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Note 4 - Debt and Equity Securities | 9 Months Ended
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Sep. 30, 2014
Investments, Debt and Equity Securities [Abstract] |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] |
4. | Debt and Equity Securities
The Company’s investments in equity securities that have readily determinable fair values and all investments in debt securities are classified in one of the following three categories and accounted for accordingly: (1) trading securities, (2) securities available for sale and (3) securities held-to-maturity. The Company did not hold any trading securities or securities held-to-maturity during the three and nine months ended September 30, 2014 and 2013. Securities available for sale are recorded at fair value. The following table summarizes the Company’s portfolio of securities available for sale at September 30, 2014:
|  | Amortized Cost |  |  | Fair Value |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |
|  | (In thousands) |
Corporate |  | $ | 100,611 |  |  | $ | 101,490 |  |  | $ | 1,507 |  |  | $ | 628 |
Municipals |  |  | 143,450 |  |  |  | 146,086 |  |  |  | 2,819 |  |  |  | 183 |
Mutual funds |  |  | 26,974 |  |  |  | 26,974 |  |  |  | - |  |  |  | - |
Other |  |  | 16,388 |  |  |  | 13,618 |  |  |  | - |  |  |  | 2,770 |
Total other securities |  |  | 287,423 |  |  |  | 288,168 |  |  |  | 4,326 |  |  |  | 3,581 |
REMIC and CMO |  |  | 497,457 |  |  |  | 495,375 |  |  |  | 5,705 |  |  |  | 7,787 |
GNMA |  |  | 14,617 |  |  |  | 14,839 |  |  |  | 430 |  |  |  | 208 |
FNMA |  |  | 173,048 |  |  |  | 170,943 |  |  |  | 1,399 |  |  |  | 3,504 |
FHLMC |  |  | 15,031 |  |  |  | 15,052 |  |  |  | 143 |  |  |  | 122 |
Total mortgage-backed securities |  |  | 700,153 |  |  |  | 696,209 |  |  |  | 7,677 |  |  |  | 11,621 |
Total securities available for sale |  | $ | 987,576 |  |  | $ | 984,377 |  |  | $ | 12,003 |  |  | $ | 15,202 |
Mortgage-backed securities shown in the table above include three private issue collateralized mortgage obligations (“CMOs”) that are collateralized by commercial real estate mortgages with amortized cost and market values totaling $12.4 million and $12.5 million, respectively, at September 30, 2014. The following table shows the Company’s available for sale securities with gross unrealized losses and their fair value aggregated by category and length of time the individual securities had been in a continuous unrealized loss position at September 30, 2014:
|  | Total |  | Less than 12 months |  | 12 months or more
|  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
|  | (In thousands)
Corporate |  | $ | 39,373 |  |  | $ | 628 |  |  | $ | 9,529 |  |  | $ | 472 |  |  | $ | 29,844 |  |  | $ | 156 |
Municipals |  |  | 32,355 |  |  |  | 183 |  |  |  | 20,746 |  |  |  | 34 |  |  |  | 11,609 |  |  |  | 149 |
Other |  |  | 6,793 |  |  |  | 2,770 |  |  |  | - |  |  |  | - |  |  |  | 6,793 |  |  |  | 2,770 |
Total other securities |  |  | 78,521 |  |  |  | 3,581 |  |  |  | 30,275 |  |  |  | 506 |  |  |  | 48,246 |  |  |  | 3,075 |
REMIC and CMO |  |  | 266,921 |  |  |  | 7,787 |  |  |  | 114,949 |  |  |  | 1,379 |  |  |  | 151,972 |  |  |  | 6,408 |
GNMA |  |  | 8,581 |  |  |  | 208 |  |  |  | - |  |  |  | - |  |  |  | 8,581 |  |  |  | 208 |
FNMA |  |  | 114,411 |  |  |  | 3,504 |  |  |  | 19,805 |  |  |  | 134 |  |  |  | 94,606 |  |  |  | 3,370 |
FHLMC |  |  | 11,905 |  |  |  | 122 |  |  |  | 4,987 |  |  |  | 45 |  |  |  | 6,918 |  |  |  | 77 |
Total mortgage-backed securities |  |  | 401,818 |  |  |  | 11,621 |  |  |  | 139,741 |  |  |  | 1,558 |  |  |  | 262,077 |  |  |  | 10,063 |
Total securities available for sale |  | $ | 480,339 |  |  | $ | 15,202 |  |  | $ | 170,016 |  |  | $ | 2,064 |  |  | $ | 310,323 |  |  | $ | 13,138 |
OTTI losses on impaired securities must be fully recognized in earnings if an investor has the intent to sell the debt security or if it is more likely than not that the investor will be required to sell the debt security before recovery of its amortized cost. However, even if an investor does not expect to sell a debt security, the investor must evaluate the expected cash flows to be received and determine if a credit loss has occurred. In the event that a credit loss has occurred, only the amount of impairment associated with the credit loss is recognized in earnings in the Consolidated Statements of Income. Amounts relating to factors other than credit losses are recorded in accumulated other comprehensive income (“AOCI”) within Stockholders’ Equity. The Company reviewed each investment that had an unrealized loss at September 30, 2014. An unrealized loss exists when the current fair value of an investment is less than its amortized cost basis. Unrealized losses on available for sale securities, that are deemed to be temporary, are recorded in AOCI, net of tax. Unrealized losses that are considered to be other-than-temporary are split between credit related and noncredit related impairments, with the credit related impairment being recorded as a charge against earnings and the noncredit related impairment being recorded in AOCI, net of tax. The Company evaluates its pooled trust preferred securities, included in the table above under “Other”, using an impairment model through an independent third party, which includes evaluating the financial condition of each counterparty. For single issuer trust preferred securities, the Company evaluates the issuer’s financial condition. When an OTTI is identified, the portion of the impairment that is credit related, for trust preferred securities, is determined by management by using a discounted cash flow model from an independent third party, with the difference between the present value of the projected cash flows and the amortized cost basis of the security recorded as a credit related loss against earnings. Corporate: The unrealized losses in Corporate securities at September 30, 2014 consist of losses on five Corporate securities. The unrealized losses were caused by movements in interest rates. It is not anticipated that these securities would be settled at a price that is less than the amortized cost of the Company’s investment. Each of these securities is performing according to its terms and, in the opinion of management, will continue to perform according to its terms. The Company does not have the intent to sell these securities and it is more likely than not the Company will not be required to sell the securities before recovery of the securities’ amortized cost basis. This conclusion is based upon considering the Company’s cash and working capital requirements and contractual and regulatory obligations, none of which the Company believes would cause the sale of the securities. Therefore, the Company did not consider these investments to be other-than-temporarily impaired at September 30, 2014. Municipal Securities: The unrealized losses in Municipal securities at September 30, 2014, consist of losses on eight municipal securities. The unrealized losses were caused by movements in interest rates. It is not anticipated that these securities would be settled at a price that is less than the amortized cost of the Company’s investment. Each of these securities is performing according to its terms and, in the opinion of management, will continue to perform according to its terms. The Company does not have the intent to sell these securities and it is more likely than not the Company will not be required to sell the securities before recovery of the securities amortized cost basis. This conclusion is based upon considering the Company’s cash and working capital requirements and contractual and regulatory obligations, none of which the Company believes would cause the sale of the securities. Therefore, the Company did not consider these investments to be other-than-temporarily impaired at September 30, 2014. Other Securities: The unrealized losses in Other Securities at September 30, 2014, consist of losses on one single issuer trust preferred security and two pooled trust preferred securities. The unrealized losses on these securities were caused by market interest volatility, a significant widening of credit spreads across markets for these securities and illiquidity and uncertainty in the financial markets. These securities are currently rated below investment grade. The pooled trust preferred securities do not have collateral that is subordinate to the classes the Company owns. The Company’s management evaluates the pooled trust preferred securities using an impairment model, through an independent third party, that is applied to debt securities. In estimating OTTI losses, management considers: (1) the length of time and the extent to which the fair value has been less than amortized cost; (2) the current interest rate environment; (3) the financial condition and near-term prospects of the issuer, if applicable; and (4) the intent and ability of the Company to retain its investment in the security for a period of time sufficient to allow for any anticipated recovery in fair value. Additionally, management reviews the financial condition of each individual issuer within the pooled trust preferred securities. All of the issuers of the underlying collateral of the pooled trust preferred securities we reviewed are banks. For each bank, our review included the following performance items of the banks: Ratio of tangible equity to assets Tier 1 Risk Weighted Capital Net interest margin Efficiency ratio for most recent two quarters Return on average assets for most recent two quarters Texas Ratio (ratio of non-performing assets plus assets past due over 90 days divided by tangible equity plus the reserve for loan losses) Credit ratings (where applicable) Capital issuances within the past year (where applicable) Ability to complete Federal Deposit Insurance Corporation (“FDIC”) assisted acquisitions (where applicable) Based on the review of the above factors, we concluded that: All of the performing issuers in our pools are well capitalized banks, and do not appear likely to be closed by their regulators. All of the performing issuers in our pools will continue as a going concern and will not default on their securities. In order to estimate potential future defaults and deferrals, we segregated the performing underlying issuers by their Texas Ratio. We then reviewed performing issuers with Texas Ratios in excess of 50%. The Texas Ratio is a key indicator of the health of the institution and the likelihood of failure. This ratio compares the problem assets of the institution to the institution’s available capital and reserves to absorb losses that are likely to occur in these assets. No issuer in our pooled trust preferred securities had a Texas Ratio in excess of 50%. We concluded that issuers with a Texas Ratio below 50% are considered healthy, and there was minimal risk of default. We assigned a zero percent default rate to these issuers. Our analysis also assumed that issuers currently deferring would default with no recovery, and issuers that have defaulted will have no recovery. We had an independent third party prepare a discounted cash flow analysis for each of these pooled trust preferred securities based on the assumptions discussed above. Other significant assumptions were: (1) one issuer totaling $15.0 million will prepay in the third quarter of 2015; (2) three issuers totaling $31.8 million will prepay in the third quarter of 2015; (3) senior classes will not call the debt on their portions; and (4) use of the forward London Interbank Offered Rate (“LIBOR”) curve. The cash flows were discounted at the effective rate for each security. The Company also owns a single issue security that is carried under the fair value option, where the unrealized losses are included in the Consolidated Statements of Income – Net gain (loss) from fair value adjustments. It is not anticipated at this time that the one single issuer trust preferred security and the two pooled trust preferred securities would be settled at a price that is less than the amortized cost of the Company’s investment. Each of these securities is performing according to its terms and, in the opinion of management and based on the review performed at September 30, 2014, will continue to perform according to its terms. The Company does not have the intent to sell these securities and it is more likely than not the Company will not be required to sell the securities before recovery of the securities’ amortized cost basis. This conclusion is based upon considering the Company’s cash and working capital requirements and contractual and regulatory obligations, none of which the Company believes would cause the sale of the securities. Therefore, the Company did not consider the one single issuer trust preferred security and the two pooled trust preferred securities to be other-than-temporarily impaired at September 30, 2014. At September 30, 2014, including the three trust preferred issues discussed above, the Company held four trust preferred issues which had a current credit rating of at least one rating below investment grade. One of those issues is carried under the fair value option and therefore, changes in fair value are included in the Consolidated Statement of Income – Net gain (loss) from fair value adjustments. The following table details the remaining three trust preferred issues that were evaluated to determine if they were other-than-temporarily impaired at September 30, 2014. The class the Company owns in pooled trust preferred securities does not have any excess subordination.
|  |  |  |  |  |  |  |  |  |  |  | Deferrals/Defaults |  |
Issuer Type |  | Class |  | Performing Banks |  | Amortized Cost |  | Fair Value |  | Cumulative Credit Related OTTI |  | Actual as a Percentage of Original Security |  | Expected Percentage of Performing Collateral |  | Current Lowest Rating
(Dollars in thousands)
Single issuer |  |  | n/a |  |  |  | 1 |  |  | $ | 300 |  |  | $ | 293 |  |  | $ | - |  |  |  | None |  |  |  | None |  |  |  | BB- |
Pooled issuer |  |  | B1 |  |  |  | 15 |  |  |  | 5,617 |  |  |  | 3,200 |  |  |  | 2,383 |  |  |  | 22.5 | % |  |  | 0.0 | % |  |  | C |
Pooled issuer |  |  | C1 |  |  |  | 16 |  |  |  | 3,645 |  |  |  | 3,300 |  |  |  | 1,355 |  |  |  | 17.9 | % |  |  | 0.0 | % |  |  | C |
Total |  |  |  |  |  |  |  |  |  | $ | 9,562 |  |  | $ | 6,793 |  |  | $ | 3,738 |  |  |  |  |  |  |  |  |  |  |  |  |
REMIC and CMO: The unrealized losses in Real Estate Mortgage Investment Conduit (“REMIC”) and CMO securities at September 30, 2014 consist of 13 issues from the Federal Home Loan Mortgage Corporation (“FHLMC”), 16 issues from the Federal National Mortgage Association (“FNMA”) and seven issues from Government National Mortgage Association (“GNMA”). The unrealized losses on the REMIC and CMO securities issued by FHLMC, FNMA and GNMA were caused by movements in interest rates. It is not anticipated that these securities would be settled at a price that is less than the amortized cost of the Company’s investment. Each of these securities is performing according to its terms, and, in the opinion of management, will continue to perform according to its terms. The Company does not have the intent to sell these securities and it is more likely than not the Company will not be required to sell the securities before recovery of the securities’ amortized cost basis. This conclusion is based upon considering the Company’s cash and working capital requirements, and contractual and regulatory obligations, none of which the Company believes would cause the sale of the securities. Therefore, the Company did not consider these investments to be other-than-temporarily impaired at September 30, 2014. GNMA: The unrealized losses in GNMA securities at September 30, 2014 consist of losses on one security. The unrealized losses were caused by movements in interest rates. It is not anticipated that this security would be settled at a price that is less than the amortized cost of the Company’s investment. This security is performing according to its terms and, in the opinion of management, will continue to perform according to its terms. The Company does not have the intent to sell this security and it is more likely than not the Company will not be required to sell the security before recovery of the security’s amortized cost basis. This conclusion is based upon considering the Company’s cash and working capital requirements and contractual and regulatory obligations, none of which the Company believes would cause the sale of the security. Therefore, the Company did not consider this security to be other-than-temporarily impaired at September 30, 2014. FNMA: The unrealized losses in FNMA securities at September 30, 2014 consist of losses on 15 securities. The unrealized losses were caused by movements in interest rates. It is not anticipated that these securities would be settled at a price that is less than the amortized cost of the Company’s investment. Each of these securities is performing according to its terms and, in the opinion of management, will continue to perform according to its terms. The Company does not have the intent to sell these securities and it is more likely than not the Company will not be required to sell the securities before recovery of the securities’ amortized cost basis. This conclusion is based upon considering the Company’s cash and working capital requirements and contractual and regulatory obligations, none of which the Company believes will cause the sale of the securities. Therefore, the Company did not consider these investments to be other-than-temporarily impaired at September 30, 2014. FHMLC: The unrealized losses in FHMLC securities at September 30, 2014 consist of losses on two securities. The unrealized losses were caused by movements in interest rates. It is not anticipated that these securities would be settled at a price that is less than the amortized cost of the Company’s investment. Each of these securities are performing according to its terms and, in the opinion of management, will continue to perform according to its terms. The Company does not have the intent to sell these securities and it is more likely than not that the Company will not be required to sell the securities before recovery of the securities’ amortized cost basis. This conclusion is based upon considering the Company’s cash and working capital requirements and contractual and regulatory obligations, none of which the Company believes would cause the sale of the securities. Therefore, the Company did not consider these securities to be other-than-temporarily impaired at September 30, 2014. The following table details gross unrealized losses recorded in AOCI and the ending credit loss amount on two pooled trust preferred securities, as of September 30, 2014, for which the Company has recorded a credit related OTTI charge in the Consolidated Statements of Income:
(in thousands) |  | Amortized Cost |  | Fair Value |  | Gross Unrealized Losses Recorded In AOCI |  | Ending Credit Loss Amount
Trust preferred securities |  | $ | 9,262 |  |  | $ | 6,500 |  |  | $ | 2,762 |  |  | $ | 3,738 |
Total |  | $ | 9,262 |  |  | $ | 6,500 |  |  | $ | 2,762 |  |  | $ | 3,738 |
The following table represents the activity related to the credit loss component recognized in earnings on debt securities held by the Company for which a portion of OTTI was recognized in AOCI for the periods indicated:
|  | For the three months ended September 30, |  | For the nine months ended September 30,
|  | 2014 |  | 2013 |  | 2014 |  | 2013
|  | (In thousands)
Beginning balance |  | $ | 3,738 |  |  | $ | 6,193 |  |  | $ | 3,738 |  |  | $ | 6,178 |
Recognition of actual losses |  |  | - |  |  |  | (186 | ) |  |  | - |  |  |  | (674 | )
OTTI charges due to credit loss recorded in earnings |  |  | - |  |  |  | 916 |  |  |  | - |  |  |  | 1,419 |
Securities sold during the period |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Securities where there is an intent to sell or requirement to sell |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Ending balance |  | $ | 3,738 |  |  | $ | 6,923 |  |  | $ | 3,738 |  |  | $ | 6,923 |
The following table details the amortized cost and estimated fair value of the Company’s securities classified as available for sale at September 30, 2014, by contractual maturity. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
|  | Amortized Cost |  | Fair Value
|  | (In thousands)
Due in one year or less |  | $ | 46,317 |  |  | $ | 46,369 |
Due after one year through five years |  |  | 35,658 |  |  |  | 37,094 |
Due after five years through ten years |  |  | 68,741 |  |  |  | 68,245 |
Due after ten years |  |  | 136,707 |  |  |  | 136,460 |
Total other securities |  |  | 287,423 |  |  |  | 288,168 |
Mortgage-backed securities |  |  | 700,153 |  |  |  | 696,209 |
Total securities available for sale |  | $ | 987,576 |  |  | $ | 984,377 |
The following table represents the gross gains and gross losses realized from the sale of securities available for sale for the periods indicated:
|  | For the three months ended September 30, |  | For the nine months ended September 30,
|  | 2014 |  | 2013 |  | 2014 |  | 2013
|  | (In thousands)
Gross gains from the sale of securities |  | $ | 5,247 |  |  | $ | 96 |  |  | $ | 5,247 |  |  | $ | 3,313 |
Gross losses from the sale of securities |  |  | (31 | ) |  |  | - |  |  |  | (31 | ) |  |  | (341 | )
Net gains from the sale of securities |  | $ | 5,216 |  |  | $ | 96 |  |  | $ | 5,216 |  |  | $ | 2,972 |
The following table summarizes the Company’s portfolio of securities available for sale at December 31, 2013:
|  | Amortized Cost |  | Fair Value |  | Gross Unrealized Gains |  | Gross Unrealized Losses
|  | (In thousands)
Corporate |  | $ | 100,362 |  |  | $ | 101,711 |  |  | $ | 2,316 |  |  | $ | 967 |
Municipals |  |  | 127,967 |  |  |  | 123,423 |  |  |  | 93 |  |  |  | 4,637 |
Mutual funds |  |  | 21,565 |  |  |  | 21,565 |  |  |  | - |  |  |  | - |
Other |  |  | 18,160 |  |  |  | 14,935 |  |  |  | - |  |  |  | 3,225 |
Total other securities |  |  | 268,054 |  |  |  | 261,634 |  |  |  | 2,409 |  |  |  | 8,829 |
REMIC and CMO |  |  | 494,984 |  |  |  | 489,670 |  |  |  | 6,516 |  |  |  | 11,830 |
GNMA |  |  | 38,974 |  |  |  | 40,874 |  |  |  | 2,325 |  |  |  | 425 |
FNMA |  |  | 217,615 |  |  |  | 212,322 |  |  |  | 2,233 |  |  |  | 7,526 |
FHLMC |  |  | 13,297 |  |  |  | 13,290 |  |  |  | 226 |  |  |  | 233 |
Total mortgage-backed securities |  |  | 764,870 |  |  |  | 756,156 |  |  |  | 11,300 |  |  |  | 20,014 |
Total securities available for sale |  | $ | 1,032,924 |  |  | $ | 1,017,790 |  |  | $ | 13,709 |  |  | $ | 28,843 |
Mortgage-backed securities shown in the table above include three private issue collateralized mortgage obligations (“CMO”) that are collateralized by commercial real estate mortgages with an amortized cost and market value of $13.9 million at December 31, 2013. The following table shows the Company’s available for sale securities with gross unrealized losses and their fair value, aggregated by category and length of time that individual securities had been in a continuous unrealized loss position, at December 31, 2013.
|  | Total |  | Less than 12 months |  | 12 months or more
|  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
|  | (In thousands)
Corporate |  | $ | 39,033 |  |  | $ | 967 |  |  | $ | 39,033 |  |  | $ | 967 |  |  | $ | - |  |  | $ | - |
Municipals |  |  | 100,875 |  |  |  | 4,637 |  |  |  | 95,958 |  |  |  | 4,187 |  |  |  | 4,917 |  |  |  | 450 |
Other |  |  | 6,337 |  |  |  | 3,225 |  |  |  | - |  |  |  | - |  |  |  | 6,337 |  |  |  | 3,225 |
Total other securities |  |  | 146,245 |  |  |  | 8,829 |  |  |  | 134,991 |  |  |  | 5,154 |  |  |  | 11,254 |  |  |  | 3,675 |
REMIC and CMO |  |  | 298,165 |  |  |  | 11,830 |  |  |  | 279,743 |  |  |  | 10,650 |  |  |  | 18,422 |  |  |  | 1,180 |
GNMA |  |  | 9,213 |  |  |  | 425 |  |  |  | 9,213 |  |  |  | 425 |  |  |  | - |  |  |  | - |
FNMA |  |  | 139,999 |  |  |  | 7,526 |  |  |  | 131,248 |  |  |  | 6,654 |  |  |  | 8,751 |  |  |  | 872 |
FHLMC |  |  | 7,478 |  |  |  | 233 |  |  |  | 7,478 |  |  |  | 233 |  |  |  | - |  |  |  | - |
Total mortgage-backed securities |  |  | 454,855 |  |  |  | 20,014 |  |  |  | 427,682 |  |  |  | 17,962 |  |  |  | 27,173 |  |  |  | 2,052 |
Total securities available for sale |  | $ | 601,100 |  |  | $ | 28,843 |  |  | $ | 562,673 |  |  | $ | 23,116 |  |  | $ | 38,427 |  |  | $ | 5,727 |

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