Securities (Tables)

9 Months Ended

Sep. 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
September 30, 2013
U.S. Treasury	$	43,359	$	445	$	-	$	43,804
Federal Agency		300,964		369		6,139		295,194
State & municipal		117,936		2,083		1,417		118,602
Mortgage-backed:
Government-sponsored enterprises		303,907		7,652		960		310,599
U.S. government securities		23,613		1,080		86		24,607
Collateralized mortgage obligations:
Government-sponsored enterprises		543,447		1,792		15,211		530,028
U.S. government securities		47,330		914		62		48,182
Other securities		12,367		2,551		200		14,718
Total securities available for sale	$	1,392,923	$	16,886	$	24,075	$	1,385,734
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
September 30, 2013
Mortgage-backed	$	983	$	122	$	-	$	1,105
Collateralized mortgage oblications		63,048		-		3,251		59,797
State & municipal		54,228		490		-		54,718
Total securities held to maturity	$	118,259	$	612	$	3,251	$	115,620
December 31, 2012
Mortgage-backed	$	1,168	$	184	$	-	$	1,352
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 September 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
September 30, 2013
Investment securities available for sale:
Federal agency	$	300,964	$	(6,139	)		20	$	-	$	-			-	$	300,964	$	(6,139	)		20
State & municipal		117,936		(1,417	)		189		-		-			-		117,936		(1,417	)		189
Mortgage-backed		327,504		(1,046	)		81		-		-			-		327,504		(1,046	)		81
Collateralized mortgage obligations		590,777		(15,273	)		40		-		-			-		590,777		(15,273	)		40
Other securities		5,523		(170	)		2		218		(30	)		1		5,741		(200	)		3
Total securities with unrealized losses	$	1,342,704	$	(24,045	)		332	$	218	$	(30	)		1	$	1,342,922	$	(24,075	)		333
September 30, 2013
Investment securities held to maturity:
Collateralized mortgage obligations	$	63,048	$	(3,251	)		5	$	-	$	-			-	$	63,048	$	(3,251	)		5
Total securities with unrealized losses	$	63,048	$	(3,251	)		5	$	-	$	-			-	$	63,048	$	(3,251	)		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 September 30, 2013:

(In thousands)	Amortized cost		Estimated fair value
Debt securities classified as available for sale
Within one year	$	26,527	$	26,704
From one to five years		272,953		274,104
From five to ten years		295,191		293,558
After ten years		785,885		776,650
	$	1,380,556	$	1,371,016
Debt securities classified as held to maturity
Within one year	$	25,305	$	25,412
From one to five years		22,364		22,744
From five to ten years		5,054		5,059
After ten years		65,536		62,405
	$	118,259	$	115,620