Securities (Tables)

6 Months Ended

Jun. 30, 2013

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, 2013
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available for Sale:
U.S. Government agency securities	$	33,994	$	—	$	(2,991	)	$	31,003
Residential mortgage-backed securities	68,949		—		(1,844		)	67,105
Agency collateralized mortgage obligations	527,064		3,114		(9,349		)	520,829
Municipal securities	26,895		—		(1,164		)	25,731
Total	$	656,902	$	3,114	$	(15,348	)	$	644,668
Held to Maturity:
U.S. Government agency securities	$	149,089	$	—	$	(9,518	)	$	139,571
Residential mortgage-backed securities	18,024		1,089		—			19,113
Agency collateralized mortgage obligations	43,703		476		—			44,179
Corporate debt securities	5,000		55		—			5,055
Municipal securities	2,978		3		(144		)	2,837
Total	$	218,794	$	1,623	$	(9,662	)	$	210,755

	December 31, 2012
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available for Sale:
U.S. Government agency securities	$	33,994	$	19	$	(252	)	$	33,761
Residential mortgage-backed securities	55,614		1,596		—			57,210
Agency collateralized mortgage obligations	547,641		9,971		(745		)	556,867
Municipal securities	26,890		381		—			27,271
Total	$	664,139	$	11,967	$	(997	)	$	675,109
Held to Maturity:
U.S. Government agency securities	$	178,926	$	700	$	(363	)	$	179,263
Residential mortgage-backed securities	23,827		1,889		—			25,716
Agency collateralized mortgage obligations	49,051		1,587		—			50,638
Corporate debt securities	15,000		13		—			15,013
Municipal securities	2,979		62		—			3,041
Total	$	269,783	$	4,251	$	(363	)	$	273,671

Amortized cost and fair value of debt securities by contractual maturity

The amortized cost and fair value of debt securities by contractual maturity at June 30, 2013 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	$	—	$	—	$	—	$	—
Due after one year through five years	—		—		5,000		5,055
Due after five years through ten years	47,480		44,074		70,000		65,105
Due after ten years	13,409		12,660		82,067		77,303
	60,889		56,734		157,067		147,463
Residential mortgage-backed securities	68,949		67,105		18,024		19,113
Agency collateralized mortgage obligations	527,064		520,829		43,703		44,179
Total	$	656,902	$	644,668	$	218,794	$	210,755

Gains (Losses) on the sales or calls of debt securities and credit losses for OTTI of investments

The following table summarizes the Company's gains and losses on the sales or calls 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
Three Months Ended:
June 30, 2013	$	363	$	(372	)	$	—		$	(9	)
June 30, 2012	626		(614		)	—			12
Six Months Ended:
June 30, 2013	$	1,183	$	(1,162	)	$	—		$	21
June 30, 2012	2,495		(1,499		)	(649		)	347

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, 2013
	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:
U.S. Government agency securities	$	31,003	$	(2,991	)	$	—	$	—	$	31,003	$	(2,991	)
Residential mortgage-backed securities	67,105		(1,844		)	—		—		67,105		(1,844		)
Agency CMOs	298,454		(9,349		)	—		—		298,454		(9,349		)
Municipal securities	25,731		(1,164		)	—		—		25,731		(1,164		)
Total	$	422,293	$	(15,348	)	$	—	$	—	$	422,293	$	(15,348	)
Held to Maturity:
U.S. Government agency securities	$	139,571	$	(9,518	)	$	—	$	—	$	139,571	$	(9,518	)
Municipal securities	1,731		(144		)	—		—		1,731		(144		)
Total	$	141,302	$	(9,662	)	$	—	$	—	$	141,302	$	(9,662	)

	December 31, 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:
U.S. Government agency securities	$	24,748	$	(252	)	$	—	$	—	$	24,748	$	(252	)
Agency CMOs	53,274		(745		)	—		—		53,274		(745		)
Total	$	78,022	$	(997	)	$	—	$	—	$	78,022	$	(997	)
Held to Maturity:
U.S. Government agency securities	$	57,572	$	(363	)	$	—	$	—	$	57,572	$	(363	)
Total	$	57,572	$	(363	)	$	—	$	—	$	57,572	$	(363	)

Cumulative life credit losses recognized in earnings

The table that follows rolls forward the cumulative life-to-date credit losses which have been recognized in earnings for the private-label CMOs for the three months and six months ended June 30, 2013 and June 30, 2012. The Company did not incur any credit losses for the private-label CMOs in 2013 and does not currently hold private-label CMOs as of June 30, 2013.

	Private-label CMOs
	Available for Sale
(in thousands)	2013		2012
Cumulative OTTI credit losses at April 1,	$	—	$	2,293
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	—		(2,041		)
Cumulative OTTI credit losses recognized for securities still   held at June 30,	$	—	$	252

	Private-label CMOs
	Available for Sale
(in thousands)	2013		2012
Cumulative OTTI credit losses at January 1,	$	—	$	2,949
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
Reduction due to credit impaired securities sold	—		(3,346		)
Cumulative OTTI credit losses recognized for securities still   held at June 30,	$	—	$	252