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v2.4.1.9

Securities (Tables) | 12 Months Ended
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Dec. 31, 2014
Securities |
Schedule of amortized cost and fair value of the securities portfolio and corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive loss |
|  |  |  |  | Gross |  | Gross |  |  |
|  | Amortized |  | Unrealized |  | Unrealized |  | Fair
December 31, 2014: |  | Cost |  | Gains |  | Losses |  | Value
Securities Available-for-Sale |  |  |  |  |  |  |  |
U.S. Treasury |  | $ | 1,529 |  | $ | - |  | $ | (2) |  | $ | 1,527
U.S. government agencies |  |  | 1,711 |  |  | - |  |  | (87) |  |  | 1,624
States and political subdivisions |  |  | 21,682 |  |  | 432 |  |  | (96) |  |  | 22,018
Corporate bonds |  |  | 31,243 |  |  | 309 |  |  | (567) |  |  | 30,985
Collateralized mortgage obligations |  |  | 65,728 |  |  | 31 |  |  | (2,132) |  |  | 63,627
Asset-backed securities |  |  | 175,565 |  |  | 199 |  |  | (2,268) |  |  | 173,496
Collateralized loan obligations |  |  | 94,236 |  |  | 176 |  |  | (2,203) |  |  | 92,209
Total Securities Available-for-Sale |  | $ | 391,694 |  | $ | 1,147 |  | $ | (7,355) |  | $ | 385,486
Securities Held-to-Maturity |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency mortgage-backed |  | $ | 37,125 |  | $ | 2,030 |  | $ | - |  | $ | 39,155
Collateralized mortgage obligations |  |  | 222,545 |  |  | 3,005 |  |  | (1,439) |  |  | 224,111
Total Securities Held-to-Maturity |  | $ | 259,670 |  | $ | 5,035 |  | $ | (1,439) |  | $ | 263,266
|  |  |  |  | Gross |  | Gross |  |  |
|  | Amortized |  | Unrealized |  | Unrealized |  | Fair
December 31, 2013: |  | Cost |  | Gains |  | Losses |  | Value
Securities Available-for-Sale |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  | $ | 1,549 |  | $ | - |  | $ | (5) |  | $ | 1,544
U.S. government agencies |  |  | 1,738 |  |  | - |  |  | (66) |  |  | 1,672
States and political subdivisions |  |  | 16,382 |  |  | 629 |  |  | (217) |  |  | 16,794
Corporate bonds |  |  | 15,733 |  |  | 17 |  |  | (648) |  |  | 15,102
Collateralized mortgage obligations |  |  | 66,766 |  |  | 256 |  |  | (3,146) |  |  | 63,876
Asset-backed securities |  |  | 274,118 |  |  | 2,168 |  |  | (3,083) |  |  | 273,203
Total Securities Available-for-Sale |  | $ | 376,286 |  | $ | 3,070 |  | $ | (7,165) |  | $ | 372,191
Securities Held-to-Maturity |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency mortgage-backed |  | $ | 35,268 |  | $ | 45 |  | $ | (73) |  | $ | 35,240
Collateralized mortgage obligations |  |  | 221,303 |  |  | 643 |  |  | (2,858) |  |  | 219,088
Total Securities Held-to-Maturity |  | $ | 256,571 |  | $ | 688 |  | $ | (2,931) |  | $ | 254,328
Schedule of fair value, amortized cost and weighted average yield of debt securities by contractual maturity along with securities not due at a single maturity date, primarily mortgage-backed securities (MBS), asset-backed securities, and collateralized loan obligations |
|  |  |  |  | Weighted |  |  |  |
|  | Amortized |  | Average |  | Fair |
Securities Available-for-Sale |  | Cost |  | Yield |  | Value |
Due in one year or less |  | $ | 8,410 |  | 1.65% |  | $ | 8,417 |
Due after one year through five years |  |  | 5,804 |  | 2.87% |  |  | 6,042 |
Due after five years through ten years |  |  | 36,773 |  | 2.43% |  |  | 36,536 |
Due after ten years |  |  | 5,178 |  | 3.27% |  |  | 5,159 |
|  |  | 56,165 |  | 2.43% |  |  | 56,154 |
Collateralized mortgage obligations |  |  | 65,728 |  | 1.80% |  |  | 63,627 |
Asset-backed securities |  |  | 175,565 |  | 1.14% |  |  | 173,496 |
Collateralized loan obligations |  |  | 94,236 |  | 3.22% |  |  | 92,209 |
|  | $ | 391,694 |  | 1.94% |  | $ | 385,486 |
Securities Held-to-Maturity |  |  |  |  |  |  |  |  |
Mortgage-backed and collateralized mortgage obligations |  | $ | 259,670 |  | 3.06% |  | $ | 263,266 |
Schedule of information regarding issuers and the value of the securities issued |
|  | December 31, 2014 |
|  | Amortized |  | Fair |
Issuer |  | Cost |  | Value |
College Loan Corporation |  | $ | 64,634 |  | $ | 64,155 |
Student Loan Consolidation Center Student Loan Trust |  |  | 27,486 |  |  | 27,526 |
GCO Education Loan Funding Corp |  |  | 38,469 |  |  | 37,315 |
Schedule of securities with unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position |
|  | Less than 12 months |  | Greater than 12 months |  |  |  |  |  |  |  |
December 31, 2014 |  | in an unrealized loss position |  | in an unrealized loss position |  | Total
|  | Number of |  | Unrealized |  | Fair |  | Number of |  | Unrealized |  | Fair |  | Number of |  | Unrealized |  | Fair
Securities Available-for-Sale |  | Securities |  | Losses |  | Value |  | Securities |  | Losses |  | Value |  | Securities |  | Losses |  | Value
U.S. Treasury |  | 1 |  | $ | 2 |  | $ | 1,527 |  | - |  | $ | - |  | $ | - |  | 1 |  | $ | 2 |  | $ | 1,527
U.S. government agencies |  | - |  |  | - |  |  | - |  | 1 |  |  | 87 |  |  | 1,624 |  | 1 |  |  | 87 |  |  | 1,624
States and political subdivisions |  | 4 |  |  | 96 |  |  | 4,896 |  | - |  |  | - |  |  | - |  | 4 |  |  | 96 |  |  | 4,896
Corporate bonds |  | 4 |  |  | 486 |  |  | 15,246 |  | 1 |  |  | 81 |  |  | 1,921 |  | 5 |  |  | 567 |  |  | 17,167
Collateralized mortgage obligations |  | 5 |  |  | 900 |  |  | 38,284 |  | 3 |  |  | 1,232 |  |  | 21,604 |  | 8 |  |  | 2,132 |  |  | 59,888
Asset-backed securities |  | 9 |  |  | 1,077 |  |  | 99,286 |  | 3 |  |  | 1,191 |  |  | 43,662 |  | 12 |  |  | 2,268 |  |  | 142,948
Collateralized loan obligations |  | 12 |  |  | 2,203 |  |  | 82,387 |  | - |  |  | - |  |  | - |  | 12 |  |  | 2,203 |  |  | 82,387
|  | 35 |  | $ | 4,764 |  | $ | 241,626 |  | 8 |  | $ | 2,591 |  | $ | 68,811 |  | 43 |  | $ | 7,355 |  | $ | 310,437
Securities Held-to-Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateralized mortgage obligations |  | 7 |  | $ | 457 |  | $ | 49,302 |  | 4 |  | $ | 982 |  | $ | 46,283 |  | 11 |  | $ | 1,439 |  | $ | 95,585
|  | 7 |  | $ | 457 |  | $ | 49,302 |  | 4 |  | $ | 982 |  | $ | 46,283 |  | 11 |  | $ | 1,439 |  | $ | 95,585
|  | Less than 12 months |  | Greater than 12 months |  |  |  |  |  |  |  |
December 31, 2013 |  | in an unrealized loss position |  | in an unrealized loss position |  | Total
|  | Number of |  | Unrealized |  |  | Fair |  | Number of |  | Unrealized |  |  | Fair |  | Number of |  | Unrealized |  |  | Fair
Securities Available-for-Sale |  | Securities |  | Losses |  |  | Value |  | Securities |  | Losses |  |  | Value |  | Securities |  | Losses |  |  | Value
U.S. Treasury |  | 1 |  | $ | 5 |  | $ | 1,544 |  | - |  | $ | - |  | $ | - |  | 1 |  | $ | 5 |  | $ | 1,544
U.S. government agencies |  | - |  |  | - |  |  | - |  | 1 |  |  | 66 |  |  | 1,672 |  | 1 |  |  | 66 |  |  | 1,672
States and political subdivisions |  | 6 |  |  | 217 |  |  | 4,625 |  | - |  |  | - |  |  | - |  | 6 |  |  | 217 |  |  | 4,625
Corporate bonds |  | 4 |  |  | 429 |  |  | 10,493 |  | 2 |  |  | 219 |  |  | 2,796 |  | 6 |  |  | 648 |  |  | 13,289
Collateralized mortgage obligations |  | 5 |  |  | 3,146 |  |  | 54,021 |  | - |  |  | - |  |  | - |  | 5 |  |  | 3,146 |  |  | 54,021
Asset-backed securities |  | 11 |  |  | 2,836 |  |  | 99,466 |  | 2 |  |  | 247 |  |  | 6,368 |  | 13 |  |  | 3,083 |  |  | 105,834
|  | 27 |  | $ | 6,633 |  | $ | 170,149 |  | 5 |  | $ | 532 |  | $ | 10,836 |  | 32 |  | $ | 7,165 |  | $ | 180,985
Securities Held-to-Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency mortgage-backed |  | 6 |  | $ | 73 |  | $ | 19,134 |  | - |  | $ | - |  | $ | - |  | 6 |  | $ | 73 |  | $ | 19,134
Collateralized mortgage obligations |  | 19 |  |  | 2,858 |  |  | 156,632 |  | - |  |  | - |  |  | - |  | 19 |  |  | 2,858 |  |  | 156,632
|  | 25 |  | $ | 2,931 |  | $ | 175,766 |  | - |  | $ | - |  | $ | - |  | 25 |  | $ | 2,931 |  | $ | 175,766
Schedule of proceeds from sale and gross realized gains and losses on sale of securities |
|  | Years ended December 31,
|  | 2014 |  | 2013 |  | 2012
Proceeds from sales of securities |  | $ | 296,013 |  | $ | 533,302 |  | $ | 223,860
Gross realized gains on securities |  |  | 3,231 |  |  | 5,376 |  |  | 1,937
Gross realized losses on securities |  |  | (1,512) |  |  | (7,288) |  |  | (362)
Securities gains (losses), net |  | $ | 1,719 |  | $ | (1,912) |  | $ | 1,575
Income tax expense (benefit) on net realized gains (losses) |  | $ | 704 |  | $ | (784) |  | $ | 641

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