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Investment Securities (Tables) | 3 Months Ended
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Mar. 31, 2014
Investment Securities [Abstract] |
Unrealized gains on investment securities | The following tables present information related to the Corporation’s investment securities at March 31, 2014 and December 31, 2013.
|  | March 31, 2014 |
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |
|  | (dollars in thousands) |
Investment Securities Available-for-Sale: |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and agency securities |  | $ | 14,361 |  | $ | — |  | $ | (465) |  | $ | 13,896 |
Federal agency obligations |  |  | 23,381 |  |  | 23 |  |  | (314) |  |  | 23,090 |
Residential mortgage pass-through securities |  |  | 46,354 |  |  | 936 |  |  | (102) |  |  | 47,188 |
Commercial mortgage pass-through securities |  |  | 3,079 |  |  | — |  |  | (116) |  |  | 2,963 |
Obligations of U.S. states and political subdivisions |  |  | 14,353 |  |  | 586 |  |  | — |  |  | 14,939 |
Trust preferred securities |  |  | 19,764 |  |  | 329 |  |  | (296) |  |  | 19,797 |
Corporate bonds and notes |  |  | 136,152 |  |  | 5,647 |  |  | (148) |  |  | 141,651 |
Asset-backed securities |  |  | 15,386 |  |  | 168 |  |  | — |  |  | 15,554 |
Certificates of deposit |  |  | 2,100 |  |  | 38 |  |  | (9) |  |  | 2,129 |
Equity securities |  |  | 376 |  |  | — |  |  | (84) |  |  | 292 |
Mutual funds and money market funds |  |  | 6,141 |  |  | — |  |  | (169) |  |  | 5,972 |
Total |  | $ | 281,447 |  | $ | 7,727 |  | $ | (1,703) |  | $ | 287,471 |
Investment Securities Held-to-Maturity: |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and agency securities |  | $ | 28,108 |  | $ | — |  | $ | (315) |  | $ | 27,793 |
Federal agency obligations |  |  | 14,521 |  |  | 106 |  |  | (71) |  |  | 14,556 |
Residential mortgage pass-through securities |  |  | 2,160 |  |  | — |  |  | (35) |  |  | 2,125 |
Commercial mortgage pass-through securities |  |  | 4,379 |  |  | 59 |  |  | (39) |  |  | 4,399 |
Obligations of U.S. states and political subdivisions |  |  | 127,111 |  |  | 2,389 |  |  | (1,685) |  |  | 127,815 |
Corporate bonds and notes |  |  | 37,912 |  |  | 410 |  |  | (58) |  |  | 38,264 |
Total |  | $ | 214,191 |  | $ | 2,964 |  | $ | (2,203) |  | $ | 214,952 |
Total investment securities |  | $ | 495,638 |  | $ | 10,691 |  | $ | (3,906) |  | $ | 502,423 |
|  | 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 |
Mutual funds and money market funds |  |  | 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 |
Investments classified by maturity date | The following table presents information for investment securities available-for-sale at March 31, 2014, based on scheduled maturities. Actual maturities can be expected to differ from scheduled maturities due to prepayment or early call options of the issuer.
|  | March 31, 2014 |
|  | Amortized Cost |  | Fair Value |
|  | (in thousands) |
Investment Securities Available-for-Sale : |  |  |  |  |  |  |
Due in one year or less |  | $ | 5,569 |  | $ | 5,596 |
Due after one year through five years |  |  | 50,584 |  |  | 51,839 |
Due after five years through ten years |  |  | 121,166 |  |  | 125,250 |
Due after ten years |  |  | 48,178 |  |  | 48,371 |
Residential mortgage pass-through securities |  |  | 46,354 |  |  | 47,188 |
Commercial mortgage pass-through securities |  |  | 3,079 |  |  | 2,963 |
Equity securities |  |  | 376 |  |  | 292 |
Mutual funds and money market funds |  |  | 6,141 |  |  | 5,972 |
Total |  | $ | 281,447 |  | $ | 287,471 |
Investment Securities Held-to-Maturity : |  |  |  |  |  |  |
Due in one year or less |  | $ | 2,056 |  | $ | 2,060 |
Due after one year through five years |  |  | 12,946 |  |  | 13,204 |
Due after five years through ten years |  |  | 68,449 |  |  | 68,440 |
Due after ten years |  |  | 124,201 |  |  | 124,724 |
Residential mortgage-backed securities |  |  | 2,160 |  |  | 2,125 |
Commercial mortgage pass-through securities |  |  | 4,379 |  |  | 4,399 |
Total |  | $ | 214,191 |  | $ | 214,952 |
Total investment securities |  | $ | 495,638 |  | $ | 502,423
Schedule of Realized Gains and Losses | Gross gains and losses from the sales of investment securities for the three month periods ended March 31, 2014 and 2013 were as follows:
|  | Three Months Ended March 31, |
(in thousands) |  | 2014 |  | 2013 |
Gross gains on sales of investment securities |  | $ | 1,432 |  | $ | 432 |
Gross losses on sales of investment securities |  |  | (17) |  |  | (89) |
Net gains on sales of investment securities |  | $ | 1,415 |  | $ | 343 |
Schedule of OTTI Charges for period | The following summarizes OTTI charges for the periods indicated.
|  | Three Months Ended |
|  | March 31, |
(in thousands) |  | 2014 |  | 2013 |
Principal losses on a variable rate CMO |  | $ | — |  | $ | 24 |
Total other-than-temporary impairment charges |  | $ | — |  | $ | 24
Schedule of preferred security and associated ratings | The following table presents detailed information for each trust preferred security held by the Corporation at March 31, 2014 which 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 |  | $ | 1,805 |  | $ | 34 |  | BB+ |  | 1 |  | None |  | None |
Countrywide Capital V |  | Single |  | — |  |  | 2,747 |  |  | 2,803 |  |  | 56 |  | BB+ |  | 1 |  | None |  | None |
Countrywide Capital V |  | Single |  | — |  |  | 250 |  |  | 255 |  |  | 5 |  | BB+ |  | 1 |  | None |  | None |
Citigroup Cap IX |  | Single |  | — |  |  | 992 |  |  | 1,011 |  |  | 19 |  | BB |  | 1 |  | None |  | None |
Citigroup Cap IX |  | Single |  | — |  |  | 1,907 |  |  | 1,952 |  |  | 45 |  | BB |  | 1 |  | None |  | None |
Citigroup Cap XI |  | Single |  | — |  |  | 246 |  |  | 251 |  |  | 5 |  | BB |  | 1 |  | None |  | None |
Nationsbank Cap Trust III |  | Single |  | — |  |  | 1,574 |  |  | 1,278 |  |  | (296) |  | BB+ |  | 1 |  | None |  | None |
Morgan Stanley Cap Trust IV |  | Single |  | — |  |  | 2,500 |  |  | 2,506 |  |  | 6 |  | BB+ |  | 1 |  | None |  | None |
Morgan Stanley Cap Trust IV |  | Single |  | — |  |  | 1,742 |  |  | 1,752 |  |  | 10 |  | BB+ |  | 1 |  | None |  | None |
Saturns — GS 2004-04 |  | Single |  | — |  |  | 535 |  |  | 535 |  |  | — |  | BB+ |  | 1 |  | None |  | None |
Goldman Sachs |  | Single |  | — |  |  | 1,000 |  |  | 1,032 |  |  | 32 |  | BB+ |  | 1 |  | None |  | None |
Stifel Financial |  | Single |  | — |  |  | 4,500 |  |  | 4,617 |  |  | 117 |  | BBB- |  | 1 |  | None |  | None |
Total |  |  |  |  |  | $ | 19,764 |  | $ | 19,797 |  | $ | 33 |  |  |  |  |  |  |  |  |
Credit loss portion of OTTI recognized in earnings on debt securities | Credit Loss Portion of OTTI Recognized in Earnings on Debt Securities
|  | Three Months Ended March 31, 2014 |  | Year Ended December 31, 2013 |
|  | (in thousands) |
Balance of credit-related OTTI at January 1, |  | $ | — |  | $ | 4,450 |
Addition: |  |  |  |  |  |  |
Credit losses on investment securities for which other-than-temporary impairment was not previously recognized |  |  | — |  |  | 652 |
Reduction: |  |  |  |  |  |  |
Credit losses on investment securities sold during the period |  |  | — |  |  | (5,102) |
Balance of credit-related OTTI at period end |  | $ | — |  | $ | — |
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 March 31, 2014 and December 31, 2013:
|  | March 31, 2014 |
|  | Total |  | Less than 12 Months |  | 12 Months or Longer |
|  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |
|  | (in thousands) |
Investment Securities Available-for-Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and agency securities |  | $ | 13,896 |  | $ | (465) |  | $ | 13,896 |  | $ | (465) |  | $ | — |  | $ | — |
Federal agency obligations |  |  | 19,508 |  |  | (314) |  |  | 19,032 |  |  | (275) |  |  | 476 |  |  | (39) |
Residential mortgage pass-through securities |  |  | 5,344 |  |  | (102) |  |  | 5,344 |  |  | (102) |  |  | — |  |  | — |
Commercial mortgage pass-through securities |  |  | 2,963 |  |  | (116) |  |  | 2,963 |  |  | (116) |  |  | — |  |  | — |
Trust preferred securities |  |  | 1,278 |  |  | (296) |  |  | — |  |  | — |  |  | 1,278 |  |  | (296) |
Corporate bonds and notes |  |  | 13,387 |  |  | (148) |  |  | 11,440 |  |  | (112) |  |  | 1,947 |  |  | (36) |
Certificates of deposit |  |  | 415 |  |  | (9) |  |  | 415 |  |  | (9) |  |  | — |  |  | — |
Equity securities |  |  | 292 |  |  | (84) |  |  | — |  |  | — |  |  | 292 |  |  | (84) |
Mutual funds and money market funds |  |  | 5,330 |  |  | (169) |  |  | 4,355 |  |  | (145) |  |  | 975 |  |  | (24) |
Total |  |  | 62,413 |  |  | (1,703) |  |  | 57,445 |  |  | (1,224) |  |  | 4,968 |  |  | (479) |
Investment Securities Held-to-Maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and agency securities |  |  | 27,793 |  |  | (315) |  |  | 27,793 |  |  | (315) |  |  | — |  |  | — |
Federal agency obligations |  |  | 5,751 |  |  | (71) |  |  | 5,751 |  |  | (71) |  |  | — |  |  | — |
Residential mortgage pass-through securities |  |  | 2,125 |  |  | (35) |  |  | 2,125 |  |  | (35) |  |  | — |  |  | — |
Commercial mortgage pass-through securities |  |  | 1,402 |  |  | (39) |  |  | 1,402 |  |  | (39) |  |  | — |  |  | — |
Obligations of U.S. states and political subdivisions |  |  | 57,017 |  |  | (1,685) |  |  | 39,474 |  |  | (960) |  |  | 17,543 |  |  | (725) |
Corporate bonds and notes |  |  | 11,396 |  |  | (58) |  |  | 11,396 |  |  | (58) |  |  | — |  |  | — |
Total |  |  | 105,484 |  |  | (2,203) |  |  | 87,941 |  |  | (1,478) |  |  | 17,543 |  |  | (725) |
Total Temporarily Impaired Securities |  | $ | 167,897 |  | $ | (3,906) |  | $ | 145,386 |  | $ | (2,702) |  | $ | 22,511 |  | $ | (1,204) |
|  | December 31, 2013 |
|  | Total |  | Less than 12 Months |  | 12 Months or Longer |
|  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |
|  | (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) |
Mutual funds and money market funds |  |  | 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 pass-through 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) |

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