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Investment Securities (Tables)
 9 Months Ended
Sep. 30, 2015
Investments, Debt and Equity Securities [Abstract]  
Schedule of amortized cost, gross unrealized gains, gross unrealized losses and approximate fair value of investment securities
The amortized cost, gross unrealized gains and losses and approximate fair value of the investment securities portfolio at the dates indicated were:
 
 
Amortized
Cost

Gross
Unrealized
Gains

Gross
Unrealized
Losses

Fair
Value
Available for sale at September 30, 2015
 

 

 

 
U.S. Government-sponsored agency securities
$
100


$
5




$
105

State and municipal
289,998


11,617


$
497


301,118

U.S. Government-sponsored mortgage-backed securities
287,317


7,635


73


294,879

Corporate obligations
31







31

Equity securities
1,706






1,706

Total available for sale
579,152


19,257


570


597,839

Held to maturity at September 30, 2015
 

 

 

 
State and municipal
218,794


5,707


166


224,335

U.S. Government-sponsored mortgage-backed securities
392,160


11,566


213


403,513

Total held to maturity
610,954


17,273


379


627,848

Total Investment Securities
$
1,190,106


$
36,530


$
949


$
1,225,687


 

 
Amortized
Cost

Gross
Unrealized
Gains

Gross
Unrealized
Losses

Fair
Value
Available for sale at December 31, 2014
 

 

 

 
U.S. Government-sponsored agency securities
$
100


$
9




$
109

State and municipal
216,915


11,801


$
123


228,593

U.S. Government-sponsored mortgage-backed securities
310,460


8,771


127


319,104

Corporate obligations
31







31

Equity securities
1,706






1,706

Total available for sale
529,212


20,581


250


549,543

Held to maturity at December 31, 2014
 

 

 

 
State and municipal
204,443


5,716


96


210,063

U.S. Government-sponsored mortgage-backed securities
426,645


11,527


512


437,660

Total held to maturity
631,088


17,243


608


647,723

Total Investment Securities
$
1,160,300


$
37,824


$
858


$
1,197,266
Schedule of amortized cost and fair value of available for sale securities and held to maturity securities
The amortized cost and fair value of available for sale and held to maturity securities at September 30, 2015, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

 
Available for Sale

Held to Maturity
 
Amortized Cost

Fair Value

Amortized Cost

Fair Value
Maturity Distribution at September 30, 2015:
 

 

 

 
Due in one year or less
$
3,661


$
3,715


$
5,521


$
5,533

Due after one through five years
13,265


13,854


24,076


25,086

Due after five through ten years
51,070


53,347


81,286


83,355

Due after ten years
222,133


230,338


107,911


110,361

 
$
290,129


$
301,254


$
218,794


$
224,335

U.S. Government-sponsored mortgage-backed securities
287,317


294,879


392,160


403,513

Equity securities
1,706


1,706





Total Investment Securities
$
579,152


$
597,839


$
610,954


$
627,848




 
Available for Sale
 
Held to Maturity
 
Amortized Cost
 
Fair Value
 
Amortized Cost
 
Fair Value
Maturity Distribution at December 31, 2014
 
 
 
 
 
 
 
Due in one year or less
$
3,127

 
$
3,153

 
$
6,258

 
$
6,329

Due after one through five years
9,565

 
9,840

 
18,440

 
18,930

Due after five through ten years
48,675

 
50,889

 
85,997

 
87,903

Due after ten years
155,679

 
164,851

 
93,748

 
96,901

 
$
217,046

 
$
228,733

 
$
204,443

 
$
210,063

U.S. Government-sponsored mortgage-backed securities
310,460

 
319,104

 
426,645

 
437,660

Equity securities
1,706

 
1,706

 
 
 
 
Total Investment Securities
$
529,212

 
$
549,543

 
$
631,088

 
$
647,723
Schedule of gross gains on sales and redemptions of available for sale securities
Gross gains on the sales and redemptions of available for sale securities for the three and nine months ended September 30, 2015, and 2014 are shown below.


Three Months Ended
September 30,

Nine Months Ended
September 30,

2015

2014

2015

2014
Sales and Redemptions of Available for Sale Securities:
 

 

 

 
Gross gains
$
1,115


$
910


$
2,147


$
2,335

Gross losses




100



Other-than-temporary impairment losses
Schedule of investment securities with unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position
The following table shows investments securities with unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2015, and December 31, 2014:
 
 
Less than
12 Months

12 Months
or Longer

Total
 
Fair
Value

Gross
Unrealized
Losses

Fair
Value

Gross
Unrealized
Losses

Fair
Value

Gross
Unrealized
Losses
Temporarily Impaired Available for Sale Securities at September 30, 2015
 

 

 

 

 

 
State and municipal
$
36,702


$
497






$
36,702


$
497

U.S. Government-sponsored mortgage-backed securities
6,482


8


$
2,125


$
65


8,607


73

Total Temporarily Impaired Available for Sale Securities
43,184


505


2,125


65


45,309


570

Temporarily Impaired Held to Maturity Securities at September 30, 2015
 

 

 

 

 

 
State and municipal
13,711


144


1,716


22


15,427


166

U.S. Government-sponsored mortgage-backed securities
20,752


40


13,491


173


34,243


213

Total Temporarily Impaired Held to Maturity Securities
34,463


184


15,207


195


49,670


379

Total Temporarily Impaired Investment Securities
$
77,647


$
689


$
17,332


$
260


$
94,979


$
949


 
 
Less than
12 Months

12 Months
or Longer

Total
 
Fair
Value

Gross
Unrealized
Losses

Fair
Value

Gross
Unrealized
Losses

Fair
Value

Gross
Unrealized
Losses
Temporarily Impaired Available for Sale Securities at December 31, 2014
 

 

 

 

 

 
State and municipal
$
1,256


$
7


$
9,850


$
116


$
11,106


$
123

U.S. Government-sponsored mortgage-backed securities
2,186


13


5,447


114


7,633


127

Total Temporarily Impaired Available for Sale Securities
3,442


20


15,297


230


18,739


250

Temporarily Impaired Held to Maturity Securities at December 31, 2014
 

 

 

 

 

 
State and municipal
5,119


96


250




5,369


96

U.S. Government-sponsored mortgage-backed securities
9,791


82


38,491


430


48,282


512

Total Temporarily Impaired Held to Maturity Securities
14,910


178


38,741


430


53,651


608

Total Temporarily Impaired Investment Securities
$
18,352


$
198


$
54,038


$
660


$
72,390


$
858
Schedule of investments in debt and equity securities reported in the financial statements at an amount less than their historical cost
Certain investments in debt and equity securities are reported in the financial statements at an amount less than their historical cost as indicated in the table below.


September 30, 2015

December 31, 2014
Investments reported at less than historical cost:
 

 
Historical cost
$
95,928


$
73,249

Fair value
$
94,979


$
72,390

Percent of the Corporation's available for sale and held to maturity portfolio
7.9
%

6.1
%
Schedule of securities for which only a credit loss was recognized in income and other losses were recorded in other comprehensive income
The following table provides information about those securities for which only a credit loss was recognized in income and other losses were recorded in other comprehensive income.

 
Accumulated
Credit Losses in
2015

Accumulated
Credit Losses in
2014
Credit losses on debt securities held:
 

 
Balance, January 1
$
500


$
11,355

Reductions for previous other-than-temporary losses realized on securities sold during the year
(500
)

—

Balance, September 30
$
—


$
11,355