Securities (Tables)

3 Months Ended

Mar. 31, 2016

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, 2016
Obligations of other U.S. Government agencies and corporations	$	93,498	$	58	$	(505	)	$	93,051
Obligations of states and political subdivisions	354,878		18,150		(19		)	373,009
	$	448,376	$	18,208	$	(524	)	$	466,060
December 31, 2015
Obligations of other U.S. Government agencies and corporations	$	101,155	$	26	$	(1,214	)	$	99,967
Obligations of states and political subdivisions	357,245		16,636		(95		)	373,786
	$	458,400	$	16,662	$	(1,309	)	$	473,753

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, 2016
Obligations of other U.S. Government agencies and corporations	$	6,087	$	140	$	(10	)	$	6,217
Residential mortgage backed securities:
Government agency mortgage backed securities	357,942		5,703		(573		)	363,072
Government agency collateralized mortgage obligations	179,764		2,205		(1,061		)	180,908
Commercial mortgage backed securities:
Government agency mortgage backed securities	55,574		1,596		(35		)	57,135
Government agency collateralized mortgage obligations	4,839		209		—			5,048
Trust preferred securities	24,732		—		(5,785		)	18,947
Other debt securities	17,873		575		(22		)	18,426
Other equity securities	2,426		1,265		—			3,691
	$	649,237	$	11,693	$	(7,486	)	$	653,444

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
December 31, 2015
Obligations of other U.S. Government agencies and corporations	$	6,093	$	126	$	(19	)	$	6,200
Residential mortgage backed securities:
Government agency mortgage backed securities	362,669		3,649		(1,778		)	364,540
Government agency collateralized mortgage obligations	168,916		1,449		(2,305		)	168,060
Commercial mortgage backed securities:
Government agency mortgage backed securities	58,864		1,002		(107		)	59,759
Government agency collateralized mortgage obligations	4,947		158		(1		)	5,104
Trust preferred securities	24,770		—		(5,301		)	19,469
Other debt securities	18,899		468		(34		)	19,333
Other equity securities	2,500		1,840		—			4,340
	$	647,658	$	8,692	$	(9,545	)	$	646,805

Schedule of realized gains

Gross realized gains on sales of securities available for sale for the three months ended March 31, 2016 and 2015 were as follows:

	Three Months Ended
	March 31,
	2016			2015
Gross gains on sales of securities available for sale	$	—		$	—
Gross losses on sales of securities available for sale	(71		)	—
Loss on sales of securities available for sale, net	$	(71	)	$	—

Amortized cost and fair value of securities by contractual maturity

The amortized cost and fair value of securities at March 31, 2016 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	$	19,610	$	19,780	$	—	$	—
Due after one year through five years	106,455		109,612		6,087		6,217
Due after five years through ten years	199,168		206,350		—		—
Due after ten years	123,143		130,318		24,732		18,947
Residential mortgage backed securities:
Government agency mortgage backed securities	—		—		357,942		363,072
Government agency collateralized mortgage obligations	—		—		179,764		180,908
Commercial mortgage backed securities:
Government agency mortgage backed securities	—		—		55,574		57,135
Government agency collateralized mortgage obligations	—		—		4,839		5,048
Other debt securities	—		—		17,873		18,426
Other equity securities	—		—		2,426		3,691
	$	448,376	$	466,060	$	649,237	$	653,444

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, 2016
Obligations of other U.S. Government agencies and corporations	10	$	40,832	$	(264	)	5	$	24,745	$	(241	)	15	$	65,577	$	(505	)
Obligations of states and political subdivisions	9	8,604		(17		)	2	822		(2		)	11	9,426		(19		)
Total	19	$	49,436	$	(281	)	7	$	25,567	$	(243	)	26	75,003		$	(524	)
December 31, 2015
Obligations of other U.S. Government agencies and corporations	10	$	31,567	$	(414	)	8	$	38,688	$	(800	)	18	$	70,255	$	(1,214	)
Obligations of states and political subdivisions	6	4,815		(53		)	7	4,921		(42		)	13	9,736		(95		)
Total	16	$	36,382	$	(467	)	15	$	43,609	$	(842	)	31	$	79,991	$	(1,309	)
Available for Sale:
March 31, 2016
Obligations of other U.S. Government agencies and corporations	1	$	3,990	$	(10	)	0	$	—	$	—		1	$	3,990	$	(10	)
Residential mortgage backed securities:
Government agency mortgage backed securities	10	31,374		(136		)	7	19,176		(437		)	17	50,550		(573		)
Government agency collateralized mortgage obligations	11	34,635		(115		)	13	39,797		(946		)	24	74,432		(1,061		)
Commercial mortgage backed securities:
Government agency mortgage backed securities	4	6,874		(33		)	1	808		(2		)	5	7,682		(35		)
Government agency collateralized mortgage obligations	0	—		—			0	—		—			0	—		—
Trust preferred securities	0	—		—			3	18,946		(5,785		)	3	18,946		(5,785		)
Other debt securities	2	3,637		(13		)	1	1,398		(9		)	3	5,035		(22		)
Total	28	$	80,510	$	(307	)	25	$	80,125	$	(7,179	)	53	$	160,635	$	(7,486	)
December 31, 2015
Obligations of other U.S. Government agencies and corporations	1	$	3,981	$	(19	)	0	$	—	$	—		1	$	3,981	$	(19	)
Residential mortgage backed securities:
Government agency mortgage backed securities	34	130,306		(937		)	9	27,431		(841		)	43	157,737		(1,778		)
Government agency collateralized mortgage obligations	25	52,128		(347		)	16	51,574		(1,958		)	41	103,702		(2,305		)
Commercial mortgage backed securities:
Government agency mortgage backed securities	8	16,782		(104		)	1	814		(3		)	9	17,596		(107		)
Government agency collateralized mortgage obligations	1	1,882		(1		)	0	—		—			1	1,882		(1		)
Trust preferred securities	0	—		—			3	19,469		(5,301		)	3	19,469		(5,301		)
Other debt securities	1	1,316		(3		)	2	3,866		(31		)	3	5,182		(34		)
Other equity securities	0	—		—			0	—		—			0	—		—
Total	70	$	206,395	$	(1,411	)	31	$	103,154	$	(8,134	)	101	$	309,549	$	(9,545	)

Investments in pooled trust preferred securities

The following table provides information regarding the Company’s investments in pooled trust preferred securities at March 31, 2016:

Name	Single/ Pooled	Class/ Tranche	Amortized Cost		Fair Value		Unrealized Loss			Lowest Credit Rating	Issuers Currently in Deferral or Default
XXIII	Pooled	B-2	$	8,434	$	5,743	$	(2,691	)	Baa3	19	%
XXIV	Pooled	B-2	12,077		10,193		(1,884		)	Caa2	28	%
XXVI	Pooled	B-2	4,221		3,011		(1,210		)	Ba3	25	%
			$	24,732	$	18,947	$	(5,785	)

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:

	2016			2015
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	)