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Securities (Tables)
 6 Months Ended
Jun. 30, 2012
Investments, Debt and Equity Securities [Abstract]  
Schedule of Available for Sale and Held to Maturity Securities Reconciliation
 The amortized cost and fair value of securities are summarized in the following tables:
 
June 30, 2012
(in thousands)
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair Value
Available for Sale:
 
 
 
 
 
 
 
U.S. Government agency securities
$
10,000

 
$
1

 
$
—

 
$
10,001

Residential mortgage-backed securities
70,356

 
1,244

 
—

 
71,600

Agency collateralized mortgage obligations
468,575

 
9,151

 
(230
)
 
477,496

Private-label collateralized mortgage obligations
6,258

 
—

 
(254
)
 
6,004

Corporate debt securities
19,956

 
—

 
(690
)
 
19,266

Municipal securities
20,658

 
28

 
(113
)
 
20,573

Total
$
595,803

 
$
10,424

 
$
(1,287
)
 
$
604,940

Held to Maturity:
 

 
 

 
 

 
 

U.S. Government agency securities
$
110,982

 
$
782

 
$
(29
)
 
$
111,735

Residential mortgage-backed securities
29,351

 
2,301

 
—

 
31,652

Agency collateralized mortgage obligations
34,890

 
950

 
—

 
35,840

Corporate debt securities
15,000

 
—

 
(150
)
 
14,850

Municipal securities
1,105

 
27

 
—

 
1,132

Total
$
191,328

 
$
4,060

 
$
(179
)
 
$
195,209


 
December 31, 2011
(in thousands)
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair Value
Available for Sale:
 
 
 
 
 
 
 
U.S. Government agency securities
$
22,500

 
$
58

 
$
—

 
$
22,558

Residential mortgage-backed securities
21,087

 
325

 
—

 
21,412

Agency collateralized mortgage obligations
519,167

 
9,171

 
(175
)
 
528,163

Private-label collateralized mortgage obligations
24,974

 
—

 
(1,968
)
 
23,006

Corporate debt securities
19,952

 
—

 
(1,632
)
 
18,320

Total
$
607,680

 
$
9,554

 
$
(3,775
)
 
$
613,459

Held to Maturity:
 

 
 

 
 

 
 

U.S. Government agency securities
$
97,750

 
$
88

 
$
—

 
$
97,838

Residential mortgage-backed securities
37,658

 
2,769

 
—

 
40,427

Agency collateralized mortgage obligations
45,122

 
840

 
(1
)
 
45,961

Corporate debt securities
15,000

 
—

 
(484
)
 
14,516

Municipal securities
1,105

 
10

 
—

 
1,115

Total
$
196,635

 
$
3,707

 
$
(485
)
 
$
199,857
Amortized cost and fair value of debt securities by contractrual maturity
The amortized cost and fair value of debt securities by contractual maturity at June 30, 2012 are shown in the following table. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations.
 
 
Available for Sale
 
Held to Maturity
(in thousands)
Amortized Cost
 
Fair Value
 
Amortized Cost
 
Fair Value
Due in one year or less
$
—

 
$
—

 
$
10,000

 
$
9,950

Due after one year through five years
—

 
—

 
5,000

 
4,900

Due after five years through ten years
31,010

 
30,296

 
15,000

 
15,021

Due after ten years
19,604

 
19,544

 
97,087

 
97,846

 
50,614

 
49,840

 
127,087

 
127,717

Residential mortgage-backed securities
70,356

 
71,600

 
29,351

 
31,652

Agency collateralized mortgage obligations
468,575

 
477,496

 
34,890

 
35,840

Private-label collateralized mortgage obligations
6,258

 
6,004

 
—

 
—

Total
$
595,803

 
$
604,940

 
$
191,328

 
$
195,209
Gains (Losses) on the sales of debt securities and credit losses for OTTI of investments
The following table summarizes the Company's gains and losses on the sales of debt securities and credit losses recognized for the OTTI of investments:

(in thousands)
Gross Realized Gains
 
Gross Realized (Losses)
 
OTTI Credit Losses
 
Net Gains (Losses)
Three Months Ended:
 
 
 
 
 
 
 
June 30, 2012
$
626

 
$
(614
)
 
$
—

 
$
12

June 30, 2011
309

 
—

 
(315
)
 
(6
)
Six Months Ended:
 
 
 
 
 
 
 
June 30, 2012
2,495

 
(1,499
)
 
(649
)
 
347

June 30, 2011
976

 
(633
)
 
(315
)
 
28
Fair value and gross unrealized losses
The following table shows the fair value and gross unrealized losses associated with the Company's investment portfolio, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position:
 
 
June 30, 2012
 
Less than 12 months
12 months or more
Total
 (in thousands)
Fair Value
Unrealized
(Losses)
Fair Value
Unrealized
(Losses)
Fair Value
Unrealized
(Losses)
Available for Sale:
 
 
 
 
 
 
Agency CMOs
$
30,776

$
(230
)
$
—

$
—

$
30,776

$
(230
)
Private-label CMOs
—

—

6,004

(254
)
6,004

(254
)
Corporate debt securities
19,266

(690
)
—

—

19,266

(690
)
Municipal securities
13,241

(113
)
—

—

13,241

(113
)
Total
$
63,283

$
(1,033
)
$
6,004

$
(254
)
$
69,287

$
(1,287
)
Held to Maturity:
 
 
 
 
 
 
U.S. Government agency securities
$
9,956

$
(29
)
$
—

$
—

$
9,956

$
(29
)
Corporate debt securities
14,850

(150
)
—

—

14,850

(150
)
Total
$
24,806

$
(179
)
$
—

$
—

$
24,806

$
(179
)

 
December 31, 2011
 
Less than 12 months
12 months or more
Total
 (in thousands)
Fair Value
Unrealized
(Losses)
Fair Value
Unrealized
(Losses)
Fair Value
Unrealized
(Losses)
Available for Sale:
 
 
 
 
 
 
Agency CMOs
$
49,793

$
(175
)
$
—

$
—

$
49,793

$
(175
)
Private-label CMOs
6,017

(268
)
16,989

(1,700
)
23,006

(1,968
)
Corporate debt securities
18,320

(1,632
)
—

—

18,320

(1,632
)
Total
$
74,130

$
(2,075
)
$
16,989

$
(1,700
)
$
91,119

$
(3,775
)
Held to Maturity:
 
 
 
 
 
 
Agency CMOs
$
1,312

$
(1
)
$
—

$
—

$
1,312

$
(1
)
Corporate debt securities
14,516

(484
)
—

—

14,516

(484
)
Total
$
15,828

$
(485
)
$
—

$
—

$
15,828

$
(485
)
Cumulative life credit losses recognized in earnings
The table below rolls forward the cumulative life to date credit losses which have been recognized in earnings for the private-label CMOs previously mentioned for the three months and six months ended June 30, 2012 and June 30, 2011:

 
Private-label CMOs
 
Available for Sale
(in thousands)
2012
2011
Cumulative OTTI credit losses at April 1,
$
2,293

$
2,625

Additions for which OTTI was not previously recognized
—

—

Additional increases for OTTI previously recognized when
  there is no intent to sell and no requirement to sell before
  recovery of amortized cost basis
—

315

Reduction due to credit impaired securities sold
(2,041
)
—

Cumulative OTTI credit losses recognized for securities still
  held at June 30,
$
252

$
2,940



 
Private-label CMOs
 
Available for Sale
(in thousands)
2012
2011
Cumulative OTTI credit losses at January 1,
$
2,949

$
2,625

Additions for which OTTI was not previously recognized
—

—

Additional increases for OTTI previously recognized when
  there is no intent to sell and no requirement to sell before
  recovery of amortized cost basis
649

315

Reduction due to credit impaired securities sold
(3,346
)
—

Cumulative OTTI credit losses recognized for securities still
  held at June 30,
$
252

$
2,940