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Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2014
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 March 31, 2014 and December 31, 2013 were as follows (in thousands):

 
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized (Losses)
 
Fair Value
March 31, 2014
 
 
 
 
 
 
 
Available-for-sale:
 
 
 
 
 
 
 
U.S. Treasury securities and obligations of U.S. government corporations & agencies
$
173,522

 
$
116

 
$
(5,199
)
 
$
168,439

Obligations of states and political subdivisions
68,530

 
1,479

 
(908
)
 
69,101

Mortgage-backed securities: GSE residential
207,859

 
1,654

 
(3,453
)
 
206,060

Trust preferred securities
3,652

 
—

 
(3,411
)
 
241

Other securities
4,035

 
29

 
(54
)
 
4,010

Total available-for-sale
$
457,598

 
$
3,278

 
$
(13,025
)
 
$
447,851

 
 
 
 
 
 
 
 
December 31, 2013
 
 
 
 
 
 
 
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



The trust preferred securities represent one trust preferred pooled security issued by First Tennessee Financial (“FTN”). The unrealized loss of this security, which has a remaining 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” for further information regarding this security.
Realized Gains and Losses From Sale of Securities
Realized gains and losses resulting from sales of securities were as follows during the three months ended March 31, 2014 and 2013 (in thousands):
 
March 31,
2014
 
March 31,
2013
Gross gains
$
892

 
$
353

Gross losses
(701
)
 
—
Investments Classified by Contractual Maturity Date
The following table indicates the expected maturities of investment securities classified as available-for-sale and held-to-maturity, presented at fair value, at March 31, 2014 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
$
133,636

 
$
34,803

 
$
—

 
$
—

 
$
168,439

Obligations of state and political subdivisions
2,342

 
31,884

 
32,890

 
1,985

 
69,101

Mortgage-backed securities: GSE residential
2,696

 
116,555

 
86,809

 
—

 
206,060

Trust preferred securities
—

 
—

 
—

 
241

 
241

Other securities
—

 
—

 
3,946

 
64

 
4,010

Total investments
$
138,674

 
$
183,242

 
$
123,645

 
$
2,290

 
$
447,851

Weighted average yield
1.65
%
 
2.57
%
 
2.60
%
 
1.62
%
 
2.28
%
Full tax-equivalent yield
1.71
%
 
3.04
%
 
3.25
%
 
2.32
%
 
2.67
%

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 March 31, 2014.
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 March 31, 2014 and December 31, 2013 (in thousands):
 
Less than 12 months
 
12 months or more
 
Total
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
March 31, 2014
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury securities and obligations of U.S. government corporations and agencies
$
161,367

 
$
(5,199
)
 
$
—

 
$
—

 
$
161,367

 
$
(5,199
)
Obligations of states and political subdivisions
22,370

 
(807
)
 
2,001

 
(101
)
 
24,371

 
(908
)
Mortgage-backed securities: GSE residential
129,525

 
(3,101
)
 
4,298

 
(352
)
 
133,823

 
(3,453
)
Trust preferred securities
—

 
—

 
241

 
(3,411
)
 
241

 
(3,411
)
Other securities
3,946

 
(54
)
 
—

 
—

 
3,946

 
(54
)
Total
$
317,208

 
$
(9,161
)
 
$
6,540

 
$
(3,864
)
 
$
323,748

 
$
(13,025
)
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
)
Trust Preferred Securities [Table Text Block]
Following are the details for the currently impaired trust preferred security (in thousands):
 
Book
Value
 
Market Value
 
Unrealized Gains (Losses)
 
Other-than-
temporary
Impairment
Recorded To-date
PreTSL XXVIII
3,652

 
241

 
(3,411
)
 
(1,111
)
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 three months ended March 31, 2014 and 2013 (in thousands).
 
Accumulated Credit Losses
 
March 31, 2014
 
March 31, 2013
Credit losses on trust preferred securities held
 
 
 
Beginning of period
$
1,111

 
$
3,989

Additions related to OTTI losses not previously recognized
—

 
—

Reductions due to sales / (recoveries)
—

 
—

Reductions due to change in intent or likelihood of sale
—

 
—

Additions related to increases in previously recognized OTTI losses
—

 
—

Reductions due to increases in expected cash flows
—

 
—

End of period
$
1,111

 
$
3,989