Securities (Tables)

9 Months Ended

Sep. 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
September 30, 2013
Obligations of other U.S. Government agencies and corporations	$	149,056	$	13	$	(7,707	)	$	141,362
Obligations of states and political subdivisions	290,999		8,352		(2,699		)	296,652
	$	440,055	$	8,365	$	(10,406	)	$	438,014
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
September 30, 2013
Obligations of other U.S. Government agencies and corporations	$	6,151	$	146	$	(211	)	$	6,086
Residential mortgage backed securities:
Government agency mortgage backed securities	221,276		3,264		(3,610		)	220,930
Government agency collateralized mortgage obligations	151,340		1,793		(3,777		)	149,356
Commercial mortgage backed securities:
Government agency mortgage backed securities	41,440		1,486		(547		)	42,379
Government agency collateralized mortgage obligations	5,029		82		—			5,111
Trust preferred securities	27,629		—		(10,876		)	16,753
Other debt securities	20,174		280		(213		)	20,241
Other equity securities	2,775		1,102		—			3,877
	$	475,814	$	8,153	$	(19,234	)	$	464,733

	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 nine months ended September 30, 2013 and 2012 were as follows:

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

Amortized cost and fair value of securities by contractual maturity

The amortized cost and fair value of securities at September 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	$	34,535	$	34,604	$	—	$	—
Due after one year through five years	52,911		54,378		1,084		1,161
Due after five years through ten years	196,982		191,821		5,067		4,925
Due after ten years	155,627		157,211		27,629		16,753
Residential mortgage backed securities:
Government agency mortgage backed securities	—		—		221,276		220,930
Government agency collateralized mortgage obligations	—		—		151,340		149,356
Commercial mortgage backed securities:
Government agency mortgage backed securities	—		—		41,440		42,379
Government agency collateralized mortgage obligations	—		—		5,029		5,111
Other debt securities	—		—		20,174		20,241
Other equity securities	—		—		2,775		3,877
	$	440,055	$	438,014	$	475,814	$	464,733

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:
September 30, 2013
Obligations of other U.S. Government agencies and corporations	30	$	138,850	$	(7,707	)	0	$	—	$	—		30	$	138,850	$	(7,707	)
Obligations of states and political subdivisions	110	59,395		(2,699		)	0	—		—			110	59,395		(2,699		)
Total	140	$	198,245	$	(10,406	)	0	$	—	$	—		140	198,245		$	(10,406	)
December 31, 2012
Obligations of other U.S. Government agencies and corporations	8	$	35,224	$	(232	)	0	$	—	$	—		8	$	35,224	$	(232	)
Obligations of states and political subdivisions	4	2,861		(34		)	1	126		(1		)	5	2,987		(35		)
Total	12	$	38,085	$	(266	)	1	$	126	$	(1	)	13	$	38,211	$	(267	)
Available for Sale:
September 30, 2013
Obligations of other U.S. Government agencies and corporations	1	$	3,789	$	(211	)	0	$	—	$	—		1	$	3,789	$	(211	)
Residential mortgage backed securities:
Government agency mortgage backed securities	24	95,531		(3,610		)	0	—		—			24	95,531		(3,610		)
Government agency collateralized mortgage obligations	18	76,248		(3,476		)	2	7,335		(301		)	20	83,583		(3,777		)
Commercial mortgage backed securities:
Government agency mortgage backed securities	4	16,672		(547		)	0	—		—			4	16,672		(547		)
Government agency collateralized mortgage obligations	0	—		—			0	—		—			0	—		—
Trust preferred securities	0	—		—			4	16,753		(10,876		)	4	16,753		(10,876		)
Other debt securities	1	2,764		(206		)	1	1,971		(7		)	2	4,735		(213		)
Total	48	$	195,004	$	(8,050	)	7	$	26,059	$	(11,184	)	55	$	221,063	$	(19,234	)
December 31, 2012
Obligations of other U.S. Government agencies and corporations	0	$	—	$	—		0	$	—	$	—		0	$	—	$	—
Residential mortgage backed securities:
Government agency mortgage backed securities	3	15,431		(91		)	0	—		—			3	15,431		(91		)
Government agency collateralized mortgage obligations	11	44,616		(389		)	1	1,605		(10		)	12	46,221		(399		)
Commercial mortgage backed securities:
Government agency mortgage backed securities	0	—		—			0	—		—			0	—		—
Government agency collateralized mortgage obligations	0	—		—			0	—		—			0	—		—
Trust preferred securities	0	—		—			4	15,068		(13,544		)	4	15,068		(13,544		)
Other debt securities	0	—		—			1	2,188		(1		)	1	2,188		(1		)
Other equity securities	0	—		—			0	—		—			0	—		—
Total	14	$	60,047	$	(480	)	6	$	18,861	$	(13,555	)	20	$	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 September 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	$	1,155	$	1,140	$	(15	)	Caa3	28	%
XXIII	Pooled	B-2	8,831		5,547		(3,284		)	B1	21	%
XXIV	Pooled	B-2	12,076		6,782		(5,294		)	Ca	34	%
XXVI	Pooled	B-2	5,567		3,284		(2,283		)	Ca	31	%
			$	27,629	$	16,753	$	(10,876	)

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 September 30	$	(3,337	)	$	(3,337	)