Securities Available for Sale and Held to Maturity (Tables)

6 Months Ended

Jun. 30, 2013

Securities Available for Sale and Held to Maturity [Abstract]

Amortized cost and estimated fair value of available for sale and held to maturity securities

The following table is a summary of the amortized cost and estimated fair value of securities available for sale and held to maturity ($ in thousands):

	Securities Available for Sale									Securities Held to Maturity
			Gross		Gross			Estimated				Gross		Gross			Estimated
	Amortized		Unrealized		Unrealized			Fair		Amortized		Unrealized		Unrealized			Fair
June 30, 2013	Cost		Gains		(Losses)			Value		Cost		Gains		(Losses)			Value
U.S. Treasury securities	$	505	$	-	$	-		$	505	$	-	$	-	$	-		$	-
U.S. Government agency obligations
Issued by U.S. Government agencies		136,425		3,380		(739	)		139,066		-		-		-			-
Issued by U.S. Government sponsored agencies		138,915		26		(5,150	)		133,791		-		-		-			-
Obligations of states and political subdivisions		205,274		7,651		(721	)		212,204		30,295		3,309		-			33,604
Mortgage-backed securities
Residential mortgage pass-through securities Guaranteed by GNMA		47,543		481		(1,694	)		46,330		2,547		139		-			2,686
Issued by FNMA and FHLMC		226,655		3,023		(1,751	)		227,927		567		35		-			602
Other residential mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC or GNMA		2,167,035		16,587		(27,302	)		2,156,320		-		-		-			-
Commercial mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC or GNMA		356,044		9,273		(3,742	)		361,575		36,929		120		(2,008	)		35,041
Asset-backed securities		230,750		3,215		-			233,965		-		-		-			-
Total	$	3,509,146	$	43,636	$	(41,099	)	$	3,511,683	$	70,338	$	3,603	$	(2,008	)	$	71,933
December 31, 2012
U.S. Government agency obligations
Issued by U.S. Government agencies	$	10	$	-	$	-		$	10	$	-	$	-	$	-		$	-
Issued by U.S. Government sponsored agencies		105,396		339		-			105,735		-		-		-			-
Obligations of states and political subdivisions		202,877		12,900		(16	)		215,761		36,206		4,184		-			40,390
Mortgage-backed securities
Residential mortgage pass-through securities Guaranteed by GNMA		18,981		921		-			19,902		3,245		227		-			3,472
Issued by FNMA and FHLMC		201,493		7,071		-			208,564		572		52		-			624
Other residential mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC or GNMA		1,436,812		29,574		(20	)		1,466,366		-		-		-			-
Commercial mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC or GNMA		380,514		19,420		(154	)		399,780		2,165		237		-			2,402
Asset-backed securities		238,893		2,755		(21	)		241,627		-		-		-			-
Total	$	2,584,976	$	72,980	$	(211	)	$	2,657,745	$	42,188	$	4,700	$	-		$	46,888

Securities with gross unrealized losses, segregated by length of impairment

The table below includes securities with gross unrealized losses segregated by length of impairment ($ in thousands):

	Less than 12 Months					12 Months or More					Total
			Gross					Gross					Gross
	Estimated		Unrealized			Estimated		Unrealized			Estimated		Unrealized
June 30, 2013	Fair Value		(Losses)			Fair Value		(Losses)			Fair Value		(Losses)
U.S. Government agency obligations
Issued by U.S. Government agencies	$	25,207	$	(739	)	$	-	$	-		$	25,207	$	(739	)
Issued by U.S. Government sponsored agencies		133,503		(5,150	)		-		-			133,503		(5,150	)
Obligations of states and political subdivisions		29,391		(718	)		569		(3	)		29,960		(721	)
Mortgage-backed securities
Residential mortgage pass-through securities
Guaranteed by GNMA		38,003		(1,694	)		-		-			38,003		(1,694	)
Issued by FNMA and FHLMC		60,115		(1,751	)		-		-			60,115		(1,751	)
Other residential mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC or GNMA		1,336,865		(27,302	)		-		-			1,336,865		(27,302	)
Commercial mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC, or GNMA		144,284		(5,750	)		-		-			144,284		(5,750	)
Total	$	1,767,368	$	(43,104	)	$	569	$	(3	)	$	1,767,937	$	(43,107	)
December 31, 2012
Obligations of states and political subdivisions	$	5,878	$	(16	)	$	-	$	-		$	5,878	$	(16	)
Mortgage-backed securities
Other residential mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC or GNMA		3,055		(20	)		-		-			3,055		(20	)
Commercial mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC or GNMA		-		-			16,339		(154	)		16,339		(154	)
Asset-backed securities		16,412		(21	)		-		-			16,412		(21	)
Total	$	25,345	$	(57	)	$	16,339	$	(154	)	$	41,684	$	(211	)

Gains and losses as a result of calls and disposition of securities

Gains and losses as a result of calls and dispositions of securities were as follows ($ in thousands):

	Three Months Ended June 30,					Six Months Ended June 30,
Available for Sale	2013		2012			2013		2012
Proceeds from calls and sales of securities	$	29,031	$	34,826		$	64,778	$	34,826
Gross realized gains (losses)		174		(11	)		378		1,039
Held to Maturity
Proceeds from calls of securities	$	-	$	175		$	-	$	175
Gross realized gains		-		3			-		3

Contractual maturities of available for sale and held to maturity securities

The amortized cost and estimated fair value of securities available for sale and held to maturity at June 30, 2013, by contractual maturity, are shown below ($ in thousands).  Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

	Securities						Securities
	Available for Sale						Held to Maturity
				Estimated						Estimated
	Amortized			Fair			Amortized			Fair
	Cost			Value			Cost			Value
Due in one year or less		$	8,863		$	8,910		$	1,136		$	1,154
Due after one year through five years			115,644			118,874			14,142			15,288
Due after five years through ten years			369,444			370,670			14,262			16,368
Due after ten years			217,918			221,077			755			794
			711,869			719,531			30,295			33,604
Mortgage-backed securities			2,797,277			2,792,152			40,043			38,329
Total		$	3,509,146		$	3,511,683		$	70,338		$	71,933