Securities (Tables)

12 Months Ended

Dec. 31, 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 as of the dates presented:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
December 31, 2013
Obligations of other U.S. Government agencies and corporations	$	125,061	$	14	$	(8,727	)	$	116,348
Obligations of states and political subdivisions	287,014		7,897		(2,683		)	292,228
	$	412,075	$	7,911	$	(11,410	)	$	408,576
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 as of the dates presented:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
December 31, 2013
Obligations of other U.S. Government agencies and corporations	$	6,144	$	125	$	(201	)	$	6,068
Residential mortgage backed securities:
Government agency mortgage backed securities	261,659		2,747		(4,414		)	259,992
Government agency collateralized mortgage obligations	149,682		1,542		(4,679		)	146,545
Commercial mortgage backed securities:
Government agency mortgage backed securities	41,252		1,373		(584		)	42,041
Government agency collateralized mortgage obligations	5,007		59		—			5,066
Trust preferred securities	27,531		73		(9,933		)	17,671
Other debt securities	19,544		240		(230		)	19,554
Other equity securities	2,775		1,542		—			4,317
	$	513,594	$	7,701	$	(20,041	)	$	501,254

	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 years 2013, 2012 and 2011 were as follows:

	Year Ended December 31,
	2013			2012			2011
Gross gains on sales of securities available for sale	$	—		$	2,321		$	5,041
Gross losses on sales of securities available for sale	(115		)	(427		)	—
(Loss)/gain on sales of securities available for sale, net	$	(115	)	$	1,894		$	5,041

Amortized cost and fair value of securities by contractual maturity

The amortized cost and fair value of securities at December 31, 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	$	11,153	$	11,295	$	—	$	—
Due after one year through five years	52,708		54,286		1,079		1,147
Due after five years through ten years	194,469		187,937		5,065		4,921
Due after ten years	153,745		155,058		27,531		17,671
Residential mortgage backed securities:
Government agency mortgage backed securities	—		—		261,659		259,992
Government agency collateralized mortgage obligations	—		—		149,682		146,545
Commercial mortgage backed securities:
Government agency mortgage backed securities	—		—		41,252		42,041
Government agency collateralized mortgage obligations	—		—		5,007		5,066
Other debt securities	—		—		19,544		19,554
Other equity securities	—		—		2,775		4,317
	$	412,075	$	408,576	$	513,594	$	501,254

Unrealized losses and fair value by investment category

The following table presents the gross unrealized losses and fair value of investment securities, aggregated by investment category and the length of time the investments have been in a continuous unrealized loss position 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:
December 31, 2013
Obligations of other U.S. Government agencies and corporations	26	$	105,747	$	(7,826	)	2	$	9,090	$	(901	)	28	$	114,837	$	(8,727	)
Obligations of states and political subdivisions	111	59,503		(2,578		)	2	933		(105		)	113	60,436		(2,683		)
Total	137	$	165,250	$	(10,404	)	4	$	10,023	$	(1,006	)	141	$	175,273	$	(11,410	)
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	)

	Less than 12 Months						12 Months or More						Total
	#	Fair Value		Unrealized Losses			#	Fair Value		Unrealized Losses			#	Fair Value		Unrealized Losses
Available for Sale:
December 31, 2013
Obligations of other U.S. Government agencies and corporations	1	$	3,799	$	(201	)	0	$	—	$	—		1	$	3,799	$	(201	)
Residential mortgage backed securities:
Government agency mortgage backed securities	32	134,858		(3,451		)	3	13,239		(963		)	35	148,097		(4,414		)
Government agency collateralized mortgage obligations	17	68,496		(3,468		)	4	16,750		(1,211		)	21	85,246		(4,679		)
Commercial mortgage backed securities:
Government agency mortgage backed securities	4	16,570		(584		)	0	—		—			4	16,570		(584		)
Government agency collateralized mortgage obligations	0	—		—			0	—		—			0	—		—
Trust preferred securities	0	—		—			3	16,456		(9,933		)	3	16,456		(9,933		)
Other debt securities	3	7,100		(217		)	1	1,897		(13		)	4	8,997		(230		)
Other equity securities	0	—		—			0	—		—			0	—		—
Total	57	$	230,823	$	(7,921	)	11	$	48,342	$	(12,120	)	68	$	279,165	$	(20,041	)
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 December 31, 2013:

Name	Single/ Pooled	Class/ Tranche	Amortized Cost		Fair Value		Unrealized Gain (Loss)			Lowest Credit Rating	Issuers Currently in Deferral or Default
XIII	Pooled	B-2	$	1,141	$	1,214	$	73		Caa3	30%
XXIII	Pooled	B-2	8,746		5,554		(3,192		)	B1	20%
XXIV	Pooled	B-2	12,076		7,381		(4,695		)	Ca	35%
XXVI	Pooled	B-2	5,568		3,522		(2,046		)	Ca	31%
			$	27,531	$	17,671	$	(9,860	)

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 December 31	$	(3,337	)	$	(3,337	)