XML 41 R30.htm IDEA: XBRL DOCUMENT v3.7.0.1
Impairment of Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2017
Impairment of Investment Securities Disclosure [Abstract]  
Schedule of Unrealized Losses and Estimated Fair Values
The following table presents the gross unrealized losses and estimated fair values at June 30, 2017 for both available for sale and held to maturity securities by investment category and time frame for which securities have been in a continuous unrealized loss position:
 
 
Less Than 12 Months
 
12 Months or More
 
Total
 
Estimated
Fair Value
 
Gross
Unrealized
Losses
 
Estimated
Fair Value
 
Gross
Unrealized
Losses
 
Estimated
Fair Value
 
Gross
Unrealized
Losses
 
(dollars in thousands)
Obligations of U.S. Government Agencies:
 
 
 
 
 
 
 
 
 
 
 
Mortgage-Backed Securities – Residential
$
5,825

 
$
(20
)
 
$
—

 
$
—

 
$
5,825

 
$
(20
)
Mortgage-Backed Securities – Commercial
58,053

 
(727
)
 
—

 
—

 
58,053

 
(727
)
Obligations of U.S. Government-Sponsored Enterprises:
 
 
 
 
 
 
 
 
 
 
 
Mortgage-Backed Securities – Residential
634,704

 
(7,786
)
 
63,386

 
(1,804
)
 
698,090

 
(9,590
)
Other Government-Sponsored Enterprises
100

 
—

 
—

 
—

 
100

 
—

Obligations of States and Political Subdivisions
7,786

 
(138
)
 
—

 
—

 
7,786

 
(138
)
Pooled Trust Preferred Collateralized Debt Obligations
—

 
—

 
29,187

 
(7,193
)
 
29,187

 
(7,193
)
Total Securities
$
706,468

 
$
(8,671
)
 
$
92,573

 
$
(8,997
)
 
$
799,041

 
$
(17,668
)


The following table presents the gross unrealized losses and estimated fair values at December 31, 2016 by investment category and time frame for which securities have been in a continuous unrealized loss position:
 
Less Than 12 Months
 
12 Months or More
 
Total
 
Estimated
Fair Value
 
Gross
Unrealized
Losses
 
Estimated
Fair Value
 
Gross
Unrealized
Losses
 
Estimated
Fair Value
 
Gross
Unrealized
Losses
 
(dollars in thousands)
Obligations of U.S. Government Agencies:
 
 
 
 
 
 
 
 
 
 
 
Mortgage-Backed Securities – Residential
$
4,898

 
$
(11
)
 
$
—

 
$
—

 
$
4,898

 
$
(11
)
Mortgage-Backed Securities - Commercial
33,883

 
(561
)
 
—

 
—

 
33,883

 
(561
)
Obligations of U.S. Government-Sponsored Enterprises:
 
 
 
 
 
 
 
 
 
 
 
Mortgage-Backed Securities – Residential
670,708

 
(11,630
)
 
56,200

 
(2,202
)
 
726,908

 
(13,832
)
Mortgage-Backed Securities – Commercial
14,534

 
(142
)
 
—

 
—

 
14,534

 
(142
)
Other Government-Sponsored Enterprises
16,632

 
(69
)
 
—

 
—

 
16,632

 
(69
)
Obligation of States and Political Subdivisions
33,277

 
(762
)
 
—

 
—

 
33,277

 
(762
)
Pooled Trust Preferred Collateralized Debt Obligations
—

 
—

 
28,952

 
(7,124
)
 
28,952

 
(7,124
)
Total Securities
$
773,932

 
$
(13,175
)
 
$
85,152

 
$
(9,326
)
 
$
859,084

 
$
(22,501
)
Pooled Trust Preferred Collateralized Debt Obligations
The following table provides information related to our pooled trust preferred collateralized debt obligations as of June 30, 2017:
Deal
Class
 
Book
Value
 
Estimated Fair
Value
 
Unrealized
Gain
(Loss)
 
Moody’s/
Fitch
Ratings
 
Number
of
Banks
 
Deferrals
and
Defaults
as a % of
Current
Collateral
 
Excess
Subordination
as a % of
Current
Performing
Collateral
(dollars in thousands)
Pre TSL IV
Mezzanine
 
$
1,823

 
$
1,361

 
$
(462
)
 
Ba1/BB
 
6

 
18.05
%
 
60.51
%
Pre TSL VIII
Mezzanine
 
1,983

 
2,139

 
156

 
C/C
 
27

 
40.34

 
0.00

Pre TSL IX
Mezzanine
 
2,430

 
1,965

 
(465
)
 
B1/C
 
37

 
27.83

 
11.71

Pre TSL X
Mezzanine
 
1,801

 
2,016

 
215

 
Caa1/C
 
42

 
30.10

 
1.97

Pre TSL XII
Mezzanine
 
5,991

 
4,913

 
(1,078
)
 
B3/C
 
64

 
24.13

 
0.00

Pre TSL XIII
Mezzanine
 
13,070

 
10,965

 
(2,105
)
 
Ba1/CCC
 
52

 
8.02

 
45.06

Pre TSL XIV
Mezzanine
 
13,066

 
9,983

 
(3,083
)
 
Ba2/CCC
 
52

 
12.87

 
40.25

MMCap I
Mezzanine
 
214

 
306

 
92

 
Ca/C
 
8

 
58.11

 
83.52

Total
 
 
$
40,378

 
$
33,648

 
$
(6,730
)
 
 
 
 
 
 
 
 
Cumulative Roll Forward of Credit Losses Recognized in Earnings for Debt Securities held and not Intended to be Sold
The following table provides a cumulative roll forward of credit losses recognized in earnings for debt securities held and not intended to be sold:
 
For the Three Months Ended June 30,
 
For the Six Months Ended June 30,
 
2017
 
2016
 
2017
 
2016
 
(dollars in thousands)
Balance, beginning (a)
$
16,828

 
$
24,590

 
$
17,056

 
$
24,851

Credit losses on debt securities for which other-than-temporary impairment was not previously recognized
—

 
—

 
—

 
—

Additional credit losses on debt securities for which other-than-temporary impairment was previously recognized
—

 
—

 
—

 
—

Increases in cash flows expected to be collected, recognized over the remaining life of the security (b)
(218
)
 
(280
)
 
(446
)
 
(541
)
Reduction for debt securities called during the period
—

 
—

 
—

 
—

Balance, ending
$
16,610

 
$
24,310

 
$
16,610

 
$
24,310

 
(a)
The beginning balance represents credit related losses included in other-than-temporary impairment charges recognized on debt securities in prior periods.
(b)
Represents the increase in cash flows recognized in interest income during the period.