Securities (Tables)

6 Months Ended

Jun. 30, 2013

Securities [Abstract]

Amortized cost, estimated fair value, and unrealized gains and losses of securities available for sale

The amortized cost, estimated fair value, and unrealized gains and losses of securities available for sale are as follows:

(In thousands)	Amortized cost		Unrealized gains		Unrealized losses		Estimated fair value
June 30, 2013
U.S. Treasury	$	53,440	$	509	$	-	$	53,949
Federal Agency		286,049		192		6,783		279,458
State & municipal		125,792		2,375		1,493		126,674
Mortgage-backed:
Government-sponsored enterprises		260,130		6,149		1,487		264,792
U.S. government securities		25,608		1,269		75		26,802
Collateralized mortgage obligations:
Government-sponsored enterprises		573,487		2,677		6,747		569,417
U.S. government securities		52,421		970		40		53,351
Other securities		13,409		2,720		169		15,960
Total securities available for sale	$	1,390,336	$	16,861	$	16,794	$	1,390,403
December 31, 2012
U.S. Treasury	$	63,668	$	757	$	-	$	64,425
Federal Agency		281,398		1,507		91		282,814
State & municipal		82,675		4,127		-		86,802
Mortgage-backed:
Government-sponsored enterprises		221,110		11,175		-		232,285
U.S. government securities		16,351		1,645		-		17,996
Collateralized mortgage obligations:
Government-sponsored enterprises		399,147		4,418		-		403,565
U.S. government securities		44,825		1,333		-		46,158
Other securities		11,210		2,832		88		13,954
Total securities available for sale	$	1,120,384	$	27,794	$	179	$	1,147,999

Amortized cost, estimated fair value, and unrealized gains and losses of securities held to maturity

The amortized cost, estimated fair value, and unrealized gains and losses of securities held to maturity are as follows:

	Amortized		Unrealized		Unrealized		Estimated
(In thousands)	cost		gains		losses		fair value
June 30, 2013
Mortgage-backed	$	1,070	$	151	$	-	$	1,221
Collateralized mortgage oblications		64,022		-		1,964		62,058
State & municipal		57,210		580		-		57,790
Total securities held to maturity	$	122,302	$	731	$	1,964	$	121,069
December 31, 2012
Mortgage-backed	$	1,168	$	184	$	-	$	1,352
Collateralized mortgage oblications		-		-		-		0
State & municipal		59,395		788		-		60,183
Total securities held to maturity	$	60,563	$	972	$	-	$	61,535

Investment securities with unrealized losses

The following table sets forth information with regard to investment securities with unrealized losses at June 30, 2013 and December 31, 2012:

	Less than 12 months							12 months or longer							Total
Security Type:	Fair Value		Unrealized losses			Number of Positions		Fair Value		Unrealized losses			Number of Positions		Fair Value		Unrealized losses			Number of Positions
June 30, 2013
Investment securities available for sale:
U.S. Treasury	$	-	$	-			-	$	-	$	-			-	$	-	$	-			-
Federal agency		286,049		(6,783	)		20		-		-			-		286,049		(6,783	)		20
State & municipal		125,792		(1,493	)		193		-		-			-		125,792		(1,493	)		193
Mortgage-backed		285,687		(1,562	)		94		-		-			-		285,687		(1,562	)		94
Collateralized mortgage obligations		625,908		(6,787	)		28		-		-			-		625,908		(6,787	)		28
Other securities		5,560		(132	)		2		211		(37	)		1		5,771		(169	)		3
Total securities with unrealized losses	$	1,328,996	$	(16,757	)		337	$	211	$	(37	)		1	$	1,329,207	$	(16,794	)		338
June 30, 2013
Investment securities held to maturity:
Collateralized mortgage obligations		64,022		(1,964	)		5		-		-			-		64,022		(1,964	)		5
Total securities with unrealized losses	$	64,022	$	(1,964	)		5	$	-	$	-			-	$	64,022	$	(1,964	)		5

	Less than 12 months							12 months or longer							Total
	Fair Value		Unrealized losses			Number of Positions		Fair Value		Unrealized losses			Number of Positions		Fair Value		Unrealized losses			Number of Positions
December 31, 2012
Investment securities available for sale:
U.S. Treasury	$	-	$	-			-	$	-	$	-			-	$	-	$	-			-
Federal agency		39,906		(91	)		4		-		-			-		39,906		(91	)		4
State & municipal		-		-			-		-		-			-		-		-			-
Mortgage-backed		-		-			-		-		-			-		-		-			-
Collateralized mortgage obligations		23		-			2		-		-			-		23		-			2
Other securities		468		(6	)		1		167		(82	)		1		635		(88	)		2
Total securities with unrealized losses	$	40,397	$	(97	)		7	$	167	$	(82	)		1	$	40,564	$	(179	)		8

Contractual maturities of debt securities

The following tables set forth information with regard to contractual maturities of debt securities at June 30, 2013:

(In thousands)	Amortized cost		Estimated fair value
Debt securities classified as available for sale
Within one year	$	26,789	$	26,915
From one to five years		194,833		195,558
From five to ten years		348,099		345,525
After ten years		807,206		806,445
	$	1,376,927	$	1,374,443
Debt securities classified as held to maturity
Within one year	$	25,315	$	25,415
From one to five years		24,620		25,095
From five to ten years		5,651		5,656
After ten years		66,716		64,903
	$	122,302	$	121,069