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Investments (Tables)
 6 Months Ended
Jun. 30, 2015
Investments [Abstract]  
Unrealized Gain (Loss) on Investments

 

The following table shows a comparison of amortized cost and fair values of investment securities at June 30, 2015 and December 31, 2014:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

Amortized Cost

Gross Unrealized Gains

Gross Unrealized Losses

Fair Value

OTTI in AOCI

June 30, 2015

 

 

 

 

 

 

 

 

 

 

Available for Sale:

 

 

 

 

 

 

 

 

 

 

 U.S. treasuries

$
10,059 

$
16 

$
0 

$
10,075 

$
0 

 U.S. government agencies

 
44,056 

 
182 

 
143 

 
44,095 

 
0 

 Residential mortgage-backed agencies

 
20,073 

 
158 

 
268 

 
19,963 

 
0 

 Commercial mortgage-backed agencies

 
42,795 

 
171 

 
100 

 
42,866 

 
0 

 Collateralized mortgage obligations

 
13,170 

 
100 

 
91 

 
13,179 

 
0 

 Obligations of states and political subdivisions

 
44,343 

 
1,103 

 
444 

 
45,002 

 
0 

 Collateralized debt obligations

 
35,563 

 
3,298 

 
8,815 

 
30,046 

 
1,460 

Total available for sale

$
210,059 

$
5,028 

$
9,861 

$
205,226 

$
1,460 

 

 

 

 

 

 

 

 

 

 

 

Held to Maturity:

 

 

 

 

 

 

 

 

 

 

 U.S. government agencies

$
24,611 

$
306 

$
33 

$
24,884 

$
0 

 Residential mortgage-backed agencies

 
55,616 

 
195 

 
121 

 
55,690 

 
0 

 Commercial mortgage-backed agencies

 
18,215 

 
287 

 
0 

 
18,502 

 
0 

 Collateralized mortgage obligations

 
6,749 

 
0 

 
140 

 
6,609 

 
0 

 Obligations of states and political subdivisions

 
2,625 

 
107 

 
0 

 
2,732 

 
0 

Total held to maturity

$
107,816 

$
895 

$
294 

$
108,417 

$
0 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2014

 

 

 

 

 

 

 

 

 

 

Available for Sale:

 

 

 

 

 

 

 

 

 

 

 U.S. treasuries

$
29,607 

$
0 

$
11 

$
29,596 

$
0 

 U.S. government agencies

 
39,077 

 
117 

 
253 

 
38,941 

 
0 

 Residential mortgage-backed agencies

 
45,175 

 
510 

 
412 

 
45,273 

 
0 

 Commercial mortgage-backed agencies

 
26,007 

 
53 

 
103 

 
25,957 

 
0 

 Collateralized mortgage obligations

 
8,611 

 
96 

 
0 

 
8,707 

 
0 

 Obligations of states and political subdivisions

 
46,151 

 
1,413 

 
260 

 
47,304 

 
0 

 Collateralized debt obligations

 
37,117 

 
1,155 

 
12,933 

 
25,339 

 
6,143 

Total available for sale

$
231,745 

$
3,344 

$
13,972 

$
221,117 

$
6,143 

Held to Maturity:

 

 

 

 

 

 

 

 

 

 

 U.S. government agencies

$
24,520 

$
514 

$
0 

$
25,034 

$
0 

 Residential mortgage-backed agencies

 
58,400 

 
613 

 
5 

 
59,008 

 
0 

 Commercial mortgage-backed agencies

 
16,425 

 
312 

 
0 

 
16,737 

 
0 

 Collateralized mortgage obligations

 
7,379 

 
5 

 
0 

 
7,384 

 
0 

 Obligations of states and political subdivisions

 
2,725 

 
0 

 
117 

 
2,608 

 
0 

Total held to maturity

$
109,449 

$
1,444 

$
122 

$
110,771 

$
0 

 

Proceeds from Sales and Realized Gain and Losses

Proceeds from sales of available for sale securities and the realized gains and losses are as follows:

 

 

 

 

 

 

 

 

 

 

Six months ended

Three months ended

 

June 30,

June 30,

(in thousands)

2015

2014

2015

2014

Proceeds

$
24,667 

$
56,222 

$
9,578 

$
47,637 

Realized gains

 
156 

 
1,305 

 
140 

 
1,210 

Realized losses

 
173 

 
359 

 
60 

 
196 

 

Gross Unrealized Losses and Fair Values of Securities

The following table shows the Corporation’s investment securities with gross unrealized losses and fair values at June 30, 2015 and December 31, 2014, aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position:

 

 

 

 

 

 

 

 

 

 

 

  Less than 12 months

12 months or more

(in thousands)

Fair Value

Unrealized Losses

Fair Value

Unrealized Losses

June 30, 2015

 

 

 

 

 

 

 

 

Available for Sale:

 

 

 

 

 

 

 

 

 U.S. treasuries

$
0 

$
0 

$
0 

$
0 

 U.S. government agencies

 
13,963 

 
102 

 
9,959 

 
41 

 Residential mortgage-backed agencies

 
0 

 
0 

 
8,437 

 
268 

 Commercial mortgage-backed agencies

 
23,311 

 
100 

 
0 

 
0 

 Collateralized mortgage obligations

 
5,701 

 
91 

 
0 

 
0 

 Obligations of states and political subdivisions

 
14,531 

 
290 

 
4,860 

 
154 

 Collateralized debt obligations

 
0 

 
0 

 
22,641 

 
8,815 

Total available for sale

$
57,506 

$
583 

$
45,897 

$
9,278 

 

 

 

 

 

 

 

 

 

Held to Maturity:

 

 

 

 

 

 

 

 

 U.S. government agencies

$
6,985 

$
33 

$
0 

$
0 

 Residential mortgage-backed agencies

 
23,233 

 
121 

 
0 

 
0 

 Collateralized mortgage obligations

 
6,609 

 
140 

 
0 

 
0 

Total held to maturity

$
36,827 

$
294 

$
0 

$
0 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2014

 

 

 

 

 

 

 

 

Available for Sale:

 

 

 

 

 

 

 

 

 U.S. treasuries

$
27,096 

$
11 

$
0 

$
0 

 U.S. government agencies

 
0 

$
0 

$
18,819 

$
253 

 Residential mortgage-backed agencies

 
0 

 
0 

 
17,918 

 
412 

 Commercial mortgage-backed agencies

 
12,298 

 
97 

 
973 

 
6 

 Obligations of states and political subdivisions

 
0 

 
0 

 
8,981 

 
260 

 Collateralized debt obligations

 
0 

 
0 

 
20,290 

 
12,933 

Total available for sale

$
39,394 

$
108 

$
66,981 

$
13,864 

Held to Maturity:

 

 

 

 

 

 

 

 

 U.S. government agencies

$
0 

$
0 

$
0 

$
0 

 Residential mortgage-backed agencies

 
3,850 

 
5 

 
0 

 
0 

 Obligations of states and political subdivisions

 
0 

 
0 

 
2,608 

 
117 

Total held to maturity

$
3,850 

$
5 

$
2,608 

$
117 

 

Non-Cash OTTI Credit Losses Recognized in Earnings

 

The following tables present a cumulative roll-forward of the amount of non-cash OTTI charges related to credit losses which have been recognized in earnings for the trust preferred securities in the CDO portfolio held and not intended to be sold for the six- and three-month periods ended June 30, 2015 and 2014:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six months ended June 30,

(in thousands)

2015

2014

Balance of credit-related OTTI at January 1

$
12,583 

$
13,422 

Reduction for increases in cash flows expected to be collected

 
(340)

 
(331)

Balance of credit-related OTTI at June 30

$
12,243 

$
13,091 

 

 

 

 

 

 

 

 

Three months ended June 30,

(in thousands)

2015

2014

Balance of credit-related OTTI at April 1

$
12,416 

$
13,262 

Reduction for increases in cash flows expected to be collected

 
(173)

 
(171)

Balance of credit-related OTTI at June 30

$
12,243 

$
13,091 

 

Amortized Cost and Fair Values Classified by Contractual Maturity Date

 

 

 

 

 

 

June 30, 2015

(in thousands)

Amortized Cost

Fair Value

Contractual Maturity

 

 

 

 

Available for sale:

 

 

 

 

Due in one year or less

$
0 

$
0 

Due after one year through five years

 
53,470 

 
53,689 

Due after five years through ten years

 
20,615 

 
21,236 

Due after ten years

 
59,936 

 
54,293 

 

 
134,021 

 
129,218 

 

 

 

 

 

Residential mortgage-backed agencies

 
20,073 

 
19,963 

Commercial mortgage-backed agencies

 
42,795 

 
42,866 

Collateralized mortgage obligations

 
13,170 

 
13,179 

 

$
210,059 

$
205,226 

Held to Maturity:

 

 

 

 

Due after five years through ten years

$
15,538 

$
15,799 

Due after ten years

 
11,698 

 
11,817 

 

 
27,236 

 
27,616 

 

 

 

 

 

Residential mortgage-backed agencies

 
55,616 

 
55,690 

Commercial mortgage-backed agencies

 
18,215 

 
18,502 

Collateralized mortgage obligations

 
6,749 

 
6,609 

 

$
107,816 

$
108,417