0

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.

March 31, 2014
(in thousands)	Amortized Cost		Fair Value
Available-for-sale securities:
Due in one year or less	$	42,922	$	43,758
Due after one year through five years		326,600		333,219
Due after five years through ten years		217,791		213,881
Due after ten years		28,142		27,031
Total		615,455		617,889
Mortgage-backed securities		767,874		760,297
Total available-for-sale debt securities	$	1,383,329	$	1,378,186

December 31, 2013
(in thousands)	Amortized Cost		Fair Value
Available-for-sale securities:
Due in one year or less	$	25,596	$	26,017
Due after one year through five years		263,553		271,303
Due after five years through ten years		313,245		304,414
Due after ten years		28,952		27,206
Total		631,346		628,940
Mortgage-backed securities		735,915		724,461
Total available-for-sale debt securities	$	1,367,261	$	1,353,401

March 31, 2014
(in thousands)	Amortized Cost		Fair Value
Held-to-maturity securities:
Due in one year or less	$	10,959	$	11,019
Due after one year through five years		5,621		5,981
Due after five years through ten years		1,726		1,885
Due after ten years		514		549
Total held-to-maturity debt securities	$	18,820	$	19,434

December 31, 2013
(in thousands)	Amortized Cost		Fair Value
Held-to-maturity securities:
Due in one year or less	$	10,952	$	11,021
Due after one year through five years		5,636		6,004
Due after five years through ten years		1,878		2,051
Due after ten years		514		549
Total held-to-maturity debt securities	$	18,980	$	19,625

Schedule of trading securities at estimated fair value

The following summarizes trading securities, at estimated fair value, as of:

(in thousands)	03/31/2014		12/31/2013
Obligations of U.S. Government sponsored entities	$	8,104	$	8,275
Mortgage-backed securities – residential, issued by
U.S. Government sponsored entities		2,394		2,716
Total	$	10,498	$	10,991