Investment Securities (Tables)

3 Months Ended

Mar. 31, 2013

Investments Debt And Equity Securities [Abstract]

Schedule of Amortized Cost and Estimated Fair Value of Investment Securities Held-to-Maturity and Securities Available-for-Sale

The following tables detail the amortized cost and the estimated fair value of our investment securities held-to-maturity and securities available-for-sale (which include reverse mortgages):

	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(In Thousands)
Available-for-sale securities:
March 31, 2013:
Reverse mortgages	$	(425	)	$	—	$	—		$	(425	)
U.S. Government and government sponsored enterprises (“GSE”)		46,707			218		(2	)		46,923
State and political subdivisions		23,883			144		(450	)		23,577
Federal National Mortgage Association (“FNMA”)		361,501			6,588		(755	)		367,334
Collateralized Mortgage Obligation (“CMO”) (1)		172,137			4,530		(583	)		176,084
Government National Mortgage Association (“GNMA”)		123,454			2,741		(534	)		125,661
Federal Home Loan Mortgage Corporation (“FHLMC”)		89,986			498		(297	)		90,187
	$	817,243		$	14,719	$	(2,621	)	$	829,341
December 31, 2012:
Reverse mortgages	$	(457	)	$	—	$	—		$	(457	)
GSE		46,726			266		(2	)		46,990
State and political subdivisions		3,120			89		—			3,209
FNMA		396,910			9,588		(243	)		406,255
CMO (1)		251,848			7,849		(301	)		259,396
GNMA		129,288			3,221		(54	)		132,455
FHLMC		58,596			1,171		(117	)		59,650
	$	886,031		$	22,184	$	(717	)	$	907,498
Trading securities
March 31, 2013:
CMO	$	12,590		$	—	$	—		$	12,590
December 31, 2012:
CMO	$	12,590		$	—	$	—		$	12,590

(1) Includes agency CMO and SASCO 2002 RM-1 Class O securities classified as available-for-sale

Schedule of Maturities of Investment Securities Available-for-Sale

The scheduled maturities of investment securities available-for-sale at March 31, 2013 and December 31, 2012 were as follows:

	Available-for-Sale
	Amortized Cost		Fair Value
	(In Thousands)
March 31, 2013
Within one year (1)	$	18,567	$	18,647
After one year but within five years		29,547		29,771
After five years but within ten years		276,659		281,321
After ten years		492,470		499,602
	$	817,243	$	829,341
December 31, 2012
Within one year (1)	$	18,544	$	18,658
After one year but within five years		28,855		29,034
After five years but within ten years		321,103		329,580
After ten years		517,529		530,226
	$	886,031	$	907,498

(1) Reverse mortgages do not have contractual maturities. We have included reverse mortgages in maturities within one year.

Schedule of Investment Securities Gross Unrealized Losses and Fair Value by Investment Category

For these investment securities with unrealized losses, the table below shows our gross unrealized losses and fair value by investment category and length of time that individual securities were in a continuous unrealized loss position at March 31, 2013.

	Less than 12 months				12 months or longer				Total
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
	(In Thousands)
Available-for-sale
U.S Government and agencies	$	—	$	—	$	2,006	$	2	$	2,006	$	2
State and political subdivisions		18,603		450		—		—		18,603		450
FNMA		79,795		755		—		—		79,795		755
CMO		58,170		568		835		15		59,005		583
GNMA		61,140		534		—		—		61,140		534
FHLMC		18,263		297		—		—		18,263		297
Total temporarily impaired investments	$	235,971	$	2,604	$	2,841	$	17	$	238,812	$	2,621

For these investment securities with unrealized losses, the table below shows our gross unrealized losses and fair value by investment category and length of time that individual securities were in a continuous unrealized loss position at December 31, 2012.

	Less than 12 months				12 months or longer				Total
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
	(In Thousands)
Available-for-sale
U.S Government and agencies	$	2,008	$	2	$	—	$	—	$	2,008	$	2
State and political subdivisions		—		—		—		—		—		—
FNMA		43,696		243		—		—		43,696		243
CMO		40,358		268		1,364		33		41,722		301
GNMA		10,029		54		—		—		10,029		54
FHLMC		13,884		117		—		—		13,884		117
Total temporarily impaired investments	$	109,975	$	684	$	1,364	$	33	$	111,339	$	717