Securities (Tables)

3 Months Ended

Mar. 31, 2015

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
March 31, 2015
Obligations of other U.S. Government agencies and corporations	$	165,589	$	47	$	(957	)	$	164,679
Obligations of states and political subdivisions	305,008		17,062		(125		)	321,945
	$	470,597	$	17,109	$	(1,082	)	$	486,624
December 31, 2014
Obligations of other U.S. Government agencies and corporations	$	125,081	$	10	$	(2,915	)	$	122,176
Obligations of states and political subdivisions	305,082		15,428		(198		)	320,312
	$	430,163	$	15,438	$	(3,113	)	$	442,488

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
March 31, 2015
Obligations of other U.S. Government agencies and corporations	$	6,113	$	170	$	(52	)	$	6,231
Residential mortgage backed securities:
Government agency mortgage backed securities	292,587		5,981		(486		)	298,082
Government agency collateralized mortgage obligations	151,075		2,131		(1,398		)	151,808
Commercial mortgage backed securities:
Government agency mortgage backed securities	42,019		1,583		(32		)	43,570
Government agency collateralized mortgage obligations	4,553		273		—			4,826
Trust preferred securities	26,057		79		(6,010		)	20,126
Other debt securities	16,999		537		(42		)	17,494
Other equity securities	2,331		1,329		—			3,660
	$	541,734	$	12,083	$	(8,020	)	$	545,797

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
December 31, 2014
Obligations of other U.S. Government agencies and corporations	$	6,119	$	147	$	(119	)	$	6,147
Residential mortgage backed securities:
Government agency mortgage backed securities	292,283		4,908		(832		)	296,359
Government agency collateralized mortgage obligations	158,436		1,523		(2,523		)	157,436
Commercial mortgage backed securities:
Government agency mortgage backed securities	45,714		1,608		(137		)	47,185
Government agency collateralized mortgage obligations	4,970		202		—			5,172
Trust preferred securities	26,400		137		(6,781		)	19,756
Other debt securities	17,517		487		(74		)	17,930
Other equity securities	2,331		1,268		—			3,599
	$	553,770	$	10,280	$	(10,466	)	$	553,584

Amortized cost and fair value of securities by contractual maturity

The amortized cost and fair value of securities at March 31, 2015 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	$	51,995	$	52,081	$	—	$	—
Due after one year through five years	78,507		80,593		1,059		1,127
Due after five years through ten years	213,069		218,280		5,054		5,104
Due after ten years	127,026		135,670		26,057		20,126
Residential mortgage backed securities:
Government agency mortgage backed securities	—		—		292,587		298,082
Government agency collateralized mortgage obligations	—		—		151,075		151,808
Commercial mortgage backed securities:
Government agency mortgage backed securities	—		—		42,019		43,570
Government agency collateralized mortgage obligations	—		—		4,553		4,826
Other debt securities	—		—		16,999		17,494
Other equity securities	—		—		2,331		3,660
	$	470,597	$	486,624	$	541,734	$	545,797

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:
March 31, 2015
Obligations of other U.S. Government agencies and corporations	5	$	11,478	$	(24	)	21	$	96,177	$	(933	)	26	$	107,655	$	(957	)
Obligations of states and political subdivisions	8	6,117		(38		)	7	4,091		(87		)	15	10,208		(125		)
Total	13	$	17,595	$	(62	)	28	$	100,268	$	(1,020	)	41	117,863		$	(1,082	)
December 31, 2014
Obligations of other U.S. Government agencies and corporations	2	$	1,000	$	(1	)	26	$	119,174	$	(2,914	)	28	$	120,174	$	(2,915	)
Obligations of states and political subdivisions	3	3,353		(29		)	16	10,052		(169		)	19	13,405		(198		)
Total	5	$	4,353	$	(30	)	42	$	129,226	$	(3,083	)	47	$	133,579	$	(3,113	)
Available for Sale:
March 31, 2015
Obligations of other U.S. Government agencies and corporations	0	$	—	$	—		1	$	3,948	$	(52	)	1	$	3,948	$	(52	)
Residential mortgage backed securities:
Government agency mortgage backed securities	3	7,688		(15		)	9	31,928		(471		)	12	39,616		(486		)
Government agency collateralized mortgage obligations	1	2,194		(2		)	16	60,066		(1,396		)	17	62,260		(1,398		)
Commercial mortgage backed securities:
Government agency mortgage backed securities	0	—		—			2	5,863		(32		)	2	5,863		(32		)
Government agency collateralized mortgage obligations	0	—		—			0	—		—			0	—		—
Trust preferred securities	0	—		—			3	18,930		(6,010		)	3	18,930		(6,010		)
Other debt securities	0	—		—			2	4,186		(42		)	2	4,186		(42		)
Total	4	$	9,882	$	(17	)	33	$	124,921	$	(8,003	)	37	$	134,803	$	(8,020	)
December 31, 2014
Obligations of other U.S. Government agencies and corporations	0	$	—	$	—		1	$	3,881	$	(119	)	1	$	3,881	$	(119	)
Residential mortgage backed securities:
Government agency mortgage backed securities	3	18,924		(39		)	13	49,612		(793		)	16	68,536		(832		)
Government agency collateralized mortgage obligations	6	32,169		(138		)	18	65,552		(2,385		)	24	97,721		(2,523		)
Commercial mortgage backed securities:
Government agency mortgage backed securities	0	—		—			3	10,651		(137		)	3	10,651		(137		)
Government agency collateralized mortgage obligations	0	—		—			0	—		—			0	—		—
Trust preferred securities	0	—		—			3	18,503		(6,781		)	3	18,503		(6,781		)
Other debt securities	0	—		—			2	4,175		(74		)	2	4,175		(74		)
Other equity securities	0	—		—			0	—		—			0	—		—
Total	9	$	51,093	$	(177	)	40	$	152,374	$	(10,289	)	49	$	203,467	$	(10,466	)

Investments in pooled trust preferred securities

The following table provides information regarding the Company’s investments in pooled trust preferred securities at March 31, 2015:

Name	Single/ Pooled	Class/ Tranche	Amortized Cost		Fair Value		Unrealized Loss			Lowest Credit Rating	Issuers Currently in Deferral or Default
XIII	Pooled	B-2	$	1,117	$	1,196	$	79		B3	27	%
XXIII	Pooled	B-2	8,630		6,093		(2,537		)	Baa3	18	%
XXIV	Pooled	B-2	12,076		9,447		(2,629		)	Ca	28	%
XXVI	Pooled	B-2	4,234		3,390		(844		)	B3	24	%
			$	26,057	$	20,126	$	(5,931	)

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:

	2015			2014
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 March 31	$	(3,337	)	$	(3,337	)