Securities (Tables)

9 Months Ended

Sep. 30, 2014

Investments, Debt and Equity Securities [Abstract]

Amortized cost and fair value of investments classified as available-for-sale

Securities

The amortized cost and fair value of the Corporation’s investments are shown below. All securities are classified as available-for-sale.

	September 30, 2014
(Dollar amounts in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
U.S. Government agencies	$	1,413	$	48	$	—		$	1,461
Mortgage Backed Securities - Residential	177,774		7,338		(942		)	184,170
Mortgage Backed Securities - Commercial	19		1		—			20
Collateralized Mortgage Obligations	502,297		2,073		(11,458		)	492,912
State and Municipal Obligations	196,431		9,303		(261		)	205,473
Collateralized Debt Obligations	10,294		5,808		(28		)	16,074
TOTAL	$	888,228	$	24,571	$	(12,689	)	$	900,110

	December 31, 2013
(Dollar amounts in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
U.S. Government agencies	$	1,623	$	10	$	—		$	1,633
Mortgage Backed Securities-residential	191,995		7,761		(1,992		)	197,764
Mortgage Backed Securities-commercial	4,642		1		(252		)	4,391
Collateralized mortgage obligations	521,148		1,492		(15,899		)	506,741
State and municipal	190,521		6,388		(1,922		)	194,987
Collateralized debt obligations	10,968		4,695		(6,619		)	9,044
TOTAL	$	920,897	$	20,347	$	(26,684	)	$	914,560

Schedule of contractual maturities of debt securities

Contractual maturities of debt securities at September 30, 2014 were as follows. Securities not due at a single maturity or with no maturity date, primarily mortgage-backed securities and collateralized mortgage obligations are shown separately.

	Available-for-Sale
	Amortized		Fair
(Dollar amounts in thousands)	Cost		Value
Due in one year or less	$	8,685	$	8,776
Due after one but within five years	33,737		35,180
Due after five but within ten years	86,211		90,287
Due after ten years	79,505		88,765
	208,138		223,008
Mortgage-backed securities	680,090		677,102
TOTAL	$	888,228	$	900,110

Schedule of gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in continuous unrealized loss position

The following tables show the securities’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in continuous unrealized loss position, at September 30, 2014 and December 31, 2013. 

	September 30, 2014
	Less Than 12 Months					More Than 12 Months							Total
			Unrealized					Unrealized					Unrealized
(Dollar amounts in thousands)	Fair Value		Losses			Fair Value		Losses			Fair Value		Losses
Mortgage Backed Securities - Residential	$	4,205	$	(30	)	$	53,169	$	(912	)	$	57,374	$	(942	)
Collateralized mortgage obligations	92,936		(637		)	270,267		(10,821		)	363,203		(11,458		)
State and municipal obligations	817		(4		)	14,799		(257		)	15,616		(261		)
Collateralized Debt Obligations	—		—			189		(28		)	189		(28		)
Total temporarily impaired securities	$	97,958	$	(671	)	$	338,424	$	(12,018	)	$	436,382	$	(12,689	)

	December 31, 2013
	Less Than 12 Months					More Than 12 Months							Total
			Unrealized					Unrealized					Unrealized
(Dollar amounts in thousands)	Fair Value		Losses			Fair Value		Losses			Fair Value		Losses
Mortgage Backed Securities - Residential	$	52,524	$	(1,645	)	$	6,022	$	(347	)	$	58,546	$	(1,992	)
Mortgage Backed Securities - Commercial	—		—			4,357		(252		)	4,357		(252		)
Collateralized mortgage obligations	406,291		(13,979		)	29,588		(1,920		)	435,879		(15,899		)
State and municipal obligations	43,899		(1,746		)	2,305		(176		)	46,204		(1,922		)
Collateralized Debt Obligations	—		—			3,686		(6,619		)	3,686		(6,619		)
Total temporarily impaired securities	$	502,714	$	(17,370	)	$	45,958	$	(9,314	)	$	548,672	$	(26,684	)

Rollforward of the credit losses recognized in earnings

The table below presents a rollforward of the credit losses recognized in earnings for the three and nine month periods ended September 30, 2014 and 2013:

	Three Months Ended September 30,						Nine Months Ended September 30,
(Dollar amounts in thousands)	2014			2013			2014			2013
Beginning balance	$	14,079		$	14,983		$	14,079		$	14,983
Increases to the amount related to the credit
Loss for which other-than-temporary was previously recognized	—			—			—			—
Reductions for increases in cash flows collected	(29		)	(581		)	(29		)	(581		)
Amounts realized for securities sold during the period	—			—			—			—
Ending balance	$	14,050		$	14,402		$	14,050		$	14,402