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Investment Securities | 3 Months Ended
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Mar. 31, 2014
Investment Securities [Abstract] |
Investment Securities | (3.) INVESTMENT SECURITIES The amortized cost and fair value of investment securities are summarized below (in thousands):
|  | Amortized |  | Unrealized |  | Unrealized |  | Fair
|  | Cost |  | Gains |  | Losses |  | Value
March 31, 2014 |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |
U.S. Government agencies and government |  |  |  |  |  |  |  |
sponsored enterprises | $ | 190,967 | $ | 1,659 | $ | 2,132 | $ | 190,494
Mortgage-backed securities: |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 174,591 |  | 1,561 |  | 3,784 |  | 172,368
Federal Home Loan Mortgage Corporation |  | 34,713 |  | 641 |  | 130 |  | 35,224
Government National Mortgage Association |  | 60,857 |  | 2,164 |  | 113 |  | 62,908
Collateralized mortgage obligations: |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 65,427 |  | 339 |  | 1,708 |  | 64,058
Federal Home Loan Mortgage Corporation |  | 104,334 |  | 232 |  | 3,656 |  | 100,910
Government National Mortgage Association |  | 46,172 |  | 924 |  | 156 |  | 46,940
Privately issued |  | - |  | 1,402 |  | - |  | 1,402
Total collateralized mortgage obligations |  | 215,933 |  | 2,897 |  | 5,520 |  | 213,310
Total mortgage-backed securities |  | 486,094 |  | 7,263 |  | 9,547 |  | 483,810
Asset-backed securities |  | 18 |  | 328 |  | - |  | 346
Total available for sale securities | $ | 677,079 | $ | 9,250 | $ | 11,679 | $ | 674,650
Securities held to maturity: |  |  |  |  |  |  |  |
State and political subdivisions | $ | 253,576 | $ | 2,578 | $ | 63 | $ | 256,091
|  | Amortized |  | Unrealized |  | Unrealized |  | Fair
|  | Cost |  | Gains |  | Losses |  | Value
December 31, 2013 |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |
U.S. Government agencies and government |  |  |  |  |  |  |  |
sponsored enterprises | $ | 135,840 | $ | 1,414 | $ | 2,802 | $ | 134,452
Mortgage-backed securities: |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 173,507 |  | 1,511 |  | 4,810 |  | 170,208
Federal Home Loan Mortgage Corporation |  | 36,737 |  | 562 |  | 205 |  | 37,094
Government National Mortgage Association |  | 61,832 |  | 2,152 |  | 142 |  | 63,842
Collateralized mortgage obligations: |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 63,838 |  | 261 |  | 3,195 |  | 60,904
Federal Home Loan Mortgage Corporation |  | 102,660 |  | 169 |  | 5,856 |  | 96,973
Government National Mortgage Association |  | 43,734 |  | 913 |  | 586 |  | 44,061
Privately issued |  | - |  | 1,467 |  | - |  | 1,467
Total collateralized mortgage obligations |  | 210,232 |  | 2,810 |  | 9,637 |  | 203,405
Total mortgage-backed securities |  | 482,308 |  | 7,035 |  | 14,794 |  | 474,549
Asset-backed securities |  | 18 |  | 381 |  | - |  | 399
Total available for sale securities | $ | 618,166 | $ | 8,830 | $ | 17,596 | $ | 609,400
Securities held to maturity: |  |  |  |  |  |  |  |
State and political subdivisions | $ | 249,785 | $ | 1,340 | $ | 468 | $ | 250,657
Sales and calls of securities available for sale were as follows (in thousands):
|  | Three months ended
|  | March 31,
|  | 2014 |  |  | 2013
Proceeds from sales | $ | 19,470 | $ |  | 952
Gross realized gains |  | 313 |  |  | 892
The scheduled maturities of securities available for sale and securities held to maturity at March 31, 2014 are shown below (in thousands). Actual expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations.
|  | Amortized |  | Fair
|  | Cost |  | Value
Debt securities available for sale: |  |  |  |
Due in one year or less | $ | 49,052 | $ | 49,051
Due from one to five years |  | 51,365 |  | 52,669
Due after five years through ten years |  | 252,569 |  | 248,478
Due after ten years |  | 324,093 |  | 324,452
| $ | 677,079 | $ | 674,650
Debt securities held to maturity: |  |  |  |
Due in one year or less | $ | 24,841 | $ | 24,908
Due from one to five years |  | 111,876 |  | 112,972
Due after five years through ten years |  | 116,817 |  | 118,157
Due after ten years |  | 42 |  | 54
| $ | 253,576 | $ | 256,091
Unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows (in thousands):
|  | Less than 12 months |  | 12 months or longer |  | Total |
|  | Fair |  | Unrealized |  | Fair | Unrealized |  | Fair | Unrealized
|  | Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses
March 31, 2014 |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies and government |  |  |  |  |  |  |  |  |  |  |  |
sponsored enterprises | $ | 82,112 | $ | 1,072 | $ | 22,184 | $ | 1,060 | $ | 104,296 | $ | 2,132
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 96,533 |  | 2,416 |  | 25,166 |  | 1,368 |  | 121,699 |  | 3,784
Federal Home Loan Mortgage Corporation |  | 8,490 |  | 130 |  | - |  | - |  | 8,490 |  | 130
Government National Mortgage Association |  | 6,097 |  | 113 |  | - |  | - |  | 6,097 |  | 113
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 35,545 |  | 656 |  | 15,645 |  | 1,052 |  | 51,190 |  | 1,708
Federal Home Loan Mortgage Corporation |  | 71,893 |  | 2,158 |  | 20,989 |  | 1,498 |  | 92,882 |  | 3,656
Government National Mortgage Association |  | 8,417 |  | 156 |  | - |  | - |  | 8,417 |  | 156
Total collateralized mortgage obligations |  | 115,855 |  | 2,970 |  | 36,634 |  | 2,550 |  | 152,489 |  | 5,520
Total mortgage-backed securities |  | 226,975 |  | 5,629 |  | 61,800 |  | 3,918 |  | 288,775 |  | 9,547
Total available for sale securities |  | 309,087 |  | 6,701 |  | 83,984 |  | 4,978 |  | 393,071 |  | 11,679
Securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |
State and political subdivisions |  | 10,907 |  | 63 |  | - |  | - |  | 10,907 |  | 63
Total temporarily impaired securities | $ | 319,994 | $ | 6,764 | $ | 83,984 | $ | 4,978 | $ | 403,978 | $ | 11,742
December 31, 2013 |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies and government |  |  |  |  |  |  |  |  |  |  |  |
sponsored enterprises | $ | 86,177 | $ | 2,788 | $ | 2,717 | $ | 14 | $ | 88,894 | $ | 2,802
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 103,778 |  | 3,491 |  | 20,689 |  | 1,319 |  | 124,467 |  | 4,810
Federal Home Loan Mortgage Corporation |  | 14,166 |  | 205 |  | - |  | - |  | 14,166 |  | 205
Government National Mortgage Association |  | 14,226 |  | 142 |  | - |  | - |  | 14,226 |  | 142
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 35,632 |  | 2,586 |  | 11,760 |  | 609 |  | 47,392 |  | 3,195
Federal Home Loan Mortgage Corporation |  | 72,655 |  | 4,980 |  | 15,762 |  | 876 |  | 88,417 |  | 5,856
Government National Mortgage Association |  | 8,396 |  | 586 |  | - |  | - |  | 8,396 |  | 586
Total collateralized mortgage obligations |  | 116,683 |  | 8,152 |  | 27,522 |  | 1,485 |  | 144,205 |  | 9,637
Total mortgage-backed securities |  | 248,853 |  | 11,990 |  | 48,211 |  | 2,804 |  | 297,064 |  | 14,794
Total available for sale securities |  | 335,030 |  | 14,778 |  | 50,928 |  | 2,818 |  | 385,958 |  | 17,596
Securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |
State and political subdivisions |  | 72,269 |  | 468 |  | - |  | - |  | 72,269 |  | 468
Total temporarily impaired securities | $ | 407,299 | $ | 15,246 | $ | 50,928 | $ | 2,818 | $ | 458,227 | $ | 18,064
The total number of security positions in the investment portfolio in an unrealized loss position at March 31, 2014 was 141 compared to 331 at December 31, 2013. At March 31, 2014, the Company had positions in 21 investment securities with a fair value of $84.0 million and a total unrealized loss of $5.0 million that have been in a continuous unrealized loss position for more than 12 months. There were a total of 120 securities positions in the Company's investment portfolio, with a fair value of $320.0 million and a total unrealized loss of $6.8 million at March 31, 2014, that have been in a continuous unrealized loss position for less than 12 months. The unrealized loss on these investment securities was predominantly caused by changes in market interest rates subsequent to purchase. The fair value of most of the investment securities in the Company's portfolio fluctuates as market interest rates change. The Company reviews investment securities on an ongoing basis for the presence of other-than-temporary impairment ("OTTI") with formal reviews performed quarterly. When evaluating debt securities for OTTI, management considers many factors, including: (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, (3) whether the market decline was affected by macroeconomic conditions, and (4) whether the Company has the intention to sell the debt security or whether it is more likely than not that it will be required to sell the debt security before its anticipated recovery. The assessment of whether OTTI exists involves a high degree of subjectivity and judgment and is based on the information then available to management. There was no impairment recorded during the three months ended March 31, 2014 and 2013. Based on management's review and evaluation of the Company's debt securities as of March 31, 2014, the debt securities with unrealized losses were not considered to be OTTI. As of March 31, 2014, the Company did not intend to sell any of the securities in a loss position and believes that it is not likely that it will be required to sell any such securities before the anticipated recovery of amortized cost. Accordingly, as of March 31, 2014, management has concluded that unrealized losses on its investment securities are temporary and no further impairment loss has been realized in the Company's consolidated statements of income.

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