SECURITIES (Tables)

6 Months Ended

Jun. 30, 2012

Securities Portfolio

Securities Portfolio

(Amounts in thousands)

	June 30, 2012									December 31, 2011
	Amortized		Gross Unrealized					Fair		Amortized		Gross Unrealized					Fair
	Cost		Gains		Losses			Value		Cost		Gains		Losses			Value
Securities Available-for-Sale
U.S. Treasury	$	87,286	$	966	$	—		$	88,252	$	60,590	$	931	$	—		$	61,521
U.S. Agencies		—		—		—			—		10,014		20		—			10,034
Collateralized mortgage obligations		292,177		13,223		(132	)		305,268		344,078		12,062		(140	)		356,000
Residential mortgage -backed securities		983,811		50,302		—			1,034,113		1,140,555		48,660		(2	)		1,189,213
State and municipal		186,029		11,690		(203	)		197,516		154,080		12,140		(23	)		166,197
Foreign sovereign debt		500		—		—			500		500		—		—			500
Total	$	1,549,803	$	76,181	$	(335	)	$	1,625,649	$	1,709,817	$	73,813	$	(165	)	$	1,783,465
Securities Held-to-Maturity
Residential mortgage -backed securities	$	675,211	$	13,365	$	(79	)	$	688,497	$	490,072	$	3,172	$	(85	)	$	493,159
Commercial mortgage-backed securities		17,495		185		—		$	17,680		—		—		—			—
State and municipal		571		—		—			571		71		—		—			71
Total	$	693,277	$	13,550	$	(79	)	$	706,748	$	490,143	$	3,172	$	(85	)	$	493,230
Non-Marketable Equity Investments
FHLB stock	$	43,467	$	—	$	—		$	43,467	$	40,695	$	—	$	—		$	40,695
Other		4,235		—		—			4,235		2,909		—		—			2,909
Total	$	47,702	$	—	$	—		$	47,702	$	43,604	$	—	$	—		$	43,604

Securities in Unrealized Loss Position

Securities in Unrealized Loss Position

(Amounts in thousands)

	Less Than 12 Months					12 Months or Longer					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
As of June 30, 2012
Securities Available-for-Sale
Collateralized mortgage obligations	$	32,222	$	(117	)	$	1,473	$	(15	)	$	33,695	$	(132	)
State and municipal		17,473		(203	)		—		—			17,473		(203	)
Total	$	49,695	$	(320	)	$	1,473	$	(15	)	$	51,168	$	(335	)
Securities Held-to-Maturity
Residential mortgage-backed securities	$	13,652	$	(79	)	$	—	$	—		$	13,652	$	(79	)
As of December 31, 2011
Securities Available-for-Sale
Collateralized mortgage obligations	$	36,126	$	(140	)	$	—	$	—		$	36,126	$	(140	)
Residential mortgage-backed securities		154		(2	)		—		—			154		(2	)
State and municipal		4,352		(23	)		—		—			4,352		(23	)
Total	$	40,632	$	(165	)	$	—	$	—		$	40,632	$	(165	)
Securities Held-to-Maturity
Residential mortgage-backed securities	$	80,500	$	(85	)	$	—	$	—		$	80,500	$	(85	)

Remaining Contractual Maturity of Securities

Remaining Contractual Maturity of Securities

(Amounts in thousands)

	June 30, 2012
	Available-For Sale Securities				Held-To-Maturity Securities and Non-Marketable Equity Investments
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
U.S. Treasury, U.S. Agencies, state and municipal and foreign sovereign debt securities
One year or less	$	1,793	$	1,813	$	523	$	523
One year to five years		134,704		138,164		48		48
Five years to ten years		124,966		132,892		—		—
After ten years		12,352		13,399		—		—
All other securities
Collateralized mortgage obligations		292,177		305,268		—		—
Residential mortgage-backed securities		983,811		1,034,113		675,211		688,497
Commercial mortgage-backed securities		—		—		17,495		17,680
Non-marketable equity investments		—		—		47,702		47,702
Total	$	1,549,803	$	1,625,649	$	740,979	$	754,450

Securities Gains (Losses)

Securities Gains (Losses)

(Amounts in thousands)

	Quarters Ended June 30,						Six Months Ended June 30,
	2012			2011			2012			2011
Proceeds from sales	$	—		$	33,723		$	812		$	60,493
Gross realized gains		253			848			379			1,272
Gross realized losses		(543	)		(178	)		(564	)		(235	)
Net realized (losses) gains	$	(290	)(1)	$	670		$	(185	)	$	1,037
Income tax (benefit) provision on net realized (losses) gains	$	(115	)	$	266		$	(73	)	$	410

⁽¹⁾  Primarily relates to activity with our CRA investments and includes the amortization of tax credit investments under the effective yield method and adjustments for our portion of the of the investees’ carrying value.