XML 78 R36.htm IDEA: XBRL DOCUMENT v2.4.1.9
Investments (Tables)
 12 Months Ended
Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract]  
Schedule of Available-for-sale and Held-to-Maturity Securities Reconciliation
The following table presents the amortized cost, gross unrealized gains and losses and fair value of securities available for sale and held to maturity:
 
 
December 31, 2014
(in thousands)
Amortized Cost
 
Gross
Unrealized Gains
 
Gross
Unrealized Losses
 
Fair Value
Available for sale securities:
 
 
 
 
 
 
 
    Obligations of U.S. Government-sponsored enterprises
$
91,355

 
$
624

 
$
(153
)
 
$
91,826

    Obligations of states and political subdivisions
33,997

 
1,300

 
(416
)
 
34,881

    Agency mortgage-backed securities
271,430

 
3,577

 
(1,568
)
 
273,439

          Total securities available for sale
$
396,782

 
$
5,501

 
$
(2,137
)
 
$
400,146

 
 
 
 
 
 
 
 
Held to maturity securities:
 
 
 
 
 
 
 
    Obligations of states and political subdivisions
$
14,900

 
—

 
(325
)
 
$
14,575

    Agency mortgage-backed securities
31,085

 
150

 
(15
)
 
31,220

          Total securities held to maturity
$
45,985

 
$
150

 
$
(340
)
 
$
45,795

 
 
 
 
 
 
 
 
 
December 31, 2013
(in thousands)
Amortized Cost
 
Gross
Unrealized Gains
 
Gross
Unrealized Losses
 
Fair Value
Available for sale securities:
 
 
 
 
 
 
 
    Obligations of U.S. Government-sponsored enterprises
$
93,218

 
$
700

 
$
(388
)
 
$
93,530

    Obligations of states and political subdivisions
49,721

 
983

 
(1,761
)
 
48,943

    Agency mortgage-backed securities
298,623

 
2,675

 
(9,184
)
 
292,114

 
$
441,562

 
$
4,358

 
$
(11,333
)
 
$
434,587
Schedule of Available-for-sale and Held-to-Maturity Securities Reconciliation
The following table presents the amortized cost, gross unrealized gains and losses and fair value of securities available for sale and held to maturity:
 
 
December 31, 2014
(in thousands)
Amortized Cost
 
Gross
Unrealized Gains
 
Gross
Unrealized Losses
 
Fair Value
Available for sale securities:
 
 
 
 
 
 
 
    Obligations of U.S. Government-sponsored enterprises
$
91,355

 
$
624

 
$
(153
)
 
$
91,826

    Obligations of states and political subdivisions
33,997

 
1,300

 
(416
)
 
34,881

    Agency mortgage-backed securities
271,430

 
3,577

 
(1,568
)
 
273,439

          Total securities available for sale
$
396,782

 
$
5,501

 
$
(2,137
)
 
$
400,146

 
 
 
 
 
 
 
 
Held to maturity securities:
 
 
 
 
 
 
 
    Obligations of states and political subdivisions
$
14,900

 
—

 
(325
)
 
$
14,575

    Agency mortgage-backed securities
31,085

 
150

 
(15
)
 
31,220

          Total securities held to maturity
$
45,985

 
$
150

 
$
(340
)
 
$
45,795

 
 
 
 
 
 
 
 
 
December 31, 2013
(in thousands)
Amortized Cost
 
Gross
Unrealized Gains
 
Gross
Unrealized Losses
 
Fair Value
Available for sale securities:
 
 
 
 
 
 
 
    Obligations of U.S. Government-sponsored enterprises
$
93,218

 
$
700

 
$
(388
)
 
$
93,530

    Obligations of states and political subdivisions
49,721

 
983

 
(1,761
)
 
48,943

    Agency mortgage-backed securities
298,623

 
2,675

 
(9,184
)
 
292,114

 
$
441,562

 
$
4,358

 
$
(11,333
)
 
$
434,587
Investments Classified by Contractual Maturity Date
The amortized cost and estimated fair value of debt securities at December 31, 2014, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The weighted average life of the mortgage-backed securities is approximately 4 years.
 
 
Available for sale
 
Held to maturity
(in thousands)
Amortized Cost
 
Estimated Fair Value
 
Amortized Cost
 
Estimated Fair Value
Due in one year or less
$
3,824

 
$
3,876

 
$
—

 
$
—

Due after one year through five years
107,834

 
108,889

 
663

 
661

Due after five years through ten years
10,794

 
11,323

 
10,830

 
10,604

Due after ten years
2,900

 
2,620

 
3,407

 
3,311

Mortgage-backed securities
271,430

 
273,438

 
31,085

 
31,219

 
$
396,782

 
$
400,146

 
$
45,985

 
$
45,795
Schedule of Unrealized Loss on Investments
The following table represents a summary of investment securities that had an unrealized loss:
 
 
December 31, 2014
Less than 12 months
 
12 months or more
 
Total
(in thousands)
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
Obligations of U.S. Government-sponsored enterprises
$
5,399

 
$
(10
)
 
$
24,852

 
$
(143
)
 
$
30,251

 
$
(153
)
Obligations of states and political subdivisions
16,827

 
(343
)
 
5,349

 
(398
)
 
22,176

 
(741
)
Agency mortgage-backed securities
26,367

 
(56
)
 
97,054

 
(1,527
)
 
123,421

 
(1,583
)
 
$
48,593

 
$
(409
)
 
$
127,255

 
$
(2,068
)
 
$
175,848

 
$
(2,477
)
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2013
Less than 12 months
 
12 months or more
 
Total
(in thousands)
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
Obligations of U.S. Government-sponsored enterprises
$
30,221

 
$
(388
)
 
$
—

 
$
—

 
$
30,221

 
$
(388
)
Obligations of states and political subdivisions
17,141

 
(952
)
 
7,168

 
(809
)
 
24,309

 
(1,761
)
Agency mortgage-backed securities
159,999

 
(7,338
)
 
21,437

 
(1,846
)
 
181,436

 
(9,184
)
 
$
207,361

 
$
(8,678
)
 
$
28,605

 
$
(2,655
)
 
$
235,966

 
$
(11,333
)
Schedule of Realized Gain (Loss)
The gross gains and gross losses realized from sales of available for sale investment securities were as follows:
 
 
December 31,
(in thousands)
2014
 
2013
 
2012
Gross gains realized
$
—

 
$
1,477

 
$
1,399

Gross losses realized
—

 
(182
)
 
(243
)
Proceeds from sales
—

 
159,604

 
110,876