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Securities (Tables)
 9 Months Ended
Sep. 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:
 
September 30, 2012
(in thousands)
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair Value
Available for Sale:
 
 
 
 
 
 
 
Residential mortgage-backed securities
$
66,496

 
$
2,543

 
$
—

 
$
69,039

Agency collateralized mortgage obligations
500,268

 
9,451

 
(694
)
 
509,025

Private-label collateralized mortgage obligations
2,504

 
6

 
—

 
2,510

Corporate debt securities
14,958

 
—

 
(400
)
 
14,558

Municipal securities
23,919

 
359

 
—

 
24,278

Total
$
608,145

 
$
12,359

 
$
(1,094
)
 
$
619,410

Held to Maturity:
 

 
 

 
 

 
 

U.S. Government agency securities
$
95,987

 
$
976

 
$
—

 
$
96,963

Residential mortgage-backed securities
26,999

 
2,353

 
—

 
29,352

Agency collateralized mortgage obligations
32,534

 
1,133

 
—

 
33,667

Corporate debt securities
15,000

 
—

 
(60
)
 
14,940

Municipal securities
2,979

 
49

 
—

 
3,028

Total
$
173,499

 
$
4,511

 
$
(60
)
 
$
177,950


 
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 September 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

 
$
9,977

Due after one year through five years
14,958

 
14,558

 
5,000

 
4,963

Due after five years through ten years
11,055

 
11,176

 
—

 
—

Due after ten years
12,864

 
13,102

 
98,966

 
99,991

 
38,877

 
38,836

 
113,966

 
114,931

Residential mortgage-backed securities
66,496

 
69,039

 
26,999

 
29,352

Agency collateralized mortgage obligations
500,268

 
509,025

 
32,534

 
33,667

Private-label collateralized mortgage obligations
2,504

 
2,510

 
—

 
—

Total
$
608,145

 
$
619,410

 
$
173,499

 
$
177,950
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:
 
 
 
 
 
 
 
September 30, 2012
$
5

 
$
(42
)
 
$
—

 
$
(37
)
September 30, 2011
7

 
—

 
—

 
7

Nine Months Ended:
 
 
 
 
 
 
 
September 30, 2012
2,500

 
(1,541
)
 
(649
)
 
310

September 30, 2011
983

 
(633
)
 
(315
)
 
35
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:
 
 
September 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
$
47,733

$
(694
)
$
—

$
—

$
47,733

$
(694
)
Corporate debt securities
9,637

(321
)
4,921

(79
)
14,558

(400
)
Total
$
57,370

$
(1,015
)
$
4,921

$
(79
)
$
62,291

$
(1,094
)
Held to Maturity:
 
 
 
 
 
 
Corporate debt securities
$
—

$
—

$
14,940

$
(60
)
$
14,940

$
(60
)
Total
$
—

$
—

$
14,940

$
(60
)
$
14,940

$
(60
)

 
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 nine months ended September 30, 2012 and September 30, 2011:

 
Private-label CMOs
 
Available for Sale
(in thousands)
2012
2011
Cumulative OTTI credit losses at July 1,
$
252

$
2,940

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
—

—

Reduction due to credit impaired securities sold
(112
)
—

Cumulative OTTI credit losses recognized for securities still
  held at September 30,
$
140

$
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
(3,458
)
—

Cumulative OTTI credit losses recognized for securities still
  held at September 30,
$
140

$
2,940