Securities (Tables)
|
3 Months Ended |
Mar. 31, 2013
|
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 |
|
March 31, 2013: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury |
|
$ |
1,500 |
|
|
$ |
2 |
|
|
$ |
- |
|
|
$ |
1,502 |
|
U.S. government agencies |
|
69,189 |
|
|
129 |
|
|
(53 |
) |
|
69,265 |
|
U.S. government agency mortgage-backed |
|
76,500 |
|
|
804 |
|
|
(952 |
) |
|
76,352 |
|
States and political subdivisions |
|
25,876 |
|
|
1,139 |
|
|
- |
|
|
27,015 |
|
Corporate Bonds |
|
38,090 |
|
|
650 |
|
|
(161 |
) |
|
38,579 |
|
Collateralized mortgage obligations |
|
131,181 |
|
|
964 |
|
|
(476 |
) |
|
131,669 |
|
Asset-backed securities |
|
219,234 |
|
|
2,174 |
|
|
(671 |
) |
|
220,737 |
|
Collateralized debt obligations |
|
17,919 |
|
|
- |
|
|
(7,292 |
) |
|
10,627 |
|
|
|
$ |
579,489 |
|
|
$ |
5,862 |
|
|
$ |
(9,605 |
) |
|
$ |
575,746 |
|
December 31, 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 |
|
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) |
The fair value, amortized cost and weighted average yield of debt securities at March 31, 2013, by contractual maturity, were as follows. Securities not due at a single maturity date, primarily mortgage-backed securities, collateralized debt obligations and equity securities are shown separately.
|
|
|
|
|
Weighted |
|
|
|
|
|
Amortized |
|
|
Average |
|
Fair |
|
|
|
Cost |
|
|
Yield |
|
Value |
|
Due in one year or less |
|
$ |
10,976 |
|
|
1.61% |
|
$ |
10,984 |
|
Due after one year through five years |
|
25,685 |
|
|
1.97% |
|
26,456 |
|
Due after five years through ten years |
|
37,930 |
|
|
3.03% |
|
38,730 |
|
Due after ten years |
|
60,064 |
|
|
2.93% |
|
60,191 |
|
|
|
134,655 |
|
|
2.67% |
|
136,361 |
|
Mortgage-backed securities |
|
207,681 |
|
|
2.02% |
|
208,021 |
|
Asset-back securites |
|
219,234 |
|
|
1.55% |
|
220,737 |
|
Collateralized debt obligations |
|
17,919 |
|
|
1.64% |
|
10,627 |
|
|
|
$ |
579,489 |
|
|
1.98% |
|
$ |
575,746 |
|
|
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 |
Securities with unrealized losses at March 31, 2013, and December 31, 2012, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are as follows (in thousands except for number of securities):
|
|
Less than 12 months |
|
Greater than 12 months |
|
|
March 31, 2013 |
|
in an unrealized loss position |
|
in an unrealized loss position |
|
Total |
|
|
Number of |
|
Unrealized |
|
Fair |
|
Number of |
|
Unrealized |
|
Fair |
|
Number of |
|
Unrealized |
|
Fair |
|
|
Securities |
|
Losses |
|
Value |
|
Securities |
|
Losses |
|
Value |
|
Securities |
|
Losses |
|
Value |
U.S. government agencies |
|
3 |
|
$ |
53 |
|
$ |
12,225 |
|
- |
|
$ |
- |
|
$ |
- |
|
3 |
|
$ |
53 |
|
12,225 |
U.S. government agency mortgage-backed |
|
9 |
|
952 |
|
49,575 |
|
- |
|
- |
|
- |
|
9 |
|
952 |
|
49,575 |
Corporate bonds |
|
5 |
|
141 |
|
13,657 |
|
1 |
|
20 |
|
1,032 |
|
6 |
|
161 |
|
14,689 |
Collateralized mortgage obligations |
|
7 |
|
476 |
|
57,201 |
|
- |
|
- |
|
- |
|
7 |
|
476 |
|
57,201 |
Asset-backed securities |
|
7 |
|
671 |
|
47,281 |
|
- |
|
- |
|
- |
|
7 |
|
671 |
|
47,281 |
Collateralized debt obligations |
|
- |
|
- |
|
- |
|
2 |
|
7,292 |
|
10,627 |
|
2 |
|
7,292 |
|
10,627 |
|
|
31 |
|
$ |
2,293 |
|
$ |
179,939 |
|
3 |
|
$ |
7,312 |
|
$ |
11,659 |
|
34 |
|
$ |
9,605 |
|
$ |
191,598 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less than 12 months |
|
Greater than 12 months |
|
|
December 31, 2012 |
|
in an unrealized loss position |
|
in an unrealized loss position |
|
Total |
|
|
Number of |
|
Unrealized |
|
Fair |
|
Number of |
|
Unrealized |
|
Fair |
|
Number of |
|
Unrealized |
|
Fair |
|
|
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 |
|
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 |
|
|
Rating1 |
|
Issuance |
|
Amount |
|
Collateral% |
|
Amount |
|
Collateral% |
|
March 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A1 |
|
$ |
8,981 |
|
|
$ |
6,055 |
|
|
$ |
(2,926 |
) |
|
BB+ |
|
63 |
|
$ |
207,000 |
|
27.6% |
|
$ |
194,387 |
|
25.9% |
|
Class A2A |
|
8,938 |
|
|
4,572 |
|
|
(4,366 |
) |
|
B+ |
|
63 |
|
207,000 |
|
27.6% |
|
97,387 |
|
13.0% |
|
|
|
$ |
17,919 |
|
|
$ |
10,627 |
|
|
$ |
(7,292 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Moody’s credit rating for class A1 and A2A were Baa2 and Ba2, respectively, as of March 31, 2013, and December 31, 2012. The Fitch ratings for class A1 and A2A were BBB and B, respectively, as of March 31, 2013, and December 31, 2012.
|