Securities (Tables)

3 Months Ended

Mar. 31, 2015

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, 2015									December 31, 2014
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(Dollars in thousands)
Available for sale securities
U.S. government agency securities	$	45,848	$	656	$	—		$	46,504	$	41,369	$	139	$	(22	)	$	41,486
Agency mortgage-backed securities	246,148		8,098		(157		)	254,089		211,168		7,203		(693		)	217,678
Agency collateralized mortgage obligations	59,896		836		(444		)	60,288		63,059		599		(623		)	63,035
State, county, and municipal securities	4,837		140		—			4,977		5,106		117		—			5,223
Single issuer trust preferred securities issued by banks	2,901		19		(10		)	2,910		2,913		12		(16		)	2,909
Pooled trust preferred securities issued by banks and insurers (1)	7,862		179		(1,769		)	6,272		7,906		195		(1,780		)	6,321
Equity securities	11,544		674		(220		)	11,998		11,572		567		(237		)	11,902
Total available for sale securities	$	379,036	$	10,602	$	(2,600	)	$	387,038	$	343,093	$	8,832	$	(3,371	)	$	348,554
Held to maturity securities
U.S. Treasury securities	$	1,010	$	79	$	—		$	1,089	$	1,010	$	63	$	—		$	1,073
Agency mortgage-backed securities	164,830		6,049		—			170,879		159,522		5,422		—			164,944
Agency collateralized mortgage obligations	221,979		3,125		(1,787		)	223,317		207,995		2,141		(3,478		)	206,658
State, county, and municipal securities	424		5		—			429		424		4		—			428
Single issuer trust preferred securities issued by banks	1,500		8		—			1,508		1,500		—		(23		)	1,477
Corporate debt securities	5,002		98		—			5,100		5,002		117		—			5,119
Total held to maturity securities	$	394,745	$	9,364	$	(1,787	)	$	402,322	$	375,453	$	7,747	$	(3,501	)	$	379,699
Total	$	773,781	$	19,966	$	(4,387	)	$	789,360	$	718,546	$	16,579	$	(6,872	)	$	728,253

(1)    Gross unrealized gains and gross unrealized losses include $146,000 and $230,000 of net non-credit related OTTI at March 31, 2015 and December 31, 2014, respectively.

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, 2015 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	$	—	$	—	$	5,202	$	5,300
Due after one year to five years	54,992		55,912		408		423
Due after five to ten years	95,080		96,837		30,927		31,804
Due after ten years	217,420		222,291		358,208		364,795
Total debt securities	$	367,492	$	375,040	$	394,745	$	402,322
Equity securities	$	11,544	$	11,998	$	—	$	—
Total	$	379,036	$	387,038	$	394,745	$	402,322

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, 2015
		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)
Agency mortgage-backed securities	12	$	7,375	$	(40	)	$	4,718	$	(117	)	$	12,093	$	(157	)
Agency collateralized mortgage obligations	12	7,682		(4		)	93,437		(2,227		)	101,119		(2,231		)
Single issuer trust preferred securities issued by banks and insurers	1	1,076		(10		)	—		—			1,076		(10		)
Pooled trust preferred securities issued by banks and insurers	2	—		—			2,549		(1,444		)	2,549		(1,444		)
Equity securities	20	1,265		(77		)	4,092		(143		)	5,357		(220		)
Total temporarily impaired securities	47	$	17,398	$	(131	)	$	104,796	$	(3,931	)	$	122,194	$	(4,062	)

	December 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	22	$	21,950	$	(22	)	$	—	$	—		$	21,950	$	(22	)
Agency mortgage-backed securities	17	3,471		(1		)	42,222		(692		)	45,693		(693		)
Agency collateralized mortgage obligations	14	35,083		(331		)	94,974		(3,770		)	130,057		(4,101		)
Single issuer trust preferred securities issued by banks and insurers	2	2,553		(39		)	—		—			2,553		(39		)
Pooled trust preferred securities issued by banks and insurers	2	—		—			2,681		(1,356		)	2,681		(1,356		)
Equity securities	23	1,480		(74		)	4,072		(163		)	5,552		(237		)
Total temporarily impaired securities	80	$	64,537	$	(467	)	$	143,949	$	(5,981	)	$	208,486	$	(6,448	)

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
	2015			2014
	(Dollars in thousands)
Gross change in OTTI recorded on certain investments	$	84		$	833
Portion of OTTI recognized in OCI	(84		)	(833		)
Total credit related OTTI 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
	2015			2014
	(Dollars in thousands)
Balance at beginning of period	$	(9,997	)	$	(9,997	)
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	)	$	(9,997	)