Investment Securities (Tables)

3 Months Ended

Mar. 31, 2014

Securities Available for Sale

The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the fair value for securities available for sale at March 31, 2014 and December 31, 2013 (in thousands):

	March 31, 2014
	Amortized cost		Gross unrealized gains	Gross unrealized losses		Fair value
Agency obligations	$	93,064	335	(108	)	93,291
Mortgage-backed securities	1,027,193		14,599	(13,105	)	1,028,687
State and municipal obligations	7,567		154	(52	)	7,669
Equity securities	397		97	—		494
	$	1,128,221	15,185	(13,265	)	1,130,141

	December 31, 2013
	Amortized cost		Gross unrealized gains	Gross unrealized losses		Fair value
Agency obligations	$	93,223	372	(179	)	93,416
Mortgage-backed securities	1,060,013		14,493	(19,532	)	1,054,974
State and municipal obligations	8,739		171	(152	)	8,758
Equity securities	357		89	—		446
	$	1,162,332	15,125	(19,863	)	1,157,594

Roll-Forward of Credit Loss Component of Other-Than-Temporary Impairment

Changes in the credit loss component of credit-impaired debt securities were as follows (in thousands):

	Three months ended March 31,
	2014		2013
Beginning credit loss amount	$	1,674	1,240
Add: Initial OTTI credit losses	—		—
Subsequent OTTI credit losses	—		—
Less: Realized losses for securities sold	1,540		—
Securities intended or required to be sold	—		—
Increases in expected cash flows on debt securities	—		—
Ending credit loss amount	$	134	1,240

Investment Securities Held to Maturity

The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the estimated fair value for investment securities held to maturity at March 31, 2014 and December 31, 2013 (in thousands):

	March 31, 2014
	Amortized cost		Gross unrealized gains	Gross unrealized losses		Fair value
Agency obligations	$	7,175	19	(45	)	7,149
Mortgage-backed securities	4,671		213	—		4,884
State and municipal obligations	335,675		7,990	(3,523	)	340,142
Corporate obligations	10,081		52	(44	)	10,089
	$	357,602	8,274	(3,612	)	362,264
	December 31, 2013
	Amortized cost		Gross unrealized gains	Gross unrealized losses		Fair value
Agency obligations	$	7,523	13	(66	)	7,470
Mortgage-backed securities	5,273		247	—		5,520
State and municipal obligations	334,750		5,435	(7,198	)	332,987
Corporate obligations	9,954		58	(76	)	9,936
	$	357,500	5,753	(7,340	)	355,913

Available-for-sale Securities [Member]

Investment Securities Classified by Contractual Maturity

The amortized cost and fair value of securities available for sale at March 31, 2014, by contractual maturity, are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer.

	March 31, 2014
	Amortized cost		Fair value
Due in one year or less	$	21,105	21,156
Due after one year through five years	76,516		76,846
Due after five years through ten years	—		—
Due after ten years	3,010		2,958
Mortgage-backed securities	1,027,193		1,028,687
Equity securities	397		494
	$	1,128,221	1,130,141

Disclosure Regarding Length of Time on Investment Securities with Temporary Impairment

The following tables represent the Company’s disclosure regarding securities available for sale with temporary impairment at March 31, 2014 and December 31, 2013 (in thousands):

	March 31, 2014 Unrealized Losses
	Less than 12 months				12 months or longer			Total
	Fair value		Gross unrealized losses		Fair value	Gross unrealized losses		Fair value	Gross unrealized losses
Agency obligations	$	31,196	(108	)	—	—		31,196	(108	)
Mortgage-backed securities	526,823		(12,496	)	24,780	(609	)	551,603	(13,105	)
State and municipal obligations	2,958		(52	)	—	—		2,958	(52	)
	$	560,977	(12,656	)	24,780	(609	)	585,757	(13,265	)

	December 31, 2013 Unrealized Losses
	Less than 12 months				12 months or longer			Total
	Fair value		Gross unrealized losses		Fair value	Gross unrealized losses		Fair value	Gross unrealized losses
Agency Obligations	$	34,355	(179	)	—	—		34,355	(179	)
Mortgage-backed securities	604,778		(18,850	)	13,521	(682	)	618,299	(19,532	)
State and municipal obligations	2,867		(152	)	—	—		2,867	(152	)
	$	642,000	(19,181	)	13,521	(682	)	655,521	(19,863	)

Held-to-maturity Securities [Member]

Investment Securities Classified by Contractual Maturity

The amortized cost and fair value of investment securities in the held to maturity portfolio at March 31, 2014 by contractual maturity are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer.

	March 31, 2014
	Amortized cost		Fair value
Due in one year or less	$	13,572	13,656
Due after one year through five years	50,356		51,686
Due after five years through ten years	131,292		134,548
Due after ten years	157,711		157,490
Mortgage-backed securities	4,671		4,884
	$	357,602	362,264

Disclosure Regarding Length of Time on Investment Securities with Temporary Impairment

The following tables represent the Company’s disclosure regarding investment securities held to maturity with temporary impairment at March 31, 2014 and December 31, 2013 (in thousands):

	March 31, 2014 Unrealized Losses
	Less than 12 months				12 months or longer			Total
	Fair value		Gross unrealized losses		Fair value	Gross unrealized losses		Fair value	Gross unrealized losses
Agency obligations	$	4,117	(38	)	493	(7	)	4,610	(45	)
State and municipal obligations	81,597		(1,988	)	28,906	(1,535	)	110,503	(3,523	)
Corporate obligations	4,337		(32	)	1,294	(12	)	5,631	(44	)
	$	90,051	(2,058	)	30,693	(1,554	)	120,744	(3,612	)

	December 31, 2013 Unrealized Losses
	Less than 12 months				12 months or longer			Total
	Fair value		Gross unrealized losses		Fair value	Gross unrealized losses		Fair value	Gross unrealized losses
Agency obligations	$	5,766	(66	)	—	—		5,766	(66	)
State and municipal obligations	123,988		(5,376	)	19,051	(1,822	)	143,039	(7,198	)
Corporate obligations	5,387		(76	)	—	—		5,387	(76	)
	$	135,141	(5,518	)	19,051	(1,822	)	154,192	(7,340	)