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Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2015
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 December 31, 2015 and December 31, 2014 were as follows (in thousands):
December 31, 2015
 
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized (Losses)
 
Fair Value
Available-for-sale:
 
 
 
 
 
 
 
 
U.S. Treasury securities and obligations of U.S. government corporations & agencies
 
$
90,368

 
$
41

 
$
(268
)
 
$
90,141

Obligations of states and political subdivisions
 
107,164

 
3,608

 
(55
)
 
110,717

Mortgage-backed securities: GSE residential
 
312,132

 
1,374

 
(1,452
)
 
312,054

Trust preferred securities
 
3,130

 
—

 
(1,224
)
 
1,906

Other securities
 
4,035

 
29

 
(34
)
 
4,030

Total available-for-sale
 
$
516,829

 
$
5,052

 
$
(3,033
)
 
$
518,848

Held-to-maturity:
 
 
 
 
 
 
 
 
U.S. Treasury securities and obligations of U.S. government corporations & agencies
 
$
85,208

 
$
743

 
$
(214
)
 
$
85,737

December 31, 2014
 
 
 
 
 
 
 
 
Available-for-sale:
 
 
 
 
 
 
 
 
U.S. Treasury securities and obligations of U.S. government corporations & agencies
 
$
101,224

 
$
91

 
$
(1,358
)
 
$
99,957

Obligations of states and political subdivisions
 
75,589

 
2,608

 
(113
)
 
78,084

Mortgage-backed securities: GSE residential
 
193,814

 
2,548

 
(961
)
 
195,401

Trust preferred securities
 
3,300

 
—

 
(2,936
)
 
364

Other securities
 
4,036

 
26

 
(12
)
 
4,050

Total available-for-sale
 
$
377,963

 
$
5,273

 
$
(5,380
)
 
$
377,856

Held-to-maturity:
 
 
 
 
 
 
 
 
U.S. Treasury securities and obligations of U.S. government corporations & agencies
 
$
53,650

 
$
299

 
$
(12
)
 
$
53,937



During the third quarter of 2014, management evaluated its available-for-sale portfolio and transferred obligations of U.S. government corporations & agencies securities with a fair value of $53.6 million from available-for-sale to held-to-maturity to reduce price volatility. Management determined it had both the intent and ability to hold these securities to maturity. Transfers of investment securities into the held-to-maturity category from available-for-sale are made at fair value on the date of transfer. There were no gains or losses recognized as a result of this transfer. The related $1.4 million of unrealized holding loss that was included in the transfer is retained in the carrying value of the held-to-maturity securities and in other comprehensive income net of deferred taxes. These amounts are being amortized into net interest income over the remaining life of the related securities as a yield adjustment, resulting in no impact on future net income.

Trust preferred securities at December 31, 2015, is one trust preferred pooled security issued by First Tennessee Financial (“FTN”). The unrealized loss of this security, which has a maturity of twenty-two years, is primarily due to its long-term nature, a lack of demand or inactive market for the security, and concerns regarding the underlying financial institutions that have issued the trust preferred security. See the heading “Trust Preferred Securities” below for further information regarding this security.
Realized Gains and Losses From Sale of Securities
Proceeds from sales of investment securities, realized gains and losses and income tax expense and benefit were as follows during the years ended December 31, 2015, 2014 and 2013 (in thousands):
 
2015
 
2014
 
2013
Proceeds from sales
$
19,380

 
$
75,618

 
$
69,665

Gross gains
452

 
1,452

 
2,454

Gross losses
—

 
737

 
161

Income tax expense
176

 
279

 
894
Investments Classified by Contractual Maturity Date
The following table indicates the expected maturities of investment securities classified as available-for-sale presented at fair value, and held-to-maturity presented at amortized cost at December 31, 2015 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
$
49,191

 
$
40,950

 
$
—

 
$
—

 
$
90,141

Obligations of state and political subdivisions
8,373

 
45,705

 
54,607

 
2,032

 
110,717

Mortgage-backed securities: GSE residential
238

 
137,443

 
174,373

 
—

 
312,054

Trust preferred securities
—

 
—

 
—

 
1,906

 
1,906

Other securities
—

 
3,967

 
—

 
63

 
4,030

Total investments
$
57,802

 
$
228,065

 
$
228,980

 
$
4,001

 
$
518,848

Weighted average yield
1.83
%
 
2.36
%
 
2.71
%
 
2.05
%
 
2.45
%
Full tax-equivalent yield
2.23
%
 
2.81
%
 
3.23
%
 
2.91
%
 
2.93
%
Held-to-maturity:
 
 
 
 
 
 
 
 
 
U.S. Treasury securities and obligations of U.S. government corporations and agencies
$
50,632

 
$
29,486

 
$
5,090

 
$
—

 
$
85,208

Weighted average yield
1.99
%
 
2.09
%
 
2.06
%
 
—
%
 
2.03
%
Full tax-equivalent yield
1.99
%
 
2.09
%
 
2.06
%
 
—
%
 
2.03
%


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 December 31, 2015.
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 December 31, 2015 and 2014 (in thousands):
 
 
 
 
 
 
 
 
 
 
 
 
 
Less than 12 months
 
12 months or more
 
Total
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
Available-for-sale:
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury securities and obligations of U.S. government corporations and agencies
$
34,942

 
$
(142
)
 
$
12,971

 
$
(126
)
 
$
47,913

 
$
(268
)
Obligations of states and political subdivisions
3,168

 
(32
)
 
979

 
(23
)
 
4,147

 
(55
)
Mortgage-backed securities: GSE residential
164,249

 
(841
)
 
20,011

 
(611
)
 
184,260

 
(1,452
)
Trust preferred securities
—

 
—

 
1,906

 
(1,224
)
 
1,906

 
(1,224
)
Other securities
1,966

 
(34
)
 
—

 
—

 
1,966

 
(34
)
Total
$
204,325

 
$
(1,049
)
 
$
35,867

 
$
(1,984
)
 
$
240,192

 
$
(3,033
)
Held-to-maturity:
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury securities and obligations of U.S. government corporations and agencies
$
35,845

 
$
(214
)
 
$
—

 
$
—

 
$
35,845

 
$
(214
)
December 31, 2014
 

 
 

 
 

 
 

 
 

 
 

Available-for-sale:
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury securities and obligations of U.S. government corporations and agencies
$
7,289

 
$
(46
)
 
$
75,030

 
$
(1,312
)
 
$
82,319

 
$
(1,358
)
Obligations of states and political subdivisions
3,586

 
(19
)
 
4,416

 
(94
)
 
8,002

 
(113
)
Mortgage-backed securities: GSE residential
19,565

 
(159
)
 
37,224

 
(802
)
 
56,789

 
(961
)
Trust preferred securities
—

 
—

 
364

 
(2,936
)
 
364

 
(2,936
)
Other securities
—

 
—

 
1,988

 
(12
)
 
1,988

 
(12
)
Total
$
30,440

 
$
(224
)
 
$
119,022

 
$
(5,156
)
 
$
149,462

 
$
(5,380
)
Held-to-maturity:
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury securities and obligations of U.S. government corporations and agencies
$
4,853

 
$
(12
)
 
$
—

 
$
—

 
$
4,853

 
$
(12
)
Trust Preferred Securities [Table Text Block]
Following are the details for the impaired trust preferred security remaining as of December 31, 2015 (in thousands):
 
Book
Value
 
Market Value
 
Unrealized Gains (Losses)
 
Other-than-
temporary
Impairment
Recorded To-date
PreTSL XXVIII
$
3,130

 
$
1,906

 
$
(1,224
)
 
$
(1,111
)
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 years ended December 31, 2015, 2014 and 2013 (in thousands).
 
Accumulated Credit Losses as of December 31:
 
2015
 
2014
 
2013
Credit losses on trust preferred securities held:
 
 
 
 
 
Beginning of period
$
1,111

 
$
1,111

 
$
3,989

Additions related to OTTI losses not previously recognized
—

 
—

 
—

Reductions due to sales / (recoveries)
—

 
—

 
(2,878
)
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
$
1,111

 
$
1,111

 
$
1,111
Maturities of Investment Securities
Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

 
 
Amortized
Cost
 
Estimated
Fair Value
Available-for-sale:
 
 
 
 
Due in one year or less
 
$
57,580

 
$
57,564

Due after one-five years
 
89,178

 
90,621

Due after five-ten years
 
52,796

 
54,607

Due after ten years
 
5,143

 
4,002

 
 
204,697

 
206,794

Mortgage-backed securities: GSE residential
 
312,132

 
312,054

Total available-for-sale
 
$
516,829

 
$
518,848

   Held-to-maturity:
 
 
 
 
Due in one year or less
 
$
50,632

 
$
50,855

Due after one-five years
 
29,486

 
29,804

Due after five-ten years
 
5,090

 
5,078

Due after ten years
 
—

 
—

   Total held-to-maturity
 
$
85,208

 
$
85,737