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Investment Securities (Tables)
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9 Months Ended |
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Sep. 30, 2013
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| Investments, Debt and Equity Securities [Abstract] |
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| Available For Sale And Held For Maturity Securities [Table Text Block] |
The amortized cost, gross unrealized gains and losses and estimated fair values for available-for-sale and held-to-maturity securities by major security type at September 30, 2013 and December 31, 2012 were as follows (in thousands):
| | | | | | | | | | | | | | | | | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized (Losses) | | Fair Value | September 30, 2013 | | | | | | | | Available-for-sale: | | | | | | | | U.S. Treasury securities and obligations of U.S. government corporations & agencies | $ | 198,037 |
| | $ | 163 |
| | $ | (6,708 | ) | | $ | 191,492 |
| Obligations of states and political subdivisions | 65,175 |
| | 1,154 |
| | (1,652 | ) | | 64,677 |
| Mortgage-backed securities: GSE residential | 238,749 |
| | 2,836 |
| | (3,689 | ) | | 237,896 |
| Trust preferred securities | 3,652 |
| | — |
| | (3,478 | ) | | 174 |
| Other securities | 6,035 |
| | 40 |
| | (10 | ) | | 6,065 |
| Total available-for-sale | $ | 511,648 |
| | $ | 4,193 |
| | $ | (15,537 | ) | | $ | 500,304 |
| | | | | | | | | December 31, 2012 | | | | | | | | Available-for-sale: | | | | | | | | U.S. Treasury securities and obligations of U.S. government corporations & agencies | $ | 180,851 |
| | $ | 1,321 |
| | $ | (3 | ) | | $ | 182,169 |
| Obligations of states and political subdivisions | 53,064 |
| | 3,163 |
| | (20 | ) | | 56,207 |
| Mortgage-backed securities: GSE residential | 252,310 |
| | 7,162 |
| | (12 | ) | | 259,460 |
| Trust preferred securities | 4,974 |
| | — |
| | (4,389 | ) | | 585 |
| Other securities | 9,663 |
| | 225 |
| | — |
| | 9,888 |
| Total available-for-sale | $ | 500,862 |
| | $ | 11,871 |
| | $ | (4,424 | ) | | $ | 508,309 |
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The trust preferred securities represent one trust preferred pooled security issued by First Tennessee Financial (“FTN”). The unrealized loss of this security, which has maturity of twenty-four years, is primarily due to its long-term nature, a lack of demand or inactive market for the security, and concerns regarding the underlying financial institutions that have issued the trust preferred security. See the heading “Trust Preferred Securities” for further information regarding this security. |
| Realized Gains and Losses From Sale of Securities |
Realized gains and losses resulting from sales of securities were as follows during the nine months ended September 30, 2013 and 2012 (in thousands): | | | | | | | | | | September 30,
2013 | | September 30,
2012 | Gross gains | $ | 2,452 |
| | $ | 933 |
| Gross losses | (161 | ) | | — |
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| Investments Classified by Contractual Maturity Date |
The following table indicates the expected maturities of investment securities classified as available-for-sale and held-to-maturity, presented at fair value, at September 30, 2013 and the weighted average yield for each range of maturities (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | One year or less | | After 1 through 5 years | | After 5 through 10 years | | After ten years | | Total | Available-for-sale: | | | | | | | | | | U.S. Treasury securities and obligations of U.S. government corporations and agencies | $ | 153,175 |
| | $ | 38,317 |
| | $ | — |
| | $ | — |
| | $ | 191,492 |
| Obligations of state and political subdivisions | 1,467 |
| | 31,028 |
| | 29,279 |
| | 2,903 |
| | 64,677 |
| Mortgage-backed securities: GSE residential | 1,661 |
| | 115,843 |
| | 120,392 |
| | — |
| | 237,896 |
| Trust preferred securities | — |
| | — |
| | — |
| | 174 |
| | 174 |
| Other securities | 2,005 |
| | — |
| | 3,990 |
| | 70 |
| | 6,065 |
| Total investments | $ | 158,308 |
| | $ | 185,188 |
| | $ | 153,661 |
| | $ | 3,147 |
| | $ | 500,304 |
| Weighted average yield | 1.59 | % | | 2.81 | % | | 2.44 | % | | 1.98 | % | | 2.29 | % | Full tax-equivalent yield | 1.62 | % | | 3.27 | % | | 2.91 | % | | 3.03 | % | | 2.63 | % |
The weighted average yields are calculated on the basis of the amortized cost and effective yields weighted for the scheduled maturity of each security. Tax-equivalent yields have been calculated using a 35% tax rate. With the exception of obligations of the U.S. Treasury and other U.S. government agencies and corporations, there were no investment securities of any single issuer, the book value of which exceeded 10% of stockholders' equity at September 30, 2013.
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| Fair value of investments with sustained gross unrealized losses |
The following table presents the aging of gross unrealized losses and fair value by investment category as of September 30, 2013 and December 31, 2012 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | Less than 12 months | | 12 months or more | | Total | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | September 30, 2013 | | | | | | | | | | | | U.S. Treasury securities and obligations of U.S. government corporations and agencies | $ | 176,440 |
| | $ | (6,708 | ) | | $ | — |
| | $ | — |
| | $ | 176,440 |
| | $ | (6,708 | ) | Obligations of states and political subdivisions | 28,440 |
| | (1,652 | ) | | — |
| | — |
| | 28,440 |
| | (1,652 | ) | Mortgage-backed securities: GSE residential | 119,910 |
| | (3,689 | ) | | — |
| | — |
| | 119,910 |
| | (3,689 | ) | Trust preferred securities | — |
| | — |
| | 174 |
| | (3,478 | ) | | 174 |
| | (3,478 | ) | Other securities | 3,990 |
| | (10 | ) | | — |
| | — |
| | 3,990 |
| | (10 | ) | Total | $ | 328,780 |
| | $ | (12,059 | ) | | $ | 174 |
| | $ | (3,478 | ) | | $ | 328,954 |
| | $ | (15,537 | ) | December 31, 2012 | |
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| U.S. Treasury securities and obligations of U.S. government corporations and agencies | $ | 10,997 |
| | $ | (3 | ) | | $ | — |
| | $ | — |
| | $ | 10,997 |
| | $ | (3 | ) | Obligations of states and political subdivisions | 1,969 |
| | (20 | ) | | — |
| | — |
| | 1,969 |
| | (20 | ) | Mortgage-backed securities: GSE residential | 697 |
| | (12 | ) | | — |
| | — |
| | 697 |
| | (12 | ) | Trust preferred securities | — |
| | — |
| | 585 |
| | (4,389 | ) | | 585 |
| | (4,389 | ) | Other securities | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| Total | $ | 13,663 |
| | $ | (35 | ) | | $ | 585 |
| | $ | (4,389 | ) | | $ | 14,248 |
| | $ | (4,424 | ) |
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| Trust Preferred Securities [Table Text Block] |
Following are the details for the currently impaired trust preferred security (in thousands): | | | | | | | | | | | | | | Book Value | | Market Value | | Unrealized Gains (Losses) | | Other-than- temporary Impairment Recorded To-date | PreTSL XXVIII | 3,652 |
| | 174 |
| | (3,478 | ) | | 1,111 |
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| Credit Losses Recognized on Investments |
Credit Losses Recognized on Investments. As described above, some of the Company’s investments in trust preferred securities have experienced fair value deterioration due to credit losses but are not otherwise other-than-temporarily impaired. The following table provides information about those trust preferred securities for which only a credit loss was recognized in income and other losses are recorded in other comprehensive income (loss) for the nine months ended September 30, 2013 and 2012 (in thousands). | | | | | | | | | | Accumulated Credit Losses | | September 30, 2013 | | September 30, 2012 | Credit losses on trust preferred securities held | | | | Beginning of period | $ | 3,989 |
| | $ | 4,116 |
| Additions related to OTTI losses not previously recognized | — |
| | — |
| Reductions due to sales / (recoveries) | (2,878 | ) | | (127 | ) | Reductions due to change in intent or likelihood of sale | — |
| | — |
| Additions related to increases in previously recognized OTTI losses | — |
| | — |
| Reductions due to increases in expected cash flows | — |
| | — |
| End of period | $ | 1,111 |
| | $ | 3,989 |
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