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 |
|
|