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Securities | 12 Months Ended
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Dec. 31, 2014
Cash and Cash Equivalents [Abstract] |
Securities | 4. Securities Securities available-for-sale at December 31, 2014 and 2013 are as follows:
|  | December 31, 2014 |  |  | December 31, 2013 |
|  | Amortized Cost |  |  | Unrealized |  |  | Fair Value |  |  | Amortized Cost |  |  | Unrealized |  |  | Fair Value |
|  | Gains |  |  | Losses |  |  |  |  | Gains |  |  | Losses |  |
U.S. Gov’t sponsored entities |  |  | $155,482 |  |  |  | $2,301 |  |  |  | $(2,219) |  |  |  | $155,564 |  |  |  | $185,205 |  |  |  | $2,894 |  |  | $ | (6,474 | ) |  |  | $181,625 |
State & political subdivisions |  |  | 174,600 |  |  |  | 6,804 |  |  |  | (402) |  |  |  | 181,002 |  |  |  | 176,490 |  |  |  | 3,770 |  |  |  | (2,317 | ) |  |  | 177,943 |
Residential & multi-family mortgage |  |  | 265,678 |  |  |  | 2,291 |  |  |  | (2,805) |  |  |  | 265,164 |  |  |  | 248,017 |  |  |  | 2,410 |  |  |  | (7,820 | ) |  |  | 242,607 |
Commercial mortgage |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 385 |  |  |  | 0 |  |  |  | (11 | ) |  |  | 374 |
Corporate notes & bonds |  |  | 20,791 |  |  |  | 139 |  |  |  | (1,500) |  |  |  | 19,430 |  |  |  | 15,744 |  |  |  | 65 |  |  |  | (1,734 | ) |  |  | 14,075 |
Pooled trust preferred |  |  | 800 |  |  |  | 105 |  |  |  | 0 |  |  |  | 905 |  |  |  | 800 |  |  |  | 0 |  |  |  | (139 | ) |  |  | 661 |
Pooled SBA |  |  | 63,139 |  |  |  | 1,074 |  |  |  | (1,560) |  |  |  | 62,653 |  |  |  | 70,077 |  |  |  | 688 |  |  |  | (3,044 | ) |  |  | 67,721 |
Other securities |  |  | 1,020 |  |  |  | 0 |  |  |  | (18) |  |  |  | 1,002 |  |  |  | 1,020 |  |  |  | 0 |  |  |  | (35 | ) |  |  | 985 |
Total |  |  | $681,510 |  |  |  | $12,714 |  |  |  | $(8,504) |  |  |  | $685,720 |  |  |  | $697,738 |  |  |  | $9,827 |  |  |  | $(21,574) |  |  |  | $685,991 |
At December 31, 2014 and 2013, there were no holdings of securities by any one issuer, other than U.S. Government sponsored entities, in an amount greater than 10% of shareholders’ equity. The Corporation’s residential and multi-family mortgage securities are issued by government sponsored entities, and the Corporation holds one commercial mortgage security that is private label. Trading securities at December 31, 2014 and 2013 are as follows:
|  | 2014 |  |  | 2013 |
Corporate equity securities |  | $ | 3,044 |  |  | $ | 2,705 |
Certificates of deposit |  |  | 253 |  |  |  | 253 |
International mutual funds |  |  | 265 |  |  |  | 259 |
Large cap growth mutual funds |  |  | 186 |  |  |  | 197 |
Money market mutual funds |  |  | 157 |  |  |  | 124 |
Large cap value mutual funds |  |  | 132 |  |  |  | 129 |
Corporate notes and bonds |  |  | 155 |  |  |  | 152 |
Real estate investment trust mutual funds |  |  | 46 |  |  |  | 39 |
U.S. Government sponsored entities |  |  | 54 |  |  |  | 52 |
Small cap mutual funds |  |  | 80 |  |  |  | 83 |
Mid cap mutual funds |  |  | 83 |  |  |  | 84 |
Commodities mutual funds |  |  | 50 |  |  |  | 50 |
Total |  | $ | 4,505 |  |  | $ | 4,127 |
Securities with unrealized losses at December 31, 2014 and 2013, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are as follows:
December 31, 2014 |  | 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. Gov’t sponsored entities |  | $ | 26,069 |  |  | $ | (149 | ) |  | $ | 85,016 |  |  | $ | (2,070 | ) |  | $ | 111,085 |  |  | $ | (2,219 | )
State & political subdivisions |  |  | 16,398 |  |  |  | (179 | ) |  |  | 12,363 |  |  |  | (223 | ) |  |  | 28,761 |  |  |  | (402 | )
Residential & multi-family mortgage |  |  | 70,360 |  |  |  | (603 | ) |  |  | 99,397 |  |  |  | (2,202 | ) |  |  | 169,757 |  |  |  | (2,805 | )
Corporate notes & bonds |  |  | 5,008 |  |  |  | (30 | ) |  |  | 7,935 |  |  |  | (1,470 | ) |  |  | 12,943 |  |  |  | (1,500 | )
Pooled SBA |  |  | 0 |  |  |  | (0 | ) |  |  | 34,608 |  |  |  | (1,560 | ) |  |  | 34,608 |  |  |  | (1,560 | )
Other securities |  |  | 0 |  |  |  | (0 | ) |  |  | 1,002 |  |  |  | (18 | ) |  |  | 1,002 |  |  |  | (18 | )
|  | $ | 117,835 |  |  | $ | (961 | ) |  | $ | 240,321 |  |  | $ | (7,543 | ) |  | $ | 358,156 |  |  | $ | (8,504 | )
|  | Less than 12 Months |  |  | 12 Months or More |  |  | Total |
|  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |
December 31, 2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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 and 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 | )
The Corporation evaluates securities for other-than-temporary impairment on a quarterly basis, or more frequently when economic or market conditions warrant such an evaluation. The following table provides detailed information related to the Corporation’s structured pooled trust preferred securities as of December 31, 2014 and for the years ended December 31, 2014, 2013, and 2012:
|  | As of December 31, 2014 |  |  | Credit Losses Realized in Earnings |
|  | Adjusted Amortized |  |  | Unrealized |  |  | Fair |  |  | Year Ended December 31, |
|  | Cost |  |  | Gain (Loss) |  |  | Value |  |  | 2014 |  |  | 2013 |  |  | 2012 |
ALESCO Preferred Funding V, Ltd. |  | $ | 800 |  |  | $ | 105 |  |  | $ | 905 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |
ALESCO Preferred Funding XII, Ltd. |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
ALESCO Preferred Funding XVII, Ltd. |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Preferred Term Securities XVI, Ltd. |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
US Capital Funding VI, Ltd. |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Total |  | $ | 800 |  |  | $ | 105 |  |  | $ | 905 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |
At December 31, 2014, the Corporation evaluated the ALESCO Preferred Funding V, Ltd. Security for other than-temporary impairment by estimating the cash flows expected to be received, taking into account future estimated levels of deferrals and defaults by the underlying issuers and discounting those cash flows at the appropriate accounting yield. A roll-forward of the other-than-temporary impairment amount related to credit losses for the years ended December 31, 2014, 2013 and 2012 is as follows:
|  | 2014 |  |  | 2013 |  |  | 2012 |
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 |  |  | $ | 4,054 |
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 |  |  |  | 0 |
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 |
The adjusted amortized cost of structured pooled trust preferred securities as of December 31, 2014 and 2013, is insignificant. For the securities that comprise corporate notes and bonds and the securities that are issued by state and political subdivisions, management monitors publicly available financial information, such as filings with the Securities and Exchange Commission, in order to evaluate the securities for other-than-temporary impairment. For financial institution issuers, management monitors information from quarterly “call” report filings that are used to generate Uniform Bank Performance Reports. All other securities that were in an unrealized loss position at the balance sheet date were reviewed by management, and issuer-specific documents were reviewed, as appropriate given the following considerations. When reviewing securities for other-than-temporary impairment, management considers the financial condition and near-term prospects of the issuer and whether downgrades by bond rating agencies have occurred. Management also considers the length of time and extent to which fair value has been less than cost, and whether management does not have the intent to sell these securities and it is likely that it will not be required to sell the securities before their anticipated recovery. As of December 31, 2014 and 2013, management concluded that the securities described in the previous paragraph were not other-than-temporarily impaired for the following reasons:
| — |  | There is no indication of any significant deterioration of the creditworthiness of the institutions that issued the securities.
| — |  | All contractual interest payments on the securities have been received as scheduled, and no information has come to management’s attention through the processes previously described which would lead to a conclusion that future contractual payments will not be timely received.
The Corporation does not intend to sell and it is not more likely than not that it will be required to sell the securities in an unrealized loss position before recovery of its amortized cost basis. On December 31, 2014 and 2013, securities carried at $325,799 and $353,102, respectively, were pledged to secure public deposits and for other purposes as provided by law. The following is a schedule of the contractual maturity of securities available for sale, excluding equity securities, at December 31, 2014:
|  | December 31, 2014 |
|  | Amortized Cost |  |  | Fair Value |
1 year or less |  | $ | 31,591 |  |  | $ | 31,482 |
1 year – 5 years |  |  | 171,052 |  |  |  | 174,004 |
5 years – 10 years |  |  | 113,175 |  |  |  | 115,663 |
After 10 years |  |  | 35,855 |  |  |  | 35,752 |
|  |  | 351,673 |  |  |  | 356,901 |
Residential and multi-family mortgage |  |  | 265,678 |  |  |  | 265,164 |
Pooled SBA |  |  | 63,139 |  |  |  | 62,653 |
Total debt securities |  | $ | 680,490 |  |  | $ | 684,718 |
Mortgage securities and pooled SBA securities are not due at a single date; periodic payments are received based on the payment patterns of the underlying collateral. Information pertaining to security sales is as follows:
Year ended December 31 |  | Proceeds |  |  | Gross Gains |  |  | Gross Losses |
2014 |  | $ | 61,236 |  |  | $ | 606 |  |  | $ | 177 |
2013 |  |  | 35,633 |  |  |  | 849 |  |  |  | 494 |
2012 |  |  | 125,579 |  |  |  | 1,809 |  |  |  | 430 |
The tax provision related to these net realized gains was $150, $124, and $483, respectively. During 2014, 2013 and 2012, the Corporation sold trading securities. Proceeds were $248 in 2014, $5,811 in 2013, and $3,386 in 2012, resulting in net gains of $10 in 2014, $579 in 2013, and $298 in 2012.

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