XML 37 R27.htm IDEA: XBRL DOCUMENT v3.5.0.2
Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2016
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 and losses and approximate fair value of the investment securities portfolio at the dates indicated were:
 
Amortized
Cost

Gross
Unrealized
Gains

Gross
Unrealized
Losses

Fair
Value
Available for sale at June 30, 2016
 

 

 

 
U.S. Government-sponsored agency securities
$
100


$
2




$
102

State and municipal
329,042


24,438





353,480

U.S. Government-sponsored mortgage-backed securities
292,822


8,469


$
20


301,271

Corporate obligations
31







31

Equity securities
3,882


63




3,945

Total available for sale
625,877


32,972


20


658,829

Held to maturity at June 30, 2016
 

 

 

 
Federal agencies
28,980


34


5


29,009

State and municipal
207,731


11,621





219,352

U.S. Government-sponsored mortgage-backed securities
402,261


14,444





416,705

Total held to maturity
638,972


26,099


5


665,066

Total Investment Securities
$
1,264,849


$
59,071


$
25


$
1,323,895


 
 
Amortized
Cost

Gross
Unrealized
Gains

Gross
Unrealized
Losses

Fair
Value
Available for sale at December 31, 2015
 

 

 

 
U.S. Government-sponsored agency securities
$
100


$
4




$
104

State and municipal
291,730


14,241


$
60


305,911

U.S. Government-sponsored mortgage-backed securities
342,550


4,234


518


346,266

Corporate obligations
31







31

Equity securities
3,912






3,912

Certificates of deposit
2,176

 


 


 
2,176

Total available for sale
640,499


18,479


578


658,400

Held to maturity at December 31, 2015
 

 

 

 
State and municipal
219,767


6,982


15


226,734

U.S. Government-sponsored mortgage-backed securities
398,832


7,601


787


405,646

Total held to maturity
618,599


14,583


802


632,380

Total Investment Securities
$
1,259,098


$
33,062


$
1,380


$
1,290,780
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 and held to maturity securities at June 30, 2016 and December 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 June 30, 2016:
 

 

 

 
Due in one year or less
$
3,065


$
3,086


$
2,500


$
2,532

Due after one through five years
19,909


21,060


42,528


44,205

Due after five through ten years
60,972


64,871


82,937


85,365

Due after ten years
245,227


264,596


108,746


116,259

 
$
329,173


$
353,613


$
236,711


$
248,361

U.S. Government-sponsored mortgage-backed securities
292,822


301,271


402,261


416,705

Equity securities
3,882


3,945





Total Investment Securities
$
625,877


$
658,829


$
638,972


$
665,066









 
Available for Sale
 
Held to Maturity
 
Amortized Cost
 
Fair Value
 
Amortized Cost
 
Fair Value
Maturity Distribution at December 31, 2015
 
 
 
 
 
 
 
Due in one year or less
$
4,658

 
$
4,704

 
$
4,144

 
$
4,148

Due after one through five years
13,725

 
14,295

 
28,054

 
29,175

Due after five through ten years
52,878

 
55,375

 
81,483

 
83,646

Due after ten years
220,600

 
231,672

 
106,086

 
109,765

 
$
291,861

 
$
306,046

 
$
219,767

 
$
226,734

U.S. Government-sponsored mortgage-backed securities
342,550

 
346,266

 
398,832

 
405,646

Equity securities
3,912

 
3,912

 

 

Certificates of deposit
2,176

 
2,176

 

 

Total Investment Securities
$
640,499

 
$
658,400

 
$
618,599

 
$
632,380
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, 2016 and 2015 are shown below.

Three Months Ended
June 30,

Six Months Ended
June 30,

2016

2015

2016
 
2015
Sales and Redemptions of Available for Sale Securities:
 

 

 
 
 
Gross gains
$
706


$
7


$
1,703

 
$
1,032

Gross losses


100


 
 
100
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 investment 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, 2016, and December 31, 2015:
 
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, 2016
 

 

 

 

 

 
U.S. Government-sponsored mortgage-backed securities
4,007


$
15


$
1,053


$
5


5,060


$
20

Total Temporarily Impaired Available for Sale Securities
4,007


15


1,053


5


5,060


20

Temporarily Impaired Held to Maturity Securities at June 30, 2016
 

 

 

 

 

 
Federal agencies
4,995


5






4,995


5

Total Temporarily Impaired Held to Maturity Securities
4,995


5






4,995


5

Total Temporarily Impaired Investment Securities
$
9,002


$
20


$
1,053


$
5


$
10,055


$
25


 
 
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, 2015
 

 

 

 

 

 
State and municipal
$
7,558


$
60






$
7,558


$
60

U.S. Government-sponsored mortgage-backed securities
83,396


445


$
2,101


$
73


85,497


518

Total Temporarily Impaired Available for Sale Securities
90,954


505


2,101


73


93,055


578

Temporarily Impaired Held to Maturity Securities at December 31, 2015
 

 

 

 

 

 
State and municipal






1,982


15


1,982


15

U.S. Government-sponsored mortgage-backed securities
69,641


519


12,906


268


82,547


787

Total Temporarily Impaired Held to Maturity Securities
69,641


519


14,888


283


84,529


802

Total Temporarily Impaired Investment Securities
$
160,595


$
1,024


$
16,989


$
356


$
177,584


$
1,380
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, 2016

December 31, 2015
Investments reported at less than historical cost:
 

 
Historical cost
$
10,081


$
178,964

Fair value
$
10,055


$
177,584

Percent of the Corporation's available for sale and held to maturity portfolio
0.8
%

13.9
%
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
2016

Accumulated
Credit Losses in
2015
Credit losses on debt securities held:
 

 
Balance, January 1
$
—


$
500

Reductions for previous other-than-temporary losses realized on securities sold during the year
—


(500
)
Balance, June 30
$
—


$
—