Investment Securities (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2015
U.S. Government-sponsored agency securities	$	100	$	6			$	106
State and municipal	281,965		8,370		$	1,707	288,628
U.S. Government-sponsored mortgage-backed securities	278,787		6,361		204		284,944
Corporate obligations	31						31
Equity securities	1,706						1,706
Total available for sale	562,589		14,737		1,911		575,415
Held to maturity at June 30, 2015
State and municipal	223,615		4,047		1,262		226,400
U.S. Government-sponsored mortgage-backed securities	413,486		8,690		766		421,410
Total held to maturity	637,101		12,737		2,028		647,810
Total Investment Securities	$	1,199,690	$	27,474	$	3,939	$	1,223,225

	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 June 30, 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 June 30, 2015:
Due in one year or less	$	3,174	$	3,222	$	7,831	$	7,858
Due after one through five years	10,633		11,031		17,813		18,440
Due after five through ten years	51,968		53,927		82,412		84,331
Due after ten years	216,321		220,585		115,559		115,771
	$	282,096	$	288,765	$	223,615	$	226,400
U.S. Government-sponsored mortgage-backed securities	278,787		284,944		413,486		421,410
Equity securities	1,706		1,706
Total Investment Securities	$	562,589	$	575,415	$	637,101	$	647,810

Schedule of gross gains on sales and redemptions of available for sale securities

Gross gains on the sales and redemptions of available for sale securities for the three and six months ended June 30, 2015, and 2014 are shown below.

	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Sales and Redemptions of Available for Sale Securities:
Gross gains	$	7,000	$	844,000	$	1,032,000	$	1,425,000
Gross losses	100,000				100,000
Other-than-temporary impairment losses

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 June 30, 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 June 30, 2015
State and municipal	$	77,987	$	1,707					$	77,987	$	1,707
U.S. Government-sponsored mortgage-backed securities	33,083		107		2,212		97		35,295		204
Total Temporarily Impaired Available for Sale Securities	111,070		1,814		2,212		97		113,282		1,911
Temporarily Impaired Held to Maturity Securities at June 30, 2015
State and municipal	51,644		1,262						51,644		1,262
U.S. Government-sponsored mortgage-backed securities	54,210		492		14,222		274		68,432		766
Total Temporarily Impaired Held to Maturity Securities	105,854		1,754		14,222		274		120,076		2,028
Total Temporarily Impaired Investment Securities	$	216,924	$	3,568	$	16,434	$	371	$	233,358	$	3,939

	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.

	June 30, 2015			December 31, 2014
Investments reported at less than historical cost:
Historical cost	$	237,297		$	73,249
Fair value	$	233,358		$	72,390
Percent of the Corporation's available for sale and held to maturity portfolio	19.2		%	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, June 30	$	—		$	500