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Investments
9 Months Ended
Sep. 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 September 30, 2011:
 
 
 
 
 
 
 
Available for sale securities at fair value:
 
 
 
 
 
 
 
U.S. government and agencies
$
5,406

 
$
18

 
$
(24
)
 
$
5,400

Government-sponsored entities
359,907

 
1,609

 
(211
)
 
361,305

Corporate bonds
23,593

 
109

 
(199
)
 
23,503

Municipal bonds
193,475

 
4,078

 
(60
)
 
197,493

Mortgage backed securities (1)
253,366

 
6,799

 
(239
)
 
259,926

Other
1,240

 
61

 
(73
)
 
1,228

Total
$
836,987

 
$
12,674

 
$
(806
)
 
$
848,855

 
 
 
 
 
 
 
 
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 September 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
$
23,159

 
$
23,282

After one, but within five years
507,807

 
512,919

After five, but within ten years
63,918

 
64,607

Greater than ten years
242,103

 
248,047

Total
$
836,987

 
$
848,855

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 September 30,
 
For the nine months
ended September 30,
2011
 
2010
 
2011
 
2010
(In thousands)
Proceeds from sales
$
2,110

 
$
40,879

 
$
131,041

 
$
407,515

Realized gains
108

 
1,152

 
977

 
3,663

Realized losses
(5
)
 
(5
)
 
(288
)
 
(97
)
The following tables set forth information regarding securities at September 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
Available for sale securities
(In thousands)
U.S. government and agencies
$
1,500

 
$
(24
)
 
$
—

 
$
—

 
$
1,500

 
$
(24
)
 
1

Government-sponsored entities
96,170

 
(211
)
 
—

 
—

 
96,170

 
(211
)
 
13

Corporate bonds
14,739

 
(199
)
 
—

 
—

 
14,739

 
(199
)
 
3

Municipal bonds
8,046

 
(60
)
 
—

 
—

 
8,046

 
(60
)
 
6

Mortgage backed securities
26,300

 
(239
)
 
—

 
—

 
26,300

 
(239
)
 
8

Other
184

 
(43
)
 
49

 
(30
)
 
233

 
(73
)
 
34

Total
$
146,939

 
$
(776
)
 
$
49

 
$
(30
)
 
$
146,988

 
$
(806
)
 
65

The U.S. government and agencies security, government-sponsored entities securities, and mortgage backed securities in the table above had a Standard and Poor’s credit rating of AA+. One corporate bond in the table above had Moody’s credit rating of A2, while the other two had Moody’s credit ratings of Baa3. The municipal bonds in the table above had Moody’s credit ratings of at least A1. 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 nine month periods ended September 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 September 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 $22.0 million and $19.6 million in cost method investments included in other assets at September 30, 2011 and December 31, 2010, respectively.