Impairment of Investment Securities (Tables)

9 Months Ended

Sep. 30, 2014

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 September 30, 2014 by investment category and time frame for which 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	$	2,862	$	(10	)	$	—	$	—		$	2,862	$	(10	)
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential	$	282,378	$	(1,311	)	$	397,581	$	(15,103	)	$	679,959	$	(16,414	)
Other Government-Sponsored Enterprises	159,666		(434		)	105,451		(1,026		)	265,117		(1,460		)
Obligations of States and Political Subdivisions	1,582		(3		)	—		—			1,582		(3		)
Pooled Trust Preferred Collateralized Debt Obligations	—		—			24,957		(12,763		)	24,957		(12,763		)
Total Securities Available for Sale	$	446,488	$	(1,758	)	$	527,989	$	(28,892	)	$	974,477	$	(30,650	)

The following table presents the gross unrealized losses and estimated fair values at December 31, 2013 by investment category and time frame for which 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	)

Pooled Trust Preferred Collateralized Debt Obligations

The following table provides information related to our pooled trust preferred collateralized debt obligations as of September 30, 2014:

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	$	1,327	$	(503	)	B1/BB	6	18.05	%	41.28	%
Pre TSL V	Mezzanine	59		127		68			C/-	3	100.00		—
Pre TSL VII	Mezzanine	2,723		2,864		141			Ca/-	14	54.14		—
Pre TSL VIII	Mezzanine	1,956		1,332		(624		)	C/C	29	59.12		—
Pre TSL IX	Mezzanine	2,331		1,453		(878		)	B3/C	40	26.45		2.23
Pre TSL X	Mezzanine	1,469		1,508		39			Caa1/C	45	31.95		—
Pre TSL XII	Mezzanine	5,484		3,455		(2,029		)	B3/C	66	25.53		—
Pre TSL XIII	Mezzanine	12,403		8,536		(3,867		)	Caa1/C	58	20.94		23.85
Pre TSL XIV	Mezzanine	13,277		8,477		(4,800		)	Caa1/C	56	27.42		43.02
MMCap I	Mezzanine	439		377		(62		)	Ca/C	11	59.24		19.70
Total		$	41,971	$	29,456	$	(12,515	)

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

The following table provides a cumulative roll forward of credit losses recognized in earnings for debt securities held and not intended to be sold:

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2014			2013			2014			2013
	(dollars in thousands)
Balance, beginning (a)	$	26,842		$	42,699		$	27,543		$	43,274
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)	(288		)	(1,326		)	(989		)	(1,901		)
Balance, ending	$	26,554		$	41,373		$	26,554		$	41,373

(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 in interest income during the period.