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Investments
 6 Months Ended
Jun. 30, 2011
Investments [Abstract]  
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]
Investments
A summary of investment securities follows:
 
Amortized
Cost
 
Unrealized
 
Fair
Value
Gains
 
Losses
 
(In thousands)
At June 30, 2011:
 
 
 
 
 
 
 
Available for sale securities at fair value:
 
 
 
 
 
 
 
U.S. government and agencies
$
6,811


 
$
5


 
$
(62
)
 
$
6,754


Government-sponsored entities
345,631


 
1,445


 
(380
)
 
346,696


Corporate bonds
13,684


 
195


 
—


 
13,879


Municipal bonds
185,987


 
3,321


 
(117
)
 
189,191


Mortgage backed securities (1)
228,203


 
5,711


 
(213
)
 
233,701


Other
3,246


 
180


 
(25
)
 
3,401


Total
$
783,562


 
$
10,857


 
$
(797
)
 
$
793,622


 
 
 
 
 
 
 
 
At December 31, 2010:
 
 
 
 
 
 
 
Available for sale securities at fair value:
 
 
 
 
 
 
 
U.S. government and agencies
$
81,444


 
$
22


 
$
(64
)
 
$
81,402


Government-sponsored entities
263,460


 
1,278


 
(1,139
)
 
263,599


Corporate bonds
18,881


 
39


 
(104
)
 
18,816


Municipal bonds
192,139


 
2,934


 
(1,025
)
 
194,048


Mortgage backed securities (1)
230,352


 
5,334


 
(1,429
)
 
234,257


Other
3,195


 
151


 
(30
)
 
3,316


Total
$
789,471


 
$
9,758


 
$
(3,791
)
 
$
795,438


Held to maturity securities at amortized cost:
 
 
 
 
 
 
 
U.S. government and agencies
$
586


 
$
—


 
$
—


 
$
586


Government-sponsored entities
1,429


 
5


 
(23
)
 
1,411


Other
500


 
—


 
—


 
500


Total
$
2,515


 
$
5


 
$
(23
)
 
$
2,497


___________________
(1)
 Most mortgage-backed securities are guaranteed by U.S. government agencies or Government-sponsored entities.
The following table sets forth the maturities of investment securities available for sale, based on contractual maturity, as of June 30, 2011. Certain securities are callable before their final maturity. Additionally, certain securities (such as mortgage backed securities) are shown within the table below based on their final (contractual) maturity, but, due to prepayments and amortization, are expected to have shorter lives.
 
Available for Sale Securities
Amortized
cost
 
Fair
value
(In thousands)
Within one year
$
59,298


 
$
59,776


After one, but within five years
435,308


 
439,600


After five, but within ten years
80,961


 
81,368


Greater than ten years
207,995


 
212,878


Total
$
783,562


 
$
793,622


The following table presents the proceeds from sales, gross realized gains and gross realized losses for securities available for sale that were sold during the following periods:
 
For the three months
ended June 30,
 
For the six months
ended June 30,
2011
 
2010
 
2011
 
2010
(In thousands)
 
(In thousands)
Proceeds from sales
$
46,829


 
$
139,115


 
$
128,931


 
$
366,636


Realized gains
213


 
1,048


 
869


 
2,511


Realized losses
(45
)
 
(61
)
 
(283
)
 
(92
)
The following tables set forth information regarding securities at June 30, 2011 having temporary impairment, due to the fair values having declined below the amortized cost of the individual securities, and the time period that the investments have been temporarily impaired.
 
Less than 12 months
 
12 months or longer
 
Total
  
Fair
value
 
Unrealized
losses
 
Fair
value
 
Unrealized
losses
 
Fair
value
 
Unrealized
losses
 
# of
securities
 
(In thousands)
Available for sale securities
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government and agencies
$
3,746


 
$
(62
)
 
$
—


 
$
—


 
$
3,746


 
$
(62
)
 
2


Government-sponsored entities
100,034


 
(380
)
 
—


 
—


 
100,034


 
(380
)
 
17


Corporate bonds
—


 
—


 
—


 
—


 
—


 
—


 
—


Municipal bonds
5,825


 
(117
)
 
—


 
—


 
5,825


 
(117
)
 
9


Mortgage backed securities
35,704


 
(213
)
 
—


 
—


 
35,704


 
(213
)
 
17


Other
51


 
(4
)
 
65


 
(21
)
 
116


 
(25
)
 
18


Total
$
145,360


 
$
(776
)
 
$
65


 
$
(21
)
 
$
145,425


 
$
(797
)
 
63


The U.S. government and agencies security, government-sponsored entities securities, and mortgage backed securities in the table above had a Moody’s credit rating of AAA or a Standard and Poor’s credit rating of Aaa. One corporate bond in the table above had Moody’s credit rating of A2, while the other two had Moody’s credit ratings of BBB. Most of the municipal bonds in the table above had a Moody’s credit ratings of at least Aa1 or Standard and Poor’s credit rating of at least AA, while one municipal bond was not rated. The other securities consisted of equity securities.
These investments are not considered other-than-temporarily impaired for the following reasons: the decline in fair value on investments is primarily attributed to changes in interest rates and not credit quality, the Company has no current intent to sell these securities nor is it more likely than not that it will have to sell these securities before recovery of their amortized cost base. Decisions to hold or sell securities are influenced by the need for liquidity at the Bank, alternative investments, risk assessment, and asset liability management. No impairment losses were recognized through earnings related to available for sale securities during the three or six month periods ended June 30, 2011 or 2010.
Cost method investments, which are included in other assets, can be temporarily impaired when the fair market values decline below the amortized costs of the individual investments. There were no cost method investments with unrealized losses at June 30, 2011. The Company invests primarily in low income housing partnerships which generate tax credits. The Company also holds partnership interests in venture capital funds formed to provide financing to small businesses and to promote community development. The Company had $22.2 million and $19.6 million in cost method investments included in other assets at June 30, 2011 and December 31, 2010, respectively.