XML 66 R12.htm IDEA: XBRL DOCUMENT
v3.3.0.814

Investment Securities | 9 Months Ended
--- | ---
Sep. 30, 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
September 30, 2015 |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |
U.S. Government agencies and government |  |  |  |  |  |  |  |
sponsored enterprises | $ | 261,364 | $ | 2,539 | $ | 351 | $ | 263,552
Mortgage-backed securities: |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 220,626 |  | 3,482 |  | 468 |  | 223,640
Federal Home Loan Mortgage Corporation |  | 27,371 |  | 582 |  | 73 |  | 27,880
Government National Mortgage Association |  | 33,533 |  | 1,399 |  | 3 |  | 34,929
Collateralized mortgage obligations: |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 20,798 |  | 408 |  | 5 |  | 21,201
Federal Home Loan Mortgage Corporation |  | 5,181 |  | 1 |  | 6 |  | 5,176
Privately issued |  | - |  | 920 |  | - |  | 920
Total mortgage-backed securities |  | 307,509 |  | 6,792 |  | 555 |  | 313,746
Asset-backed securities |  | - |  | 211 |  | - |  | 211
Total available for sale securities | $ | 568,873 | $ | 9,542 | $ | 906 | $ | 577,509
Securities held to maturity: |  |  |  |  |  |  |  |
State and political subdivisions |  | 289,986 |  | 6,110 |  | 70 |  | 296,026
Mortgage-backed securities: |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 9,293 |  | 81 |  | 11 |  | 9,363
Government National Mortgage Association |  | 26,121 |  | 112 |  | 109 |  | 26,124
Collateralized mortgage obligations: |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 59,490 |  | - |  | - |  | 59,490
Federal Home Loan Mortgage Corporation |  | 84,350 |  | - |  | - |  | 84,350
Government National Mortgage Association |  | 21,398 |  | - |  | - |  | 21,398
Total mortgage-backed securities |  | 200,652 |  | 193 |  | 120 |  | 200,725
Total held to maturity securities | $ | 490,638 | $ | 6,303 | $ | 190 | $ | 496,751
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 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 $810.6 million at September 30, 2015 were pledged as collateral to secure public deposits and for other purposes required or permitted by law. During the third quarter of 2015, the Company transferred $165.2 million of available for sale mortgage backed securities to the held to maturity category, reflecting the Company's intent to hold those securities to maturity. Transfers of investment securities into the held to maturity category from the available for sale category are made at fair value at the date of transfer. The related $1.1 million of unrealized holding losses that were included in the transfer are retained in accumulated other comprehensive income and in the carrying value of the held to maturity securities. This amount will be amortized as an adjustment to interest income over the remaining life of the securities. This will offset the impact of amortization of the net premium created in the transfer. There were no gains or losses recognized as a result of this transfer. Sales and calls of securities available for sale were as follows (in thousands):
|  | Three months ended |  | Nine months ended
|  | September 30, |  | September 30,
|  | 2015 |  | 2014 |  | 2015 |  | 2014
Proceeds from sales | $ | 8,112 | $ | 14,672 | $ | 37,620 | $ | 76,100
Gross realized gains |  | 286 |  | 515 |  | 1,359 |  | 1,777
Gross realized losses |  | - |  | - |  | 11 |  | -
The scheduled maturities of securities available for sale and securities held to maturity at September 30, 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 | $ | 25,099 | $ | 25,201
Due from one to five years |  | 172,819 |  | 174,865
Due after five years through ten years |  | 296,229 |  | 300,942
Due after ten years |  | 74,726 |  | 76,501
| $ | 568,873 | $ | 577,509
Debt securities held to maturity: |  |  |  |
Due in one year or less | $ | 21,222 | $ | 21,325
Due from one to five years |  | 167,246 |  | 170,997
Due after five years through ten years |  | 119,314 |  | 121,512
Due after ten years |  | 182,856 |  | 182,917
| $ | 490,638 | $ | 496,751
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
September 30, 2015 |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies and government |  |  |  |  |  |  |  |  |  |  |  |
sponsored enterprises | $ | 52,180 | $ | 268 | $ | 26,640 | $ | 83 | $ | 78,820 | $ | 351
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 36,563 |  | 428 |  | 9,768 |  | 40 |  | 46,331 |  | 468
Federal Home Loan Mortgage Corporation |  | 5,967 |  | 73 |  | - |  | - |  | 5,967 |  | 73
Government National Mortgage Association |  | 1,525 |  | 3 |  | - |  | - |  | 1,525 |  | 3
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 2,542 |  | 5 |  | - |  | - |  | 2,542 |  | 5
Federal Home Loan Mortgage Corporation |  | 5,086 |  | 6 |  | - |  | - |  | 5,086 |  | 6
Total mortgage-backed securities |  | 51,683 |  | 515 |  | 9,768 |  | 40 |  | 61,451 |  | 555
Total available for sale securities |  | 103,863 |  | 783 |  | 36,408 |  | 123 |  | 140,271 |  | 906
Securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |
State and political subdivisions |  | 11,985 |  | 70 |  | - |  | - |  | 11,985 |  | 70
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 1,369 |  | 11 |  | - |  | - |  | 1,369 |  | 11
Government National Mortgage Association |  | 8,888 |  | 109 |  | - |  | - |  | 8,888 |  | 109
Total mortgage-backed securities |  | 10,257 |  | 120 |  | - |  | - |  | 10,257 |  | 120
Total held to maturity securities |  | 22,242 |  | 190 |  | - |  | - |  | 22,242 |  | 190
Total temporarily impaired securities | $ | 126,105 | $ | 973 | $ | 36,408 | $ | 123 | $ | 162,513 | $ | 1,096
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 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 September 30, 2015 was 82 compared to 122 at December 31, 2014. At September 30, 2015, the Company had positions in 10 investment securities with a fair value of $36.4 million and a total unrealized loss of $123 thousand that have been in a continuous unrealized loss position for more than 12 months. At September 30, 2015, there were a total of 72 securities positions in the Company's investment portfolio with a fair value of $126.1 million and a total unrealized loss of $973 thousand that had 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. At December 31, 2014, 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 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 OTTI recorded during the nine months ended September 30, 2015 and 2014. Based on management's review and evaluation of the Company's debt securities as of September 30, 2015, the debt securities with unrealized losses were not considered to be other-than-temporarily imparied. As of September 30, 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 September 30, 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.

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Glossary Debt Security -URI http://asc.fasb.org/extlink&oid=6509901 Reference 2: 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 3: 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 4: 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 5: 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 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 9 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27357-111563 Reference 9: 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 + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration