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Investments (Tables)
 9 Months Ended
Sep. 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 September 30, 2015 and December 31, 2014:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

Amortized Cost

Gross Unrealized Gains

Gross Unrealized Losses

Fair Value

OTTI in AOCI

September 30, 2015

 

 

 

 

 

 

 

 

 

 

Available for Sale:

 

 

 

 

 

 

 

 

 

 

 U.S. government agencies

$
34,096 

$
125 

$
0 

$
34,221 

$
0 

 Residential mortgage-backed agencies

 
14,495 

 
162 

 
163 

 
14,494 

 
0 

 Commercial mortgage-backed agencies

 
45,162 

 
669 

 
26 

 
45,805 

 
0 

 Collateralized mortgage obligations

 
10,172 

 
92 

 
47 

 
10,217 

 
0 

 Obligations of states and political subdivisions

 
48,065 

 
1,081 

 
292 

 
48,854 

 
0 

 Collateralized debt obligations

 
35,636 

 
3,631 

 
7,339 

 
31,928 

 
(60)

Total available for sale

$
187,626 

$
5,760 

$
7,867 

$
185,519 

$
(60)

 

 

 

 

 

 

 

 

 

 

 

Held to Maturity:

 

 

 

 

 

 

 

 

 

 

 U.S. government agencies

$
24,658 

$
784 

$
0 

$
25,442 

$
0 

 Residential mortgage-backed agencies

 
54,869 

 
689 

 
83 

 
55,475 

 
0 

 Commercial mortgage-backed agencies

 
18,148 

 
565 

 
0 

 
18,713 

 
0 

 Collateralized mortgage obligations

 
6,432 

 
0 

 
34 

 
6,398 

 
0 

 Obligations of states and political subdivisions

 
2,625 

 
106 

 
0 

 
2,731 

 
0 

Total held to maturity

$
106,732 

$
2,144 

$
117 

$
108,759 

$
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:

 

 

 

 

 

 

 

 

 

 

Nine months ended

Three months ended

 

September 30,

September 30,

(in thousands)

2015

2014

2015

2014

Proceeds

$
52,672 

$
56,838 

$
28,005 

$
616 

Realized gains

 
373 

 
1,527 

 
217 

 
222 

Realized losses

 
311 

 
434 

 
138 

 
75 

 

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 September 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

September 30, 2015

 

 

 

 

 

 

 

 

Available for Sale:

 

 

 

 

 

 

 

 

 Residential mortgage-backed agencies

$
0 

$
0 

$
8,110 

$
163 

 Commercial mortgage-backed agencies

 
5,733 

 
26 

 
0 

 
0 

 Collateralized mortgage obligations

 
5,560 

 
47 

 
0 

 
0 

 Obligations of states and political subdivisions

 
18,168 

 
151 

 
4,320 

 
141 

 Collateralized debt obligations

 
0 

 
0 

 
22,976 

 
7,339 

Total available for sale

$
29,461 

$
224 

$
35,406 

$
7,643 

 

 

 

 

 

 

 

 

 

Held to Maturity:

 

 

 

 

 

 

 

 

 Residential mortgage-backed agencies

$
7,838 

$
83 

$
0 

$
0 

 Collateralized mortgage obligations

 
6,398 

 
34 

 
0 

 
0 

Total held to maturity

$
14,236 

$
117 

$
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:

 

 

 

 

 

 

 

 

 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 nine- and three-month periods ended September 30, 2015 and 2014:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine months ended September 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

 
(479)

 
(501)

Balance of credit-related OTTI at September 30

$
12,104 

$
12,921 

 

 

 

 

 

 

 

 

Three months ended September 30,

(in thousands)

2015

2014

Balance of credit-related OTTI at July 1

$
12,243 

$
13,091 

Reduction for increases in cash flows expected to be collected

 
(139)

 
(170)

Balance of credit-related OTTI at September 30

$
12,104 

$
12,921 

 

Amortized Cost and Fair Values Classified by Contractual Maturity Date

 

 

 

 

 

 

September 30, 2015

(in thousands)

Amortized Cost

Fair Value

Contractual Maturity

 

 

 

 

Available for sale:

 

 

 

 

Due after one year through five years

$
37,604 

$
37,899 

Due after five years through ten years

 
14,765 

 
15,355 

Due after ten years

 
65,428 

 
61,749 

 

 
117,797 

 
115,003 

 

 

 

 

 

Residential mortgage-backed agencies

$
14,495 

$
14,494 

Commercial mortgage-backed agencies

 
45,162 

 
45,805 

Collateralized mortgage obligations

 
10,172 

 
10,217 

 

$
187,626 

$
185,519 

Held to Maturity:

 

 

 

 

Due after five years through ten years

$
15,571 

$
16,100 

Due after ten years

 
11,712 

 
12,073 

 

 
27,283 

 
28,173 

 

 

 

 

 

Residential mortgage-backed agencies

$
54,869 

$
55,475 

Commercial mortgage-backed agencies

 
18,148 

 
18,713 

Collateralized mortgage obligations

 
6,432 

 
6,398 

 

$
106,732 

$
108,759