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Investment Securities (Tables)

6 Months Ended

Jun. 30, 2014

The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the fair value for securities available for sale at June 30, 2014 and December 31, 2013 (in thousands):



	June 30, 2014
	Amortized cost		Gross unrealized gains	Gross unrealized losses		Fair value
Agency obligations	$	90,906	347	(45	)	91,208
Mortgage-backed securities	1,037,367		16,353	(5,696	)	1,048,024
State and municipal obligations	7,558		153	(12	)	7,699
Corporate obligations	9,550		5	(16	)	9,539
Equity securities	397		119	—		516
	$	1,145,778	16,977	(5,769	)	1,156,986



	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 June 30,			Six months ended June 30,
	2014		2013	2014	2013
Beginning credit loss amount	$	134	1,240	1,674	1,240
Add: Initial OTTI credit losses	—		—	—	—
Subsequent OTTI credit losses	—		—	—	—
Less: Realized losses for securities sold	134		—	1,674	—
Securities intended or required to be sold	—		—	—	—
Increases in expected cash flows on debt securities	—		—	—	—
Ending credit loss amount	$	—	1,240	—	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 June 30, 2014 and December 31, 2013 (in thousands):



	June 30, 2014
	Amortized cost		Gross unrealized gains	Gross unrealized losses		Fair value
Agency obligations	$	7,426	26	(21	)	7,431
Mortgage-backed securities	3,693		173	—		3,866
State and municipal obligations	433,464		10,737	(2,333	)	441,868
Corporate obligations	10,065		60	(13	)	10,112
	$	454,648	10,996	(2,367	)	463,277

	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 June 30, 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.



	June 30, 2014
	Amortized cost		Fair value
Due in one year or less	$	23,108	23,130
Due after one year through five years	78,886		79,306
Due after five years through ten years	3,019		3,004
Due after ten years	3,001		3,006
Mortgage-backed securities	1,037,367		1,048,024
Equity securities	397		516
	$	1,145,778	1,156,986

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 June 30, 2014 and December 31, 2013 (in thousands):



	June 30, 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	$	15,289	(17	)	5,011	(28	)	20,300	(45	)
Mortgage-backed securities	99,820		(264	)	326,848	(5,432	)	426,668	(5,696	)
State and municipal obligations	—		—		658	(12	)	658	(12	)
Corporate obligations	4,034		(16	)	—	—		4,034	(16	)
	$	119,143	(297	)	332,517	(5,472	)	451,660	(5,769	)



	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 June 30, 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.



	June 30, 2014
	Amortized cost		Fair value
Due in one year or less	$	12,442	12,505
Due after one year through five years	50,288		51,668
Due after five years through ten years	147,895		152,984
Due after ten years	240,330		242,254
Mortgage-backed securities	3,693		3,866
	$	454,648	463,277

Disclosure Regarding Length of Time on Investment Securities with Temporary Impairment

The following tables represent the Company’s disclosure on investment securities held to maturity with temporary impairment at June 30, 2014 and December 31, 2013 (in thousands):



	June 30, 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	$	644	(1	)	2,960	(20	)	3,604	(21	)
State and municipal obligations	105,965		(638	)	65,634	(1,695	)	171,599	(2,333	)
Corporate obligations	747		(3	)	2,572	(10	)	3,319	(13	)
	$	107,356	(642	)	71,166	(1,725	)	178,522	(2,367	)



	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	)

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

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- Definition

Tabular disclosure of all investments in certain debt and equity securities for which the entity has the positive intent and ability to hold until maturity.

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- Definition

Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income.

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