Investment Securities (Tables)

12 Months Ended

Dec. 31, 2013

Investments, Debt and Equity Securities [Abstract]

Analysis of Amortized Cost and Estimated Fair Values of Securities Available for Sale

Below is an analysis of the amortized cost and fair values of securities available for sale at December 31:

	2013									2012
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities – Residential	$	22,639	$	2,624	$	(59	)	$	25,204	$	27,883	$	3,781	$	—		$	31,664
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential	1,009,519		12,531		(27,163		)	994,887		839,102		25,691		(392		)	864,401
Mortgage-Backed Securities – Commercial	104		1		—			105		148		1		—			149
Other Government-Sponsored Enterprises	267,971		81		(1,927		)	266,125		241,970		766		(72		)	242,664
Obligations of States and Political Subdivisions	80		—		—			80		82		4		—			86
Corporate Securities	6,693		328		—			7,021		6,703		288		—			6,991
Pooled Trust Preferred Collateralized Debt Obligations	42,040		—		(18,517		)	23,523		51,866		3		(28,496		)	23,373
Total Debt Securities	1,349,046		15,565		(47,666		)	1,316,945		1,167,754		30,534		(28,960		)	1,169,328
Equities	1,420		—		—			1,420		1,859		116		—			1,975
Total Securities Available for Sale	$	1,350,466	$	15,565	$	(47,666	)	$	1,318,365	$	1,169,613	$	30,650	$	(28,960	)	$	1,171,303

The amortized cost and fair value of debt securities at December 31, 2013, by contractual maturity, are shown below:

	Amortized Cost		Estimated Fair Value
	(dollars in thousands)
Due within 1 year	$	33,080	$	33,141
Due after 1 but within 5 years	234,971		233,065
Due after 5 but within 10 years	—		—
Due after 10 years	48,733		30,543
	316,784		296,749
Mortgage-Backed Securities (a)	1,032,262		1,020,196
Total Debt Securities	$	1,349,046	$	1,316,945

(a) Mortgage Backed Securities include an amortized cost of $22.6 million and a fair value of $25.2 million for Obligations of U.S. Government agencies issued by Ginnie Mae and Obligations of U.S. Government-sponsored enterprises issued by Fannie Mae and Freddie Mac which had an amortized cost of $1,009.6 million and a fair value of $995.0 million.

Proceeds from Sale, Gross Gains (Losses) Realized on Sales, Maturities and Other-Than-Temporary Impairment Charges Related to Securities Available for Sale

Proceeds from sale, gross gains (losses) realized on sales, maturities and other-than-temporary impairment charges related to securities available for sale were as follows for the years ended December 31:

	2013			2012		2011
	(dollars in thousands)
Proceeds from sales	$	671		$	—	$	76,914
Gross (losses) gains realized:
Sales Transactions:
Gross gains	$	233		$	—	$	2,368
Gross losses	—			—		(258		)
	233			—		2,110
Maturities and impairment
Gross gains	4			192		75
Gross losses	(1,395		)	—		—
Other-than-temporary impairment	—			—		—
	(1,391		)	192		75
Net gains and impairment	$	(1,158	)	$	192	$	2,185