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Investment Securities, Available-for-Sale
 6 Months Ended
Jun. 30, 2011
Investment Securities, Available-for-Sale [Abstract]  
Investment Securities, Available-for-Sale
3)   Investment Securities, Available-for-Sale
 
    A comparison of the amortized cost and estimated fair value of the Company’s investment securities designated as available-for-sale is presented below.
                                         
    June 30, 2011  
    Weighted     Amortized     Gross Unrealized     Fair  
(Dollars in thousands)   Yield     Cost     Gains     Losses     Value  
 
                                       
U.S. government and federal agency
                                       
Maturing after one year through five years
    1.62 %   $ 205       5       —       210  
 
                                       
U.S. government sponsored enterprises
                                       
Maturing after one year through five years
    2.31 %     35,245       793       —       36,038  
Maturing after five years through ten years
    1.89 %     83       —       —       83  
 
                             
 
    2.31 %     35,328       793       —       36,121  
 
                             
State and local governments and other issues
                                       
Maturing within one year
    4.10 %     1,147       18       (3 )     1,162  
Maturing after one year through five years
    2.44 %     100,685       1,205       (1 )     101,889  
Maturing after five years through ten years
    2.57 %     68,620       1,001       (7 )     69,614  
Maturing after ten years
    4.88 %     794,825       23,731       (3,630 )     814,926  
 
                             
 
    4.46 %     965,277       25,955       (3,641 )     987,591  
 
                             
Collateralized debt obligations
                                       
Maturing after ten years
    8.03 %     8,938       —       (2,985 )     5,953  
 
                                       
Residential mortgage-backed securities
    2.29 %     1,734,149       22,070       (1,679 )     1,754,540  
 
                                       
 
                             
Total investment securities
    3.07 %   $ 2,743,897       48,823       (8,305 )     2,784,415  
 
                             
                                         
    December 31, 2010  
    Weighted     Amortized     Gross Unrealized     Fair  
(Dollars in thousands)   Yield     Cost     Gains     Losses     Value  
 
                                       
U.S. government and federal agency
                                       
Maturing after one year through five years
    1.62 %   $ 207       4       —       211  
 
                                       
U.S. government sponsored enterprises
                                       
Maturing after one year through five years
    2.38 %     40,715       715       —       41,430  
Maturing after five years through ten years
    1.94 %     84       —       —       84  
Maturing after ten years
    0.73 %     4       —       —       4  
 
                             
 
    2.38 %     40,803       715       —       41,518  
 
                             
State and local governments and other issues
                                       
Maturing within one year
    4.06 %     1,091       20       (5 )     1,106  
Maturing after one year through five years
    3.70 %     8,341       214       (10 )     8,545  
Maturing after five years through ten years
    3.73 %     18,675       379       (56 )     18,998  
Maturing after ten years
    4.91 %     639,364       5,281       (15,873 )     628,772  
 
                             
 
    4.86 %     667,471       5,894       (15,944 )     657,421  
 
                             
Collateralized debt obligations
                                       
Maturing after ten years
    8.03 %     11,178       —       (4,583 )     6,595  
 
                                       
Residential mortgage-backed securities
    2.23 %     1,675,319       17,569       (2,786 )     1,690,102  
 
                                       
 
                             
Total investment securities
    3.00 %   $ 2,394,978       24,182       (23,313 )     2,395,847  
 
                             
    Included in the residential mortgage-backed securities is $55,611,000 and $68,051,000 as of June 30, 2011 and December 31, 2010, respectively, of non-guaranteed private label whole loan mortgage-backed securities of which none of the underlying collateral is “subprime.”
 
    Maturities of securities do not reflect repricing opportunities present in adjustable rate securities, nor do they reflect expected shorter maturities based upon early prepayment of principal. Weighted yields are based on the constant yield method taking into account premium amortization and discount accretion. Weighted yields on tax-exempt investment securities exclude the tax effect.
 
    The cost of each investment sold is determined by specific identification. Gain and loss on sale of investments consists of the following:
                                 
    Three Months     Six Months  
    ended June 30,     ended June 30,  
(Dollars in thousands)   2011     2010     2011     2010  
 
                               
Gross proceeds
  $ 4,074       23,265       8,208       32,323  
Less amortized cost
    (4,665 )     (23,023 )     (8,675 )     (31,767 )
 
                       
Net (loss) gain on sale of investments
  $ (591 )     242       (467 )     556  
 
                       
 
                               
Gross gain on sale of investments
  $ 39       959       223       1,349  
Gross loss on sale of investments
    (630 )     (717 )     (690 )     (793 )
 
                       
Net (loss) gain on sale of investments
  $ (591 )     242       (467 )     556  
 
                       
    Investments with an unrealized loss position at June 30, 2011 are summarized as follows:
                                                 
    Less than 12 Months     12 Months or More     Total  
    Fair     Unrealized     Fair     Unrealized     Fair     Unrealized  
(Dollars in thousands)   Value     Loss     Value     Loss     Value     Loss  
 
                                               
State and local governments and other issues
  $ 129,535       (2,546 )     13,671       (1,095 )     143,206       (3,641 )
Collateralized debt obligations
    —       —       5,953       (2,985 )     5,953       (2,985 )
Residential mortgage-backed securities
    164,451       (1,289 )     10,930       (390 )     175,381       (1,679 )
 
                                   
Total temporarily impaired securities
  $ 293,986       (3,835 )     30,554       (4,470 )     324,540       (8,305 )
 
                                   
    Investments with an unrealized loss position at December 31, 2010 are summarized as follows:
                                                 
    Less than 12 Months     12 Months or More     Total  
    Fair     Unrealized     Fair     Unrealized     Fair     Unrealized  
(Dollars in thousands)   Value     Loss     Value     Loss     Value     Loss  
 
                                               
State and local governments and other issues
  $ 365,164       (14,680 )     13,122       (1,264 )     378,286       (15,944 )
Collateralized debt obligations
    —       —       6,595       (4,583 )     6,595       (4,583 )
Residential mortgage-backed securities
    364,925       (1,585 )     19,304       (1,201 )     384,229       (2,786 )
 
                                   
Total temporarily impaired securities
  $ 730,089       (16,265 )     39,021       (7,048 )     769,110       (23,313 )
 
                                   
    The Company assesses individual securities in its investment securities portfolio for impairment at least on a quarterly basis, and more frequently when economic or market conditions warrant. An investment is impaired if the fair value of the security is less than its carrying value at the financial statement date. If impairment is determined to be other-than-temporary, an impairment loss is recognized by reducing the amortized cost for the credit loss portion of the impairment with a corresponding charge to earnings of a like amount.
    For fair value estimates provided by third party vendors, management also considered the models and methodology for appropriate consideration of both observable and unobservable inputs, including appropriately adjusted discount rates and credit spreads for securities with limited or inactive markets, and whether the quoted prices reflect orderly transactions. For certain securities, the Company obtained independent estimates of inputs, including cash flows, in supplement to third party vendor provided information. The Company also reviewed financial statements of select issuers, with follow up discussions with issuers’ management for clarification and verification of information relevant to the Company’s impairment analysis.
 
    In evaluating securities for other-than-temporary impairment losses, management assesses whether the Company intends to sell or if it is more likely-than-not that it will be required to sell impaired securities. In so doing, management considers contractual constraints, liquidity, capital, asset/liability management and securities portfolio objectives. With respect to its impaired securities at June 30, 2011, management determined that it does not intend to sell and that there is no expected requirement to sell any of its impaired securities.
 
    Based on an analysis of its impaired securities as of June 30, 2011, the Company determined that none of such securities had other-than-temporary impairment.