Investment Securities (Tables)

3 Months Ended

Mar. 31, 2014

Investments, Debt and Equity Securities [Abstract]

Amortized Cost and Approximate Fair Values of Securities

The amortized cost, gross unrealized gains, gross unrealized losses and approximate fair values of the investment securities at the dates indicated were:



	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available for sale at March 31, 2014
U.S. Treasury	$	15,918	$	79	$	14	$	15,983
U.S. Government-sponsored agency securities	3,355		27				3,382
State and municipal	244,298		6,291		1,451		249,138
U.S. Government-sponsored mortgage-backed securities	326,329		4,869		661		330,537
Corporate obligations	6,361		428		2,028		4,761
Equity securities	1,706						1,706
Total available for sale	597,967		11,694		4,154		605,507
Held to maturity at March 31, 2014
State and municipal	144,787		1,977		28		146,736
U.S. Government-sponsored mortgage-backed securities	399,683		6,844		1,642		404,885
Total held to maturity	544,470		8,821		1,670		551,621
Total Investment Securities	$	1,142,437	$	20,515	$	5,824	$	1,157,128



	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available for sale at December 31, 2013
U.S. Treasury	$	15,914	$	80	$	21	$	15,973
U.S. Government-sponsored agency securities	3,550		12		17		3,545
State and municipal	231,005		3,878		3,896		230,987
U.S. Government-sponsored mortgage-backed securities	279,299		3,926		1,973		281,252
Corporate obligations	6,374				3,636		2,738
Equity securities	1,706						1,706
Total available for sale	537,848		7,896		9,543		536,201
Held to maturity at December 31, 2013
State and municipal	145,941		62		91		145,912
U.S. Government-sponsored mortgage-backed securities	413,437		5,220		3,722		414,935
Total held to maturity	559,378		5,282		3,813		560,847
Total Investment Securities	$	1,097,226	$	13,178	$	13,356	$	1,097,048

Amortized Cost and Fair Value of Available for Sale Securities and Held to Maturity Securities by Contractual Maturity

The amortized cost and fair value of available for sale securities and held to maturity securities at March 31, 2014, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.



	Available for Sale				Held to Maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Maturity Distribution at March 31, 2014:
Due in one year or less	$	11,621	$	11,769	$	3,867	$	3,867
Due after one through five years	27,954		28,496		17,378		17,633
Due after five through ten years	47,657		48,830		78,688		79,407
Due after ten years	182,700		184,169		44,854		45,829
	$	269,932	$	273,264	$	144,787	$	146,736
U.S. Government-sponsored mortgage-backed securities	326,329		330,537		399,683		404,885
Equity securities	1,706		1,706
Total Investment Securities	$	597,967	$	605,507	$	544,470	$	551,621

Gross Gains and Losses on Sales and Redemptions of Available for Sale Securities and Other Than Temporary Impairment Losses Recognized

Gross gains and losses on the sales and redemptions of available for sale securities, and other-than-temporary impairment (“OTTI”) losses recognized for the three months ended March 31, 2014 and 2013 are shown below.



	Three Months Ended March 31,
	2014		2013
Sales and Redemptions of Available for Sale Securities:
Gross gains	$	581	$	248
Gross losses
Other-than-temporary impairment losses

Investments' Gross Unrealized Losses and Fair Value Aggregated by Investment Category and Length of Time in Continuous Unrealized Loss Position

The following table shows the Corporation’s investments’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2014, and December 31, 2013:



	Less than 12 Months				12 Months or Longer				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Temporarily Impaired Investment
Securities at March 31, 2014
U.S. Treasury	$	4,889	$	14					$	4,889	$	14
State and municipal	59,027		1,410		$	1,028	$	69	60,055		1,479
U.S. Government-sponsored mortgage-backed securities	255,204		1,762		14,098		541		269,302		2,303
Corporate obligations					3,190		2,028		3,190		2,028
Total Temporarily Impaired Investment Securities	$	319,120	$	3,186	$	18,316	$	2,638	$	337,436	$	5,824



	Less than 12 Months				12 Months or Longer				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Temporarily Impaired Investment
Securities at December 31, 2013
U.S. Treasury	$	4,875	$	21					$	4,875	$	21
U.S. Government-sponsored agency securities	3,433		17						3,433		17
State and municipal	129,109		3,931		$	767	$	56	129,876		3,987
U.S. Government-sponsored mortgage-backed securities	330,914		5,163		5,323		532		336,237		5,695
Corporate obligations					2,711		3,636		2,711		3,636
Total Temporarily Impaired Investment Securities	$	468,331	$	9,132	$	8,801	$	4,224	$	477,132	$	13,356

Investments in Debt and Equity Securities Reported Less than Historical Cost

Certain investments in debt and equity securities are reported in the financial statements at an amount less than their historical cost as indicated in the table below.



	March 31, 2014			December 31, 2013
Investments reported at less than historical cost:
Historical cost	$	343,258		$	490,488
Fair value	$	337,436		$	477,132
Percent of the Corporation's available for sale and held to maturity portfolio	29.3		%	43.6		%

Debt Securities Credit Loss Recognized in Income, and Other Losses Recorded in Other Comprehensive Income

The following table provides information about those securities for which only a credit loss was recognized in income and other losses were recorded in other comprehensive income.



	Accumulated Credit Losses in 2014		Accumulated Credit Losses in 2013
Credit losses on debt securities held:
Balance, January 1	$	11,355	$	11,355
Additions related to other-than-temporary losses not previously recognized
Balance, March 31	$	11,355	$	11,355

- Definition

Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income.

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