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Investment Securities | 6 Months Ended
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Jun. 30, 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
June 30, 2014 |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |
U.S. Government agencies and government |  |  |  |  |  |  |  |
sponsored enterprises | $ | 134,448 | $ | 1,719 | $ | 1,050 | $ | 135,117
Mortgage-backed securities: |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 172,449 |  | 1,993 |  | 2,217 |  | 172,225
Federal Home Loan Mortgage Corporation |  | 32,922 |  | 894 |  | 10 |  | 33,806
Government National Mortgage Association |  | 62,946 |  | 2,551 |  | 54 |  | 65,443
Collateralized mortgage obligations: |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 63,224 |  | 431 |  | 1,427 |  | 62,228
Federal Home Loan Mortgage Corporation |  | 96,922 |  | 215 |  | 3,289 |  | 93,848
Government National Mortgage Association |  | 36,852 |  | 911 |  | 73 |  | 37,690
Privately issued |  | - |  | 1,315 |  | - |  | 1,315
Total collateralized mortgage obligations |  | 196,998 |  | 2,872 |  | 4,789 |  | 195,081
Total mortgage-backed securities |  | 465,315 |  | 8,310 |  | 7,070 |  | 466,555
Asset-backed securities |  | - |  | 231 |  | - |  | 231
Total available for sale securities | $ | 599,763 | $ | 10,260 | $ | 8,120 | $ | 601,903
Securities held to maturity: |  |  |  |  |  |  |  |
State and political subdivisions | $ | 262,057 | $ | 4,661 | $ | 78 | $ | 266,640
|  | 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
Investment securities with a total fair value of $745.5 million and $763.1 million at June 30, 2014 and December 31, 2013, respectively, were pledged as collateral to secure public deposits and for other purposes required or permitted by law. The scheduled maturities of securities available for sale and securities held to maturity at June 30, 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 | $ | 25,204 | $ | 25,204
Due from one to five years |  | 83,162 |  | 84,857
Due after five years through ten years |  | 205,664 |  | 205,297
Due after ten years |  | 285,733 |  | 286,545
| $ | 599,763 | $ | 601,903
Debt securities held to maturity: |  |  |  |
Due in one year or less | $ | 23,466 | $ | 23,556
Due from one to five years |  | 132,765 |  | 134,973
Due after five years through ten years |  | 105,784 |  | 108,057
Due after ten years |  | 42 |  | 54
| $ | 262,057 | $ | 266,640
Sales and calls of securities available for sale were as follows (in thousands):
|  | Three months ended |  | Six months ended
|  | June 30, |  | June 30,
|  | 2014 |  | 2013 |  | 2014 |  | 2013
Proceeds from sales and calls | $ | 41,958 | $ | 375 | $ | 61,428 | $ | 1,327
Gross realized gains |  | 949 |  | 332 |  | 1,262 |  | 1,224
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
June 30, 2014 |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies and government |  |  |  |  |  |  |  |  |  |  |  |
sponsored enterprises | $ | 30,830 | $ | 2 | $ | 41,159 | $ | 1,048 | $ | 71,989 | $ | 1,050
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 34,572 |  | 107 |  | 64,582 |  | 2,110 |  | 99,154 |  | 2,217
Federal Home Loan Mortgage Corporation |  | - |  | - |  | 3,750 |  | 10 |  | 3,750 |  | 10
Government National Mortgage Association |  | 5,440 |  | 54 |  | - |  | - |  | 5,440 |  | 54
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 9,010 |  | 22 |  | 37,314 |  | 1,405 |  | 46,324 |  | 1,427
Federal Home Loan Mortgage Corporation |  | 2,619 |  | 22 |  | 83,809 |  | 3,267 |  | 86,428 |  | 3,289
Government National Mortgage Association |  | - |  | - |  | 5,683 |  | 73 |  | 5,683 |  | 73
Total collateralized mortgage obligations |  | 11,629 |  | 44 |  | 126,806 |  | 4,745 |  | 138,435 |  | 4,789
Total mortgage-backed securities |  | 51,641 |  | 205 |  | 195,138 |  | 6,865 |  | 246,779 |  | 7,070
Total available for sale securities |  | 82,471 |  | 207 |  | 236,297 |  | 7,913 |  | 318,768 |  | 8,120
Securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |
State and political subdivisions |  | 13,285 |  | 78 |  | - |  | - |  | 13,285 |  | 78
Total | $ | 95,756 | $ | 285 | $ | 236,297 | $ | 7,913 | $ | 332,053 | $ | 8,198
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 | $ | 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 June 30, 2014 was 129 compared to 331 at December 31, 2013. At June 30, 2014, the Company had positions in 61 investment securities with a fair value of $236.3 million and a total unrealized loss of $7.9 million that have been in a continuous unrealized loss position for more than 12 months. There were a total of 68 securities positions in the Company's investment portfolio, with a fair value of $95.8 million and a total unrealized loss of $285 thousand at June 30, 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 six months ended June 30, 2014 and 2013. Based on management's review and evaluation of the Company's debt securities as of June 30, 2014, the debt securities with unrealized losses were not considered to be OTTI. As of June 30, 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 June 30, 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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