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Securities
 9 Months Ended
Sep. 30, 2014
Securities  
Securities

4) Securities

        The amortized cost and estimated fair value of securities at September 30, 2014 and December 31, 2013 were as follows:

September 30, 2014
  Amortized
Cost		   Gross
Unrealized
Gains		   Gross
Unrealized
Losses		   Estimated
Fair
Value		  
 
   (Dollars in thousands)
  

Securities available-for-sale:

                          

Agency mortgage-backed securities

   $ 137,450   $ 3,125   $ (798 ) $ 139,777  

Corporate bonds

     35,963     636     (183 )   36,416  

Trust preferred securities

     15,000     487     —     15,487  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total

   $ 188,413   $ 4,248   $ (981 ) $ 191,680  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                   

Securities held-to-maturity:

                          

Agency mortgage-backed securities

   $ 14,851   $ 6   $ (222 ) $ 14,635  

Municipals—tax exempt

     79,908     742     (2,124 )   78,526  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total

   $ 94,759   $ 748   $ (2,346 ) $ 93,161  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                   


 

December 31, 2013
  Amortized
Cost		   Unrealized
Gains		   Unrealized
Losses		   Fair
Value		  
 
   (Dollars in thousands)
  

Securities available-for-sale:

                          

Agency mortgage-backed securities

   $ 208,644   $ 2,465   $ (3,465 ) $ 207,644  

Corporate bonds

     53,002     527     (1,483 )   52,046  

Trust preferred securities

     20,849     —     (439 )   20,410  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total

   $ 282,495   $ 2,992   $ (5,387 ) $ 280,100  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                   

Securities held-to-maturity:

                          

Agency mortgage-backed securities

   $ 15,932   $ —   $ (470 ) $ 15,462  

Municipals—tax exempt

     79,989     54     (9,473 )   70,570  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total

   $ 95,921   $ 54   $ (9,943 ) $ 86,032  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                   

        Securities with unrealized losses at September 30, 2014 and December 31, 2013, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position are as follows:

 
   Less Than 12 Months   12 Months or More   Total  
September 30, 2014
  Fair
Value		   Unrealized
Losses		   Fair
Value		   Unrealized
Losses		   Fair
Value		   Unrealized
Losses		  
 
   (Dollars in thousands)
  

Securities available-for-sale:

                                      

Agency mortgage-backed securities

   $ —   $ —   $ 38,542   $ (798 ) $ 38,542   $ (798 )

Corporate bonds

     16,071     (106 )   5,099     (77 )   21,170     (183 )
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total

   $ 16,071   $ (106 ) $ 43,641   $ (875 ) $ 59,712   $ (981 )
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                           

Securities held-to-maturity:

                                      

Agency mortgage-backed securities

   $ 4,166   $ (43 ) $ 7,124   $ (179 ) $ 11,290   $ (222 )

Municipals—Tax Exempt

     1,606     (2 )   54,706     (2,122 )   56,312     (2,124 )
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total

   $ 5,772   $ (45 ) $ 61,830   $ (2,301 ) $ 67,602   $ (2,346 )
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                           


 

 
   Less Than 12 Months   12 Months or More   Total  
December 31, 2013
  Fair
Value		   Unrealized
Losses		   Fair
Value		   Unrealized
Losses		   Fair
Value		   Unrealized
Losses		  
 
   (Dollars in thousands)
  

Securities available-for-sale:

                                      

Agency mortgage-backed securities

   $ 87,798   $ (2,869 ) $ 8,920   $ (596 ) $ 96,718   $ (3,465 )

Corporate bonds

     38,092     (1,322 )   1,860     (161 )   39,952     (1,483 )

Trust preferred securities

     20,410     (439 )   —     —     20,410     (439 )
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total

   $ 146,300   $ (4,630 ) $ 10,780   $ (757 ) $ 157,080   $ (5,387 )
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                           

Securities held-to-maturity:

                                      

Agency mortgage-backed securities

   $ 5,978   $ (101 ) $ 9,134   $ (369 ) $ 15,112   $ (470 )

Municipals—Tax Exempt

     38,177     (4,421 )   25,520     (5,052 )   63,697     (9,473 )
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total

   $ 44,155   $ (4,522 ) $ 34,654   $ (5,421 ) $ 78,809   $ (9,943 )
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                           

        There were no holdings of securities of any one issuer, other than the U.S. Government and its sponsored entities, in an amount greater than 10% of shareholders' equity. At September 30, 2014, the Company held 351 securities (121 available-for-sale and 230 held-to-maturity), of which 188 had fair values below amortized cost. At September 30, 2014, there were $38,542,000 of agency mortgage-backed securities available-for-sale, $5,099,000 of corporate bonds available-for-sale, $7,124,000 of agency mortgage-backed securities held-to-maturity and $54,706,000 of municipals bonds held-to-maturity carried with an unrealized loss for over 12 months. The total unrealized loss for securities over 12 months was $3,176,000 at September 30, 2014. The unrealized losses were due to higher interest rates. The issuers are of high credit quality and all principal amounts are expected to be paid when securities mature. The fair value is expected to recover as the securities approach their maturity date and/or market rates decline. The Company does not believe that it is more likely than not that the Company will be required to sell a security in an unrealized loss position prior to recovery in value. The Company does not consider these securities to be other than temporarily impaired at September 30, 2014.

        At December 31, 2013, the Company held 392 securities (163 available-for-sale and 229 held-to-maturity), of which 275 had fair values below amortized cost. At December 31, 2013, there were $8,920,000 of agency mortgage-backed securities available-for-sale, $1,860,000 of corporate bonds available-for-sale, $9,134,000 of agency mortgage-backed securities held-to-maturity, and $25,520,000 of municipal bonds held-to-maturity carried with an unrealized loss for over 12 months. The total unrealized loss for securities over 12 months was $6,178,000 at December 31, 2013. The unrealized losses were due to higher interest rates. The issuers were of high credit quality and all principal amounts were expected to be paid when securities mature. The fair value was expected to recover as the securities approach their maturity date and/or market rates decline. The Company did not believe that it is more likely than not that the Company would be required to sell a security in an unrealized loss position prior to recovery in value. The Company did not consider these securities to be other than temporarily impaired at December 31, 2013.

        The proceeds from sales of securities and the resulting gains and losses are listed below:

 
   Three Months Ended
September 30,		   Nine Months Ended
September 30,		  
 
   2014   2013   2014   2013  
 
   (Dollars in thousands)
  

Proceeds

   $ 58,592   $ —   $ 108,603   $ 26,944  

Gross gains

     288     —     1,008     310  

Gross losses

     (241 )   —     (911 )   (272 )

        The amortized cost and estimated fair values of securities as of September 30, 2014, are shown by contractual maturity below. The expected maturities will differ from contractual maturities if borrowers have the right to call or pre-pay obligations with or without call or pre-payment penalties. Securities not due at a single maturity date are shown separately.

 
   Available-for-sale  
 
   Amortized Cost   Estimated Fair Value  
 
   (Dollars in thousands)
  

Due after one through five years

   $ 6,315   $ 6,685  

Due after five through ten years

     29,648     29,731  

Due after ten years

     15,000     15,487  

Asset-backed securities and agency mortgage-backed securities

     137,450     139,777  
           
​ ​ ​ ​ ​ ​ ​ ​

Total

   $ 188,413   $ 191,680  
           
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
           


 

 
   Held-to-maturity  
 
   Amortized Cost   Estimated Fair Value  
 
   (Dollars in thousands)
  

Due after five through ten years

   $ 5,721   $ 5,875  

Due after ten years

     74,187     72,651  

Agency mortgage-backed securities

     14,851     14,635  
           
​ ​ ​ ​ ​ ​ ​ ​

Total

   $ 94,759   $ 93,161  
           
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​