Securities (Tables)

12 Months Ended

Dec. 31, 2013

Investments Debt And Equity Securities [Abstract]

Securities available-for-sale at December 31, 2013 and 2012 are as follows:


	December 31, 2013								December 31, 2012
	Amortized Cost		Unrealized				Fair Value		Amortized Cost		Unrealized					Fair Value
	Amortized Cost		Gains		Losses		Fair Value		Amortized Cost		Gains		Losses			Fair Value
U.S. Treasury		$ 0		$ 0		$ 0		$ 0		$ 4,018		$ 18	$	0			$4,036
U.S. Gov’t sponsored entities		185,205		2,894		(6,474)		181,625		157,965		5,977		(161	)		163,781
State & political subdivisions		176,490		3,770		(2,317)		177,943		170,223		11,113		(57	)		181,279
Residential & multi-family mortgage		248,017		2,410		(7,820)		242,607		308,800		8,724		(702	)		316,822
Commercial mortgage		385		0		(11)		374		1,275		29		0			1,304
Corporate notes & bonds		15,744		65		(1,734)		14,075		17,368		26		(2,370	)		15,024
Pooled trust preferred		800		0		(139)		661		800		0		(200	)		600
Pooled SBA		70,077		688		(3,044)		67,721		50,667		2,277		(17	)		52,927
Other securities		1,020		0		(35)		985		1,521		17		0			1,538

Total		$697,738		$9,827		$(21,574)		$685,991		$712,637		$28,181		$(3,507)			$737,311

Trading Securities

Trading securities at December 31, 2013 and 2012 are as follows:


	2013		2012

Corporate equity securities	$	2,705	$	3,117
Certificates of deposit		253		408
International mutual funds		259		287
Large cap growth mutual funds		197		157
Money market mutual funds		124		110
Large cap value mutual funds		129		104
Corporate notes and bonds		152		101
Real estate investment trust mutual funds		39		65
U.S. Government sponsored entities		52		58
Small cap mutual funds		83		26
Mid cap mutual funds		84		26
Commodities mutual funds		50		0

Total	$	4,127	$	4,459

Securities with Unrealized Losses Aggregated by Investment Category and Length of Time that Individual Securities have been in Continuous Unrealized Loss Position

Securities with unrealized losses at December 31, 2013 and 2012, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are as follows:


December 31, 2013	Less than 12 Months					12 Months or More					Total
Description of Securities	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
U.S. Treasury	$	0	$	0		$	0	$	0		$	0	$	0
U.S. Gov’t sponsored entities		95,677		(5,394	)		17,964		(1,080	)		113,641		(6,474	)
State & political subdivisions		57,526		(2,192	)		5,324		(125	)		62,850		(2,317	)
Residential & multi-family mortgage		150,229		(6,806	)		16,608		(1,014	)		166,837		(7,820	)
Commercial mortgage		374		(11	)		0		0			374		(11	)
Corporate notes & bonds		0		0			9,662		(1,734	)		9,662		(1,734	)
Pooled trust preferred		0		0			661		(139	)		661		(139	)
Pooled SBA		36,842		(2,296	)		8,277		(748	)		45,119		(3,044	)
Other securities		985		(35	)		0		0			985		(35	)

	$	341,633	$	(16,734	)	$	58,496	$	(4,840	)	$	400,129	$	(21,574	)


	Less than 12 Months					12 Months or More					Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
December 31, 2012
U.S. Treasury	$	0	$	0		$	0	$	0		$	0	$	0
U.S. Gov’t sponsored entities		41,715		(161	)		0		0			41,715		(161	)
State & political subdivisions		7,857		(57	)		0		0			7,857		(57	)
Residential and multi-family mortgage		32,159		(688	)		4,254		(14	)		36,413		(702	)
Commercial mortgage		0		0			0		0			0		0
Corporate notes & bonds		0		0			13,002		(2,370	)		13,002		(2,370	)
Pooled trust preferred		0		0			600		(200	)		600		(200	)
Pooled SBA		3,521		(17	)		0		0			3,521		(17	)
Other securities		0		0			0		0			0		0

	$	85,252	$	(923	)	$	17,856	$	(2,584	)	$	103,108	$	(3,507	)

Summary of Structured Pooled Trust Preferred Securities

The following table provides detailed information related to the Corporation’s structured pooled trust preferred securities as of December 31, 2013 and for the years ended December 31, 2013, 2012, and 2011:


	As of December 31, 2013							Credit Losses Realized in Earnings
	Adjusted Amortized		Unrealized			Fair		Year Ended December 31,
	Cost		Gain (Loss)			Value		2013		2012		2011
ALESCO Preferred Funding V, Ltd.	$	800	$	(139	)	$	661	$	0	$	0	$	0
ALESCO Preferred Funding XII, Ltd.		0		0			0		0		0		280
ALESCO Preferred Funding XVII, Ltd.		0		0			0		0		0		0
Preferred Term Securities XVI, Ltd.		0		0			0		0		0		118
US Capital Funding VI, Ltd.		0		0			0		0		0		0

Total	$	800	$	(139	)	$	661	$	0	$	0	$	398

Roll-Forward of Other-Than-Temporary Impairment Amount Related to Credit Losses

A roll-forward of the other-than-temporary impairment amount related to credit losses for the years ended December 31, 2013, 2012 and 2011 is as follows:


	2013		2012		2011

Balance of credit losses on debt securities for which a portion of other-than-temporary impairment was recognized in earnings, beginning of period	$	4,054	$	4,054	$	3,656
Additional credit loss for which other-than-temporary impairment was not previously recognized		0		0		0
Additional credit loss for which other-than-temporary impairment was previously recognized		0		0		398

Balance of credit losses on debt securities for which a portion of other-than-temporary impairment was recognized in earnings, end of period	$	4,054	$	4,054	$	4,054

Schedule of Contractual Maturity of Securities Available for Sale, Excluding Equity Securities

The following is a schedule of the contractual maturity of securities available for sale, excluding equity securities, at December 31, 2013:


	December 31, 2013
	Amortized Cost		Fair Value
1 year or less	$	31,192	$	30,902
1 year – 5 years		141,228		141,410
5 years – 10 years		165,713		163,735
After 10 years		40,106		38,257

		378,239		374,304
Residential and multi-family mortgage		248,017		242,607
Pooled SBA		70,077		67,721
Commercial mortgage		385		374

Total debt securities	$	696,718	$	685,006

Information Pertaining to Security Sales

Information pertaining to security sales is as follows:


Year ended December 31	Proceeds		Gross Gains		Gross Losses

2013	$	35,633	$	849	$	494
2012		125,579		1,809		430
2011		69,740		878		264

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

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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.

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- Definition

Tabular disclosure of investments in trading securities.

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