Investment Securities (Tables)

12 Months Ended

Dec. 31, 2013

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, 2013 and December 31, 2012 were as follows (in thousands):

December 31, 2013	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	$	197,805	$	137	$	(7,574	)	$	190,368
Obligations of states and political subdivisions	65,304		1,031		(1,773		)	64,562
Mortgage-backed securities: GSE residential	229,661		2,215		(4,275		)	227,601
Trust preferred securities	3,652		—		(3,461		)	191
Other securities	6,035		34		(67		)	6,002
Total available-for-sale	$	502,457	$	3,417	$	(17,150	)	$	488,724
December 31, 2012
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

Trust preferred securities at December 31, 2013, is one trust preferred pooled security issued by First Tennessee Financial (“FTN”). The unrealized loss of this security, which has a maturity of twenty-four years, is primarily due to its long-term nature, a lack of demand or inactive market for the security, and concerns regarding the underlying financial institutions that have issued the trust preferred security. See the heading “Trust Preferred Securities” below for further information regarding this security.

Realized Gains and Losses From Sale of Securities

Proceeds from sales of investment securities, realized gains and losses and income tax expense and benefit were as follows during the years ended December 31, 2013, 2012 and 2011 (in thousands):

	2013		2012		2011
Proceeds from sales	$	69,665	$	30,500	$	18,891
Gross gains	2,454		934		486
Gross losses	161		—		—
Income tax expense	894		364		189

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, 2013 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	$	157,292		$	33,076		$	—		$	—		$	190,368
Obligations of state and political subdivisions	1,793			30,416			30,427			1,926			64,562
Mortgage-backed securities: GSE residential	3,268			127,965			96,368			—			227,601
Trust preferred securities	—			—			—			191			191
Other securities	2,002			—			3,933			67			6,002
Total investments	$	164,355		$	191,457		$	130,728		$	2,184		$	488,724
Weighted average yield	1.60		%	2.72		%	2.51		%	1.62		%	2.27		%
Full tax-equivalent yield	1.64		%	3.15		%	3.09		%	2.32		%	2.61		%

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, 2013.

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, 2013 and 2012 (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, 2013
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	183,074	$	(7,574	)	$	—	$	—		$	183,074	$	(7,574	)
Obligations of states and political subdivisions	29,986		(1,708		)	808		(65		)	30,794		(1,773		)
Mortgage-backed securities: GSE residential	131,125		(4,275		)	13		—			131,138		(4,275		)
Trust preferred securities	—		—			191		(3,461		)	191		(3,461		)
Other securities	3,933		(67		)	—		—			3,933		(67		)
Total	$	348,118	$	(13,624	)	$	1,012	$	(3,526	)	$	349,130	$	(17,150	)
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	)

Trust Preferred Securities [Table Text Block]

Following are the details for the remaining impaired trust preferred security remaining as of December 31, 2013 (in thousands):

	Book Value		Market Value		Unrealized Gains (Losses)			Other-than- temporary Impairment Recorded To-date
PreTSL XXVIII	$	3,652	$	191	$	(3,461	)	$	(1,111	)

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, 2013, 2012 and 2011 (in thousands).

	Accumulated Credit Losses as of December 31:
	2013			2012			2011
Credit losses on trust preferred securities held:
Beginning of period	$	3,989		$	4,116		$	3,230
Additions related to OTTI losses not previously recognized	—			—			—
Reductions due to sales / (recoveries)	(2,878		)	(127		)	—
Reductions due to change in intent or likelihood of sale	—			—			—
Additions related to increases in previously recognized OTTI losses	—			—			886
Reductions due to increases in expected cash flows	—			—			—
End of period	$	1,111		$	3,989		$	4,116

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	$	166,922	$	161,087
Due after one-five years	65,091		63,492
Due after five-ten years	35,038		34,360
Due after ten years	5,745		2,184
	272,796		261,123
Mortgage-backed securities: GSE residential	229,661		227,601
Total available-for-sale	$	502,457	$	488,724