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Securities (Tables)
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6 Months Ended |
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Jun. 30, 2013
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| Securities [Abstract] |
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| Amortized cost and fair value of securities |
The amortized cost and fair value of securities at June 30, 2013 are summarized as follows:
Available-for-Sale
(in thousands) | | Amortized Cost | | | Gross Unrealized Gains | | | Gross Unrealized Losses | | | Fair Value | | U.S. Treasury and government agencies | | $ | 71,075 | | | $ | 288 | | | $ | (3,755 | ) | | $ | 67,608 | | State and political subdivisions | | | 115,719 | | | | 2,429 | | | | (2,206 | ) | | | 115,942 | | U.S. government sponsored agency mortgage-backed securities | | | 449,999 | | | | 6,291 | | | | (5,954 | ) | | | 450,336 | | Total debt securities | | | 636,793 | | | | 9,008 | | | | (11,915 | ) | | | 633,886 | | Marketable equity securities | | | 55,000 | | | | 0 | | | | (1,524 | ) | | | 53,476 | | Total available-for-sale securities | | $ | 691,793 | | | $ | 9,008 | | | $ | (13,439 | ) | | $ | 687,362 | |
Held-to-Maturity
(in thousands) | | Amortized Cost | | | Gross Unrealized Gains | | | Gross Unrealized Losses | | | Fair Value | | U.S. Treasury and government agencies | | $ | 480 | | | $ | 0 | | | $ | (42 | ) | | $ | 438 | | State and political subdivisions | | | 1,182 | | | | 1 | | | | 0 | | | | 1,183 | | Total held-to-maturity securities | | $ | 1,662 | | | $ | 1 | | | $ | (42 | ) | | $ | 1,621 | |
The amortized cost and fair value of securities as of December 31, 2012 are summarized as follows:
Available-for-Sale
(in thousands) | | Amortized Cost | | | Gross Unrealized Gains | | | Gross Unrealized Losses | | | Fair Value | | U.S. Treasury and government agencies | | $ | 60,625 | | | $ | 463 | | | $ | (173 | ) | | $ | 60,915 | | State and political subdivisions | | | 107,987 | | | | 5,369 | | | | (135 | ) | | | 113,221 | | U.S. government sponsored agency mortgage-backed securities | | | 370,246 | | | | 13,347 | | | | (12 | ) | | | 383,581 | | Total debt securities | | | 538,858 | | | | 19,179 | | | | (320 | ) | | | 557,717 | | Marketable equity securities | | | 45,000 | | | | 791 | | | | (165 | ) | | | 45,626 | | Total available-for-sale securities | | $ | 583,858 | | | $ | 19,970 | | | $ | (485 | ) | | $ | 603,343 | |
Held-to-Maturity
(in thousands) | | Amortized Cost | | | Gross Unrealized Gains | | | Gross Unrealized Losses | | | Fair Value | | U.S. Treasury and government agencies | | $ | 480 | | | $ | 0 | | | $ | (4 | ) | | $ | 476 | | State and political subdivisions | | | 1,182 | | | | 1 | | | | 0 | | | | 1,183 | | Total held-to-maturity securities | | $ | 1,662 | | | $ | 1 | | | $ | (4 | ) | | $ | 1,659 | |
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| Amortized cost and fair value of securities by contractual maturity |
The amortized cost and fair value of securities at June 30, 2013 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
| | | Available-for-Sale | | | Held-to-Maturity | | (in thousands) | | Amortized Cost | | | Fair Value | | | Amortized Cost | | | Fair Value | | Due in one year or less | | $ | 5,785 | | | $ | 5,823 | | | $ | 0 | | | $ | 0 | | Due after one through five years | | | 22,121 | | | | 22,811 | | | | 0 | | | | 0 | | Due after five through ten years | | | 121,095 | | | | 117,651 | | | | 1,182 | | | | 1,183 | | Due after ten years | | | 37,793 | | | | 37,265 | | | | 480 | | | | 438 | | U.S. government sponsored agency mortgage-backed securities | | | 449,999 | | | | 450,336 | | | | 0 | | | | 0 | | Total debt securities | | | 636,793 | | | | 633,886 | | | | 1,662 | | | | 1,621 | | Marketable equity securities | | | 55,000 | | | | 53,476 | | | | 0 | | | | 0 | | Total securities | | $ | 691,793 | | | $ | 687,362 | | | $ | 1,662 | | | $ | 1,621 | |
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| Available for sale securities and Held-to-maturity securities, continuous unrealized loss position |
The following tables provide the amortized cost, gross unrealized losses, and fair market value, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position as of June 30, 2013 that are not deemed to be other-than-temporarily impaired.
Available-for-Sale
(in thousands) | | Amortized Cost | | | Gross Unrealized Losses | | | Fair Value | | Less Than 12 Months | | | | | | | | | | U.S. Treasury and government agencies | | $ | 60,516 | | | $ | (3,755 | ) | | $ | 56,761 | | State and political subdivisions | | | 57,652 | | | | (2,183 | ) | | | 55,469 | | U.S. government sponsored agency mortgage-backed securities | | | 261,947 | | | | (5,954 | ) | | | 255,993 | | Total debt securities | | | 380,115 | | | | (11,892 | ) | | | 368,223 | | Marketable equity securities | | | 55,000 | | | | (1,524 | ) | | | 53,476 | | Total <12 months temporarily impaired AFS securities | | | 435,115 | | | | (13,416 | ) | | | 421,699 | | | | | | | | | | | | | | | | 12 Months or More | | | | | | | | | | | | | State and political subdivisions | | | 1,097 | | | | (23 | ) | | | 1,074 | | Total ≥12 months temporarily impaired AFS securities | | | 1,097 | | | | (23 | ) | | | 1,074 | | | | | | | | | | | | | | | | Total | | | | | | | | | | | | | U.S. Treasury and government agencies | | | 60,516 | | | | (3,755 | ) | | | 56,761 | | State and political subdivisions | | | 58,749 | | | | (2,206 | ) | | | 56,543 | | U.S. government sponsored agency mortgage-backed securities | | | 261,947 | | | | (5,954 | ) | | | 255,993 | | Total debt securities | | | 381,212 | | | | (11,915 | ) | | | 369,297 | | Marketable equity securities | | | 55,000 | | | | (1,524 | ) | | | 53,476 | | Total temporarily impaired AFS securities | | $ | 436,215 | | | $ | (13,439 | ) | | $ | 422,773 | |
Held-to-Maturity
(in thousands) | | Amortized Cost | | | Gross Unrealized Losses | | | Fair Value | | Less Than 12 Months | | | | | | | | | | U.S. Treasury and government agencies | | $ | 480 | | | $ | (42 | ) | | $ | 438 | | Total temporarily impaired HTM securities | | $ | 480 | | | $ | (42 | ) | | $ | 438 | |
The analysis performed as of December 31, 2012 indicated that all impairment was considered temporary, market driven, and not credit-related. The following tables provide the amortized cost, gross unrealized losses, and fair market value, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position as of December 31, 2012 that are not deemed to be other-than-temporarily impaired.
Available-for-Sale
(in thousands) | | Amortized Cost | | | Gross Unrealized Losses | | | Fair Value | | Less Than 12 Months | | | | | | | | | | U.S. Treasury and government agencies | | $ | 47,576 | | | $ | (173 | ) | | $ | 47,403 | | State and political subdivisions | | | 11,126 | | | | (135 | ) | | | 10,991 | | U.S. government sponsored agency mortgage-backed securities | | | 10,563 | | | | (12 | ) | | | 10,551 | | Total debt securities | | | 69,265 | | | | (320 | ) | | | 68,945 | | Marketable equity securities | | | 20,000 | | | | (165 | ) | | | 19,835 | | Total <12 months temporarily impaired AFS securities | | | 89,265 | | | | (485 | ) | | | 88,780 | | | | | | | | | | | | | | | | Total | | | | | | | | | | | | | U.S. Treasury and government agencies | | | 47,576 | | | | (173 | ) | | | 47,403 | | State and political subdivisions | | | 11,126 | | | | (135 | ) | | | 10,991 | | U.S. government sponsored agency mortgage-backed securities | | | 10,563 | | | | (12 | ) | | | 10,551 | | Total debt securities | | | 69,265 | | | | (320 | ) | | | 68,945 | | Marketable equity securities | | | 20,000 | | | | (165 | ) | | | 19,835 | | Total temporarily impaired AFS securities | | $ | 89,265 | | | $ | (485 | ) | | $ | 88,780 | |
Held-to-Maturity
(in thousands) | | Amortized Cost | | | Gross Unrealized Losses | | | Fair Value | | Less Than 12 Months | | | | | | | | | | U.S. Treasury and government agencies | | $ | 480 | | | $ | (4 | ) | | $ | 476 | | Total temporarily impaired HTM securities | | $ | 480 | | | $ | (4 | ) | | $ | 476 | |
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