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Investment Securities (Tables) | 9 Months Ended
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Sep. 30, 2016
Investments, Debt and Equity Securities [Abstract] |
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, 2016 and December 31, 2015 were as follows (in thousands):
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized (Losses) |  | Fair Value
September 30, 2016 |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations & agencies | $ | 48,546 |  |  | $ | 190 |  |  | $ | — |  |  | $ | 48,736 |
Obligations of states and political subdivisions | 155,715 |  |  | 5,297 |  |  | (93 | ) |  | 160,919 |
Mortgage-backed securities: GSE residential | 334,872 |  |  | 6,420 |  |  | (102 | ) |  | 341,190 |
Trust preferred securities | 3,075 |  |  | — |  |  | (1,414 | ) |  | 1,661 |
Other securities | 4,039 |  |  | 87 |  |  | (6 | ) |  | 4,120 |
Total available-for-sale | $ | 546,247 |  |  | $ | 11,994 |  |  | $ | (1,615 | ) |  | $ | 556,626 |
Held-to-maturity: |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations & agencies | $ | 101,679 |  |  | $ | 1,033 |  |  | $ | (64 | ) |  | $ | 102,648 |
December 31, 2015 |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations & agencies | $ | 90,368 |  |  | $ | 41 |  |  | $ | (268 | ) |  | $ | 90,141 |
Obligations of states and political subdivisions | 107,164 |  |  | 3,608 |  |  | (55 | ) |  | 110,717 |
Mortgage-backed securities: GSE residential | 312,132 |  |  | 1,374 |  |  | (1,452 | ) |  | 312,054 |
Trust preferred securities | 3,130 |  |  | — |  |  | (1,224 | ) |  | 1,906 |
Other securities | 4,035 |  |  | 29 |  |  | (34 | ) |  | 4,030 |
Total available-for-sale | $ | 516,829 |  |  | $ | 5,052 |  |  | $ | (3,033 | ) |  | $ | 518,848 |
Held-to-maturity: |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations & agencies | $ | 85,208 |  |  | $ | 743 |  |  | $ | (214 | ) |  | $ | 85,737 |
Trust preferred securities represents one trust preferred pooled security issued by First Tennessee Financial (“FTN”). The unrealized loss of this security, which has a remaining maturity of twenty-one 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, 2016 and 2015 (in thousands):
| Three months ended September 30, |  | Nine months ended September 30,
| 2016 |  | 2015 |  | 2016 |  | 2015
Gross gains | $ | 466 |  |  | $ | 1 |  |  | $ | 1,130 |  |  | $ | 231 |
Gross losses | — |  |  | — |  |  | — |  |  | — |
Investments Classified by Contractual Maturity Date | The following table indicates the expected maturities of investment securities classified as available-for-sale presented at fair value, and held-to-maturity presented at amortized cost, at September 30, 2016 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 | $ | 15,531 |  |  | $ | 28,563 |  |  | $ | 4,642 |  |  | $ | — |  |  | $ | 48,736 |
Obligations of state and political subdivisions | 11,722 |  |  | 85,629 |  |  | 61,104 |  |  | 2,464 |  |  | 160,919 |
Mortgage-backed securities: GSE residential | 1,488 |  |  | 321,587 |  |  | 18,115 |  |  | — |  |  | 341,190 |
Trust preferred securities | — |  |  | — |  |  | — |  |  | 1,661 |  |  | 1,661 |
Other securities | — |  |  | 4,010 |  |  | — |  |  | 110 |  |  | 4,120 |
Total available-for-sale investments | $ | 28,741 |  |  | $ | 439,789 |  |  | $ | 83,861 |  |  | $ | 4,235 |  |  | $ | 556,626 |
Weighted average yield | 2.34 | % |  | 2.35 | % |  | 2.63 | % |  | 2.22 | % |  | 2.39 | %
Full tax-equivalent yield | 3.33 | % |  | 2.69 | % |  | 3.99 | % |  | 3.09 | % |  | 2.92 | %
Held to Maturity: |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies | $ | 72,030 |  |  | $ | 24,570 |  |  | $ | 5,079 |  |  | $ | — |  |  | $ | 101,679 |
Weighted average yield | 1.80 | % |  | 2.11 | % |  | 2.06 | % |  | — | % |  | 1.89 | %
Full tax-equivalent yield | 1.80 | % |  | 2.11 | % |  | 2.06 | % |  | — | % |  | 1.89 | %
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, 2016.
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, 2016 and December 31, 2015 (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, 2016 |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Obligations of states and political subdivisions | 13,235 |  |  | (93 | ) |  | — |  |  | — |  |  | 13,235 |  |  | (93 | )
Mortgage-backed securities: GSE residential | 7,381 |  |  | (17 | ) |  | 6,309 |  |  | (85 | ) |  | 13,690 |  |  | (102 | )
Trust preferred securities | — |  |  | — |  |  | 1,661 |  |  | (1,414 | ) |  | 1,661 |  |  | (1,414 | )
Other securities | — |  |  | — |  |  | 1,994 |  |  | (6 | ) |  | 1,994 |  |  | (6 | )
Total | $ | 20,616 |  |  | $ | (110 | ) |  | $ | 9,964 |  |  | $ | (1,505 | ) |  | $ | 30,580 |  |  | $ | (1,615 | )
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies | $ | 14,928 |  |  | $ | (64 | ) |  | $ | — |  |  | $ | — |  |  | $ | 14,928 |  |  | $ | (64 | )
December 31, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies | $ | 34,942 |  |  | $ | (142 | ) |  | $ | 12,971 |  |  | $ | (126 | ) |  | $ | 47,913 |  |  | $ | (268 | )
Obligations of states and political subdivisions | 3,168 |  |  | (32 | ) |  | 979 |  |  | (23 | ) |  | 4,147 |  |  | (55 | )
Mortgage-backed securities: GSE residential | 164,249 |  |  | (841 | ) |  | 20,011 |  |  | (611 | ) |  | 184,260 |  |  | (1,452 | )
Trust preferred securities | — |  |  | — |  |  | 1,906 |  |  | (1,224 | ) |  | 1,906 |  |  | (1,224 | )
Other securities | 1,966 |  |  | (34 | ) |  | — |  |  | — |  |  | 1,966 |  |  | (34 | )
Total | $ | 204,325 |  |  | $ | (1,049 | ) |  | $ | 35,867 |  |  | $ | (1,984 | ) |  | $ | 240,192 |  |  | $ | (3,033 | )
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies | $ | 35,845 |  |  | $ | (214 | ) |  | $ | — |  |  | $ | — |  |  | $ | 35,845 |  |  | $ | (214 | )
Trust Preferred Securities [Table Text Block] | Following are the details for the currently impaired trust preferred security (in thousands):
| Book Value |  | Fair Value |  | Unrealized Gains (Losses) |  | Other-than- temporary Impairment Recorded To-date
PreTSL XXVIII | $ | 3,075 |  |  | $ | 1,661 |  |  | $ | (1,414 | ) |  | $ | (1,111 | )
Credit Losses Recognized on Investments | Credit Losses Recognized on Investments. As described above, the Company’s investment in trust preferred security has experienced fair value deterioration due to credit losses but is not otherwise other-than-temporarily impaired. The following table provides information about the trust preferred security 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, 2016 and 2015 (in thousands).
| Accumulated Credit Losses
| September 30, 2016 |  | September 30, 2015
Credit losses on trust preferred securities held |  |  |
Beginning of period | $ | 1,111 |  |  | $ | 1,111 |
Additions related to OTTI losses not previously recognized | — |  |  | — |
Reductions due to sales / (recoveries) | — |  |  | — |
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 |  |  | $ | 1,111 |

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- Definition Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=73527792&loc=d3e27340-111563 + Details
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