XML 36 R26.htm IDEA: XBRL DOCUMENT v3.5.0.2
Securities Available-for-Sale (Tables)
 6 Months Ended
Jun. 30, 2016
Investments, Debt and Equity Securities [Abstract]  
Composition of Securities Available-for-Sale
The following tables present the amortized cost and fair value of available-for-sale securities as of the dates presented:
 
June 30, 2016
 
December 31, 2015
(dollars in thousands)
Amortized
Cost

Gross
Unrealized
Gains

Gross
Unrealized
Losses

Fair
Value

 
Amortized
Cost

Gross
Unrealized
Gains

Gross
Unrealized
Losses

Fair
Value

U.S. treasury securities
$
14,934

$
169

$
—

$
15,103

 
$
14,914

$
27

$
—

$
14,941

Obligations of U.S. government corporations and agencies
256,526

5,739

—

262,265

 
262,045

1,825

(567
)
263,303

Collateralized mortgage obligations of U.S. government corporations and agencies
139,532

3,730

—

143,262

 
128,458

693

(316
)
128,835

Residential mortgage-backed securities of U.S. government corporations and agencies
36,396

1,618

—

38,014

 
39,185

1,091

(151
)
40,125

Commercial mortgage-backed securities of U.S. government corporations and agencies
79,517

2,151

—

81,668

 
69,697

183

(676
)
69,204

Obligations of states and political subdivisions
125,145

9,105

—

134,250

 
128,904

5,988

(6
)
134,886

Debt Securities
652,050

22,512

—

674,562

 
643,203

9,807

(1,716
)
651,294

Marketable equity securities
7,579

1,339

(1
)
8,917

 
7,579

2,090

—

9,669

Total
$
659,629

$
23,851

$
(1
)
$
683,479

 
$
650,782

$
11,897

$
(1,716
)
$
660,963
Fair Value and Age of Gross Unrealized Losses by Investment Category
The following tables present the fair value and the age of gross unrealized losses by investment category as of the dates presented:
 
June 30, 2016
 
Less Than 12 Months
 
12 Months or More
 
Total
(dollars in thousands)
Number of Securities
Fair Value

Unrealized
Losses

 
Number of Securities
Fair Value

Unrealized
Losses

 
Number of Securities
Fair Value

Unrealized
Losses

U.S. Treasury securities
—
$
—

$
—

 
—
$
—

$
—

 
—
$
—

$
—

Obligations of U.S. government corporations and agencies
—
—

—

 
—
—

—

 
—
—

—

Collateralized mortgage obligations of U.S. government corporations and agencies
—
—

—

 
—
—

—

 
—
—

—

Residential mortgage-backed securities of U.S. government corporations and agencies
—
—

—

 
—
—

—

 
—
—

—

Commercial mortgage-backed securities of U.S. government corporations and agencies
—
—

—

 
—
—

—

 
—
—

—

Obligations of states and political subdivisions
—
—

—

 
—
—

—

 
—
—

—

Debt Securities
—
—

—

 
—
—

—

 
—
—

—

Marketable equity securities
1
70

(1
)
 
—
—

—

 
1
70

(1
)
Total Temporarily Impaired Securities
1
$
70

$
(1
)
 
—
$
—

$
—

 
1
$
70

$
(1
)


 
December 31, 2015
 
Less Than 12 Months
 
12 Months or More
 
Total
(dollars in thousands)
Number of Securities
Fair Value

Unrealized
Losses

 
Number of Securities
Fair Value

Unrealized
Losses

 
Number of Securities
Fair Value

Unrealized
Losses

U.S. Treasury securities
—
$
—

$
—

 
—
$
—

$
—

 
—
$
—

$
—

Obligations of U.S. government corporations and agencies
10
88,584

(379
)
 
2
14,542

(188
)
 
12
103,126

(567
)
Collateralized mortgage obligations of U.S. government corporations and agencies
6
61,211

(316
)
 
—
—

—

 
6
61,211

(316
)
Residential mortgage-backed securities of U.S. government corporations and agencies
1
7,993

(151
)
 
—
—

—

 
1
7,993

(151
)
Commercial mortgage-backed securities of U.S. government corporations and agencies
5
50,839

(450
)
 
1
9,472

(226
)
 
6
60,311

(676
)
Obligations of states and political subdivisions
1
5,370

(6
)
 
—
—

—

 
1
5,370

(6
)
Debt Securities
23
213,997

(1,302
)
 
3
24,014

(414
)
 
26
238,011

(1,716
)
Marketable equity securities
—
—

—

 
—
—

—

 
—
—

—

Total Temporarily Impaired Securities
23
$
213,997

$
(1,302
)
 
3
$
24,014

$
(414
)
 
26
$
238,011

$
(1,716
)
Unrealized Gains and Losses, Net of Tax on Securities Available for Sale
The following table displays net unrealized gains and losses, net of tax on securities available for sale included in accumulated other comprehensive (loss)/income, for the periods presented:
 
June 30, 2016
 
December 31, 2015
(dollars in thousands)
Gross Unrealized Gains

Gross Unrealized Losses

Net Unrealized Gains/ (Losses)

 
Gross Unrealized Gains

Gross Unrealized Losses

Net Unrealized Gains/ (Losses)

Total unrealized gains/(losses) on securities available-for-sale
$
23,851

$
(1
)
$
23,850

 
$
11,897

$
(1,716
)
$
10,181

Income tax expense/(benefit)
8,347

—

8,347

 
4,164

(601
)
3,563

Net unrealized gains/(losses), net of tax included in accumulated other comprehensive income/(loss)
$
15,504

$
(1
)
$
15,503

 
$
7,733

$
(1,115
)
$
6,618
Amortized Cost and Fair Value of Available-for-Sale Securities
The amortized cost and fair value of securities available-for-sale at June 30, 2016 by contractual maturity are included in the table below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
 
June 30, 2016
(dollars in thousands)
Amortized
Cost

 
Fair Value

Obligations of the U.S. Treasury, U.S. government corporations and agencies, and obligations of states and political subdivisions

 

Due in one year or less
$
46,370

 
$
46,509

Due after one year through five years
211,742

 
217,558

Due after five years through ten years
66,087

 
69,318

Due after ten years
72,406

 
78,233

 
396,605

 
411,618

Collateralized mortgage obligations of U.S. government corporations and agencies
139,532

 
143,262

Residential mortgage-backed securities of U.S. government corporations and agencies
36,396

 
38,014

Commercial mortgage-backed securities of U.S. government corporations and agencies
79,517

 
81,668

Debt Securities
652,050

 
674,562

Marketable equity securities
7,579

 
8,917

Total
$
659,629

 
$
683,479