Securities (Tables)

9 Months Ended

Sep. 30, 2012

Amortized cost and fair value of available for sale securities

The amortized cost and fair value of securities classified as available for sale and held to maturity follow (in thousands):

Securitites Available for Sale
	September 30, 2012								December 31, 2011
	Amortized		Gross Unrealized		Gross Unrealized		Fair		Amortized		Gross Unrealized		Gross Unrealized		Fair
	Cost		Gains		Losses		Value		Cost		Gains		Losses		Value
U.S. Treasury	$	150	$	10	$	—	$	160	$	150	$	14	$	—	$	164
U.S. government agencies		18,201		47		—		18,248		248,595		1,308		—		249,903
Municipal obligations		74,967		1,168		3		76,132		294,489		15,218		42		309,665
Mortgage-backed securities		1,826,624		77,908		12		1,904,520		2,422,891		58,150		696		2,480,345
CMOs		199,792		937		33		200,696		1,426,495		21,774		2,193		1,446,076
Corporate debt securities		3,750		—		—		3,750		4,517		11		34		4,494
Other equity securities		4,529		764		10		5,283		4,208		2,086		41		6,253
	$	2,128,013	$	80,834	$	58	$	2,208,789	$	4,401,345	$	98,561	$	3,006	$	4,496,900

Amortized cost and Fair Value of Held to Maturity Securities

Securitites Available for Sale
	September 30, 2012								December 31, 2011
	Amortized		Gross Unrealized		Gross Unrealized		Fair		Amortized		Gross Unrealized		Gross Unrealized		Fair
	Cost		Gains		Losses		Value		Cost		Gains		Losses		Value
U.S. Treasury	$	150	$	10	$	—	$	160	$	150	$	14	$	—	$	164
U.S. government agencies		18,201		47		—		18,248		248,595		1,308		—		249,903
Municipal obligations		74,967		1,168		3		76,132		294,489		15,218		42		309,665
Mortgage-backed securities		1,826,624		77,908		12		1,904,520		2,422,891		58,150		696		2,480,345
CMOs		199,792		937		33		200,696		1,426,495		21,774		2,193		1,446,076
Corporate debt securities		3,750		—		—		3,750		4,517		11		34		4,494
Other equity securities		4,529		764		10		5,283		4,208		2,086		41		6,253
	$	2,128,013	$	80,834	$	58	$	2,208,789	$	4,401,345	$	98,561	$	3,006	$	4,496,900

Securitites Held to Maturity
	September 30, 2012								December 31, 2011
			Gross		Gross						Gross		Gross
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value		Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Municipal obligations	$	174,362	$	16,510	$	5	$	190,867		—		—		—		—
Mortgage-backed securities		195,070		4,816		—		199,886		—		—		—		—
CMOs		1,475,050		25,039		1,706		1,498,383		—		—		—		—
	$	1,844,482	$	46,365	$	1,711	$	1,889,136		—		—		—		—

Amortized Cost and Fair Value of Securities by Contractual Maturity

The following table presents the amortized cost and fair value of debt securities classified as available for sale and held to maturity at September 30, 2012, by contractual maturity (in thousands). Actual maturities will differ from contractual maturities because of rights to call or repay obligations with or without penalties.

	Amortized		Fair
	Cost		Value
Debt Securities Available for Sale
Due in one year or less	$	53,882	$	54,121
Due after one year through five years		195,876		197,715
Due after five years through ten years		338,242		351,122
Due after ten years		1,535,484		1,600,548
Total available for sale debt securities	$	2,123,484	$	2,203,506

	Amortized		Fair
	Cost		Value
Debt Securities Held to Maturity
Due in one year or less	$	16,868	$	16,996
Due after one year through five years		428,653		436,073
Due after five years through ten years		101,657		111,686
Due after ten years		1,297,304		1,324,381
Total held to maturity securities	$	1,844,482	$	1,889,136

Available For Sale Securities Unrealized Losses

The Company held no securities classified as trading at September 30, 2012 or December 31, 2011. The Company held no securities classified as held to maturity at December 31, 2011.

The details concerning securities classified as available for sale with unrealized losses as of September 30, 2012 follow (in thousands):

Available for sale
	Losses < 12 months				Losses 12 months or >				Total
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
U.S. Treasury	$	—	$	—	$	—	$	—	$	—	$	—
U.S. government agencies		—		—		—		—		—		—
Municipal obligations		545		3		960		1		1,505		4
Mortgage-backed securities		1,587		2		1,348		9		2,935		11
CMOs		49,995		33		—		—		49,995		33
Corporate debt securities		—		—		—		—		—		—
Equity securities		—		—		217		10		217		10
	$	52,127	$	38	$	2,525	$	20	$	54,652	$	58

The details concerning securities classified as available for sale with unrealized losses as of December 31, 2011 follow (in thousands):

Available for sale
	Losses < 12 months				Losses 12 months or >				Total
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
U.S. Treasury	$	—	$	—	$	—	$	—	$	—	$	—
U.S. government agencies		—		—		—		—		—		—
Municipal obligations		18,854		42		—		—		18,854		42
Mortgage-backed securities		212,900		692		337		4		213,237		696
CMOs		296,860		2,193		—		—		296,860		2,193
Corporate debt securities		398		34		—		—		398		34
Equity securities		1,685		39		2		2		1,687		41
	$	530,697	$	3,000	$	339	$	6	$	531,036	$	3,006

Held to Maturity with Unrealized Losses

The details concerning securities classified as held to maturity with unrealized losses as of September 30, 2012 follow (in thousands):

Held to maturity
	Losses < 12 months				Losses 12 months or >				Total
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
Municpal obligations	$	1,862	$	5	$	—	$	—		1,862	$	5
CMOs		308,580		747		74,499		959		383,079	$	1,706
	$	310,442	$	752	$	74,499	$	959	$	384,941	$	1,711