SECURITIES (Tables)

3 Months Ended

Mar. 31, 2015

Investments, Debt and Equity Securities [Abstract]

Amortized Cost and Fair Value of Securities Available for Sale and Held for Investment (Table Text Block)

The amortized cost and fair value of securities available for sale and held for investment at March 31, 2015 and December 31, 2014 are summarized as follows:

 

	March 31, 2015
	Gross		Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(Dollars in thousands)	Cost		Gains		Losses		Value
SECURITIES AVAILABLE FOR SALE
U.S. Treasury securities and obligations of U.S. Government Sponsored Entities	$	3,773	$	90	$	0	$	3,863
Mortgage-backed securities of U.S. Government Sponsored Entities		117,961		1,790		(260)		119,491
Collateralized mortgage obligations of U.S. Government Sponsored Entities		334,248		2,086		(3,647)		332,687
Private mortgage backed securities		30,011		50		(221)		29,840
Private collateralized mortgage obligations		94,072		822		(1,007)		93,887
Collateralized loan obligations		127,416		13		(1,053)		126,376
Obligations of state and political subdivisions		23,241		850		(3)		24,088
	$	730,722	$	5,701	$	(6,191)	$	730,232
SECURITIES HELD FOR INVESTMENT
Mortgage-backed securities of U.S. Government Sponsored Entities	$	66,291	$	1,876	$	0	$	68,167
Collateralized mortgage obligations of U.S. Government Sponsored Entities		106,763		1,768		0		108,531
Private collateralized mortgage obligations		8,708		0		(84)		8,624
Collateralized loan obligations		41,299		125		(240)		41,184
	$	223,061	$	3,769	$	(324)	$	226,506

	December 31, 2014
	Gross		Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(Dollars in thousands)	Cost		Gains		Losses		Value
SECURITIES AVAILABLE FOR SALE
U.S. Treasury securities and obligations of U.S. Government Sponsored Entities	$	3,876	$	23	$	0	$	3,899
Mortgage-backed securities of U.S. Government Sponsored Entities		123,981		1,501		(423)		125,059
Collateralized mortgage obligations of U.S. Government Sponsored Entities		352,483		1,075		(6,077)		347,481
Private mortgage backed securities		29,967		291		0		30,258
Private collateralized mortgage obligations		85,175		688		(728)		85,135
Collateralized loan obligations		127,397		0		(2,172)		125,225
Obligations of state and political subdivisions		23,511		810		(3)		24,318
	$	746,390	$	4,388	$	(9,403)	$	741,375
SECURITIES HELD FOR INVESTMENT
Mortgage-backed securities of U.S. Government Sponsored Entities	$	67,535	$	812	$	0	$	68,347
Collateralized mortgage obligations of U.S. Government Sponsored Entities		114,541		695		(280)		114,956
Collateralized loan obligations		25,828		0		(343)		25,485
	$	207,904	$	1,507	$	(623)	$	208,788

Amortized Cost and Fair Value of Securities by Contractual Maturity (Table Text Block)

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 borrowers may have the right to call or repay obligations with or without call or prepayment penalties.

	Held for Investment				Available for Sale
	Amortized		Fair		Amortized		Fair
(Dollars in thousands)	Cost		Value		Cost		Value
Due in less than one year	$	0	$	0	$	0	$	0
Due after one year through five years		4,838		4,750		637		638
Due after five years through ten years		36,461		36,435		8,298		8,464
Due after ten years		0		0		145,494		145,224
		41,299		41,185		154,429		154,326
Mortgage-backed securities of U.S. Government Sponsored Entities		66,291		68,167		117,961		119,491
Collateralized mortgage obligations of U.S. Government Sponsored Entities		106,763		108,530		334,248		332,687
Private mortgage backed securities		0		0		30,011		29,840
Private collateralized mortgage obligations		8,708		8,624		94,072		93,888
	$	223,061	$	226,506	$	730,721	$	730,232

Schedule of Unrealized Loss and Fair Value on Investments (Table Text Block)

The estimated fair value of a security is determined based on market quotations when available or, if not available, by using quoted market prices for similar securities, pricing models or discounted cash flows analyses, using observable market data where available. The tables below indicate the amount of securities with unrealized losses and period of time for which these losses were outstanding at March 31, 2015 and December 31, 2014, respectively.

	March 31, 2015
	Less than 12 months				12 months or longer				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
(Dollars in thousands)	Value		Losses		Value		Losses		Value		Losses
Mortgage-backed securties of U.S. Governement Sponsored Entities	$	50,484	$	(131)	$	9,963	$	(129)	$	60,447	$	(260)
Collateralized mortgage obligations of U.S. Government Sponsored Entities		40,219		(206)		156,937		(3,441)		197,156		(3,647)
Private mortage backed securities		14,336		(221)		0		0		14,336		(221)
Private collaterlized mortgage obligations		47,173		(856)		14,311		(235)		61,484		(1,091)
Collateralized loan obligations		103,128		(868)		24,494		(424)		127,622		(1,292)
Obligations of state and political subdivisions		1,760		(3)		0		0		1,760		(3)
Total temporarily impaired securities	$	257,100	$	(2,285)	$	205,705	$	(4,229)	$	462,805	$	(6,514)

	December 31, 2014
	Less than 12 months				12 months or longer				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
(Dollars in thousands)	Value		Losses		Value		Losses		Value		Losses
U.S. Treasury securities and obligations of U.S. Governement Sponsored Entities	$	100	$	0	$	0	$	0	$	100	$	0
Mortgage-backed securties of U.S. Governement Sponsored Entities		36,890		(153)		21,640		(271)		58,530		(424)
Collateralized mortgage obligations of U.S. Government Sponsored Entities		100,148		(833)		170,400		(5,523)		270,548		(6,356)
Private collaterlized mortgage obligations		61,554		(914)		10,091		(157)		71,645		(1,071)
Collateralized loan obligations		100,714		(1,769)		24,511		(403)		125,225		(2,172)
Obligations of state and political subdivisions		1,734		(3)		0		0		1,734		(3)
Total temporarily impaired securities	$	301,140	$	(3,672)	$	226,642	$	(6,354)	$	527,782	$	(10,026)