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Securities (Tables)
12 Months Ended
Dec. 31, 2012
Securities  
Schedule of amortized cost and fair value of the available-for-sale securities and corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive loss

 

 

 

 

 

 

Gross

 

Gross

 

 

 

 

 

Amortized

 

Unrealized

 

Unrealized

 

Fair

 

 

 

Cost

 

Gains

 

Losses

 

Value

 

2012

 

 

 

 

 

 

 

 

 

U.S. Treasury

 

$

1,500

 

$

7

 

$

 

$

1,507

 

U.S. government agencies

 

49,848

 

122

 

(120

)

49,850

 

U.S. government agency mortgage-backed

 

127,716

 

1,605

 

(583

)

128,738

 

States and political subdivisions

 

14,639

 

1,216

 

 

15,855

 

Corporate Bonds

 

36,355

 

586

 

(55

)

36,886

 

Collateralized mortgage obligations

 

168,795

 

1,895

 

(1,090

)

169,600

 

Asset-backed securities

 

165,347

 

2,468

 

(322

)

167,493

 

Collateralized debt obligations

 

17,941

 

 

(7,984

)

9,957

 

 

 

$

582,141

 

$

7,899

 

$

(10,154

)

$

579,886

 

 

 

 

 

 

 

 

 

 

 

2011

 

 

 

 

 

 

 

 

 

U.S. Treasury

 

$

1,501

 

$

23

 

$

 

$

1,524

 

U.S. government agencies

 

43,112

 

286

 

 

43,398

 

U.S. government agency mortgage-backed

 

152,473

 

1,553

 

(19

)

154,007

 

States and political subdivisions

 

12,152

 

1,657

 

 

13,809

 

Corporate Bonds

 

32,357

 

14

 

(982

)

31,389

 

Collateralized mortgage obligations

 

25,616

 

242

 

(736

)

25,122

 

Asset-backed securities

 

28,755

 

 

(414

)

28,341

 

Collateralized debt obligations

 

17,892

 

 

(7,918

)

9,974

 

 

 

$

313,858

 

$

3,775

 

$

(10,069

)

$

307,564

 

Schedule of fair value, amortized cost and weighted average yield of debt securities by contractual maturity along with securities not due at a single maturity date, primarily mortgage-backed securities, collateralized mortgage obligations and collateralized debt obligations (CDO)

 

 

 

 

 

 

Weighted

 

 

 

 

 

Amortized

 

Average

 

Fair

 

 

 

Cost

 

Yield

 

Value

 

Due in one year or less

 

$

4,967

 

1.77

%

$

4,991

 

Due after one year through five years

 

29,100

 

1.93

%

29,848

 

Due after five years through ten years

 

34,110

 

2.92

%

35,018

 

Due after ten years

 

34,165

 

3.61

%

34,241

 

 

 

102,342

 

2.81

%

104,098

 

Mortgage-backed and collateralized mortgage obligations

 

296,511

 

1.77

%

298,338

 

Asset-backed

 

165,347

 

1.30

%

167,493

 

Collateralized debt obligations

 

17,941

 

1.75

%

9,957

 

 

 

$

582,141

 

1.82

%

$

579,886

 

Schedule of securities with unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position

 

 

 

 

Less than 12 months

 

Greater than 12 months

 

 

 

 

 

 

 

 

 

in an unrealized loss position

 

in an unrealized loss position

 

Total

 

 

 

Number of

 

Unrealized

 

Fair

 

Number of

 

Unrealized

 

Fair

 

Number of

 

Unrealized

 

Fair

 

2012

 

Securities

 

Losses

 

Value

 

Securities

 

Losses

 

Value

 

Securities

 

Losses

 

Value

 

U.S. government agencies

 

4

 

$

120

 

$

17,039

 

 

$

 

$

 

4

 

$

120

 

$

17,039

 

U.S. government agency mortgage-backed

 

12

 

583

 

53,184

 

 

 

 

12

 

583

 

53,184

 

Corporate bonds

 

4

 

55

 

9,724

 

 

 

 

4

 

55

 

9,724

 

Collateralized mortgage obligations

 

6

 

1,060

 

37,778

 

1

 

30

 

2,343

 

7

 

1,090

 

40,121

 

Asset-backed securities

 

6

 

322

 

37,488

 

 

 

 

6

 

322

 

37,488

 

Collateralized debt obligations

 

 

 

 

2

 

7,984

 

9,957

 

2

 

7,984

 

9,957

 

 

 

32

 

$

2,140

 

$

155,213

 

3

 

$

8,014

 

$

12,300

 

35

 

$

10,154

 

$

167,513

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less than 12 months

 

Greater than 12 months

 

 

 

 

 

 

 

 

 

in an unrealized loss position

 

in an unrealized loss position

 

Total

 

 

 

Number of

 

Unrealized

 

Fair

 

Number of

 

Unrealized

 

Fair

 

Number of

 

Unrealized

 

Fair

 

2011

 

Securities

 

Losses

 

Value

 

Securities

 

Losses

 

Value

 

Securities

 

Losses

 

Value

 

U.S. government agency mortgage-backed

 

4

 

$

19

 

$

27,935

 

 

$

 

$

 

4

 

$

19

 

$

27,935

 

Corporate bonds

 

11

 

982

 

28,605

 

 

 

 

11

 

982

 

28,605

 

Collateralized mortgage obligations

 

3

 

736

 

9,032

 

 

 

 

3

 

736

 

9,032

 

Asset-backed securities

 

4

 

414

 

28,341

 

 

 

 

4

 

414

 

28,341

 

Collateralized debt obligations

 

 

 

 

2

 

7,918

 

9,974

 

2

 

7,918

 

9,974

 

 

 

22

 

$

2,151

 

$

93,913

 

2

 

$

7,918

 

$

9,974

 

24

 

$

10,069

 

$

103,887

 

Schedule of additional information relating to the collateralized debt obligations (CDO)

 

 

 

 

 

 

 

 

Gross

 

S&P

 

Number of

 

Issuance

 

Issuance

 

 

 

Amortized

 

Fair

 

Unrealized

 

Credit

 

Banks in

 

Deferrals & Defaults

 

Excess Subordination

 

 

 

Cost

 

Value

 

Loss

 

Rating (1)

 

Issuance

 

Amount

 

Collateral %

 

Amount

 

Collateral %

 

December 31, 2012

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class A1

 

$

9,038

 

$

5,768

 

$

(3,270

)

BB+

 

63

 

$

208,000

 

27.7

%

$

190,982

 

25.5

%

Class A2A

 

8,903

 

4,189

 

(4,714

)

B+

 

63

 

208,000

 

27.7

%

93,982

 

12.5

%

 

 

$

17,941

 

$

9,957

 

$

(7,984

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class A1

 

$

9,136

 

$

5,584

 

$

(3,552

)

CCC+

 

63

 

$

212,750

 

28.4

%

$

181,630

 

24.2

%

Class A2A

 

8,756

 

4,390

 

(4,366

)

CCC-

 

63

 

212,750

 

28.4

%

84,630

 

11.3

%

 

 

$

17,892

 

$

9,974

 

$

(7,918

)

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Moody’s credit rating for class A1 and A2A were Baa2 and Ba2, respectively, as of December 31, 2012, and December 31, 2011. The Fitch ratings for class A1 and A2A were BBB and B, respectively, as of December 31, 2012, and December 31, 2011

Schedule of proceeds from sale and gross realized gains and losses on sale of securities

 

 

 

 

Years ended December 31,

 

 

 

2012

 

2011

 

Proceeds from sales of securities

 

$

223,860

 

$

26,281

 

Gross realized gains on securities

 

1,937

 

738

 

Gross realized losses on securities

 

(362

)

(107

)

Securities gains, net

 

$

1,575

 

$

631

 

Income tax expense on net realized gains

 

$

641

 

$

258