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Available-For-Sale Securities (Tables)
 12 Months Ended
Dec. 31, 2012
Available-for-sale Securities [Abstract]  
Summary of the Available-for-Sale Securities Portfolio
A summary of the available-for-sale securities portfolio presenting carrying amounts and gross unrealized gains and losses as of December 31, 2012 and 2011 is as follows:
 
 
 
December 31, 2012
 
December 31, 2011
(Dollars in thousands)
 
Amortized
Cost
 
Gross
unrealized
gains
 
Gross
unrealized
losses
 
Fair Value
 
Amortized
Cost
 
Gross
unrealized
gains
 
Gross
unrealized
losses
 
Fair Value
U.S. Treasury
 
$
220,226

 
$
198

 
$
(937
)
 
$
219,487

 
$
16,028

 
$
145

 
$
—

 
$
16,173

U.S. Government agencies
 
986,186

 
4,839

 
(986
)
 
990,039

 
760,533

 
5,596

 
(213
)
 
765,916

Municipal
 
107,868

 
2,899

 
(296
)
 
110,471

 
57,962

 
2,159

 
(23
)
 
60,098

Corporate notes and other:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial issuers
 
142,205

 
2,452

 
(3,982
)
 
140,675

 
149,229

 
1,914

 
(8,499
)
 
142,644

Other
 
13,911

 
220

 
—

 
14,131

 
27,070

 
287

 
(65
)
 
27,292

Mortgage-backed: (1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Agency
 
188,485

 
8,805

 
(30
)
 
197,260

 
206,549

 
12,078

 
(15
)
 
218,612

Non-agency CMOs
 
73,386

 
928

 
—

 
74,314

 
29,767

 
175

 
(3
)
 
29,939

Other equity securities
 
52,846

 
215

 
(3,362
)
 
49,699

 
37,595

 
48

 
(6,520
)
 
31,123

Total available-for-sale securities
 
$
1,785,113

 
$
20,556

 
$
(9,593
)
 
$
1,796,076

 
$
1,284,733

 
$
22,402

 
$
(15,338
)
 
$
1,291,797

 
(1)
Consisting entirely of residential mortgage-backed securities, none of which are subprime.
Schedule of Available-for-Sale Securities Portfolio Continuous Unrealized Loss Position
The following table presents the portion of the Company’s available-for-sale securities portfolio which has gross unrealized losses, reflecting the length of time that individual securities have been in a continuous unrealized loss position at December 31, 2012:
 
 
 
Continuous unrealized
losses existing for less
than 12 months
 
Continuous unrealized
losses existing for
greater than 12 months
 
Total
(Dollars in thousands)
 
Fair value
 
Unrealized
losses
 
Fair value
 
Unrealized
losses
 
Fair value
 
Unrealized
losses
U.S. Treasury
 
$
199,250

 
$
(937
)
 
$
—

 
$
—

 
$
199,250

 
$
(937
)
U.S. Government agencies
 
200,408

 
(986
)
 
—

 
—

 
200,408

 
(986
)
Municipal
 
26,782

 
(295
)
 
512

 
(1
)
 
27,294

 
(296
)
Corporate notes and other:
 
 
 
 
 
 
 
 
 
 
 
 
Financial issuers
 
4,644

 
(13
)
 
91,970

 
(3,969
)
 
96,614

 
(3,982
)
Other
 
—

 
—

 
—

 
—

 
—

 
—

Mortgage-backed:
 
 
 
 
 
 
 
 
 
 
 
 
Agency
 
20,198

 
(30
)
 
—

 
—

 
20,198

 
(30
)
Non-agency CMOs
 
—

 
—

 
—

 
—

 
—

 
—

Other equity securities
 
5,960

 
(40
)
 
22,078

 
(3,322
)
 
28,038

 
(3,362
)
Total
 
$
457,242

 
$
(2,301
)
 
$
114,560

 
$
(7,292
)
 
$
571,802

 
$
(9,593
)
The following table presents the portion of the Company’s available-for-sale securities portfolio which has gross unrealized losses, reflecting the length of time that individual securities have been in a continuous unrealized loss position at December 31, 2011:
 
 
 
Continuous unrealized
losses existing for less
than 12 months
 
Continuous unrealized
losses existing for
greater than 12 months
 
Total
(Dollars in thousands)
 
Fair value
 
Unrealized
losses
 
Fair
value
 
Unrealized
losses
 
Fair value
 
Unrealized
losses
U.S. Treasury
 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

U.S. Government agencies
 
250,072

 
(213
)
 
—

 
—

 
250,072

 
(213
)
Municipal
 
6,958

 
(23
)
 
—

 
—

 
6,958

 
(23
)
Corporate notes and other:
 
 
 
 
 
 
 
 
 
 
 
 
Financial issuers
 
56,577

 
(3,297
)
 
51,742

 
(5,202
)
 
108,319

 
(8,499
)
Other
 
9,562

 
(65
)
 
—

 
—

 
9,562

 
(65
)
Mortgage-backed:
 
 
 
 
 
 
 
 
 
 
 
 
Agency
 
15,484

 
(15
)
 
—

 
—

 
15,484

 
(15
)
Non-agency CMOs
 
2,720

 
(3
)
 
—

 
—

 
2,720

 
(3
)
Other equity securities
 
18,880

 
(6,520
)
 
—

 
—

 
18,880

 
(6,520
)
Total
 
$
360,253

 
$
(10,136
)
 
$
51,742

 
$
(5,202
)
 
$
411,995

 
$
(15,338
)
Schedule of Available-for-Sale Investment Securities Gross Gains and Gross Losses Realized
The following table provides information as to the amount of gross gains and gross losses realized and proceeds received through the sales of available-for-sale investment securities:
 
 
 
Years Ended December 31,
(Dollars in thousands)
 
2012
 
2011
 
2010
Realized gains
 
$
4,918

 
$
1,874

 
9,951

Realized losses
 
(23
)
 
(82
)
 
(119
)
Net realized gains
 
$
4,895

 
$
1,792

 
$
9,832

Other than temporary impairment charges
 
—

 
—

 
—

Gains on available-for-sale securities, net
 
$
4,895

 
$
1,792

 
$
9,832

Proceeds from sales of available-for-sale securities, net
 
$
2,399,035

 
$
1,265,046

 
$
710,290
Contractual Maturities of Available-for-Sale Securities
The amortized cost and fair value of securities as of December 31, 2012 and December 31, 2011, by contractual maturity, are shown in the following table. Contractual maturities may differ from actual maturities as borrowers may have the right to call or repay obligations with or without call or prepayment penalties. Mortgage-backed securities are not included in the maturity categories in the following maturity summary as actual maturities may differ from contractual maturities because the underlying mortgages may be called or prepaid without penalties:
 
 
 
December 31, 2012
 
December 31, 2011
(Dollars in thousands)
 
Amortized
Cost
 
Fair Value
 
Amortized
Cost
 
Fair Value
Due in one year or less
 
$
188,594

 
$
189,015

 
$
121,400

 
$
121,662

Due in one to five years
 
419,588

 
419,654

 
532,828

 
530,632

Due in five to ten years
 
361,037

 
362,135

 
95,279

 
95,508

Due after ten years
 
501,177

 
503,999

 
261,315

 
264,321

Mortgage-backed
 
261,871

 
271,574

 
236,316

 
248,551

Other equity
 
52,846

 
49,699

 
37,595

 
31,123

Total available-for-sale securities
 
$
1,785,113

 
$
1,796,076

 
$
1,284,733

 
$
1,291,797