Securities (Tables)

6 Months Ended

Jun. 30, 2013

Investments, Debt and Equity Securities [Abstract]

Amortized cost and fair value of securities held to maturity

The amortized cost and fair value of securities held to maturity were as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
June 30, 2013
Obligations of other U.S. Government agencies and corporations	$	126,052	$	—	$	(6,049	)	$	120,003
Obligations of states and political subdivisions	222,288		7,216		(2,352		)	227,152
	$	348,340	$	7,216	$	(8,401	)	$	347,155
December 31, 2012
Obligations of other U.S. Government agencies and corporations	$	90,045	$	116	$	(232	)	$	89,929
Obligations of states and political subdivisions	227,721		16,860		(35		)	244,546
	$	317,766	$	16,976	$	(267	)	$	334,475

Amortized cost and fair value of securities available for sale

The amortized cost and fair value of securities available for sale were as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
June 30, 2013
Obligations of other U.S. Government agencies and corporations	$	6,157	$	156	$	(193	)	$	6,120
Residential mortgage backed securities:
Government agency mortgage backed securities	173,460		2,442		(4,000		)	171,902
Government agency collateralized mortgage obligations	132,927		1,378		(2,949		)	131,356
Commercial mortgage backed securities:
Government agency mortgage backed securities	41,621		1,605		(473		)	42,753
Government agency collateralized mortgage obligations	5,050		28		—			5,078
Trust preferred securities	27,711		—		(11,751		)	15,960
Other debt securities	20,834		539		(93		)	21,280
Other equity securities	2,775		966		—			3,741
	$	410,535	$	7,114	$	(19,459	)	$	398,190

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
December 31, 2012
Obligations of other U.S. Government agencies and corporations	$	2,169	$	273	$	—		$	2,442
Residential mortgage backed securities:
Government agency mortgage backed securities	139,699		5,209		(91		)	144,817
Government agency collateralized mortgage obligations	115,647		2,273		(399		)	117,521
Commercial mortgage backed securities:
Government agency mortgage backed securities	41,981		3,077		—			45,058
Government agency collateralized mortgage obligations	5,091		316		—			5,407
Trust preferred securities	28,612		—		(13,544		)	15,068
Other debt securities	22,079		852		(1		)	22,930
Other equity securities	2,355		713		—			3,068
	$	357,633	$	12,713	$	(14,035	)	$	356,311

Gross realized gains and gross realized losses on sales of securities available for sale

Gross realized gains and gross realized losses on sales of securities available for sale for the three and six months ended June 30, 2013 and 2012 were as follows:

	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2013		2012			2013			2012
Gross gains on sales of securities available for sale	$	—	$	946		$	—		$	1,850
Gross losses on sales of securities available for sale	—		(77		)	(115		)	(77		)
(Loss) Gain on sales of securities available for sale, net	$	—	$	869		$	(115	)	$	1,773

Amortized cost and fair value of securities by contractual maturity

The amortized cost and fair value of securities at June 30, 2013 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because issuers may call or prepay obligations with or without call or prepayment penalties.

	Held to Maturity				Available for Sale
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due within one year	$	9,446	$	9,509	$	—	$	—
Due after one year through five years	32,811		33,950		—		—
Due after five years through ten years	167,412		163,309		6,157		6,120
Due after ten years	138,671		140,387		27,711		15,960
Residential mortgage backed securities:
Government agency mortgage backed securities	—		—		173,460		171,902
Government agency collateralized mortgage obligations	—		—		132,927		131,356
Commercial mortgage backed securities:
Government agency mortgage backed securities	—		—		41,621		42,753
Government agency collateralized mortgage obligations	—		—		5,050		5,078
Other debt securities	—		—		20,834		21,280
Other equity securities	—		—		2,775		3,741
	$	348,340	$	347,155	$	410,535	$	398,190

Unrealized losses and fair value by investment category

The following table presents the age of gross unrealized losses and fair value by investment category as of the dates presented:

	Less than 12 Months					12 Months or More					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Held to Maturity:
June 30, 2013
Obligations of other U.S. Government agencies and corporations	$	119,503	$	(6,049	)	$	—	$	—		$	119,503	$	(6,049	)
Obligations of states and political subdivisions	45,312		(2,352		)	—		—			45,312		(2,352		)
Total	$	164,815	$	(8,401	)	$	—	$	—		164,815		$	(8,401	)
December 31, 2012
Obligations of other U.S. Government agencies and corporations	$	35,224	$	(232	)	$	—	$	—		$	35,224	$	(232	)
Obligations of states and political subdivisions	2,861		(34		)	126		(1		)	2,987		(35		)
Total	$	38,085	$	(266	)	$	126	$	(1	)	$	38,211	$	(267	)
Available for Sale:
June 30, 2013
Obligations of other U.S. Government agencies and corporations	$	3,807	$	(193	)	$	—	$	—		$	3,807	$	(193	)
Residential mortgage backed securities:
Government agency mortgage backed securities	—		—			103,728		(4,000		)	103,728		(4,000		)
Government agency collateralized mortgage obligations	87,325		(2,930		)	3,686		(19		)	91,011		(2,949		)
Commercial mortgage backed securities:
Government agency mortgage backed securities	—		—			16,808		(473		)	16,808		(473		)
Government agency collateralized mortgage obligations	—		—			—		—			—		—
Trust preferred securities	—		—			15,960		(11,751		)	15,960		(11,751		)
Other debt securities	2,883		(91		)	2,140		(2		)	5,023		(93		)
Total	$	94,015	$	(3,214	)	$	142,322	$	(16,245	)	$	236,337	$	(19,459	)
December 31, 2012
Obligations of other U.S. Government agencies and corporations	$	—	$	—		$	—	$	—		$	—	$	—
Residential mortgage backed securities:
Government agency mortgage backed securities	15,431		(91		)	—		—			15,431		(91		)
Government agency collateralized mortgage obligations	44,616		(389		)	1,605		(10		)	46,221		(399		)
Commercial mortgage backed securities:
Government agency mortgage backed securities	—		—			—		—			—		—
Government agency collateralized mortgage obligations	—		—			—		—			—		—
Trust preferred securities	—		—			15,068		(13,544		)	15,068		(13,544		)
Other debt securities	—		—			2,188		(1		)	2,188		(1		)
Other equity securities	—		—			—		—			—		—
Total	$	60,047	$	(480	)	$	18,861	$	(13,555	)	$	78,908	$	(14,035	)

Investments in pooled trust preferred securities

The following table provides information regarding the Company’s investments in pooled trust preferred securities at June 30, 2013:

Name	Single/ Pooled	Class/ Tranche	Amortized Cost		Fair Value		Unrealized Loss			Lowest Credit Rating	Issuers Currently in Deferral or Default
XIII	Pooled	B-2	$	1,179	$	1,109	$	(70	)	Ca	30	%
XXIII	Pooled	B-2	8,889		5,449		(3,440		)	B1	25	%
XXIV	Pooled	B-2	12,076		6,274		(5,802		)	Ca	35	%
XXVI	Pooled	B-2	5,567		3,128		(2,439		)	Ca	30	%
			$	27,711	$	15,960	$	(11,751	)

Cumulative credit related losses recognized in earnings

The following table provides a summary of the cumulative credit related losses recognized in earnings for which a portion of OTTI has been recognized in other comprehensive income:

	2013			2012
Balance at January 1	$	(3,337	)	$	(3,337	)
Additions related to credit losses for which OTTI was not previously recognized	—			—
Increases in credit loss for which OTTI was previously recognized	—			—
Balance at June 30	$	(3,337	)	$	(3,337	)