Securities (Tables)

3 Months Ended

Mar. 31, 2015

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, 2015:

	Available-for-Sale Securities
March 31, 2015	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
(in thousands)
Obligations of U.S. Government sponsored entities	$	573,577	$	9,960	$	233	$	583,304
Obligations of U.S. states and political subdivisions		72,597		1,136		160		73,573
Mortgage-backed securities – residential, issued by
U.S. Government agencies		103,613		2,345		852		105,106
U.S. Government sponsored entities		682,573		7,586		5,595		684,564
Non-U.S. Government agencies or sponsored entities		258		4		0		262
U.S. corporate debt securities		2,500		0		338		2,162
Total debt securities		1,435,118		21,031		7,178		1,448,971
Equity securities		1,000		0		45		955
Total available-for-sale securities	$	1,436,118	$	21,031	$	7,223	$	1,449,926

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

	Available-for-Sale Securities
December 31, 2014	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
(in thousands)
Obligations of U.S. Government sponsored entities	$	553,300	$	6,222	$	1,702	$	557,820
Obligations of U.S. states and political subdivisions		70,790		999		279		71,510
Mortgage-backed securities – residential, issued by
U.S. Government agencies		108,931		2,339		1,344		109,926
U.S. Government sponsored entities		660,195		7,309		8,384		659,120
Non-U.S. Government agencies or sponsored entities		267		4		0		271
U.S. corporate debt securities		2,500		0		338		2,162
Total debt securities		1,395,983		16,873		12,047		1,400,809
Equity securities		1,475		0		48		1,427
Total available-for-sale securities	$	1,397,458	$	16,873	$	12,095	$	1,402,236

Schedule of held to maturity securities

The following table summarizes held-to-maturity securities held by the Company at March 31, 2015:

	Held-to-Maturity Securities
March 31, 2015	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
(in thousands)
Obligations of U.S. Government sponsored entities	$	81,982	$	1,768	$	63	$	83,687
Obligations of U.S. states and political subdivisions	$	15,084	$	487	$	0	$	15,571
Total held-to-maturity debt securities	$	97,066	$	2,255	$	63	$	99,258

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

	Held-to-Maturity Securities
December 31, 2014	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
(in thousands)
Obligations of U.S. Government sponsored entities	$	71,906	$	400	$	37	$	72,269
Obligations of U.S. states and political subdivisions		16,262		505		0		16,767
Total held-to-maturity debt securities	$	88,168	$	905	$	37	$	89,036

Schedule available for sale securities with unrealized losses

The following table summarizes available-for-sale securities that had unrealized losses at March 31, 2015:

	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	$	37,667	$	90	$	17,550	$	143	$	55,217	$	233
Obligations of U.S. states and political subdivisions		16,833		140		2,142		20		18,975		160
Mortgage-backed securities – issued by
U.S. Government agencies		2,455		4		36,556		848		39,011		852
U.S. Government sponsored entities		131,045		740		218,656		4,855		349,701		5,595
U.S. corporate debt securities		0		0		2,162		338		2,162		338
Equity securities		0		0		955		45		955		45
Total available-for-sale securities	$	188,000	$	974	$	278,021	$	6,249	$	466,021	$	7,223

The following table summarizes available-for-sale securities that had unrealized losses at December 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	$	71,363	$	385	$	65,497	$	1,317	$	136,860	$	1,702
Obligations of U.S. states and political subdivisions		15,451		124		8,102		155		23,553		279
Mortgage-backed securities – residential, issued by
U.S. Government agencies		2,623		21		28,502		1,323		31,125		1,344
U.S. Government sponsored entities		162,377		719		271,503		7,665		433,880		8,384
U.S. corporate debt securities		0		0		2,163		338		2,163		338
Equity securities		0		0		952		48		952		48
Total available-for-sale securities	$	251,814	$	1,249	$	376,719	$	10,846	$	628,533	$	12,095

Schedule held-to-maturity securities with unrealized losses

The following table summarizes held-to-maturity securities that had unrealized losses at March 31, 2015.

	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	$	10,079	$	63	$	0	$	0	$	10,079	$	63
Total held-to-maturity securities	$	10,079	$	63	$	0	$	0	$	10,079	$	63

The following table summarizes held-to-maturity securities that had unrealized losses at December 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	$	15,095	$	37	$	0	$	0	$	15,095	$	37
Total held-to-maturity securities	$	15,095	$	37	$	0	$	0	$	15,095	$	37

Schedule of amortized cost and estimated fair value of debt securities by contractual maturity

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, 2015
(in thousands)	Amortized Cost		Fair Value
Available-for-sale securities:
Due in one year or less	$	68,446	$	69,829
Due after one year through five years		391,117		398,772
Due after five years through ten years		173,150		174,819
Due after ten years		15,961		15,619
Total		648,674		659,039
Mortgage-backed securities		786,444		789,932
Total available-for-sale debt securities	$	1,435,118	$	1,448,971

December 31, 2014
(in thousands)	Amortized Cost		Fair Value
Available-for-sale securities:
Due in one year or less	$	67,281	$	68,350
Due after one year through five years		342,548		347,230
Due after five years through ten years		199,724		199,276
Due after ten years		17,037		16,636
Total		626,590		631,492
Mortgage-backed securities		769,393		769,317
Total available-for-sale debt securities	$	1,395,983	$	1,400,809

March 31, 2015
(in thousands)	Amortized Cost		Fair Value
Held-to-maturity securities:
Due in one year or less	$	10,394	$	10,454
Due after one year through five years		3,358		3,616
Due after five years through ten years		83,006		84,835
Due after ten years		308		353
Total held-to-maturity debt securities	$	97,066	$	99,258

December 31, 2014
(in thousands)	Amortized Cost		Fair Value
Held-to-maturity securities:
Due in one year or less	$	11,400	$	11,471
Due after one year through five years		3,440		3,694
Due after five years through ten years		73,020		73,518
Due after ten years		308		353
Total held-to-maturity debt securities	$	88,168	$	89,036

Schedule of trading securities at estimated fair value

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

(in thousands)	03/31/2015		12/31/2014
Obligations of U.S. Government sponsored entities	$	7,240	$	7,404
Mortgage-backed securities – residential, issued by
U.S. Government sponsored entities		1,365		1,588
Total	$	8,605	$	8,992