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Investment Securities | 3 Months Ended
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Mar. 31, 2015
Investment Securities [Abstract] |
Investment Securities | (4.) 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, 2015 |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |
U.S. Government agencies and government |  |  |  |  |  |  |  |
sponsored enterprises | $ | 176,648 | $ | 2,324 | $ | 304 | $ | 178,668
Mortgage-backed securities: |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 187,368 |  | 3,067 |  | 437 |  | 189,998
Federal Home Loan Mortgage Corporation |  | 25,892 |  | 769 |  | 8 |  | 26,653
Government National Mortgage Association |  | 46,584 |  | 2,093 |  | - |  | 48,677
Collateralized mortgage obligations: |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 76,408 |  | 969 |  | 583 |  | 76,794
Federal Home Loan Mortgage Corporation |  | 90,875 |  | 233 |  | 1,521 |  | 89,587
Government National Mortgage Association |  | 26,965 |  | 545 |  | 12 |  | 27,498
Privately issued |  | - |  | 1,169 |  | - |  | 1,169
Total collateralized mortgage obligations |  | 194,248 |  | 2,916 |  | 2,116 |  | 195,048
Total mortgage-backed securities |  | 454,092 |  | 8,845 |  | 2,561 |  | 460,376
Asset-backed securities |  | - |  | 231 |  | - |  | 231
Total available for sale securities | $ | 630,740 | $ | 11,400 | $ | 2,865 | $ | 639,275
Securities held to maturity: |  |  |  |  |  |  |  |
State and political subdivisions |  | 285,630 |  | 6,121 |  | 28 |  | 291,723
Mortgage-backed securities: |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 3,253 |  | 55 |  | - |  | 3,308
Government National Mortgage Association |  | 17,372 |  | 125 |  | 18 |  | 17,479
Total mortgage-backed securities |  | 20,625 |  | 180 |  | 18 |  | 20,787
Total held to maturity securities | $ | 306,255 | $ | 6,301 | $ | 46 | $ | 312,510
|  | Amortized |  | Unrealized |  | Unrealized |  | Fair
|  | Cost |  | Gains |  | Losses |  | Value
December 31, 2014 |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |
U.S. Government agencies and government |  |  |  |  |  |  |  |
sponsored enterprises | $ | 160,334 | $ | 1,116 | $ | 975 | $ | 160,475
Mortgage-backed securities: |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 184,857 |  | 2,344 |  | 1,264 |  | 185,937
Federal Home Loan Mortgage Corporation |  | 29,478 |  | 799 |  | 7 |  | 30,270
Government National Mortgage Association |  | 48,800 |  | 2,022 |  | - |  | 50,822
Collateralized mortgage obligations: |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 76,247 |  | 489 |  | 944 |  | 75,792
Federal Home Loan Mortgage Corporation |  | 89,623 |  | 199 |  | 2,585 |  | 87,237
Government National Mortgage Association |  | 29,954 |  | 598 |  | 40 |  | 30,512
Privately issued |  | - |  | 1,218 |  | - |  | 1,218
Total collateralized mortgage obligations |  | 195,824 |  | 2,504 |  | 3,569 |  | 194,759
Total mortgage-backed securities |  | 458,959 |  | 7,669 |  | 4,840 |  | 461,788
Asset-backed securities |  | - |  | 231 |  | - |  | 231
Total available for sale securities | $ | 619,293 | $ | 9,016 | $ | 5,815 | $ | 622,494
Securities held to maturity: |  |  |  |  |  |  |  |
State and political subdivisions |  | 277,273 |  | 4,231 |  | 120 |  | 281,384
Mortgage-backed securities: |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 3,279 |  | 24 |  | - |  | 3,303
Government National Mortgage Association |  | 13,886 |  | 122 |  | - |  | 14,008
Total mortgage-backed securities |  | 17,165 |  | 146 |  | - |  | 17,311
Total held to maturity securities | $ | 294,438 | $ | 4,377 | $ | 120 | $ | 298,695
Investment securities with a total fair value of $849.3 million at March 31, 2015 were pledged as collateral to secure public deposits and for other purposes required or permitted by law. Sales and calls of securities available for sale were as follows (in thousands):
|  | Three months ended
|  | March 31,
|  | 2015 |  | 2014
Proceeds from sales | $ | 29,508 | $ | 19,470
Gross realized gains |  | 1,073 |  | 313
Gross realized losses |  | 11 |  | -
The scheduled maturities of securities available for sale and securities held to maturity at March 31, 2015 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 | $ | 21 | $ | 22
Due from one to five years |  | 153,578 |  | 154,145
Due after five years through ten years |  | 244,623 |  | 250,793
Due after ten years |  | 232,518 |  | 234,315
| $ | 630,740 | $ | 639,275
Debt securities held to maturity: |  |  |  |
Due in one year or less | $ | 23,341 | $ | 23,408
Due from one to five years |  | 139,825 |  | 142,298
Due after five years through ten years |  | 123,914 |  | 127,467
Due after ten years |  | 19,175 |  | 19,337
| $ | 306,255 | $ | 312,510
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, 2015 |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies and government |  |  |  |  |  |  |  |  |  |  |  |
sponsored enterprises | $ | 15,444 | $ | 42 | $ | 25,092 | $ | 262 | $ | 40,536 | $ | 304
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 23,349 |  | 107 |  | 34,822 |  | 330 |  | 58,171 |  | 437
Federal Home Loan Mortgage Corporation |  | 1,710 |  | 8 |  | - |  | - |  | 1,710 |  | 8
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 4,872 |  | 22 |  | 21,119 |  | 561 |  | 25,991 |  | 583
Federal Home Loan Mortgage Corporation |  | 8,535 |  | 13 |  | 65,623 |  | 1,508 |  | 74,158 |  | 1,521
Government National Mortgage Association |  | - |  | - |  | 2,431 |  | 12 |  | 2,431 |  | 12
Total collateralized mortgage obligations |  | 13,407 |  | 35 |  | 89,173 |  | 2,081 |  | 102,580 |  | 2,116
Total mortgage-backed securities |  | 38,466 |  | 150 |  | 123,995 |  | 2,411 |  | 162,461 |  | 2,561
Total available for sale securities |  | 53,910 |  | 192 |  | 149,087 |  | 2,673 |  | 202,997 |  | 2,865
Securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |
State and political subdivisions |  | 5,484 |  | 28 |  | - |  | - |  | 5,484 |  | 28
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Government National Mortgage Association |  | 2,186 |  | 18 |  | - |  | - |  | 2,186 |  | 18
Total held to maturity securities |  | 7,670 |  | 46 |  | - |  | - |  | 7,670 |  | 46
Total temporarily impaired securities | $ | 61,580 | $ | 238 | $ | 149,087 | $ | 2,673 | $ | 210,667 | $ | 2,911
December 31, 2014 |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies and government |  |  |  |  |  |  |  |  |  |  |  |
sponsored enterprises | $ | 34,995 | $ | 77 | $ | 41,070 | $ | 898 | $ | 76,065 | $ | 975
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 2,242 |  | 8 |  | 62,592 |  | 1,256 |  | 64,834 |  | 1,264
Federal Home Loan Mortgage Corporation |  | 3,387 |  | 7 |  | - |  | - |  | 3,387 |  | 7
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 11,228 |  | 24 |  | 25,644 |  | 920 |  | 36,872 |  | 944
Federal Home Loan Mortgage Corporation |  | - |  | - |  | 76,126 |  | 2,585 |  | 76,126 |  | 2,585
Government National Mortgage Association |  | - |  | - |  | 2,510 |  | 40 |  | 2,510 |  | 40
Total collateralized mortgage obligations |  | 11,228 |  | 24 |  | 104,280 |  | 3,545 |  | 115,508 |  | 3,569
Total mortgage-backed securities |  | 16,857 |  | 39 |  | 166,872 |  | 4,801 |  | 183,729 |  | 4,840
Total available for sale securities |  | 51,852 |  | 116 |  | 207,942 |  | 5,699 |  | 259,794 |  | 5,815
Securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |
State and political subdivisions |  | 18,036 |  | 120 |  | - |  | - |  | 18,036 |  | 120
Total temporarily impaired securities | $ | 69,888 | $ | 236 | $ | 207,942 | $ | 5,699 | $ | 277,830 | $ | 5,935
The total number of security positions in the investment portfolio in an unrealized loss position at March 31, 2015 was 74 compared to 122 at December 31, 2014. At March 31, 2015, the Company had positions in 33 investment securities with a fair value of $149.1 million and a total unrealized loss of $2.7 million that have been in a continuous unrealized loss position for more than 12 months. There were a total of 41 securities positions in the Company's investment portfolio, with a fair value of $61.6 million and a total unrealized loss of $238 thousand at March 31, 2015, that have been in a continuous unrealized loss position for less than 12 months. At December 31, 2014, the Company had positions in 51 investment securities with a fair value of $207.9 million and a total unrealized loss of $5.7 million that have been in a continuous unrealized loss position for more than 12 months. There were a total of 71 securities positions in the Company's investment portfolio, with a fair value of $69.9 million and a total unrealized loss of $236 thousand at December 31, 2014, that had been in a continuous unrealized loss position for less than 12 months. The unrealized loss on 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 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, 2015 and 2014. Based on management's review and evaluation of the Company's debt securities as of March 31, 2015, the debt securities with unrealized losses were not considered to be OTTI. As of March 31, 2015, 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, 2015, 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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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27290-111563 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27357-111563 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -Glossary Debt Security -URI http://asc.fasb.org/extlink&oid=6509901 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6379141&loc=d3e15032-111544 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27232-111563 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27161-111563 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27405-111563 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -Glossary Equity Security -URI http://asc.fasb.org/extlink&oid=6511694 + Details
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