XML 82 R11.htm IDEA: XBRL DOCUMENT v2.4.0.8
Investment Securities
 12 Months Ended
Dec. 31, 2013
Investments, Debt and Equity Securities [Abstract]  
Investment Securities
Investment Securities
The following table shows investment securities available-for-sale:
(Dollars in thousands)
 
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair Value
December 31, 2013
 
 

 
 

 
 

 
 

U.S. Treasury and Federal agencies securities
 
$
394,558

 
$
5,008

 
$
(4,527
)
 
$
395,039

U.S. States and political subdivisions securities
 
120,416

 
3,670

 
(847
)
 
123,239

Mortgage-backed securities - Federal agencies
 
273,495

 
5,148

 
(3,563
)
 
275,080

Corporate debt securities
 
30,828

 
241

 
(4
)
 
31,065

Foreign government and other securities
 
700

 
9

 
—

 
709

Total debt securities
 
819,997

 
14,076

 
(8,941
)
 
825,132

Marketable equity securities
 
2,166

 
5,404

 
(2
)
 
7,568

Total investment securities available-for-sale
 
$
822,163

 
$
19,480

 
$
(8,943
)
 
$
832,700

December 31, 2012
 
 

 
 

 
 

 
 

U.S. Treasury and Federal agencies securities
 
$
410,983

 
$
11,353

 
$
(83
)
 
$
422,253

U.S. States and political subdivisions securities
 
100,055

 
5,864

 
(482
)
 
105,437

Mortgage-backed securities - Federal agencies
 
301,136

 
11,296

 
(25
)
 
312,407

Corporate debt securities
 
30,897

 
445

 
(94
)
 
31,248

Foreign government and other securities
 
3,700

 
26

 
—

 
3,726

Total debt securities
 
846,771

 
28,984

 
(684
)
 
875,071

Marketable equity securities
 
2,368

 
3,329

 
(4
)
 
5,693

Total investment securities available-for-sale
 
$
849,139

 
$
32,313

 
$
(688
)
 
$
880,764


At December 31, 2013, the residential mortgage-backed securities held by the Company consisted primarily of GNMA, FNMA and FHLMC pass-through certificates which are guaranteed by those respective agencies of the United States government (Government Sponsored Enterprise, GSEs).
The following table shows the contractual maturities of investments in securities available-for-sale at December 31, 2013. Expected maturities will differ from contractual maturities, because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
(Dollars in thousands)
 
Amortized Cost
 
Fair Value
Due in one year or less
 
$
143,994

 
$
143,373

Due after one year through five years
 
340,277

 
345,292

Due after five years through ten years
 
62,231

 
61,387

Due after ten years
 
—

 
—

Mortgage-backed securities
 
273,495

 
275,080

Total debt securities available-for-sale
 
$
819,997

 
$
825,132


The following table shows the gross realized gains and losses on sale of securities from the securities available-for-sale portfolio, including marketable equity securities.
(Dollars in thousands)
 
2013
 
2012
 
2011
Gross realized gains
 
$
903

 
$
282

 
$
1,662

Gross realized losses
 
(1,071
)
 
—

 
(284
)
Net realized (losses) gains
 
$
(168
)
 
$
282

 
$
1,378


The following table summarizes gross unrealized losses and fair value by investment category and age.
 
 
Less than 12 Months
 
12 months or Longer
 
Total
(Dollars in thousands) 
 
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
December 31, 2013
 
 

 
 

 
 

 
 

 
 

 
 

U.S. Treasury and Federal agencies securities
 
$
153,868

 
$
(4,404
)
 
$
15,085

 
$
(123
)
 
$
168,953

 
$
(4,527
)
U.S. States and political subdivisions securities
 
37,115

 
(814
)
 
1,419

 
(33
)
 
38,534

 
(847
)
Mortgage-backed securities - Federal agencies
 
99,488

 
(3,099
)
 
5,352

 
(464
)
 
104,840

 
(3,563
)
Corporate debt securities
 
6,332

 
(4
)
 
—

 
—

 
6,332

 
(4
)
Foreign government and other securities
 
—

 
—

 
—

 
—

 
—

 
—

Total debt securities
 
296,803

 
(8,321
)
 
21,856

 
(620
)
 
318,659

 
(8,941
)
Marketable equity securities
 
—

 
—

 
4

 
(2
)
 
4

 
(2
)
Total temporarily impaired available-for-sale securities
 
$
296,803

 
$
(8,321
)
 
$
21,860

 
$
(622
)
 
$
318,663

 
$
(8,943
)
December 31, 2012
 
 

 
 

 
 

 
 

 
 

 
 

U.S. Treasury and Federal agencies securities
 
$
37,316

 
$
(83
)
 
$
—

 
$
—

 
$
37,316

 
$
(83
)
U.S. States and political subdivisions securities
 
7,730

 
(46
)
 
3,364

 
(436
)
 
11,094

 
(482
)
Mortgage-backed securities - Federal agencies
 
6,264

 
(24
)
 
60

 
(1
)
 
6,324

 
(25
)
Corporate debt securities
 
—

 
—

 
4,431

 
(94
)
 
4,431

 
(94
)
Foreign government and other securities
 
100

 
—

 
—

 
—

 
100

 
—

Total debt securities
 
51,410

 
(153
)
 
7,855

 
(531
)
 
59,265

 
(684
)
Marketable equity securities
 
—

 
—

 
5

 
(4
)
 
5

 
(4
)
Total temporarily impaired available-for-sale securities
 
$
51,410

 
$
(153
)
 
$
7,860

 
$
(535
)
 
$
59,270

 
$
(688
)

There were no other-than-temporary-impairment (OTTI) write-downs in 2013, 2012 or 2011.
At December 31, 2013, the Company does not have the intent to sell any of the available-for-sale securities in the table above and believes that it is more likely than not that it will not have to sell any such securities before an anticipated recovery of cost. The unrealized losses on debt securities are due to market volatility. The fair value is expected to recover on all debt securities as they approach their maturity date or repricing date or if market yields for such investments decline. The Company does not believe any of the securities are impaired due to reasons of credit quality.
At December 31, 2013 and 2012, investment securities with carrying values of $237.42 million and $216.34 million, respectively, were pledged as collateral for security repurchase agreements and for other purposes.