Securities (Tables)

3 Months Ended

Mar. 31, 2014

Investments, Debt and Equity Securities [Abstract]

Reconciliation of fair value of securities

The following table presents a summary of the amortized cost, gross unrealized holding gains and losses, other-than-temporary impairment recorded in other comprehensive income and fair value of securities available for sale and securities held to maturity for the periods below:

	March 31, 2014												December 31, 2013
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses Other			Other-Than- Temporary Impairment			Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses Other			Other-Than- Temporary Impairment			Fair Value
	(Dollars in thousands)
Available for sale securities
U.S. Government agency securities	$	41,335	$	4	$	(415	)	$	—		$	40,924	$	41,331	$	3	$	(885	)	$	—		$	40,449
Agency mortgage-backed securities	223,304		6,339		(2,878		)	—			226,765		232,742		6,405		(4,556		)	—			234,591
Agency collateralized mortgage obligations	56,277		259		(1,081		)	—			55,455		58,765		490		(1,102		)	—			58,153
State, county, and municipal securities	5,415		36		(1		)	—			5,450		5,439		1		(28		)	—			5,412
Single issuer trust preferred securities issued by banks	2,949		68		—			—			3,017		2,960		14		(22		)	—			2,952
Pooled trust preferred securities issued by banks and insurers	8,044		—		(1,583		)	(1,494		)	4,967		8,083		—		(1,913		)	(2,329		)	3,841
Equity securities	11,182		745		(247		)	—			11,680		10,997		762		(295		)	—			11,464
Total available for sale securities	$	348,506	$	7,451	$	(6,205	)	$	(1,494	)	$	348,258	$	360,317	$	7,675	$	(8,801	)	$	(2,329	)	$	356,862
Held to maturity securities
U.S. Treasury securities	$	1,011	$	42	$	—		$	—		$	1,053	$	1,011	$	31	$	—		$	—		$	1,042
Agency mortgage-backed securities	175,069		2,523		(255		)	—			177,337		155,067		1,917		(1,033		)	—			155,951
Agency collateralized mortgage obligations	192,293		1,627		(5,214		)	—			188,706		187,388		824		(6,176		)	—			182,036
State, county, and municipal securities	678		11		—			—			689		678		7		—			—			685
Single issuer trust preferred securities issued by banks	1,501		25		—			—			1,526		1,503		23		—			—			1,526
Corporate debt securities	5,004		215		—			—			5,219		5,005		210		—			—			5,215
Total held to maturity securities	$	375,556	$	4,443	$	(5,469	)	$	—		$	374,530	$	350,652	$	3,012	$	(7,209	)	$	—		$	346,455
Total	$	724,062	$	11,894	$	(11,674	)	$	(1,494	)	$	722,788	$	710,969	$	10,687	$	(16,010	)	$	(2,329	)	$	703,317

Schedule of contractual maturities of securities

A schedule of the contractual maturities of securities available for sale and securities held to maturity as of March 31, 2014 is presented below:

	Available for Sale				Held to Maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(Dollars in thousands)
Due in one year or less	$	—	$	—	$	255	$	256
Due after one year to five years	36,382		37,193		5,821		6,071
Due after five years to ten years	74,283		72,842		27,163		27,354
Due after ten years	226,659		226,543		342,317		340,849
Total debt securities	$	337,324	$	336,578	$	375,556	$	374,530
Equity securities	$	11,182	$	11,680	$	—	$	—
Total	$	348,506	$	348,258	$	375,556	$	374,530

Schedule of gross unrealized losses and fair value of investments

The following tables show the gross unrealized losses and fair value of the Company’s investments in an unrealized loss position, which the Company has not deemed to be OTTI, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position:

	March 31, 2014
		Less than 12 months					12 months or longer					Total
	# of holdings	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
	(Dollars in thousands)
U.S. Government agency securities	38	$	38,961	$	(415	)	$	—	$	—		$	38,961	$	(415	)
Agency mortgage-backed securities	110	165,251		(2,797		)	6,193		(336		)	171,444		(3,133		)
Agency collateralized mortgage obligations	15	125,217		(4,766		)	21,186		(1,529		)	146,403		(6,295		)
State, county, and municipal securities	1	289		(1		)	—		—			289		(1		)
Pooled trust preferred securities issued by banks and insurers	2	—		—			2,593		(1,583		)	2,593		(1,583		)
Equity securities	16	2,262		(58		)	3,593		(189		)	5,855		(247		)
Total temporarily impaired securities	182	$	331,980	$	(8,037	)	$	33,565	$	(3,637	)	$	365,545	$	(11,674	)

	December 31, 2013
		Less than 12 months					12 months or longer					Total
	# of holdings	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
	(Dollars in thousands)
U.S. government agency securities	39	$	39,950	$	(885	)	$	—	$	—		$	39,950	$	(885	)
Agency mortgage-backed securities	124	202,004		(5,217		)	5,108		(372		)	207,112		(5,589		)
Agency collateralized mortgage obligations	19	183,721		(7,278		)	—		—			183,721		(7,278		)
State, county, and municipal securities	13	3,838		(28		)	—		—			3,838		(28		)
Single issuer trust preferred securities issued by banks and insurers	2	1,341		(22		)	—		—			1,341		(22		)
Pooled trust preferred securities issued by banks and insurers	2	—		—			2,300		(1,913		)	2,300		(1,913		)
Equity securities	22	2,376		(90		)	3,520		(205		)	5,896		(295		)
Total temporarily impaired securities	221	$	433,230	$	(13,520	)	$	10,928	$	(2,490	)	$	444,158	$	(16,010	)

Schedule of Other Than Temorary Impairment [Table Text Block]

The following table shows the total OTTI that the Company recorded for the periods indicated:

	Three Months Ended
	March 31
	2014			2013
	(Dollars in thousands)
Gross change in OTTI recorded on certain investments	$	833		$	281
Portion of OTTI recognized in OCI	(833		)	(281		)
Total credit related OTTI losses recognized in earnings	$	—		$	—

Summary of cumulative credit related component of OTTI

The following table shows the cumulative credit related component of OTTI for the periods indicated:

	Three Months Ended
	March 31
	2014			2013
	(Dollars in thousands)
Balance at beginning of period	$	(9,997	)	$	(10,847	)
Add
Incurred on securities not previously impaired	—			—
Incurred on securities previously impaired	—			—
Less
Securities sold during the period	—			—
Reclassification due to changes in Company’s intent	—			—
Increases in cash flow expected to be collected	—			—
Balance at end of period	$	(9,997	)	$	(10,847	)