Securities (Tables)

12 Months Ended

Dec. 31, 2015

The fair value of trading securities are summarized as follows (in thousands).


	December 31,
	2015		2014
U.S. Treasury securities	$	20,481	$	—
U.S. government agencies:
Bonds		36,244		—
Residential mortgage-backed securities		12,505		5,126
Commercial mortgage-backed securities		19,280		19,932
Collateralized mortgage obligations		264		—
Corporate debt securities		34,735		4
States and political subdivisions		58,588		40,616
Unit investment trusts		18,400		—
Private-label securitized product		12,324		—
Other		1,325		39
Totals	$	214,146	$	65,717

Summary of amortized cost and fair value of securities, excluding trading securities

The amortized cost and fair value of available for sale and held to maturity securities are summarized as follows (in thousands).


	Available for Sale
			Gross		Gross
	Amortized		Unrealized		Unrealized
December 31, 2015	Cost		Gains		Losses		Fair Value
U.S. Treasury securities	$	44,430	$	206	$	(33)	$	44,603
U.S. government agencies:
Bonds		297,448		1,135		(1,947)		296,636
Residential mortgage-backed securities		34,864		1,008		(19)		35,853
Commercial mortgage-backed securities		9,174		35		(2)		9,207
Collateralized mortgage obligations		54,297		48		(1,644)		52,701
Corporate debt securities		94,877		3,399		(326)		97,950
States and political subdivisions		116,246		2,581		(102)		118,725
Commercial mortgage-backed securities		498		33		—		531
Equity securities		18,169		574		(1,243)		17,500
Totals	$	670,003	$	9,019	$	(5,316)	$	673,706


	Available for Sale
	Amortized		Unrealized		Unrealized
December 31, 2014	Cost		Gains		Losses		Fair Value
U.S. Treasury securities	$	19,382	$	264	$	(33)	$	19,613
U.S. government agencies:
Bonds		522,008		1,749		(7,516)		516,241
Residential mortgage-backed securities		40,171		1,672		—		41,843
Commercial mortgage-backed securities		11,192		—		(137)		11,055
Collateralized mortgage obligations		89,291		133		(2,300)		87,124
Corporate debt securities		93,406		5,125		(59)		98,472
States and political subdivisions		135,419		2,083		(717)		136,785
Commercial mortgage-backed securities		593		47		—		640
Equity securities		13,293		469		—		13,762
Totals	$	924,755	$	11,542	$	(10,762)	$	925,535

Summary of amortized cost and fair value of held to maturity securities


	Held to Maturity
	Amortized		Unrealized		Unrealized
December 31, 2015	Cost		Gains		Losses		Fair Value
U.S. Treasury securities	$	25,146	$	—	$	(30)	$	25,116
U.S. government agencies:
Bonds		69,379		145		(372)		69,152
Residential mortgage-backed securities		23,735		311		—		24,046
Commercial mortgage-backed securities		18,658		27		(92)		18,593
Collateralized mortgage obligations		167,541		302		(970)		166,873
States and political subdivisions		27,563		168		(43)		27,688
Totals	$	332,022	$	953	$	(1,507)	$	331,468


	Held to Maturity
	Amortized		Unrealized		Unrealized
December 31, 2014	Cost		Gains		Losses		Fair Value
U.S. Treasury securities	$	25,008	$	—	$	(6)	$	25,002
U.S. government agencies:
Residential mortgage-backed securities		29,782		528		—		30,310
Collateralized mortgage obligations		57,328		—		(430)		56,898
States and political subdivisions		6,091		47		(3)		6,135
Totals	$	118,209	$	575	$	(439)	$	118,345

Schedule of information regarding available for sale securities that were in an unrealized loss position

Information regarding available for sale and held to maturities securities that were in an unrealized loss position is shown in the following tables (dollars in thousands).


	December 31, 2015					December 31, 2014
	Number of			Unrealized		Number of			Unrealized
	Securities	Fair Value		Losses		Securities	Fair Value		Losses
Available for sale
U.S. treasury securities:
Unrealized loss for less than twelve months	8	$	33,791	$	33	4	$	7,703	$	27
Unrealized loss for twelve months or longer	—		—		—	1		1,706		6
	8		33,791		33	5		9,409		33
U.S. government agencies:
Bonds:
Unrealized loss for less than twelve months	7		148,327		896	3		34,847		153
Unrealized loss for twelve months or longer	3		44,321		1,051	22		373,035		7,363
	10		192,648		1,947	25		407,882		7,516
Residential mortgage-backed securities:
Unrealized loss for less than twelve months	3		3,407		5	—		—		—
Unrealized loss for twelve months or longer	1		982		14	—		—		—
	4		4,389		19	—		—		—
Commercial mortgage-backed securities:
Unrealized loss for less than twelve months	1		1,611		2	—		—		—
Unrealized loss for twelve months or longer	—		—		—	4		11,056		137
	1		1,611		2	4		11,056		137
Collateralized mortgage obligations:
Unrealized loss for less than twelve months	2		1,590		4	3		7,141		40
Unrealized loss for twelve months or longer	8		42,399		1,640	8		61,108		2,260
	10		43,989		1,644	11		68,249		2,300
Corporate debt securities:
Unrealized loss for less than twelve months	16		16,635		277	—		—		—
Unrealized loss for twelve months or longer	1		1,949		49	1		1,939		59
	17		18,584		326	1		1,939		59
States and political subdivisions:
Unrealized loss for less than twelve months	2		3,018		9	7		4,432		7
Unrealized loss for twelve months or longer	35		24,423		93	81		54,178		710
	37		27,441		102	88		58,610		717
Equity securities:
Unrealized loss for less than twelve months	2		8,949		909	—		—		—
Unrealized loss for twelve months or longer	1		1,927		334	—		—		—
	3		10,876		1,243	—		—		—
Total available for sale:
Unrealized loss for less than twelve months	41		217,328		2,135	17		54,123		227
Unrealized loss for twelve months or longer	49		116,001		3,181	117		503,022		10,535
	90	$	333,329	$	5,316	134	$	557,145	$	10,762

Schedule of information regarding held to maturity securities that were in an unrealized loss position


	December 31, 2015					December 31, 2014
	Number of			Unrealized		Number of			Unrealized
	Securities	Fair Value		Losses		Securities	Fair Value		Losses
Held to Maturity
U.S. treasury securities:
Unrealized loss for less than twelve months	1	$	25,115	$	30	1	$	25,002	$	6
Unrealized loss for twelve months or longer	—		—		—	—		—		—
	1		25,115		30	1		25,002		6
U.S. government agencies:
Bonds:
Unrealized loss for less than twelve months	6		46,607		372	—		—		—
Unrealized loss for twelve months or longer	—		—		—	—		—		—
	6		46,607		372	—		—		—
Commercial mortgage-backed securities:
Unrealized loss for less than twelve months	7		16,098		92	—		—		—
Unrealized loss for twelve months or longer	—		—		—	—		—		—
	7		16,098		92	—		—		—
Collateralized mortgage obligations:
Unrealized loss for less than twelve months	10		127,393		970	2		56,898		430
Unrealized loss for twelve months or longer	—		—		—	—		—		—
	10		127,393		970	2		56,898		430
States and political subdivisions:
Unrealized loss for less than twelve months	18		7,900		35	4		1,899		3
Unrealized loss for twelve months or longer	1		2,664		8	—		—		—
	19		10,564		43	4		1,899		3
Total held to maturity:
Unrealized loss for less than twelve months	42		223,113		1,499	7		83,799		439
Unrealized loss for twelve months or longer	1		2,664		8	—		—		—
	43	$	225,777	$	1,507	7	$	83,799	$	439

Schedule of amortized cost and fair value of securities, excluding trading and equity available for sale securities and the available for sale warrant by contractual maturity

The amortized cost and fair value of securities, excluding trading and available for sale equity securities, at December 31, 2015 are shown by contractual maturity below (in thousands).


	Available for Sale				Held to Maturity
	Amortized				Amortized
	Cost		Fair Value		Cost		Fair Value
Due in one year or less	$	50,723	$	50,940	$	26,668	$	26,639
Due after one year through five years		71,159		73,540		20,457		20,611
Due after five years through ten years		72,187		74,461		4,066		4,097
Due after ten years		358,932		358,973		70,897		70,609
		553,001		557,914		122,088		121,956

Residential mortgage-backed securities		34,864		35,853		23,735		24,046
Collateralized mortgage obligations		54,297		52,701		167,541		166,873
Commercial mortgage-backed securities		9,672		9,738		18,658		18,593
	$	651,834	$	656,206	$	332,022	$	331,468

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

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- Definition

Tabular disclosure of all investments in certain debt and equity securities for which the entity has the positive intent and ability to hold until maturity.

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