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Securities Available for Sale and Held to Maturity (Tables)
 6 Months Ended
Jun. 30, 2014
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, 2014
 
Cost
  
Gains
  
(Losses)
  
Value
  
Cost
  
Gains
  
(Losses)
  
Value
 
U.S. Treasury securities
 
$
100
  
$
-
  
$
-
  
$
100
  
$
-
  
$
-
  
$
-
  
$
-
 
U.S. Government agency obligations
                                
Issued by U.S. Government agencies
  
117,890
   
851
   
(1,252
)
  
117,489
   
-
   
-
   
-
   
-
 
Issued by U.S. Government sponsored agencies
  
40,706
   
158
   
(16
)
  
40,848
   
100,563
   
2,201
   
-
   
102,764
 
Obligations of states and political subdivisions
  
164,581
   
6,710
   
(62
)
  
171,229
   
65,193
   
3,674
   
-
   
68,867
 
Mortgage-backed securities
                                
Residential mortgage pass-through securities
                                
Guaranteed by GNMA
  
12,955
   
554
   
(17
)
  
13,492
   
13,959
   
367
   
(2
)
  
14,324
 
Issued by FNMA and FHLMC
  
219,987
   
5,304
   
(62
)
  
225,229
   
12,165
   
267
   
-
   
12,432
 
Other residential mortgage-backed securities
                                
Issued or guaranteed by FNMA, FHLMC or GNMA
  
1,542,274
   
14,703
   
(13,358
)
  
1,543,619
   
822,444
   
3,092
   
(3,208
)
  
822,328
 
Commercial mortgage-backed securities
                                
Issued or guaranteed by FNMA, FHLMC or GNMA
  
221,221
   
8,083
   
(21
)
  
229,283
   
142,466
   
1,092
   
(1,402
)
  
142,156
 
Asset-backed securities and structured financial products
  
34,150
   
992
   
-
   
35,142
   
-
   
-
   
-
   
-
 
Total
 
$
2,353,864
  
$
37,355
  
$
(14,788
)
 
$
2,376,431
  
$
1,156,790
  
$
10,693
  
$
(4,612
)
 
$
1,162,871
 
 
                                
December 31, 2013
                                
U.S. Treasury securities
 
$
501
  
$
1
  
$
-
  
$
502
  
$
-
  
$
-
  
$
-
  
$
-
 
U.S. Government agency obligations
                                
Issued by U.S. Government agencies
  
129,653
   
1,125
   
(1,485
)
  
129,293
   
-
   
-
   
-
   
-
 
Issued by U.S. Government sponsored agencies
  
40,681
   
19
   
(521
)
  
40,179
   
100,159
   
-
   
(1,580
)
  
98,579
 
Obligations of states and political subdivisions
  
165,810
   
6,243
   
(315
)
  
171,738
   
65,987
   
2,806
   
(281
)
  
68,512
 
Mortgage-backed securities
                                
Residential mortgage pass-through securities
                                
Guaranteed by GNMA
  
14,099
   
459
   
(84
)
  
14,474
   
9,433
   
142
   
(72
)
  
9,503
 
Issued by FNMA and FHLMC
  
239,880
   
3,147
   
(1,909
)
  
241,118
   
12,724
   
30
   
(162
)
  
12,592
 
Other residential mortgage-backed securities
                                
Issued or guaranteed by FNMA, FHLMC or GNMA
  
1,300,375
   
12,459
   
(22,093
)
  
1,290,741
   
837,393
   
-
   
(15,072
)
  
822,321
 
Commercial mortgage-backed securities
                                
Issued or guaranteed by FNMA, FHLMC or GNMA
  
235,317
   
7,278
   
(423
)
  
242,172
   
143,032
   
85
   
(3,791
)
  
139,326
 
Asset-backed securities and structured financial products
  
62,689
   
1,248
   
-
   
63,937
   
-
   
-
   
-
   
-
 
Total
 
$
2,189,005
  
$
31,979
  
$
(26,830
)
 
$
2,194,154
  
$
1,168,728
  
$
3,063
  
$
(20,958
)
 
$
1,150,833
 
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, 2014
 
Fair Value
  
(Losses)
  
Fair Value
  
(Losses)
  
Fair Value
  
(Losses)
 
U.S. Government agency obligations
 
  
  
  
  
  
 
Issued by U.S. Government agencies
 
$
57,066
  
$
(561
)
 
$
14,188
  
$
(691
)
 
$
71,254
  
$
(1,252
)
Issued by U.S. Government sponsored agencies
  
-
   
-
   
9,962
   
(16
)
  
9,962
   
(16
)
Obligations of states and political subdivisions
  
804
   
(1
)
  
6,488
   
(61
)
  
7,292
   
(62
)
Mortgage-backed securities
                        
Residential mortgage pass-through securities
                        
Guaranteed by GNMA
  
4,462
   
(14
)
  
726
   
(5
)
  
5,188
   
(19
)
Issued by FNMA and FHLMC
  
10,606
   
(62
)
  
-
   
-
   
10,606
   
(62
)
Other residential mortgage-backed securities
                        
Issued or guaranteed by FNMA, FHLMC or GNMA
  
765,676
   
(4,909
)
  
417,328
   
(11,657
)
  
1,183,004
   
(16,566
)
Commercial mortgage-backed securities
                        
Issued or guaranteed by FNMA, FHLMC or GNMA
  
29,181
   
(232
)
  
63,245
   
(1,191
)
  
92,426
   
(1,423
)
Total
 
$
867,795
  
$
(5,779
)
 
$
511,937
  
$
(13,621
)
 
$
1,379,732
  
$
(19,400
)
 
December 31, 2013
                        
U.S. Government agency obligations
                        
Issued by U.S. Government agencies
 
$
68,908
  
$
(1,485
)
 
$
-
  
$
-
  
$
68,908
  
$
(1,485
)
Issued by U.S. Government sponsored agencies
  
138,478
   
(2,101
)
  
-
   
-
   
138,478
   
(2,101
)
Obligations of states and political subdivisions
  
55,963
   
(586
)
  
796
   
(10
)
  
56,759
   
(596
)
Mortgage-backed securities
                        
Residential mortgage pass-through securities
                        
Guaranteed by GNMA
  
14,732
   
(155
)
  
161
   
(1
)
  
14,893
   
(156
)
Issued by FNMA and FHLMC
  
118,466
   
(2,071
)
  
-
   
-
   
118,466
   
(2,071
)
Other residential mortgage-backed securities
                        
Issued or guaranteed by FNMA, FHLMC or GNMA
  
1,534,381
   
(36,750
)
  
23,458
   
(415
)
  
1,557,839
   
(37,165
)
Commercial mortgage-backed securities
                        
Issued or guaranteed by FNMA, FHLMC or GNMA
  
177,412
   
(4,214
)
  
-
   
-
   
177,412
   
(4,214
)
Total
 
$
2,108,340
  
$
(47,362
)
 
$
24,415
  
$
(426
)
 
$
2,132,755
  
$
(47,788
)
Gains and losses as a result of calls and disposition of securities
Gains and losses as a result of calls and dispositions of securities, as well as any associated proceeds, were as follows ($ in thousands):

 
 
Three Months Ended June 30,
  
Six Months Ended June 30,
 
Available for Sale
 
2014
  
2013
  
2014
  
2013
 
Proceeds from calls and sales of securities
 
$
-
  
$
29,031
  
$
26,274
  
$
64,778
 
Gross realized gains
  
-
   
174
   
389
   
393
 
Gross realized (losses)
  
-
   
-
   
-
   
(15
)
 
Realized gains and losses are determined using the specific identification method and are included in noninterest income as security gains, net.
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, 2014, 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
 
$
15,950
  
$
16,110
  
$
3,195
  
$
3,231
 
Due after one year through five years
  
129,812
   
134,492
   
12,282
   
13,130
 
Due after five years through ten years
  
90,308
   
93,261
   
134,508
   
138,863
 
Due after ten years
  
121,357
   
120,945
   
15,771
   
16,407
 
 
  
357,427
   
364,808
   
165,756
   
171,631
 
Mortgage-backed securities
  
1,996,437
   
2,011,623
   
991,034
   
991,240
 
Total
 
$
2,353,864
  
$
2,376,431
  
$
1,156,790
  
$
1,162,871