3. Securities

The amortized cost and fair value of securities classified as available for sale and held to maturity follow (in thousands):


Securitites Available for Sale
	March 31, 2013								December 31, 2012
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Treasury	$	150	$	7	$	—	$	157	$	150	$	8	$	—	$	158
U.S. government agencies		—		—		—		—		18,096		11		—		18,107
Municipal obligations		55,405		554		46		55,913		49,608		571		14		50,165
Mortgage-backed securities		2,547,382		52,999		5,656		2,594,725		1,715,524		58,903		21		1,774,406
CMOs		193,153		525		55		193,623		196,723		1,354		—		198,077
Corporate debt securities		3,750		—		—		3,750		2,250		—		—		2,250
Other equity securities		4,571		801		1		5,371		4,531		752		4		5,279

	$	2,804,411	$	54,886	$	5,758	$	2,853,539	$	1,986,882	$	61,599	$	39	$	2,048,442


Securitites Held to Maturity
	March 31, 2013								December 31, 2012
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Municipal obligations	$	160,534	$	14,550	$	30	$	175,054	$	164,493	$	16,017	$	—	$	180,510
Mortgage-backed securities		167,843		2,266		—		170,109		180,397		3,429		—		183,826
CMOs		1,480,363		23,796		436		1,503,723		1,323,128		23,942		941		1,346,129

	$	1,808,740	$	40,612	$	466	$	1,848,886	$	1,668,018	$	43,388	$	941	$	1,710,465

The following table presents the amortized cost and fair value of debt securities at March 31, 2013 by contractual maturity (in thousands). Actual maturities will differ from contractual maturities because of rights to call or repay obligations with or without penalties.


	Amortized Cost		Fair Value
Debt Securities Available for Sale
Due in one year or less	$	28,214	$	28,355
Due after one year through five years		262,761		264,703
Due after five years through ten years		227,797		237,802
Due after ten years		2,281,068		2,317,308

Total available for sale debt securities	$	2,799,840	$	2,848,168


	Amortized Cost		Fair Value
Debt Securities Held to Maturity
Due in one year or less	$	10,037	$	10,158
Due after one year through five years		569,515		578,368
Due after five years through ten years		231,529		241,522
Due after ten years		997,659		1,018,838

Total held to maturity securities	$	1,808,740	$	1,848,886

The Company held no securities classified as trading at March 31, 2013 or December 31, 2012.

The details for securities classified as available for sale with unrealized losses as of March 31, 2013 follow (in thousands):


	Losses < 12 months				Losses 12 months or >				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Municipal obligations	$	5,749	$	40	$	540	$	6	$	6,289	$	46
Mortgage-backed securities		992,038		5,647		802		9		992,840		5,656
CMOs		48,409		55		—		—		48,409		55
Equity securities		—		—		2		1		2		1

	$	1,046,196	$	5,742	$	1,344	$	16	$	1,047,540	$	5,758

The details for securities classified as available for sale with unrealized losses as of December 31, 2012 follows (in thousands):


	Losses < 12 months				Losses 12 months or >				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Municipal obligations	$	5,278	$	14	$	—	$	—	$	5,278	$	14
Mortgage-backed securities		57,752		14		1,097		7		58,849		21
Equity securities		268		2		2		2		270		4

	$	63,298	$	30	$	1,099	$	9	$	64,397	$	39

The details for securities classified as held to maturity with unrealized losses as of March 31, 2013 follows (in thousands):


Held to maturity
	Losses < 12 months				Losses 12 months or >				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Municpal obligations	$	1,667	$	30	$	—	$	—	$	1,667	$	30
Mortgage-backed securities		2,535		—		—		—		2,535		—
CMOs		—		6		41,997		430		41,997		436

	$	4,202	$	36	$	41,997	$	430	$	46,199	$	466

The details for securities classified as held to maturity with unrealized losses as of December 31, 2012 follows (in thousands):


	Losses < 12 months				Losses 12 months or >				Total
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
CMOs	$	87,852	$	259	$	54,445	$	682	$	142,297	$	941

	$	87,852	$	259	$	54,445	$	682	$	142,297	$	941

Substantially all of the unrealized losses relate to changes in market rates on fixed-rate debt securities since the respective purchase dates. In all cases, the indicated impairment would be recovered no later than the security’s maturity date or possibly earlier if the market price for the security increases with a reduction in the yield required by the market. None of the unrealized losses relate to the marketability of the securities or the obligor’s ability to meet contractual obligations. The Company has adequate liquidity and, therefore, does not plan to and, more likely than not, will not be required to sell these securities before full recovery of the indicated impairment. Accordingly, the unrealized losses on these securities have been determined to be temporary.

Securities with carrying values totaling approximately $2.6 billion at both March 31, 2013 and at December 31, 2012 were pledged primarily to secure public deposits or securities sold under agreements to repurchase.