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Investment Securities (Tables) | 12 Months Ended
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Dec. 31, 2013
Investment Securities [Abstract] |
Unrealized gains on investment securities | The following tables present information related to the Corporation’s portfolio of securities available-for-sale and held-to-maturity at December 31, 2013 and 2012.
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |
|  | December 31, 2013 |
|  | (Dollars in Thousands) |
Investment Securities Available-for-Sale: |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and agency securities |  | $ | 14,344 |  | $ | — |  | $ | (825) |  | $ | 13,519 |
Federal agency obligations |  |  | 20,567 |  |  | 29 |  |  | (655) |  |  | 19,941 |
Residential mortgage pass-through securities |  |  | 48,312 |  |  | 791 |  |  | (229) |  |  | 48,874 |
Commercial mortgage pass-through securities |  |  | 7,145 |  |  | 3 |  |  | (157) |  |  | 6,991 |
Obligations of U.S. states and political subdivisions |  |  | 30,804 |  |  | 711 |  |  | (55) |  |  | 31,460 |
Trust preferred securities |  |  | 19,763 |  |  | 150 |  |  | (510) |  |  | 19,403 |
Corporate bonds and notes |  |  | 154,182 |  |  | 4,930 |  |  | (482) |  |  | 158,630 |
Asset-backed securities |  |  | 15,733 |  |  | 246 |  |  | — |  |  | 15,979 |
Certificates of deposit |  |  | 2,250 |  |  | 32 |  |  | (20) |  |  | 2,262 |
Equity securities |  |  | 376 |  |  | — |  |  | (89) |  |  | 287 |
Other securities |  |  | 5,671 |  |  | 68 |  |  | (15) |  |  | 5,724 |
Total |  | $ | 319,147 |  | $ | 6,960 |  | $ | (3,037) |  | $ | 323,070 |
Investment Securities Held-to-Maturity: |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and agency securities |  | $ | 28,056 |  | $ | — |  | $ | (1,019) |  | $ | 27,037 |
Federal agency obligations |  |  | 15,249 |  |  | 23 |  |  | (389) |  |  | 14,883 |
Residential mortgage-backed securities |  |  | 2,246 |  |  | — |  |  | (64) |  |  | 2,182 |
Commercial mortgage-backed securities |  |  | 4,417 |  |  | 41 |  |  | (62) |  |  | 4,396 |
Obligations of U.S. states and political subdivisions |  |  | 127,418 |  |  | 1,303 |  |  | (3,688) |  |  | 125,033 |
Corporate bonds and notes |  |  | 37,900 |  |  | 149 |  |  | (622) |  |  | 37,427 |
Total |  | $ | 215,286 |  | $ | 1,516 |  | $ | (5,844) |  | $ | 210,958 |
Total investment securities |  | $ | 534,433 |  | $ | 8,476 |  | $ | (8,881) |  | $ | 534,028 |
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |
|  | December 31, 2012 |
|  | (Dollars in Thousands) |
Investment Securities Available-for-Sale: |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and agency securities |  | $ | 11,870 |  | $ | 62 |  | $ | (23) |  | $ | 11,909 |
Federal agency obligations |  |  | 20,207 |  |  | 333 |  |  | (5) |  |  | 20,535 |
Residential mortgage pass-through securities |  |  | 52,400 |  |  | 1,385 |  |  | (1) |  |  | 53,784 |
Commercial mortgage pass-through securities |  |  | 9,725 |  |  | 244 |  |  | — |  |  | 9,969 |
Obligations of U.S. states and political subdivisions |  |  | 103,193 |  |  | 4,653 |  |  | (132) |  |  | 107,714 |
Trust preferred securities |  |  | 22,279 |  |  | 144 |  |  | (1,174) |  |  | 21,249 |
Corporate bonds and notes |  |  | 228,681 |  |  | 9,095 |  |  | (371) |  |  | 237,405 |
Collateralized mortgage obligations |  |  | 2,120 |  |  | — |  |  | — |  |  | 2,120 |
Asset-backed securities |  |  | 19,431 |  |  | 311 |  |  | — |  |  | 19,742 |
Certificates of deposit |  |  | 2,854 |  |  | 21 |  |  | (10) |  |  | 2,865 |
Equity securities |  |  | 535 |  |  | — |  |  | (210) |  |  | 325 |
Other securities |  |  | 9,145 |  |  | 68 |  |  | (15) |  |  | 9,198 |
Total |  | $ | 482,440 |  | $ | 16,316 |  | $ | (1,941) |  | $ | 496,815 |
Investment Securities Held-to-Maturity: |  |  |  |  |  |  |  |  |  |  |  |  |
Federal agency obligations |  | $ | 4,178 |  | $ | 79 |  | $ | — |  | $ | 4,257 |
Commercial mortgage-backed securities |  |  | 5,501 |  |  | 154 |  |  | (5) |  |  | 5,650 |
Obligations of U.S. states and political subdivisions |  |  | 48,385 |  |  | 4,139 |  |  | — |  |  | 52,524 |
Total |  | $ | 58,064 |  | $ | 4,372 |  | $ | (5) |  | $ | 62,431 |
Total investment securities |  | $ | 540,504 |  | $ | 20,688 |  | $ | (1,946) |  | $ | 559,246 |
Investments classified by maturity date | The following table presents information for investments in securities available-for-sale and held-to-maturity at December 31, 2013, based on scheduled maturities. Actual maturities can be expected to differ from scheduled maturities due to prepayment or early call options of the issuer.
|  | December 31, 2013 |
|  | Amortized Cost |  | Fair Value |
|  | (Dollars in Thousands) |
Investment Securities Available-for-Sale: |  |  |  |  |  |  |
Due in one year or less |  | $ | 9,738 |  | $ | 9,780 |
Due after one year through five years |  |  | 63,206 |  |  | 64,802 |
Due after five years through ten years |  |  | 123,765 |  |  | 126,024 |
Due after ten years |  |  | 60,934 |  |  | 60,588 |
Residential mortgage pass-through securities |  |  | 48,312 |  |  | 48,874 |
Commercial mortgage pass-through securities |  |  | 7,145 |  |  | 6,991 |
Equity securities |  |  | 376 |  |  | 287 |
Other securities |  |  | 5,671 |  |  | 5,724 |
Total |  | $ | 319,147 |  | $ | 323,070 |
Investment Securities Held-to-Maturity: |  |  |  |  |  |  |
Due in one year or less |  | $ | 2,061 |  | $ | 2,065 |
Due after one year through five years |  |  | 12,547 |  |  | 12,699 |
Due after five years through ten years |  |  | 65,692 |  |  | 64,027 |
Due after ten years |  |  | 128,323 |  |  | 125,589 |
Residential mortgage-backed securities |  |  | 2,246 |  |  | 2,182 |
Commercial mortgage-backed securities |  |  | 4,417 |  |  | 4,396 |
Total |  | $ | 215,286 |  | $ | 210,958 |
Total investment securities |  | $ | 534,433 |  | $ | 534,028 |
Schedule of Realized Gain (Loss) | Gross gains and losses from the sales of investment securities for the years ended December 31, 2013, 2012 and 2011 were as follows:
|  | Years Ended December 31, |
(Dollars in Thousands) |  | 2013 |  | 2012 |  | 2011 |
Gross gains on sales of investment securities |  | $ | 2,451 |  | $ | 2,905 |  | $ | 4,045 |
Gross losses on sales of investment securities |  |  | 88 |  |  | 23 |  |  | 69 |
Net gains on sales of investment securities |  | $ | 2,363 |  | $ | 2,882 |  | $ | 3,976 |
Schedule of OTTI Charges for period | Summary of Other-than-Temporary Impairment Charges
| Years Ended December 31, |
| 2013 |  | 2012 |  | 2011 |
| (Dollars in Thousands) |
One variable rate private label CMO | $ | — |  | $ | 484 |  | $ | 18 |
Pooled trust preferred securities |  | 628 |  |  | 68 |  |  | — |
Principal losses on a variable rate CMO |  | 24 |  |  | 318 |  |  | 324 |
Total other-than-temporary impairment charges | $ | 652 |  | $ | 870 |  | $ | 342 |
Schedule of preferred security and associated ratings | The following table presents detailed information for each trust preferred security held by the Corporation at December 31, 2013, of which all but one has at least one rating below investment grade.
Deal Name |  | Single Issuer or Pooled |  | Class/ Tranche |  | Amortized Cost |  | Fair Value |  | Gross Unrealized Gain (Loss) |  | Lowest Credit Rating Assigned |  | Number of Banks Currently Performing |  | Deferrals and Defaults as % of Original Collateral |  | Expected Deferral/Defaults as % of Remaining Performing Collateral |
|  | (Dollars in Thousands) |
Countrywide Capital IV |  | Single |  |  | — |  | $ | 1,771 |  | $ | 1,772 |  | $ | 1 |  | BB+ |  | 1 |  | None |  | None |
Countrywide Capital V |  | Single |  |  | — |  |  | 2,747 |  |  | 2,784 |  |  | 37 |  | BB+ |  | 1 |  | None |  | None |
Countrywide Capital V |  | Single |  |  | — |  |  | 250 |  |  | 253 |  |  | 3 |  | BB+ |  | 1 |  | None |  | None |
Citigroup Cap IX |  | Single |  |  | — |  |  | 992 |  |  | 999 |  |  | 7 |  | BB+ |  | 1 |  | None |  | None |
Citigroup Cap IX |  | Single |  |  | — |  |  | 1,906 |  |  | 1,927 |  |  | 21 |  | BB+ |  | 1 |  | None |  | None |
Citigroup Cap XI |  | Single |  |  | — |  |  | 246 |  |  | 248 |  |  | 2 |  | BB+ |  | 1 |  | None |  | None |
Nationsbank Cap Trust III |  | Single |  |  | — |  |  | 1,574 |  |  | 1,275 |  |  | (299) |  | BB+ |  | 1 |  | None |  | None |
Morgan Stanley Cap Trust IV |  | Single |  |  | — |  |  | 2,500 |  |  | 2,372 |  |  | (128) |  | BB+ |  | 1 |  | None |  | None |
Morgan Stanley Cap Trust IV |  | Single |  |  | — |  |  | 1,742 |  |  | 1,659 |  |  | (83) |  | BB+ |  | 1 |  | None |  | None |
Saturns — GS 2004-04 |  | Single |  |  | — |  |  | 536 |  |  | 536 |  |  | — |  | BB+ |  | 1 |  | None |  | None |
Goldman Sachs |  | Single |  |  | — |  |  | 999 |  |  | 1,011 |  |  | 12 |  | BB+ |  | 1 |  | None |  | None |
Stifel Financial |  | Single |  |  | — |  |  | 4,500 |  |  | 4,567 |  |  | 67 |  | BBB- |  | 1 |  | None |  | None |
Total |  |  |  |  |  |  | $ | 19,763 |  | $ | 19,403 |  | $ | (360) |  |  |  |  |  |  |  |  |
Credit loss portion of OTTI recognized in earnings on debt securities | Credit Loss Portion of OTTI Recognized in Earning on Debt Securities
|  | Years Ended December 31, |
|  | 2013 |  | 2012 |  | 2011 |
|  | (Dollars in Thousands) |
Balance of credit-related OTTI at January 1, |  | $ | 4,450 |  | $ | 6,539 |  | $ | 6,197 |
Addition: |  |  |  |  |  |  |  |  |  |
Credit losses for which other-than-temporary impairment was not previously recognized |  |  | 652 |  |  | 870 |  |  | 342 |
Reduction: |  |  |  |  |  |  |  |  |  |
Credit losses for securities sold during the period |  |  | (5,102) |  |  | (2,959) |  |  | — |
Balance of credit-related OTTI at December 31, |  | $ | — |  | $ | 4,450 |  | $ | 6,539 |
Schedule of unrealized losses not recognized in income | The following tables indicate gross unrealized losses not recognized in income and fair value, aggregated by investment category and the length of time individual securities have been in a continuous unrealized loss position at December 31, 2013 and 2012:
|  | December 31, 2013 |
|  | Total |  | Less than 12 Months |  | 12 Months or Longer |
|  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |
|  | (Dollars in Thousands) |
Investment Securities Available-for-Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and agency securities |  | $ | 13,519 |  | $ | (825) |  | $ | 13,519 |  | $ | (825) |  | $ | — |  | $ | — |
Federal agency obligation |  |  | 17,200 |  |  | (655) |  |  | 17,200 |  |  | (655) |  |  | — |  |  | — |
Residential mortgage pass-through securities |  |  | 18,293 |  |  | (229) |  |  | 18,293 |  |  | (229) |  |  | — |  |  | — |
Commercial mortgage pass-through securities |  |  | 2,924 |  |  | (157) |  |  | 2,924 |  |  | (157) |  |  | — |  |  | — |
Obligations of U.S. states and political subdivisions |  |  | 4,199 |  |  | (55) |  |  | 4,199 |  |  | (55) |  |  | — |  |  | — |
Trust preferred securities |  |  | 5,306 |  |  | (510) |  |  | 4,031 |  |  | (211) |  |  | 1,275 |  |  | (299) |
Corporate bonds and notes |  |  | 32,498 |  |  | (482) |  |  | 30,533 |  |  | (448) |  |  | 1,965 |  |  | (34) |
Certificates of deposit |  |  | 552 |  |  | (20) |  |  | 552 |  |  | (20) |  |  | — |  |  | — |
Equity securities |  |  | 287 |  |  | (89) |  |  | — |  |  | — |  |  | 287 |  |  | (89) |
Other securities |  |  | 985 |  |  | (15) |  |  | — |  |  | — |  |  | 985 |  |  | (15) |
Total |  |  | 95,763 |  |  | (3,037) |  |  | 91,251 |  |  | (2,600) |  |  | 4,512 |  |  | (437) |
Investment Securities Held-to-Maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and agency securities |  |  | 27,037 |  |  | (1,019) |  |  | 27,037 |  |  | (1,019) |  |  | — |  |  | — |
Federal agency obligation |  |  | 13,492 |  |  | (389) |  |  | 13,197 |  |  | (388) |  |  | 295 |  |  | (1) |
Residential mortgage pass-through securities |  |  | 2,182 |  |  | (64) |  |  | 2,182 |  |  | (64) |  |  | — |  |  | — |
Commercial mortgage-backed securities |  |  | 1,395 |  |  | (62) |  |  | 1,395 |  |  | (62) |  |  | — |  |  | — |
Obligations of U.S. states and political subdivisions |  |  | 66,034 |  |  | (3,688) |  |  | 57,072 |  |  | (2,957) |  |  | 8,962 |  |  | (731) |
Corporate bonds and notes |  |  | 27,210 |  |  | (622) |  |  | 27,210 |  |  | (622) |  |  | — |  |  | — |
Total |  |  | 137,350 |  |  | (5,844) |  |  | 128,093 |  |  | (5,112) |  |  | 9,257 |  |  | (732) |
Total Temporarily Impaired Securities |  | $ | 233,113 |  | $ | (8,881) |  | $ | 219,344 |  | $ | (7,712) |  | $ | 13,769 |  | $ | (1,169) |
|  | December 31, 2012 |
|  | Total |  | Less than 12 Months |  | 12 Months or Longer |
|  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |
|  | (Dollars in Thousands) |
Investment Securities Available-for-Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and agency securities |  | $ | 4,460 |  | $ | (23) |  | $ | 4,460 |  | $ | (23) |  | $ | — |  | $ | — |
Federal agency obligation |  |  | 877 |  |  | (5) |  |  | 877 |  |  | (5) |  |  | — |  |  | — |
Residential mortgage pass-through securities |  |  | 1,669 |  |  | (1) |  |  | 1,669 |  |  | (1) |  |  | — |  |  | — |
Obligations of U.S. states and political subdivisions |  |  | 18,360 |  |  | (132) |  |  | 18,360 |  |  | (132) |  |  | — |  |  | — |
Trust preferred securities |  |  | 11,740 |  |  | (1,174) |  |  | 10,494 |  |  | (18) |  |  | 1,246 |  |  | (1,156) |
Corporate bonds and notes |  |  | 26,440 |  |  | (371) |  |  | 18,244 |  |  | (134) |  |  | 8,196 |  |  | (237) |
Certificates of deposit |  |  | 388 |  |  | (10) |  |  | 388 |  |  | (10) |  |  | — |  |  | — |
Equity securities |  |  | 325 |  |  | (210) |  |  | — |  |  | — |  |  | 325 |  |  | (210) |
Other securities |  |  | 985 |  |  | (15) |  |  | — |  |  | — |  |  | 985 |  |  | (15) |
Total |  |  | 65,244 |  |  | (1,941) |  |  | 54,492 |  |  | (323) |  |  | 10,752 |  |  | (1,618) |
Investment Securities Held-to-Maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  |  | 932 |  |  | (5) |  |  | 932 |  |  | (5) |  |  | — |  |  | — |
Total |  |  | 932 |  |  | (5) |  |  | 932 |  |  | (5) |  |  | — |  |  | — |
Total Temporarily Impaired Securities |  | $ | 66,176 |  | $ | (1,946) |  | $ | 55,424 |  | $ | (328) |  | $ | 10,752 |  | $ | (1,618)

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