Investment Securities (Tables)

3 Months Ended

Mar. 31, 2015

Investments, Debt and Equity Securities [Abstract]

Schedule of amortized cost, gross unrealized gains, gross unrealized losses and approximate fair value of investment securities

The amortized cost, gross unrealized gains, gross unrealized losses and approximate fair value 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, 2015
U.S. Government-sponsored agency securities	$	100	$	7			$	107
State and municipal	249,699		12,195		$	310	261,584
U.S. Government-sponsored mortgage-backed securities	265,740		8,949		62		274,627
Corporate obligations	31						31
Equity securities	1,706						1,706
Total available for sale	517,276		21,151		372		538,055
Held to maturity at March 31, 2015
State and municipal	225,225		6,429		76		231,578
U.S. Government-sponsored mortgage-backed securities	426,193		12,988		148		439,033
Total held to maturity	651,418		19,417		224		670,611
Total Investment Securities	$	1,168,694	$	40,568	$	596	$	1,208,666



	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available for sale at December 31, 2014
U.S. Government-sponsored agency securities	$	100	$	9			$	109
State and municipal	216,915		11,801		$	123	228,593
U.S. Government-sponsored mortgage-backed securities	310,460		8,771		127		319,104
Corporate obligations	31						31
Equity securities	1,706						1,706
Total available for sale	529,212		20,581		250		549,543
Held to maturity at December 31, 2014
State and municipal	204,443		5,716		96		210,063
U.S. Government-sponsored mortgage-backed securities	426,645		11,527		512		437,660
Total held to maturity	631,088		17,243		608		647,723
Total Investment Securities	$	1,160,300	$	37,824	$	858	$	1,197,266

Schedule of amortized cost and fair value of available for sale securities and held to maturity securities

The amortized cost and fair value of available for sale securities and held to maturity securities at March 31, 2015, 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, 2015:
Due in one year or less	$	3,836	$	3,869	$	8,072	$	8,121
Due after one through five years	8,980		9,245		19,561		20,155
Due after five through ten years	50,220		52,853		86,271		88,851
Due after ten years	186,794		195,755		111,321		114,451
	$	249,830	$	261,722	$	225,225	$	231,578
U.S. Government-sponsored mortgage-backed securities	265,740		274,627		426,193		439,033
Equity securities	1,706		1,706
Total Investment Securities	$	517,276	$	538,055	$	651,418	$	670,611

Schedule of gross gains on sales and redemptions of available for sale securities, and other-than-temporary impairment (“OTTI”) losses recognized

Gross gains on the sales and redemptions of available for sale securities for the three months ended March 31, 2015, and 2014 are shown below. There were no losses on the sale and redemption of available for sale securities, or other-than-temporary impairment losses recognized during the three months ended March 31, 2015, and 2014.



	Three Months Ended March 31,
	2015		2014
Sales and Redemptions of Available for Sale Securities:
Gross gains	$	1,025	$	581

Schedule of investment securities with unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position

The following table shows investments securities with unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2015, and December 31, 2014:



	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 Available for Sale Securities at March 31, 2015
State and municipal	$	23,922	$	310					$	23,922	$	310
U.S. Government-sponsored mortgage-backed securities	4,876		4		2,374		58		7,250		62
Total Temporarily Impaired Available for Sale Securities	28,798		314		2,374		58		31,172		372
Temporarily Impaired Held to Maturity Securities at March 31, 2015
State and municipal	7,243		76						7,243		76
U.S. Government-sponsored mortgage-backed securities	4,963		42		11,626		106		16,589		148
Total Temporarily Impaired Held to Maturity Securities	12,206		118		11,626		106		23,832		224
Total Temporarily Impaired Investment Securities	$	41,004	$	432	$	14,000	$	164	$	55,004	$	596



	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 Available for Sale Securities at December 31, 2014
State and municipal	1,256		7		$	9,850	$	116	$	11,106	$	123
U.S. Government-sponsored mortgage-backed securities	2,186		13		5,447		114		7,633		127
Total Temporarily Impaired Available for Sale Securities	3,442		20		15,297		230		18,739		250
Temporarily Impaired Held to Maturity Securities at December 31, 2014
State and municipal	5,119		96		250				5,369		96
U.S. Government-sponsored mortgage-backed securities	9,791		82		38,491		430		48,282		512
Total Temporarily Impaired Held to Maturity Securities	14,910		178		38,741		430		53,651		608
Total Temporarily Impaired Investment Securities	$	18,352	$	198	$	54,038	$	660	$	72,390	$	858

Schedule of investments in debt and equity securities reported in the financial statements at an amount less than their 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, 2015			December 31, 2014
Investments reported at less than historical cost:
Historical cost	$	55,599		$	73,249
Fair value	$	55,004		$	72,390
Percent of the Corporation's available for sale and held to maturity portfolio	4.6		%	6.1		%

Schedule of securities for which only a credit loss was recognized in income and other losses were 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 2015			Accumulated Credit Losses in 2014
Credit losses on debt securities held:
Balance, January 1	$	500		$	11,355
Reductions for previous other-than-temporary losses realized on securities sold during the year	(500		)	(10,855		)
Balance, March 31	$	—		$	500

- 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.

+ References+ Details