XML 54 R19.htm IDEA: XBRL DOCUMENT v2.4.0.6
Securities (Tables)
 3 Months Ended
Mar. 31, 2013
Investments Debt and Equity Securities [Abstract]  
Amortized cost and fair value of investments classified as available-for-sale

The amortized cost and fair value of the Corporation’s investments are shown below. All securities are classified as available-for-sale.

 

          (000's)        
          March 31, 2013        
    Amortized     Unrealized        
(Dollar amounts in thousands)   Cost     Gains     Losses     Fair Value  
U.S. Government sponsored entities                
and entity mortgage-backed securities   $ 1,722     $ 71     $ -     $ 1,793  
Mortgage Backed Securities-residential     228,731       12,086       (123 )     240,694  
Mortgage Backed Securities-commercial     5,026       1       (65 )     4,962  
Collateralized mortgage obligations     318,085       2,518       (799 )     319,804  
State and municipal     184,761       11,732       (188 )     196,305  
Collateralized debt obligations     11,698       1,828       (7,554 )     5,972  
Equities     320       99       -       419  
TOTAL   $ 750,343     $ 28,335     ($ 8,729 )   $ 769,949  

 

          December 31, 2012        
    Amortized     Unrealized        
(Dollar amounts in thousands)   Cost     Gains     Losses     Fair Value  
U.S. Government sponsored entities                                
and entity mortgage-backed securities   $ 1,807     $ 79     $ -     $ 1,886  
Mortgage Backed Securities-residential     231,316       13,373       (13 )     244,676  
Mortgage Backed Securities-commercial     5,146       1       (16 )     5,131  
Collateralized mortgage obligations     230,739       2,827       (246 )     233,320  
State and municipal     187,044       12,518       (77 )     199,485  
Collateralized debt obligations     12,243       1,761       (7,882 )     6,122  
Equities     320       60       -       380  
TOTAL   $ 668,615     $ 30,619     ($ 8,234 )   $ 691,000  
Schedule of contractual maturities of debt securities

Contractual maturities of debt securities at March 31, 2013 were as follows. Securities not due at a single maturity or with no maturity date, primarily mortgage-backed and equity securities are shown separately.

 

    Available-for-Sale  
    Amortized     Fair  
(Dollar amounts in thousands)   Cost     Value  
Due in one year or less   $ 14,986     $ 15,195  
Due after one but within five years     31,614       33,420  
Due after five but within ten years     86,775       92,113  
Due after ten years     382,891       383,146  
      516,266       523,874  
Mortgage-backed securities and equities     234,077       246,075  
TOTAL   $ 750,343     $ 769,949  
Schedule of gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in continuous unrealized loss position

The following tables show the securities’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in continuous unrealized loss position, at March 31, 2013 and December 31, 2012.

 

                March 31, 2013              
    Less Than 12 Months     More Than 12 Months           Total  
          Unrealized           Unrealized           Unrealized  
(Dollar amounts in thousands)   Fair Value     Losses     Fair Value     Losses     Fair Value     Losses  
Mortgage Backed Securities - Residential   $ 19,004     $ (123 )   $ -     $ -     $ 19,004     ($ 123 )
Mortgage Backed Securities - Commercial     4,920       (65 )     -       -       4,920       (65 )
Collateralized mortgage obligations     107,099       (799 )     -       -       107,099       (799 )
State and municipal obligations     11,080       (146 )     1,048       (42 )     12,128       (188 )
Collateralized Debt Obligations     -       -       3,887       (7,554 )     3,887       (7,554 )
Total temporarily impaired securities   $ 142,103     ($ 1,133 )   $ 4,935     ($ 7,596 )   $ 147,038     ($ 8,729 )

 

                December 31, 2012              
    Less Than 12 Months     More Than 12 Months           Total  
          Unrealized           Unrealized           Unrealized  
(Dollar amounts in thousands)   Fair Value     Losses     Fair Value     Losses     Fair Value     Losses  
Mortgage Backed Securities - Residential   $ 7,245     $ (13 )   $ -     $ -     $ 7,245     $ (13 )
Mortgage Backed Securities - Commercial     5,086       (16 )     -       -       5,086       (16 )
Collateralized mortgage obligations     46,121       (246 )     -       -       46,121       (246 )
State and municipal obligations     8,611       (77 )     -       -       8,611       (77 )
Collateralized Debt Obligations     -       -       4,032       (7,882 )     4,032       (7,882 )
Total temporarily impaired securities   $ 67,063     ($ 352 )   $ 4,032     ($ 7,882 )   $ 71,095     ($ 8,234 )
Rollforward of the credit losses recognized in earnings

The table below presents a rollforward of the credit losses recognized in earnings for the three month periods ended March 31, 2013 and 2012:

 

    Three Months Ended March 31,  
(Dollar amounts in thousands)   2013     2012  
Beginning balance   $ 14,983     $ 15,180  
Increases to the amount related to the credit loss for which other-than-temporary was previously recognized     -       -  
                 
Ending balance   $ 14,983     $ 15,180