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Investments (Tables) | 6 Months Ended
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Jun. 30, 2015
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, 2015 and December 31, 2014:
(in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | OTTI in AOCI
June 30, 2015 |  |  |  |  |  |  |  |  |  |
Available for Sale: |  |  |  |  |  |  |  |  |  |
U.S. treasuries | $ | 10,059 | $ | 16 | $ | 0 | $ | 10,075 | $ | 0
U.S. government agencies |  | 44,056 |  | 182 |  | 143 |  | 44,095 |  | 0
Residential mortgage-backed agencies |  | 20,073 |  | 158 |  | 268 |  | 19,963 |  | 0
Commercial mortgage-backed agencies |  | 42,795 |  | 171 |  | 100 |  | 42,866 |  | 0
Collateralized mortgage obligations |  | 13,170 |  | 100 |  | 91 |  | 13,179 |  | 0
Obligations of states and political subdivisions |  | 44,343 |  | 1,103 |  | 444 |  | 45,002 |  | 0
Collateralized debt obligations |  | 35,563 |  | 3,298 |  | 8,815 |  | 30,046 |  | 1,460
Total available for sale | $ | 210,059 | $ | 5,028 | $ | 9,861 | $ | 205,226 | $ | 1,460
Held to Maturity: |  |  |  |  |  |  |  |  |  |
U.S. government agencies | $ | 24,611 | $ | 306 | $ | 33 | $ | 24,884 | $ | 0
Residential mortgage-backed agencies |  | 55,616 |  | 195 |  | 121 |  | 55,690 |  | 0
Commercial mortgage-backed agencies |  | 18,215 |  | 287 |  | 0 |  | 18,502 |  | 0
Collateralized mortgage obligations |  | 6,749 |  | 0 |  | 140 |  | 6,609 |  | 0
Obligations of states and political subdivisions |  | 2,625 |  | 107 |  | 0 |  | 2,732 |  | 0
Total held to maturity | $ | 107,816 | $ | 895 | $ | 294 | $ | 108,417 | $ | 0
December 31, 2014 |  |  |  |  |  |  |  |  |  |
Available for Sale: |  |  |  |  |  |  |  |  |  |
U.S. treasuries | $ | 29,607 | $ | 0 | $ | 11 | $ | 29,596 | $ | 0
U.S. government agencies |  | 39,077 |  | 117 |  | 253 |  | 38,941 |  | 0
Residential mortgage-backed agencies |  | 45,175 |  | 510 |  | 412 |  | 45,273 |  | 0
Commercial mortgage-backed agencies |  | 26,007 |  | 53 |  | 103 |  | 25,957 |  | 0
Collateralized mortgage obligations |  | 8,611 |  | 96 |  | 0 |  | 8,707 |  | 0
Obligations of states and political subdivisions |  | 46,151 |  | 1,413 |  | 260 |  | 47,304 |  | 0
Collateralized debt obligations |  | 37,117 |  | 1,155 |  | 12,933 |  | 25,339 |  | 6,143
Total available for sale | $ | 231,745 | $ | 3,344 | $ | 13,972 | $ | 221,117 | $ | 6,143
Held to Maturity: |  |  |  |  |  |  |  |  |  |
U.S. government agencies | $ | 24,520 | $ | 514 | $ | 0 | $ | 25,034 | $ | 0
Residential mortgage-backed agencies |  | 58,400 |  | 613 |  | 5 |  | 59,008 |  | 0
Commercial mortgage-backed agencies |  | 16,425 |  | 312 |  | 0 |  | 16,737 |  | 0
Collateralized mortgage obligations |  | 7,379 |  | 5 |  | 0 |  | 7,384 |  | 0
Obligations of states and political subdivisions |  | 2,725 |  | 0 |  | 117 |  | 2,608 |  | 0
Total held to maturity | $ | 109,449 | $ | 1,444 | $ | 122 | $ | 110,771 | $ | 0
Proceeds from Sales and Realized Gain and Losses | Proceeds from sales of available for sale securities and the realized gains and losses are as follows:
| Six months ended | Three months ended
| June 30, | June 30,
(in thousands) | 2015 | 2014 | 2015 | 2014
Proceeds | $ | 24,667 | $ | 56,222 | $ | 9,578 | $ | 47,637
Realized gains |  | 156 |  | 1,305 |  | 140 |  | 1,210
Realized losses |  | 173 |  | 359 |  | 60 |  | 196
Gross Unrealized Losses and Fair Values of Securities | The following table shows the Corporation’s investment securities with gross unrealized losses and fair values at June 30, 2015 and December 31, 2014, 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, 2015 |  |  |  |  |  |  |  |
Available for Sale: |  |  |  |  |  |  |  |
U.S. treasuries | $ | 0 | $ | 0 | $ | 0 | $ | 0
U.S. government agencies |  | 13,963 |  | 102 |  | 9,959 |  | 41
Residential mortgage-backed agencies |  | 0 |  | 0 |  | 8,437 |  | 268
Commercial mortgage-backed agencies |  | 23,311 |  | 100 |  | 0 |  | 0
Collateralized mortgage obligations |  | 5,701 |  | 91 |  | 0 |  | 0
Obligations of states and political subdivisions |  | 14,531 |  | 290 |  | 4,860 |  | 154
Collateralized debt obligations |  | 0 |  | 0 |  | 22,641 |  | 8,815
Total available for sale | $ | 57,506 | $ | 583 | $ | 45,897 | $ | 9,278
Held to Maturity: |  |  |  |  |  |  |  |
U.S. government agencies | $ | 6,985 | $ | 33 | $ | 0 | $ | 0
Residential mortgage-backed agencies |  | 23,233 |  | 121 |  | 0 |  | 0
Collateralized mortgage obligations |  | 6,609 |  | 140 |  | 0 |  | 0
Total held to maturity | $ | 36,827 | $ | 294 | $ | 0 | $ | 0
December 31, 2014 |  |  |  |  |  |  |  |
Available for Sale: |  |  |  |  |  |  |  |
U.S. treasuries | $ | 27,096 | $ | 11 | $ | 0 | $ | 0
U.S. government agencies |  | 0 | $ | 0 | $ | 18,819 | $ | 253
Residential mortgage-backed agencies |  | 0 |  | 0 |  | 17,918 |  | 412
Commercial mortgage-backed agencies |  | 12,298 |  | 97 |  | 973 |  | 6
Obligations of states and political subdivisions |  | 0 |  | 0 |  | 8,981 |  | 260
Collateralized debt obligations |  | 0 |  | 0 |  | 20,290 |  | 12,933
Total available for sale | $ | 39,394 | $ | 108 | $ | 66,981 | $ | 13,864
Held to Maturity: |  |  |  |  |  |  |  |
U.S. government agencies | $ | 0 | $ | 0 | $ | 0 | $ | 0
Residential mortgage-backed agencies |  | 3,850 |  | 5 |  | 0 |  | 0
Obligations of states and political subdivisions |  | 0 |  | 0 |  | 2,608 |  | 117
Total held to maturity | $ | 3,850 | $ | 5 | $ | 2,608 | $ | 117
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, 2015 and 2014:
| Six months ended June 30,
(in thousands) | 2015 | 2014
Balance of credit-related OTTI at January 1 | $ | 12,583 | $ | 13,422
Reduction for increases in cash flows expected to be collected |  | (340) |  | (331)
Balance of credit-related OTTI at June 30 | $ | 12,243 | $ | 13,091
| Three months ended June 30,
(in thousands) | 2015 | 2014
Balance of credit-related OTTI at April 1 | $ | 12,416 | $ | 13,262
Reduction for increases in cash flows expected to be collected |  | (173) |  | (171)
Balance of credit-related OTTI at June 30 | $ | 12,243 | $ | 13,091
Amortized Cost and Fair Values Classified by Contractual Maturity Date |
| June 30, 2015
(in thousands) | Amortized Cost | Fair Value
Contractual Maturity |  |  |  |
Available for sale: |  |  |  |
Due in one year or less | $ | 0 | $ | 0
Due after one year through five years |  | 53,470 |  | 53,689
Due after five years through ten years |  | 20,615 |  | 21,236
Due after ten years |  | 59,936 |  | 54,293
|  | 134,021 |  | 129,218
Residential mortgage-backed agencies |  | 20,073 |  | 19,963
Commercial mortgage-backed agencies |  | 42,795 |  | 42,866
Collateralized mortgage obligations |  | 13,170 |  | 13,179
| $ | 210,059 | $ | 205,226
Held to Maturity: |  |  |  |
Due after five years through ten years | $ | 15,538 | $ | 15,799
Due after ten years |  | 11,698 |  | 11,817
|  | 27,236 |  | 27,616
Residential mortgage-backed agencies |  | 55,616 |  | 55,690
Commercial mortgage-backed agencies |  | 18,215 |  | 18,502
Collateralized mortgage obligations |  | 6,749 |  | 6,609
| $ | 107,816 | $ | 108,417

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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27340-111563 + Details
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- Definition 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). + 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 + Details
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