Investment Securities (Tables)

12 Months Ended

Dec. 31, 2012

Investments, Debt and Equity Securities [Abstract]

Available For Sale And Held For Maturity Securities [Table Text Block]

The amortized cost, gross unrealized gains and losses and estimated fair values for available-for-sale and held-to-maturity securities by major security type at December 31, 2012 and December 31, 2011 were as follows (in thousands):

December 31, 2012	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)			Fair Value
Available-for-sale:
U.S. Treasury securities and obligations of U.S. government corporations & agencies	$	180,851	$	1,321	$	(3	)	$	182,169
Obligations of states and political subdivisions	53,064		3,163		(20		)	56,207
Mortgage-backed securities: GSE residential	252,310		7,162		(12		)	259,460
Trust preferred securities	4,974		—		(4,389		)	585
Other securities	9,663		225		—			9,888
Total available-for-sale	$	500,862	$	11,871	$	(4,424	)	$	508,309
December 31, 2011
Available-for-sale:
U.S. Treasury securities and obligations of U.S. government corporations & agencies	$	164,812	$	1,294	$	(40	)	$	166,066
Obligations of states and political subdivisions	38,828		2,374		—			41,202
Mortgage-backed securities: GSE residential	254,930		6,940		(37		)	261,833
Trust preferred securities	5,625		—		(4,906		)	719
Other securities	9,561		—		(465		)	9,096
Total available-for-sale	$	473,756	$	10,608	$	(5,448	)	$	478,916
Held-to-maturity:
Obligations of states and political subdivisions	$	51	$	—	$	—		$	51

The trust preferred securities are three trust preferred pooled securities issued by First Tennessee Financial (“FTN”). The unrealized losses of these securities, which have maturities ranging from eighteen years to twenty-six years, are primarily due to their long-term nature, a lack of demand or inactive market for these securities, and concerns regarding the underlying financial institutions that have issued the trust preferred securities. See the heading “Trust Preferred Securities” below for further information regarding these securities.

Realized Gains and Losses From Sale of Securities

realized gains and losses and income tax expense and benefit were as follows during the years ended December 31, 2012, 2011 and 2010 (in thousands):

	2012		2011		2010
Proceeds from sales	$	30,500	$	18,891	$	10,936
Gross gains	934		486		543
Gross losses	—		—		—
Income tax expense	364		189		212

Investments Classified by Contractual Maturity Date

The following table indicates the expected maturities of investment securities classified as available-for-sale presented at fair value, at December 31, 2012 and the weighted average yield for each range of maturities (dollars in thousands):

	One year or less			After 1 through 5 years			After 5 through 10 years			After ten years			Total
Available-for-sale:
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	98,367		$	82,093		$	1,709		$	—		$	182,169
Obligations of state and political subdivisions	770			29,734			23,952			1,751			56,207
Mortgage-backed securities: GSE residential	8,434			218,584			32,442			—			259,460
Trust preferred securities	—			—			—			585			585
Other securities	—			9,828			—			60			9,888
Total investments	$	107,571		$	340,239		$	58,103		$	2,396		$	508,309
Weighted average yield	1.93		%	2.52		%	2.77		%	3.28		%	2.45		%
Full tax-equivalent yield	1.95		%	2.76		%	3.85		%	3.81		%	2.74		%

The weighted average yields are calculated on the basis of the amortized cost and effective yields weighted for the scheduled maturity of each security. Tax-equivalent yields have been calculated using a 35% tax rate.  With the exception of obligations of the U.S. Treasury and other U.S. government agencies and corporations, there were no investment securities of any single issuer, the book value of which exceeded 10% of stockholders' equity at December 31, 2012.

Fair value of investments with sustained gross unrealized losses

The following table presents the aging of gross unrealized losses and fair value by investment category as of December 31, 2012 and 2011 (in thousands):

	Less than 12 months					12 months or more					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
December 31, 2012
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	10,997	$	(3	)	$	—	$	—		$	10,997	$	(3	)
Obligations of states and political subdivisions	1,969		(20		)	—		—			1,969		(20		)
Mortgage-backed securities: GSE residential	697		(12		)	—		—			697		(12		)
Trust preferred securities	—		—			585		(4,389		)	585		(4,389		)
Other securities	—		—			—		—			—		—
Total	$	13,663	$	(35	)	$	585	$	(4,389	)	$	14,248	$	(4,424	)
December 31, 2011
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	19,960	$	(40	)	$	—	$	—		$	19,960	$	(40	)
Obligations of states and political subdivisions	690		—			—		—			690		—
Mortgage-backed securities: GSE residential	15,231		(37		)	—		—			15,231		(37		)
Trust preferred securities	—		—			719		(4,906		)	719		(4,906		)
Other securities	7,190		(372		)	1,907		(93		)	9,096		(465		)
Total	$	43,071	$	(449	)	$	2,626	$	(4,999	)	$	45,696	$	(5,448	)

Trust Preferred Securities [Table Text Block]

Following are the details for each of the three currently impaired trust preferred securities as of December 31, 2012 (in thousands):

	Book Value		Market Value		Unrealized Gains (Losses)			Other-than- temporary Impairment Recorded To-date
PreTSL I	$	513	$	297	$	(216	)	$	(691	)
PreTSL II	809		219		(590		)	(2,187		)
PreTSL XXVIII	3,652		69		(3,583		)	(1,111		)
Total	$	4,974	$	585	$	(4,389	)	$	(3,989	)

Credit Losses Recognized on Investments

Credit Losses Recognized on Investments

As described above, some of the Company’s investments in trust preferred securities have experienced fair value deterioration due to credit losses but are not otherwise other-than-temporarily impaired. The following table provides information about those trust preferred securities for which only a credit loss was recognized in income and other losses are recorded in other comprehensive income (loss) for the years ended December 31, 2012, 2011 and 2010 (in thousands).

	Accumulated Credit Losses as of December 31:
	2012			2011		2010
Credit losses on trust preferred securities held:
Beginning of period	$	4,116		$	3,230	$	1,812
Additions related to OTTI losses not previously recognized	—			—		—
Reductions due to sales / (recoveries)	(127		)	—		—
Reductions due to change in intent or likelihood of sale	—			—		—
Additions related to increases in previously recognized OTTI losses	—			886		1,418
Reductions due to increases in expected cash flows	—			—		—
End of period	$	3,989		$	4,116	$	3,230

Maturities of Investment Securities

Expected maturities will differ fromcontractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

	Amortized Cost		Estimated Fair Value
Available-for-sale:
Due in one year or less	$	98,706	$	99,137
Due after one-five years	119,277		121,655
Due after five-ten years	23,836		25,661
Due after ten years	6,733		2,396
	248,552		248,849
Mortgage-backed securities: GSE residential	252,310		259,460
Total available-for-sale	$	500,862	$	508,309