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SECURITIES (Tables)

3 Months Ended

Mar. 31, 2014

Text Block [Abstract]

Schedule of Amortized Cost and Fair Value of Securities Available for Sale

The amortized cost and fair value of securities are as follows:

		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
Securities Available for Sale:
March 31, 2014
U.S. government-sponsored entities		$	268,330			$	50			$	(3,699	)		$	264,681
Residential mortgage-backed securities:
Agency mortgage-backed securities			352,209				4,637				(905	)			355,941
Agency collateralized mortgage obligations			622,060				1,335				(13,643	)			609,752
Non-agency collateralized mortgage obligations			1,661				18				—				1,679
Commercial mortgage-backed securities			9,153				—				(24	)			9,129
States of the U.S. and political subdivisions			14,216				438				(149	)			14,505
Other debt securities			16,532				569				(861	)			16,240
Total debt securities			1,284,161				7,047				(19,281	)			1,271,927
Equity securities			1,444				699				—				2,143
		$	1,285,605			$	7,746			$	(19,281	)		$	1,274,070
December 31, 2013
U.S. government-sponsored entities		$	336,763			$	126			$	(5,904	)		$	330,985
Residential mortgage-backed securities:
Agency mortgage-backed securities			247,880				4,304				(1,303	)			250,881
Agency collateralized mortgage obligations			511,098				895				(20,794	)			491,199
Non-agency collateralized mortgage obligations			1,747				15				—				1,762
States of the U.S. and political subdivisions			16,842				410				(250	)			17,002
Collateralized debt obligations			37,203				4,507				(10,115	)			31,595
Other debt securities			16,505				524				(929	)			16,100
Total debt securities			1,168,038				10,781				(39,295	)			1,139,524
Equity securities			1,444				682				—				2,126
		$	1,169,482			$	11,463			$	(39,295	)		$	1,141,650

Schedule of Amortized Cost and Fair Value of Securities Held to Maturity

		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
Securities Available for Sale:
March 31, 2014
U.S. government-sponsored entities		$	268,330			$	50			$	(3,699	)		$	264,681
Residential mortgage-backed securities:
Agency mortgage-backed securities			352,209				4,637				(905	)			355,941
Agency collateralized mortgage obligations			622,060				1,335				(13,643	)			609,752
Non-agency collateralized mortgage obligations			1,661				18				—				1,679
Commercial mortgage-backed securities			9,153				—				(24	)			9,129
States of the U.S. and political subdivisions			14,216				438				(149	)			14,505
Other debt securities			16,532				569				(861	)			16,240
Total debt securities			1,284,161				7,047				(19,281	)			1,271,927
Equity securities			1,444				699				—				2,143
		$	1,285,605			$	7,746			$	(19,281	)		$	1,274,070
December 31, 2013
U.S. government-sponsored entities		$	336,763			$	126			$	(5,904	)		$	330,985
Residential mortgage-backed securities:
Agency mortgage-backed securities			247,880				4,304				(1,303	)			250,881
Agency collateralized mortgage obligations			511,098				895				(20,794	)			491,199
Non-agency collateralized mortgage obligations			1,747				15				—				1,762
States of the U.S. and political subdivisions			16,842				410				(250	)			17,002
Collateralized debt obligations			37,203				4,507				(10,115	)			31,595
Other debt securities			16,505				524				(929	)			16,100
Total debt securities			1,168,038				10,781				(39,295	)			1,139,524
Equity securities			1,444				682				—				2,126
		$	1,169,482			$	11,463			$	(39,295	)		$	1,141,650
Securities Held to Maturity:
March 31, 2014
U.S. Treasury		$	502			$	123			$	—			$	625
U.S. government-sponsored entities			101,787				181				(1,284	)			100,684
Residential mortgage-backed securities:
Agency mortgage-backed securities			725,154				12,529				(3,817	)			733,866
Agency collateralized mortgage obligations			452,909				1,225				(11,976	)			442,158
Non-agency collateralized mortgage obligations			6,352				24				—				6,376
Commercial mortgage-backed securities			2,236				121				(15	)			2,342
States of the U.S. and political subdivisions			131,506				2,392				(955	)			132,943
		$	1,420,446			$	16,595			$	(18,047	)		$	1,418,994
December 31, 2013
U.S. Treasury		$	503			$	99			$	—			$	602
U.S. government-sponsored entities			43,322				180				(1,151	)			42,351
Residential mortgage-backed securities:
Agency mortgage-backed securities			628,681				12,281				(6,032	)			634,930
Agency collateralized mortgage obligations			385,408				764				(15,844	)			370,328
Non-agency collateralized mortgage obligations			6,852				44				(4	)			6,892
Commercial mortgage-backed securities			2,241				124				(37	)			2,328
States of the U.S. and political subdivisions			132,162				1,992				(2,022	)			132,132
		$	1,199,169			$	15,484			$	(25,090	)		$	1,189,563

Gross Gains and Gross Losses Realized on Sales of Securities

Gross gains and gross losses were realized on securities as follows:

		Three Months Ended
		March 31,
		2014				2013
Gross gains		$	18,009			$	1,032
Gross losses			(8,548	)			(348	)
		$	9,461			$	684

Amortized Cost and Fair Value of Securities, by Contractual Maturities

As of March 31, 2014, the amortized cost and fair value of securities, by contractual maturities, were as follows:

		Available for Sale								Held to Maturity
		Amortized Cost				Fair Value				Amortized Cost				Fair Value
Due in one year or less		$	—			$	—			$	2,716			$	2,766
Due from one to five years			209,466				207,689				77,526				76,567
Due from five to ten years			82,024				80,998				85,763				86,428
Due after ten years			7,588				6,739				67,790				68,491
			299,078				295,426				233,795				234,252
Residential mortgage-backed securities:
Agency mortgage-backed securities			352,209				355,941				725,154				733,866
Agency collateralized mortgage obligations			622,060				609,752				452,909				442,158
Non-agency collateralized mortgage obligations			1,661				1,679				6,352				6,376
Commercial mortgage-backed securities			9,153				9,129				2,236				2,342
Equity securities			1,444				2,143				—				—
		$	1,285,605			$	1,274,070			$	1,420,446			$	1,418,994

Summaries of Fair Values and Unrealized Losses of Securities, Segregated by Length of Impairment

Following are summaries of the fair values and unrealized losses of securities, segregated by length of impairment:

		Less than 12 Months												12 Months or More												Total
		#				Fair Value				Unrealized Losses				#				Fair Value				Unrealized Losses				#				Fair Value				Unrealized Losses
Securities Available for Sale:
March 31, 2014
U.S. government-sponsored entities			18			$	249,631			$	(3,699	)			—			$	—			$	—				18			$	249,631			$	(3,699	)
Residential mortgage-backed securities:
Agency mortgage-backed securities			11				177,722				(905	)			—				—				—				11				177,722				(905	)
Agency collateralized mortgage obligations			24				398,335				(9,937	)			4				68,266				(3,706	)			28				466,601				(13,643	)
Commercial mortgage-backed securities			1				9,129				(24	)			—				—				—				1				9,129				(24	)
States of the U.S. and political subdivisions			2				3,123				(149	)			—				—				—				2				3,123				(149	)
Other debt securities			—				—				—				4				6,020				(861	)			4				6,020				(861	)
			56			$	837,940			$	(14,714	)			8			$	74,286			$	(4,567	)			64			$	912,226			$	(19,281	)
December 31, 2013
U.S. government-sponsored entities			17			$	232,962			$	(5,904	)			—			$	—			$	—				17			$	232,962			$	(5,904	)
Residential mortgage-backed securities:
Agency mortgage-backed securities			9				108,284				(1,303	)			—				—				—				9				108,284				(1,303	)
Agency collateralized mortgage obligations			26				389,989				(18,644	)			2				34,229				(2,150	)			28				424,218				(20,794	)
States of the U.S. and political subdivisions			2				3,022				(250	)			—				—				—				2				3,022				(250	)
Collateralized debt obligations			—				—				—				8				7,965				(10,115	)			8				7,965				(10,115	)
Other debt securities			—				—				—				4				5,950				(929	)			4				5,950				(929	)
			54			$	734,257			$	(26,101	)			14			$	48,144			$	(13,194	)			68			$	782,401			$	(39,295	)
Securities Held to Maturity:
March 31, 2014
U.S. government-sponsored entities			7			$	73,748			$	(788	)			1			$	14,504			$	(496	)			8			$	88,252			$	(1,284	)
Residential mortgage-backed securities:
Agency mortgage-backed securities			23				347,721				(3,745	)			1				1,304				(72	)			24				349,025				(3,817	)
Agency collateralized mortgage obligations			20				249,082				(8,442	)			4				66,850				(3,534	)			24				315,932				(11,976	)
Commercial mortgage-backed securities			1				1,005				(15	)			—				—				—				1				1,005				(15	)
States of the U.S. and political subdivisions			21				27,262				(955	)			—				—				—				21				27,262				(955	)
			72			$	698,818			$	(13,945	)			6			$	82,658			$	(4,102	)			78			$	781,476			$	(18,047	)
December 31, 2013
U.S. government-sponsored entities			2			$	24,513			$	(530	)			1			$	14,378			$	(621	)			3			$	38,891			$	(1,151	)
Residential mortgage-backed securities:
Agency mortgage-backed securities			24				308,864				(5,942	)			1				1,296				(90	)			25				310,160				(6,032	)
Agency collateralized mortgage obligations			21				301,312				(15,844	)			—				—				—				21				301,312				(15,844	)
Non-agency collateralized mortgage obligations			3				2,010				(4	)			—				—				—				3				2,010				(4	)
Commercial mortgage-backed securities			1				984				(37	)			—				—				—				1				984				(37	)
States of the U.S. and political subdivisions			27				31,537				(2,022	)			—				—				—				27				31,537				(2,022	)
			78			$	669,220			$	(24,379	)			2			$	15,674			$	(711	)			80			$	684,894			$	(25,090	)

Summary of Cumulative Credit-Related OTTI Charges

The following table presents a summary of the cumulative credit-related OTTI charges recognized as components of earnings for securities for which a portion of an OTTI is recognized in other comprehensive income:

		Collateralized Debt Obligations				Residential Non-Agency CMOs				Equities				Total
For the Three Months Ended March 31, 2014
Beginning balance		$	17,155			$	—			$	27			$	17,182
Loss where impairment was not previously recognized			—				—				—				—
Additional loss where impairment was previously recognized			—				—				—				—
Reduction due to credit impaired securities sold			(17,155	)			—				—				(17,155	)
Ending balance		$	—			$	—			$	27			$	27
For the Three Months Ended March 31, 2013
Beginning balance		$	17,155			$	212				—			$	17,367
Loss where impairment was not previously recognized			—				—				—				—
Additional loss where impairment was previously recognized			—				—				—				—
Reduction due to credit impaired securities sold			—				(212	)			—				(212	)
Ending balance		$	17,155			$	—				—			$	17,155

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