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Investments (Tables)
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3 Months Ended |
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Mar. 31, 2013
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| Investments [Abstract] |
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| Schedule of Available-for-sale Securities Reconciliation |
The following table presents the amortized cost, gross unrealized gains and losses and fair value of securities available-for-sale: | | | | | | | | | | | | | | | | | | March 31, 2013 | (in thousands) | Amortized Cost | | Gross
Unrealized Gains | | Gross
Unrealized Losses | | Fair Value | Available for sale securities: | | | | | | | | Obligations of U.S. Government-sponsored enterprises | $ | 130,782 |
| | $ | 2,765 |
| | $ | — |
| | $ | 133,547 |
| Obligations of states and political subdivisions | 50,402 |
| | 2,113 |
| | (608 | ) | | 51,907 |
| Residential mortgage-backed securities | 292,739 |
| | 5,214 |
| | (400 | ) | | 297,553 |
| | $ | 473,923 |
| | $ | 10,092 |
| | $ | (1,008 | ) | | $ | 483,007 |
| | | | | | | | | | December 31, 2012 | (in thousands) | Amortized Cost | | Gross
Unrealized Gains | | Gross
Unrealized Losses | | Fair Value | Available for sale securities: | | | | | | | | Obligations of U.S. Government-sponsored enterprises | $ | 149,039 |
| | $ | 3,329 |
| | $ | — |
| | $ | 152,368 |
| Obligations of states and political subdivisions | 51,202 |
| | 2,279 |
| | (478 | ) | | 53,003 |
| Residential mortgage-backed securities | 427,221 |
| | 7,884 |
| | (264 | ) | | 434,841 |
| | $ | 627,462 |
| | $ | 13,492 |
| | $ | (742 | ) | | $ | 640,212 |
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| Investments Classified by Contractual Maturity Date |
The amortized cost and estimated fair value of debt securities classified as available for sale at March 31, 2013, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The weighted average life of the mortgage-backed securities is approximately 4 years. | | | | | | | | | (in thousands) | Amortized Cost | | Estimated Fair Value | Due in one year or less | $ | 1,594 |
| | $ | 1,608 |
| Due after one year through five years | 145,156 |
| | 148,476 |
| Due after five years through ten years | 28,008 |
| | 29,210 |
| Due after ten years | 6,426 |
| | 6,160 |
| Mortgage-backed securities | 292,739 |
| | 297,553 |
| | $ | 473,923 |
| | $ | 483,007 |
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| Schedule of Unrealized Loss on Investments |
The following table represents a summary of available-for-sale investment securities that had an unrealized loss:
| | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2013 | Less than 12 months | | 12 months or more | | Total | (in thousands) | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | Obligations of states and political subdivisions | $ | 10,042 |
| | $ | 259 |
| | $ | 3,051 |
| | $ | 349 |
| | $ | 13,093 |
| | $ | 608 |
| Residential mortgage-backed securities | 44,488 |
| | 400 |
| | — |
| | — |
| | 44,488 |
| | 400 |
| | $ | 54,530 |
| | $ | 659 |
| | $ | 3,051 |
| | $ | 349 |
| | $ | 57,581 |
| | $ | 1,008 |
| | | | | | | | | | | | | | December 31, 2012 | Less than 12 months | | 12 months or more | | Total | (in thousands) | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | Obligations of states and political subdivisions | 6,434 |
| | 122 |
| | 3,389 |
| | 356 |
| | 9,823 |
| | 478 |
| Residential mortgage-backed securities | 40,471 |
| | 143 |
| | 11,266 |
| | 121 |
| | 51,737 |
| | 264 |
| | $ | 46,905 |
| | $ | 265 |
| | $ | 14,655 |
| | $ | 477 |
| | $ | 61,560 |
| | $ | 742 |
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| Schedule of Realized Gain (Loss) |
The gross gains and gross losses realized from sales of available-for-sale investment securities were as follows: | | | | | | | | | | Three months ended March 31, | (in thousands) | 2013 | | 2012 | Gross gains realized | $ | 866 |
| | $ | 1,075 |
| Gross losses realized | (182 | ) | | (53 | ) | Proceeds from sales | 122,894 |
| | 64,476 |
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