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Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2013
Investments, Debt and Equity Securities [Abstract]  
Available For Sale And Held For Maturity Securities [Table Text Block]
The amortized cost, gross unrealized gains and losses and estimated fair values for available-for-sale and held-to-maturity securities by major security type at June 30, 2013 and December 31, 2012 were as follows (in thousands):

 
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized (Losses)
 
Fair Value
June 30, 2013
 
 
 
 
 
 
 
Available-for-sale:
 
 
 
 
 
 
 
U.S. Treasury securities and obligations of U.S. government corporations & agencies
$
213,347

 
$
229

 
$
(6,059
)
 
$
207,517

Obligations of states and political subdivisions
59,933

 
1,157

 
(1,697
)
 
59,393

Mortgage-backed securities: GSE residential
260,463

 
3,129

 
(3,545
)
 
260,047

Trust preferred securities
4,790

 
—

 
(3,955
)
 
835

Other securities
6,035

 
26

 
(18
)
 
6,043

Total available-for-sale
$
544,568

 
$
4,541

 
$
(15,274
)
 
$
533,835

 
 
 
 
 
 
 
 
December 31, 2012
 
 
 
 
 
 
 
Available-for-sale:
 
 
 
 
 
 
 
U.S. Treasury securities and obligations of U.S. government corporations & agencies
$
180,851

 
$
1,321

 
$
(3
)
 
$
182,169

Obligations of states and political subdivisions
53,064

 
3,163

 
(20
)
 
56,207

Mortgage-backed securities: GSE residential
252,310

 
7,162

 
(12
)
 
259,460

Trust preferred securities
4,974

 
—

 
(4,389
)
 
585

Other securities
9,663

 
225

 
—

 
9,888

Total available-for-sale
$
500,862

 
$
11,871

 
$
(4,424
)
 
$
508,309



The trust preferred securities are three trust preferred pooled securities issued by First Tennessee Financial (“FTN”). The unrealized losses of these securities, which have maturities ranging from seventeen years to twenty-four years, are primarily due to their long-term nature, a lack of demand or inactive market for these securities, and concerns regarding the underlying financial institutions that have issued the trust preferred securities. See the heading “Trust Preferred Securities” for further information regarding these securities.
Realized Gains and Losses From Sale of Securities
Realized gains and losses resulting from sales of securities were as follows during the six months ended June 30, 2013 and 2012 (in thousands):
 
June 30,
2013
 
June 30,
2012
Gross gains
$
835

 
$
823

Gross losses
—

 
—
Investments Classified by Contractual Maturity Date
The following table indicates the expected maturities of investment securities classified as available-for-sale and held-to-maturity, presented at fair value, at June 30, 2013 and the weighted average yield for each range of maturities (dollars in thousands):
 
One year or less
 
After 1 through 5 years
 
After 5 through 10 years
 
After ten years
 
Total
Available-for-sale:
 
 
 
 
 
 
 
 
 
U.S. Treasury securities and obligations of U.S. government corporations and agencies
$
151,994

 
$
55,523

 
$
—

 
$
—

 
$
207,517

Obligations of state and political subdivisions
1,528

 
29,344

 
24,901

 
3,620

 
59,393

Mortgage-backed securities: GSE residential
2,457

 
167,575

 
90,015

 
—

 
260,047

Trust preferred securities
688

 
—

 
—

 
147

 
835

Other securities
2,008

 
—

 
3,982

 
53

 
6,043

Total investments
$
158,675

 
$
252,442

 
$
118,898

 
$
3,820

 
$
533,835

Weighted average yield
1.68
%
 
2.62
%
 
2.40
%
 
2.11
%
 
2.28
%
Full tax-equivalent yield
1.71
%
 
2.94
%
 
2.92
%
 
3.11
%
 
2.57
%

The weighted average yields are calculated on the basis of the amortized cost and effective yields weighted for the scheduled maturity of each security. Tax-equivalent yields have been calculated using a 35% tax rate.  With the exception of obligations of the U.S. Treasury and other U.S. government agencies and corporations, there were no investment securities of any single issuer, the book value of which exceeded 10% of stockholders' equity at June 30, 2013.
Fair value of investments with sustained gross unrealized losses
The following table presents the aging of gross unrealized losses and fair value by investment category as of June 30, 2013 and December 31, 2012 (in thousands):
 
Less than 12 months
 
12 months or more
 
Total
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
June 30, 2013
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury securities and obligations of U.S. government corporations and agencies
$
184,589

 
$
(6,059
)
 
$
—

 
$
—

 
$
184,589

 
$
(6,059
)
Obligations of states and political subdivisions
27,264

 
(1,697
)
 
—

 
—

 
27,264

 
(1,697
)
Mortgage-backed securities: GSE residential
131,451

 
(3,545
)
 
—

 
—

 
131,451

 
(3,545
)
Trust preferred securities
—

 
—

 
835

 
(3,955
)
 
835

 
(3,955
)
Other securities
3,982

 
(18
)
 
—

 
—

 
3,982

 
(18
)
Total
$
347,286

 
$
(11,319
)
 
$
835

 
$
(3,955
)
 
$
348,121

 
$
(15,274
)
December 31, 2012
 

 
 

 
 

 
 

 
 

 
 

U.S. Treasury securities and obligations of U.S. government corporations and agencies
$
10,997

 
$
(3
)
 
$
—

 
$
—

 
$
10,997

 
$
(3
)
Obligations of states and political subdivisions
1,969

 
(20
)
 
—

 
—

 
1,969

 
(20
)
Mortgage-backed securities: GSE residential
697

 
(12
)
 
—

 
—

 
697

 
(12
)
Trust preferred securities
—

 
—

 
585

 
(4,389
)
 
585

 
(4,389
)
Other securities
—

 
—

 
—

 
—

 
—

 
—

Total
$
13,663

 
$
(35
)
 
$
585

 
$
(4,389
)
 
$
14,248

 
$
(4,424
)
Trust Preferred Securities [Table Text Block]
Following are the details for each of the three currently impaired trust preferred securities (in thousands):
 
Book
Value
 
Market Value
 
Unrealized Gains (Losses)
 
Other-than-
temporary
Impairment
Recorded To-date
PreTSL I
$
400

 
$
428

 
$
28

 
$
691

PreTSL II
738

 
260

 
(478
)
 
2,187

PreTSL XXVIII
3,652

 
147

 
(3,505
)
 
1,111

Total
$
4,790

 
$
835

 
$
(3,955
)
 
$
3,989
Credit Losses Recognized on Investments
Credit Losses Recognized on Investments. As described above, some of the Company’s investments in trust preferred securities have experienced fair value deterioration due to credit losses but are not otherwise other-than-temporarily impaired. The following table provides information about those trust preferred securities for which only a credit loss was recognized in income and other losses are recorded in other comprehensive income (loss) for the six months ended June 30, 2013 and 2012 (in thousands).

 
Accumulated Credit Losses
 
June 30, 2013
 
June 30, 2012
Credit losses on trust preferred securities held
 
 
 
Beginning of period
$
3,989

 
$
4,116

Additions related to OTTI losses not previously recognized
—

 
—

Reductions due to sales / (recoveries)
—

 
—

Reductions due to change in intent or likelihood of sale
—

 
—

Additions related to increases in previously recognized OTTI losses
—

 
—

Reductions due to increases in expected cash flows
—

 
—

End of period
$
3,989

 
$
4,116