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Investments (Tables)

6 Months Ended

Jun. 30, 2014

Investments [Abstract]

Unrealized Gain (Loss) on Investments

The following table shows a comparison of amortized cost and fair values of investment securities at June 30, 2014 and December 31, 2013:

(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		OTTI in AOCI
June 30, 2014
Available for Sale:
U.S. Treasuries	$	17,000	$	0	$	0*	$	17,000	$	0
U.S. government agencies		39,098		139		440		38,797		0
Residential mortgage-backed agencies		48,369		489		730		48,128		0
Commercial mortgage-backed agencies		17,284		75		35		17,324		0
Collateralized mortgage obligations		9,999		113		0		10,112		0
Obligations of states and political subdivisions		48,882		1,437		343		49,976		0
Collateralized debt obligations		37,389		939		14,407		23,921		7,633
Total available for sale	$	218,021	$	3,192	$	15,955	$	205,258	$	7,633
* DeMinimus
Held to Maturity:
U.S. government agencies	$	24,431	$	1	$	137	$	24,295	$	0
Residential mortgage-backed agencies		55,756		81		32		55,805		0
Commercial mortgage-backed agencies		16,524		65		40		16,549		0
Collateralized mortgage obligations		8,150		0		40		8,110		0
Obligations of states and political subdivisions		2,725		0		323		2,402		0
Total held to maturity	$	107,586	$	147	$	572	$	107,161	$	0
December 31, 2013
Available for Sale:
U.S. government agencies	$	97,242	$	14	$	5,221	$	92,035	$	0
Residential mortgage-backed agencies		116,933		334		4,823		112,444		0
Commercial mortgage-backed agencies		31,025		14		1,134		29,905		0
Collateralized mortgage obligations		30,468		84		1,162		29,390		0
Obligations of states and political subdivisions		55,505		895		1,123		55,277		0
Collateralized debt obligations		37,146		778		20,386		17,538		12,703
Total available for sale	$	368,319	$	2,119	$	33,849	$	336,589	$	12,703
Held to Maturity:
Obligations of states and political subdivisions	$	3,900	$	249	$	559	$	3,590	$	0

Proceeds from Sales and Realized Gain and Losses

Proceeds from sales of securities and the realized gains and losses are as follows:

	Six Months Ended				Three Months Ended
	June 30,				June 30,
(in thousands)	2014		2013		2014		2013
Proceeds	$	56,222	$	35,136	$	47,637	$	0
Realized gains		1,305		412		1,210		0
Realized losses		359		185		196		23

Gross Unrealized Losses and Fair Values of Securities

The following table shows the Corporation’s securities with gross unrealized losses and fair values at June 30, 2014 and December 31, 2013, aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position:

	Less than 12 months				12 months or more
(in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
June 30, 2014
Available for Sale:
U.S. Treasuries	$	17,000	$	0*	$	0	$	0
U.S. government agencies		0		0		18,639		440
Residential mortgage-backed agencies		0		0		24,823		730
Commercial mortgage-backed agencies		9,307		35		0		0
Obligations of states and political subdivisions		0		0		12,663		343
Collateralized debt obligations		0		0		18,785		14,407
Total available for sale	$	26,307	$	35	$	74,910	$	15,920
* DeMinimus
Held to Maturity:
U.S. government agencies	$	16,929	$	137	$	0	$	0
Residential mortgage-backed agencies		25,726		32		0		0
Commercial mortgage-backed agencies		8,110		40		0		0
Collateralized mortgage obligations		9,717		40		0		0
Obligations of states and political subdivisions		0		0		2,402		323
Total held to maturity	$	60,482	$	249	$	2,402	$	323

December 31, 2013
Available for Sale:
U.S. government agencies	$	62,962	$	3,154	$	13,996	$	2,067
Residential mortgage-backed agencies		60,781		1,801		46,570		3,022
Commercial mortgage-backed agencies		21,889		1,134		0		0
Collateralized mortgage obligations		21,201		1,149		3,051		13
Obligations of states and political subdivisions		15,422		1,123		0		0
Collateralized debt obligations		0		0		16,434		20,386
Total available for sale	$	182,255	$	8,361	$	80,051	$	25,488
Held to Maturity:
Obligations of states and political subdivisions	$	0	$	0	$	2,301	$	559

Non-Cash OTTI Credit Losses Recognized in Earnings

The following tables present a cumulative roll-forward of the amount of non-cash OTTI charges related to credit losses which have been recognized in earnings for the trust preferred securities in the CDO portfolio held and not intended to be sold for the six- and three-month periods ended June 30, 2014 and 2013:

	Six Months Ended June 30,
(in thousands)	2014		2013
Balance of credit-related OTTI at January 1	$	13,422	$	13,959
Reduction for increases in cash flows expected to be collected		(331)		(264)
Balance of credit-related OTTI at June 30	$	13,091	$	13,695

	Three Months Ended June 30,
(in thousands)	2014		2013
Balance of credit-related OTTI at April 1	$	13,262	$	13,834
Reduction for increases in cash flows expected to be collected		(171)		(139)
Balance of credit-related OTTI at June 30	$	13,091	$	13,695

Amortized Cost and Fair Values Classified by Contractual Maturity Date

	June 30, 2014
(in thousands)	Amortized Cost		Fair Value
Contractual Maturity
Available for sale:
Due after one year through five years		47,400		47,322
Due after five years through ten years		34,461		35,267
Due after ten years		60,508		47,105
		142,369		129,694
Residential mortgage-backed agencies		48,369		48,128
Commercial mortgage-backed agencies		17,284		17,324
Collateralized mortgage obligations		9,999		10,112
	$	218,021	$	205,258
Held to Maturity:
Due after five years through ten years		8,046		8,045
Due after ten years		19,110		18,652
		27,156		26,697
Residential mortgage-backed agencies		55,756		55,805
Commercial mortgage-backed agencies		16,524		16,549
Collateralized mortgage obligations		8,150		8,110
	$	107,586	$	107,161

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Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

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Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income.

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Tabular disclosure of the proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that have been included in earnings as a result of those sales.

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For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value).

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