Securities (Tables)

12 Months Ended

Dec. 31, 2014

Cash and Cash Equivalents [Abstract]

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
	Amortized Cost		Gains		Losses		Fair Value		Amortized Cost		Gains		Losses			Fair Value
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

Trading Securities

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 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, 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	)

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, 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

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, 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

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, 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

Information Pertaining to Security Sales

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

- 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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