Impairment of Investment Securities (Tables)

12 Months Ended

Dec. 31, 2013

Impairment of Investment Securities Disclosure [Abstract]

Schedule of Unrealized Losses and Estimated Fair Values

The following table presents the gross unrealized losses and estimated fair values at December 31, 2013 by investment category and time frame for which the securities have been in a continuous unrealized loss position:

	Less Than 12 Months					12 Months or More					Total
	Estimated Fair Value		Gross Unrealized Losses			Estimated Fair Value		Gross Unrealized Losses			Estimated Fair Value		Gross Unrealized Losses
	(dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities – Residential	$	2,035	$	(59	)	$	—	$	—		$	2,035	$	(59	)
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential	632,231		(22,844		)	65,324		(4,319		)	697,555		(27,163		)
Other Government-Sponsored Enterprises	183,542		(1,448		)	24,501		(479		)	208,043		(1,927		)
Pooled Trust Preferred Collateralized Debt Obligations	2,401		(237		)	21,122		(18,280		)	23,523		(18,517		)
Total Securities Available for Sale	$	820,209	$	(24,588	)	$	110,947	$	(23,078	)	$	931,156	$	(47,666	)

At December 31, 2013, pooled trust preferred collateralized debt obligations accounted for 39% of unrealized losses, while fixed income securities issued by U.S. Government-sponsored enterprises comprised 61% of total unrealized losses.

The following table presents the gross unrealized losses and estimated fair value at December 31, 2012 for available-for-sale and securities by investment category and time frame for which the securities had been in a continuous unrealized loss position:

	Less Than 12 Months					12 Months or More						Total
	Estimated Fair Value		Gross Unrealized Losses			Estimated Fair Value		Gross Unrealized Losses				Estimated Fair Value		Gross Unrealized Losses
	(dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities – Residential	$	—	$	—		$	13	$	—		(a)	$	13	$	—
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential	76,296		(392		)	21		—			(a)	76,317		(392		)
Other Government-Sponsored Enterprises	59,303		(72		)	—		—				59,303		(72		)
Pooled Trust Preferred Collateralized Debt Obligations	—		—			23,316		(28,496		)		23,316		(28,496		)
Total Securities Available for Sale	$	135,599	$	(464	)	$	23,350	$	(28,496	)		$	158,949	$	(28,960	)

(a) Gross unrealized losses related to these types of securities are less than $1 thousand.

Pooled Trust Preferred Collateralized Debt Obligations

The following table provides additional information related to our pooled trust preferred collateralized debt obligations as of December 31, 2013:

Deal	Class	Book Value		Estimated Fair Value		Unrealized Gain (Loss)			Moody’s/ Fitch Ratings	Number of Banks	Deferrals and Defaults as a % of Current Collateral		Excess Subordination as a % of Current Performing Collateral
(dollars in thousands)
Pre TSL IV	Mezzanine	$	1,830	$	1,264	$	(566	)	B1/B	6	18.05	%	58.54	%
Pre TSL V	Mezzanine	57		34		(23		)	C/-	3	100.00		0.00
Pre TSL VII	Mezzanine	2,581		2,367		(214		)	Ca/C	14	54.14		0.00
Pre TSL VIII	Mezzanine	1,956		1,100		(856		)	C/C	30	58.01		0.00
Pre TSL IX	Mezzanine	2,304		1,173		(1,131		)	Caa1/C	42	30.29		3.36
Pre TSL X	Mezzanine	1,388		1,291		(97		)	Caa3/C	46	35.07		0.00
Pre TSL XII	Mezzanine	5,374		2,852		(2,522		)	Caa3/C	68	30.26		0.00
Pre TSL XIII	Mezzanine	12,452		6,862		(5,590		)	Caa3/C	61	31.09		16.78
Pre TSL XIV	Mezzanine	13,653		6,234		(7,419		)	Ca/C	59	37.00		42.17
MMCap I	Mezzanine	445		346		(99		)	Ca/C	11	58.76		10.41
Total		$	42,040	$	23,523	$	(18,517	)

Cumulative Roll Forward of Credit Losses Recognized in Earnings for Debt Securities Held and Not Intended to be Sold

The table below provides a cumulative roll forward of credit losses recognized in earnings for debt securities held and not intended to be sold for the years ended December 31:

	2013			2012			2011
	(dollars in thousands)
Balance, beginning (a)	$	43,274		$	44,736		$	44,850
Credit losses on debt securities for which other-than-temporary impairment was not previously recognized	—			—			—
Additional credit losses on debt securities for which other-than-temporary impairment was previously recognized	—			—			—
Increases in cash flows expected to be collected, recognized over the remaining life of the security (b)	(2,375		)	(1,462		)	(114		)
Reduction for debt securities called during the period	(13,356		)	—			—
Balance, ending	$	27,543		$	43,274		$	44,736

(a) The beginning balance represents credit related losses included in other-than-temporary impairment charges recognized on debt securities in prior periods.

(b) Represents the increase in cash flows recognized either as principal payments or interest income during the period.