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Investments (Tables)
9 Months Ended
Sep. 30, 2015
Investments, Debt and Equity Securities [Abstract]  
Schedule of Available-for-sale and Held-to-Maturity Securities Reconciliation
The following table presents the amortized cost, gross unrealized gains and losses and fair value of securities available for sale and held to maturity:
 
 
September 30, 2015
(in thousands)
Amortized Cost
 
Gross
Unrealized Gains
 
Gross
Unrealized Losses
 
Fair Value
Available for sale securities:
 
 
 
 
 
 
 
    Obligations of U.S. Government-sponsored enterprises
$
99,015

 
$
1,298

 
$

 
$
100,313

    Obligations of states and political subdivisions
40,740

 
1,219

 
(380
)
 
41,579

    Agency mortgage-backed securities
325,417

 
3,983

 
(796
)
 
328,604

          Total securities available for sale
$
465,172

 
$
6,500

 
$
(1,176
)
 
$
470,496

Held to maturity securities:
 
 
 
 
 
 
 
    Obligations of states and political subdivisions
$
14,848

 
$
7

 
$
(212
)
 
$
14,643

    Agency mortgage-backed securities
29,327

 
131

 

 
29,458

          Total securities held to maturity
$
44,175

 
$
138

 
$
(212
)
 
$
44,101

Schedule of Available-for-sale and Held-to-Maturity Securities Reconciliation
The following table presents the amortized cost, gross unrealized gains and losses and fair value of securities available for sale and held to maturity:
 
 
September 30, 2015
(in thousands)
Amortized Cost
 
Gross
Unrealized Gains
 
Gross
Unrealized Losses
 
Fair Value
Available for sale securities:
 
 
 
 
 
 
 
    Obligations of U.S. Government-sponsored enterprises
$
99,015

 
$
1,298

 
$

 
$
100,313

    Obligations of states and political subdivisions
40,740

 
1,219

 
(380
)
 
41,579

    Agency mortgage-backed securities
325,417

 
3,983

 
(796
)
 
328,604

          Total securities available for sale
$
465,172

 
$
6,500

 
$
(1,176
)
 
$
470,496

Held to maturity securities:
 
 
 
 
 
 
 
    Obligations of states and political subdivisions
$
14,848

 
$
7

 
$
(212
)
 
$
14,643

    Agency mortgage-backed securities
29,327

 
131

 

 
29,458

          Total securities held to maturity
$
44,175

 
$
138

 
$
(212
)
 
$
44,101

Investments Classified by Contractual Maturity Date
The amortized cost and estimated fair value of debt securities at September 30, 2015, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The weighted average life of the mortgage-backed securities is approximately 4 years.
 
 
Available for sale
 
Held to maturity
(in thousands)
Amortized Cost
 
Estimated Fair Value
 
Amortized Cost
 
Estimated Fair Value
Due in one year or less
$
3,091

 
$
3,115

 
$

 
$

Due after one year through five years
115,027

 
116,882

 
2,662

 
2,648

Due after five years through ten years
16,987

 
17,524

 
10,319

 
10,158

Due after ten years
4,650

 
4,371

 
1,867

 
1,837

Mortgage-backed securities
325,417

 
328,604

 
29,327

 
29,458

 
$
465,172

 
$
470,496

 
$
44,175

 
$
44,101

Schedule of Unrealized Loss on Investments
The following table represents a summary of investment securities that had an unrealized loss:
 
 
September 30, 2015
Less than 12 months
 
12 months or more
 
Total
(in thousands)
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
Obligations of U.S. Government-sponsored enterprises
$

 
$

 
$

 
$

 
$

 
$

Obligations of states and political subdivisions
15,757

 
249

 
3,563

 
343

 
19,320

 
592

Agency mortgage-backed securities
58,913

 
273

 
21,138

 
523

 
80,051

 
796

 
$
74,670

 
$
522

 
$
24,701

 
$
866

 
$
99,371

 
$
1,388

 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2014
Less than 12 months
 
12 months or more
 
Total
(in thousands)
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
Obligations of U.S. Government-sponsored enterprises
$
5,399

 
$
10

 
$
24,852

 
$
143

 
$
30,251

 
$
153

Obligations of states and political subdivisions
16,827

 
343

 
5,349

 
398

 
22,176

 
741

Agency mortgage-backed securities
26,367

 
56

 
97,054

 
1,527

 
123,421

 
1,583

 
$
48,593

 
$
409

 
$
127,255

 
$
2,068

 
$
175,848

 
$
2,477

Schedule of Realized Gain (Loss)
The gross gains and gross losses realized from sales of available for sale investment securities were as follows:
 
 
Three months ended September 30,
 
Nine months ended September 30,
(in thousands)
2015
 
2014
 
2015
 
2014
Gross gains realized
$

 
$

 
$
63

 
$

Gross losses realized

 

 
(40
)
 

Proceeds from sales

 

 
41,069