Securities Available for Sale (Tables)

12 Months Ended

Dec. 31, 2013

Available-for-sale Securities [Abstract]

Summary of Securities Available for Sale

The following is a summary of securities available for sale at December 31, 2013 and 2012:



	At December 31, 2013
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(In thousands)
Debt securities:
U.S. Government agency and U.S. Government sponsored enterprises
Collateralized mortgage obligations	$	286,608	$	1,104	$	(13,611	)	$	274,101
Mortgage-backed securities	409,165		3,620		(7,789		)	404,996
Trust preferred securities	4,516		—		(819		)	3,697
Municipal bonds	5,687		319		(70		)	5,936
Total debt securities	705,976		5,043		(22,289		)	688,730
Mutual funds	17,425		—		(404		)	17,021
	$	723,401	$	5,043	$	(22,693	)	$	705,751
	At December 31, 2012
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(In thousands)
Debt securities:
U.S. Government agency and U.S. Government sponsored enterprises
Collateralized mortgage obligations	$	249,373	$	5,649	$	(110	)	$	254,912
Mortgage-backed securities	415,925		10,277		(662		)	425,540
Trust preferred securities	4,502		—		(665		)	3,837
Municipal bonds	4,506		612		—			5,118
Total debt securities	674,306		16,538		(1,437		)	689,407
Mutual funds	14,710		286		—			14,996
	$	689,016	$	16,824	$	(1,437	)	$	704,403

Schedule of Realized Gain (Loss)

The proceeds from sales of securities and the associated gains are listed below:



	2013		2012		2011
	(in thousands)
Proceeds	$	6,634	$	28,446	$	139,458
Gross gains	54		949		1,219
Gross losses	—		—		—

Investments Classified by Contractual Maturity Date

The amortized cost and estimated fair value of debt securities at December 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. Securities not due at a single maturity date are shown separately.



	Amortized Cost		Estimated Fair Value
	(In thousands)
Available for sale:
Due within one year	$	—	$	—
Due after one year through five years	340		350
Due after five years through ten years	3,883		4,170
Due after ten years	5,980		5,113
U.S. Government agency and U.S. Government sponsored enterprises
Collateralized mortgage obligations	286,608		274,101
Mortgage-backed securities	409,165		404,996
Mutual funds	17,425		17,021
	$	723,401	$	705,751

Schedule of Unrealized Loss on Investments

Securities with gross unrealized losses, aggregated by investment category and the length of time that the individual securities have been in a continuous unrealized loss position as of the dates indicated, are as follows:



	At December 31, 2013
	Less than 12 months						12 months or longer						Total
Description of Securities	Number of Securities	Fair Value		Gross Unrealized Losses			Number of Securities	Fair Value		Gross Unrealized Losses			Number of Securities	Fair Value		Gross Unrealized Losses
	(Dollars in thousands)
Collateralized mortgage obligations*	21	$	198,713	$	(12,460	)	3	$	13,381	$	(1,151	)	24	$	212,094	$	(13,611	)
Mortgage-backed securities*	29	203,276		(7,293		)	7	14,793		(496		)	36	218,069		(7,789		)
Municipal bonds	1	1,112		(70		)	—	—		—			1	1,112		(70		)
Trust preferred securities	—	—		—			1	3,697		(819		)	1	3,697		(819		)
Mutual funds	1	13,021		(404		)	—	—		—			1	13,021		(404		)
	52	$	416,122	$	(20,227	)	11	$	31,871	$	(2,466	)	63	$	447,993	$	(22,693	)

* Investments in U.S. Government agency and U.S. Government sponsored enterprises



	At December 31, 2012
	Less than 12 months						12 months or longer						Total
Description of Securities	Number of Securities	Fair Value		Gross Unrealized Losses			Number of Securities	Fair Value		Gross Unrealized Losses			Number of Securities	Fair Value		Gross Unrealized Losses
	(Dollars in thousands)
Collateralized mortgage obligations*	3	$	18,009	$	(110	)	—	$	—	$	—		3	$	18,009	$	(110	)
Mortgage-backed securities*	7	32,406		(597		)	3	8,251		(64		)	10	40,657		(661		)
Trust preferred securities	—	—		—			1	3,837		(665		)	1	3,837		(665		)
Mutual funds	—	—		—			—	—		—			—	—		—
	10	$	50,415	$	(707	)	4	$	12,088	$	(729	)	14	$	62,503	$	(1,436	)

* Investments in U.S. Government agency and U.S. Government sponsored enterprises