INVESTMENTS IN DEBT AND EQUITY SECURITIES (Tables)

12 Months Ended

Dec. 31, 2013

Investments, Debt and Equity Securities [Abstract]

Securities Available for Sale

The amortized cost, contractual maturity, gross unrealized gains and losses and fair value of investment securities available for sale at December 31, 2013 and 2012 were as follows:

	Maturity									Total Amortized Cost	Gross Unrealized				Weighted Average Yield
	1 Year or Less			1-5 Years		5-10 Years		After 10 Years			Gains	Losses		Fair Value
	(dollars expressed in thousands)
December 31, 2013:
Carrying value:
U.S. Government sponsored agencies	$	8,450		40,243		88,666		135,679		273,038	3,525	(664	)	275,899	1.34	%
Residential mortgage-backed	—			43,943		115,731		951,454		1,111,128	12,873	(18,214	)	1,105,787	2.32
Commercial mortgage-backed	—			—		793		—		793	63	—		856	4.94
State and political subdivisions	1,369			2,035		200		28,432		32,036	81	(560	)	31,557	1.26
Corporate notes	4,980			140,575		45,132		—		190,687	5,777	(261	)	196,203	2.69
Equity investments	—			—		—		1,500		1,500	—	(57	)	1,443	2.17
Total	$	14,799		226,796		250,522		1,117,065		1,609,182	22,319	(19,756	)	1,611,745	2.18
Fair value:
Debt securities	$	14,927		233,338		250,860		1,111,177
Equity securities	—			—		—		1,443
Total	$	14,927		233,338		250,860		1,112,620
Weighted average yield	2.17		%	2.23	%	1.81	%	2.24	%
December 31, 2012:
Carrying value:
U.S. Government sponsored agencies	$	10,051		80,328		—		213,892		304,271	6,304	(146	)	310,429	1.42	%
Residential mortgage-backed	364			24,014		219,286		1,251,917		1,495,581	38,983	(497	)	1,534,067	2.32
Commercial mortgage-backed	—			—		806		—		806	109	—		915	4.86
State and political subdivisions	985			3,579		201		—		4,765	164	—		4,929	4.05
Corporate Notes	—			137,090		49,704		—		186,794	6,192	(621	)	192,365	3.13
Equity investments	—			—		—		1,000		1,000	22	—		1,022	2.54
Total	$	11,400		245,011		269,997		1,466,809		1,993,217	51,774	(1,264	)	2,043,727	2.26
Fair value:
Debt securities	$	11,476		251,558		275,251		1,504,420
Equity securities	—			—		—		1,022
Total	$	11,476		251,558		275,251		1,505,442
Weighted average yield	2.01		%	2.17	%	2.65	%	2.21	%

Securities Held to Maturity

The amortized cost, contractual maturity, gross unrealized gains and losses and fair value of investment securities held to maturity at December 31, 2013 and 2012 were as follows:

	Maturity									Total Amortized Cost	Gross Unrealized				Weighted Average Yield
	1 Year or Less			1-5 Years		5-10 Years		After 10 Years			Gains	Losses		Fair Value
	(dollars expressed in thousands)
December 31, 2013:
Carrying value:
U.S. Government sponsored agencies	$	—		—		16,119		—		16,119	—	(153	)	15,966	1.14	%
Residential mortgage-backed	—			16,327		182,933		522,504		721,764	441	(21,206	)	700,999	1.88
State and political subdivisions	640			575		55		1,033		2,303	2	(87	)	2,218	1.93
Total	$	640		16,902		199,107		523,537		740,186	443	(21,446	)	719,183	1.86
Fair value:
Debt securities	$	642		16,926		195,647		505,968
Weighted average yield	3.32		%	2.20	%	1.53	%	1.97	%
December 31, 2012:
Carrying value:
U.S. Government sponsored agencies	$	—		—		52,582		—		52,582	269	—		52,851	1.63	%
Residential mortgage-backed	—			—		108,420		466,863		575,283	6,142	(614	)	580,811	1.82
State and political subdivisions	826			1,099		252		1,511		3,688	51	(377	)	3,362	1.89
Total	$	826		1,099		161,254		468,374		631,553	6,462	(991	)	637,024	1.80
Fair value:
Debt securities	$	836		1,129		164,433		470,626
Weighted average yield	2.56		%	3.40	%	1.77	%	1.81	%

Gross Realized Gains and Losses

Gross realized gains and gross realized losses on investment securities for the years ended December 31, 2013, 2012 and 2011 were as follows:

	2013			2012		2011
	(dollars expressed in thousands)
Gross realized gains on sales of available-for-sale securities	$	802		1,675		5,286
Gross realized losses on sales of available-for-sale securities	(354		)	(374	)	(1	)
Other-than-temporary impairment	(412		)	(2	)	(3	)
Gross realized gains on calls of investment securities	—			7		53
Net realized gain on investment securities	$	36		1,306		5,335

Gross Unrealized Losses

Gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2013 and 2012, were as follows:

	Less than 12 months				12 months or more			Total
	Fair Value		Unrealized Losses		Fair Value	Unrealized Losses		Fair Value	Unrealized Losses
	(dollars expressed in thousands)
December 31, 2013:
Available for sale:
U.S. Government sponsored agencies	$	16,005	(664	)	—	—		16,005	(664	)
Residential mortgage-backed	511,617		(18,119	)	5,473	(95	)	517,090	(18,214	)
State and political subdivisions	27,872		(560	)	—	—		27,872	(560	)
Corporate notes	9,959		(41	)	4,780	(220	)	14,739	(261	)
Equity investments	1,443		(57	)	—	—		1,443	(57	)
Total	$	566,896	(19,441	)	10,253	(315	)	577,149	(19,756	)
Held to maturity:
U.S. Government sponsored agencies	$	15,966	(153	)	—	—		15,966	(153	)
Residential mortgage-backed	644,700		(20,759	)	10,527	(447	)	655,227	(21,206	)
State and political subdivisions	946		(87	)	—	—		946	(87	)
Total:	$	661,612	(20,999	)	10,527	(447	)	672,139	(21,446	)
December 31, 2012:
Available for sale:
U.S. Government sponsored agencies	$	20,018	(146	)	—	—		20,018	(146	)
Residential mortgage-backed	125,449		(441	)	270	(56	)	125,719	(497	)
Corporate notes	—		—		17,675	(621	)	17,675	(621	)
Total	$	145,467	(587	)	17,945	(677	)	163,412	(1,264	)
Held to maturity:
Residential mortgage-backed	$	66,011	(614	)	—	—		66,011	(614	)
State and political subdivisions	1,133		(377	)	—	—		1,133	(377	)
Total:	$	67,144	(991	)	—	—		67,144	(991	)