XML 27 R12.htm IDEA: XBRL DOCUMENT v3.3.1.900
Investment Securities
 12 Months Ended
Dec. 31, 2015
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, 2015
 
 

 
 

 
 

 
 

U.S. Treasury and Federal agencies securities
 
$
389,457

 
$
1,718

 
$
(1,506
)
 
$
389,669

U.S. States and political subdivisions securities
 
120,441

 
2,692

 
(143
)
 
122,990

Mortgage-backed securities - Federal agencies
 
234,400

 
3,430

 
(1,533
)
 
236,297

Corporate debt securities
 
34,241

 
199

 
(57
)
 
34,383

Foreign government and other securities
 
800

 
10

 
(1
)
 
809

Total debt securities
 
779,339

 
8,049

 
(3,240
)
 
784,148

Marketable equity securities
 
1,893

 
5,906

 
(220
)
 
7,579

Total investment securities available-for-sale
 
$
781,232

 
$
13,955

 
$
(3,460
)
 
$
791,727

December 31, 2014
 
 

 
 

 
 

 
 

U.S. Treasury and Federal agencies securities
 
$
371,878

 
$
3,593

 
$
(1,968
)
 
$
373,503

U.S. States and political subdivisions securities
 
121,510

 
3,392

 
(214
)
 
124,688

Mortgage-backed securities - Federal agencies
 
248,299

 
5,490

 
(781
)
 
253,008

Corporate debt securities
 
31,677

 
281

 
(26
)
 
31,932

Foreign government and other securities
 
800

 
11

 
—

 
811

Total debt securities
 
774,164

 
12,767

 
(2,989
)
 
783,942

Marketable equity securities
 
1,893

 
5,285

 
(2
)
 
7,176

Total investment securities available-for-sale
 
$
776,057

 
$
18,052

 
$
(2,991
)
 
$
791,118


At December 31, 2015, 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 debt securities available-for-sale at December 31, 2015. 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
 
$
83,635

 
$
84,161

Due after one year through five years
 
442,622

 
444,585

Due after five years through ten years
 
18,682

 
19,105

Due after ten years
 
—

 
—

Mortgage-backed securities
 
234,400

 
236,297

Total debt securities available-for-sale
 
$
779,339

 
$
784,148


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)
 
2015
 
2014
 
2013
Gross realized gains
 
$
4

 
$
963

 
$
903

Gross realized losses
 
—

 
—

 
(1,071
)
Net realized gains (losses)
 
$
4

 
$
963

 
$
(168
)

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, 2015
 
 

 
 

 
 

 
 

 
 

 
 

U.S. Treasury and Federal agencies securities
 
$
151,581

 
$
(928
)
 
$
43,372

 
$
(578
)
 
$
194,953

 
$
(1,506
)
U.S. States and political subdivisions securities
 
17,040

 
(79
)
 
3,795

 
(64
)
 
20,835

 
(143
)
Mortgage-backed securities - Federal agencies
 
78,731

 
(777
)
 
20,592

 
(756
)
 
99,323

 
(1,533
)
Corporate debt securities
 
9,340

 
(57
)
 
—

 
—

 
9,340

 
(57
)
Foreign government and other securities
 
99

 
(1
)
 
—

 
—

 
99

 
(1
)
Total debt securities
 
256,791

 
(1,842
)
 
67,759

 
(1,398
)
 
324,550

 
(3,240
)
Marketable equity securities
 
427

 
(218
)
 
3

 
(2
)
 
430

 
(220
)
Total temporarily impaired available-for-sale securities
 
$
257,218

 
$
(2,060
)
 
$
67,762

 
$
(1,400
)
 
$
324,980

 
$
(3,460
)
December 31, 2014
 
 

 
 

 
 

 
 

 
 

 
 

U.S. Treasury and Federal agencies securities
 
$
54,944

 
$
(148
)
 
$
115,195

 
$
(1,820
)
 
$
170,139

 
$
(1,968
)
U.S. States and political subdivisions securities
 
16,805

 
(112
)
 
8,333

 
(102
)
 
25,138

 
(214
)
Mortgage-backed securities - Federal agencies
 
21,754

 
(62
)
 
32,781

 
(719
)
 
54,535

 
(781
)
Corporate debt securities
 
3,072

 
(26
)
 
—

 
—

 
3,072

 
(26
)
Foreign government and other securities
 
—

 
—

 
—

 
—

 
—

 
—

Total debt securities
 
96,575

 
(348
)
 
156,309

 
(2,641
)
 
252,884

 
(2,989
)
Marketable equity securities
 
—

 
—

 
3

 
(2
)
 
3

 
(2
)
Total temporarily impaired available-for-sale securities
 
$
96,575

 
$
(348
)
 
$
156,312

 
$
(2,643
)
 
$
252,887

 
$
(2,991
)

There were no OTTI write-downs in 2015, 2014 or 2013.
At December 31, 2015, 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, 2015 and 2014, investment securities with carrying values of $233.14 million and $231.50 million, respectively, were pledged as collateral for security repurchase agreements and for other purposes.