Securities (Tables)

9 Months Ended

Sep. 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
September 30, 2015
Obligations of other U.S. Government agencies and corporations	$	120,602	$	32	$	(883	)	$	119,751
Obligations of states and political subdivisions	356,150		14,742		(410		)	370,482
	$	476,752	$	14,774	$	(1,293	)	$	490,233
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
September 30, 2015
Obligations of other U.S. Government agencies and corporations	$	6,100	$	150	$	(2	)	$	6,248
Residential mortgage backed securities:
Government agency mortgage backed securities	362,702		5,740		(892		)	367,550
Government agency collateralized mortgage obligations	178,546		2,422		(1,542		)	179,426
Commercial mortgage backed securities:
Government agency mortgage backed securities	59,544		1,623		(14		)	61,153
Government agency collateralized mortgage obligations	5,211		237		—			5,448
Trust preferred securities	24,807		—		(5,917		)	18,890
Other debt securities	19,607		548		(20		)	20,135
Other equity securities	2,500		1,451		—			3,951
	$	659,017	$	12,171	$	(8,387	)	$	662,801

	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

Schedule of realized gains

Gross realized gains on sales of securities available for sale for the three and nine months ended September 30, 2015 and 2014 were as follows:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2015		2014		2015		2014
Gross gains on sales of securities available for sale	$	—	$	375	$	96	$	375
Gross losses on sales of securities available for sale	—		—		—		—
Gain on sales of securities available for sale, net	$	—	$	375	$	96	$	375

Amortized cost and fair value of securities by contractual maturity

The amortized cost and fair value of securities at September 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	$	15,035	$	15,227	$	—	$	—
Due after one year through five years	86,835		89,467		6,100		6,248
Due after five years through ten years	237,759		242,027		—		—
Due after ten years	137,123		143,512		24,807		18,890
Residential mortgage backed securities:
Government agency mortgage backed securities	—		—		362,702		367,550
Government agency collateralized mortgage obligations	—		—		178,546		179,426
Commercial mortgage backed securities:
Government agency mortgage backed securities	—		—		59,544		61,153
Government agency collateralized mortgage obligations	—		—		5,211		5,448
Other debt securities	—		—		19,607		20,135
Other equity securities	—		—		2,500		3,951
	$	476,752	$	490,233	$	659,017	$	662,801

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, 2015
Obligations of other U.S. Government agencies and corporations	11	$	45,255	$	(230	)	12	$	55,050	$	(653	)	23	$	100,305	$	(883	)
Obligations of states and political subdivisions	35	26,941		(305		)	6	3,861		(105		)	41	30,802		(410		)
Total	46	$	72,196	$	(535	)	18	$	58,911	$	(758	)	64	131,107		$	(1,293	)
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:
September 30, 2015
Obligations of other U.S. Government agencies and corporations	1	$	3,998	$	(2	)	0	$	—	$	—		1	$	3,998	$	(2	)
Residential mortgage backed securities:
Government agency mortgage backed securities	14	51,459		(184		)	9	28,867		(708		)	23	80,326		(892		)
Government agency collateralized mortgage obligations	3	6,995		(35		)	16	54,514		(1,507		)	19	61,509		(1,542		)
Commercial mortgage backed securities:
Government agency mortgage backed securities	2	1,144		(11		)	1	820		(3		)	3	1,964		(14		)
Government agency collateralized mortgage obligations	0	—		—			0	—		—			0	—		—
Trust preferred securities	0	—		—			3	18,890		(5,917		)	3	18,890		(5,917		)
Other debt securities	0	—		—			2	4,051		(20		)	2	4,051		(20		)
Total	20	$	63,596	$	(232	)	31	$	107,142	$	(8,155	)	51	$	170,738	$	(8,387	)
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 September 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	$	8,510	$	5,882	$	(2,628	)	Baa3	18	%
XXIV	Pooled	B-2	12,076		9,963		(2,113		)	Caa2	31	%
XXVI	Pooled	B-2	4,221		3,045		(1,176		)	Ba3	26	%
			$	24,807	$	18,890	$	(5,917	)

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