Securities (Tables)

6 Months Ended

Jun. 30, 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
June 30, 2015
Obligations of other U.S. Government agencies and corporations	$	125,596	$	19	$	(2,603	)	$	123,012
Obligations of states and political subdivisions	313,474		12,143		(969		)	324,648
	$	439,070	$	12,162	$	(3,572	)	$	447,660
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
June 30, 2015
Obligations of other U.S. Government agencies and corporations	$	6,107	$	142	$	(46	)	$	6,203
Residential mortgage backed securities:
Government agency mortgage backed securities	282,024		3,408		(2,021		)	283,411
Government agency collateralized mortgage obligations	151,403		1,606		(2,498		)	150,511
Commercial mortgage backed securities:
Government agency mortgage backed securities	41,692		1,103		(102		)	42,693
Government agency collateralized mortgage obligations	3,496		169		—			3,665
Trust preferred securities	24,844		—		(5,717		)	19,127
Other debt securities	16,388		445		(52		)	16,781
Other equity securities	2,500		1,329		—			3,829
	$	528,454	$	8,202	$	(10,436	)	$	526,220

	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 June 30, 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	$	12,445	$	12,575	$	—	$	—
Due after one year through five years	84,927		87,020		5,055		5,067
Due after five years through ten years	224,633		226,165		1,052		1,136
Due after ten years	117,065		121,900		24,844		19,127
Residential mortgage backed securities:
Government agency mortgage backed securities	—		—		282,024		283,411
Government agency collateralized mortgage obligations	—		—		151,403		150,511
Commercial mortgage backed securities:
Government agency mortgage backed securities	—		—		41,692		42,693
Government agency collateralized mortgage obligations	—		—		3,496		3,665
Other debt securities	—		—		16,388		16,781
Other equity securities	—		—		2,500		3,829
	$	439,070	$	447,660	$	528,454	$	526,220

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, 2015
Obligations of other U.S. Government agencies and corporations	7	$	25,399	$	(586	)	20	$	91,100	$	(2,017	)	27	$	116,499	$	(2,603	)
Obligations of states and political subdivisions	46	39,717		(781		)	6	3,782		(188		)	52	43,499		(969		)
Total	53	$	65,116	$	(1,367	)	26	$	94,882	$	(2,205	)	79	159,998		$	(3,572	)
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:
June 30, 2015
Obligations of other U.S. Government agencies and corporations	0	$	—	$	—		1	$	3,954	$	(46	)	1	$	3,954	$	(46	)
Residential mortgage backed securities:
Government agency mortgage backed securities	25	102,829		(885		)	9	29,712		(1,136		)	34	132,541		(2,021		)
Government agency collateralized mortgage obligations	5	26,834		(154		)	16	56,483		(2,344		)	21	83,317		(2,498		)
Commercial mortgage backed securities:
Government agency mortgage backed securities	1	4,804		(28		)	2	5,812		(74		)	3	10,616		(102		)
Government agency collateralized mortgage obligations	0	—		—			0	—		—			0	—		—
Trust preferred securities	0	—		—			3	19,127		(5,717		)	3	19,127		(5,717		)
Other debt securities	0	—		—			2	4,040		(52		)	2	4,040		(52		)
Total	31	$	134,467	$	(1,067	)	33	$	119,128	$	(9,369	)	64	$	253,595	$	(10,436	)
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 June 30, 2015:

Name	Single/ Pooled	Class/ Tranche	Amortized Cost		Fair Value		Unrealized Loss			Lowest Credit Rating	Issuers Currently in Deferral or Default
XXIII	Pooled	B-2	$	8,547	$	6,139	$	(2,408	)	Baa3	17	%
XXIV	Pooled	B-2	12,076		9,963		(2,113		)	Caa2	29	%
XXVI	Pooled	B-2	4,221		3,025		(1,196		)	Ba3	24	%
			$	24,844	$	19,127	$	(5,717	)

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 June 30	$	(3,337	)	$	(3,337	)