XML 91 R35.htm IDEA: XBRL DOCUMENT v2.4.1.9
INVESTMENT SECURITIES (Tables)
12 Months Ended
Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract]  
Unrealized Gain (Loss) on Investments [Table Text Block] The following tables present information related to the Company’s portfolio of securities available-for-sale and held-to-maturity at December 31, 2014 and 2013.

 

 

 

 

 

 

 

 

 

 

 

Amortized
Cost

 

Gross
Unrealized
Gains

 

Gross
Unrealized
Losses

 

Fair
Value

 

 

December 31, 2014

 

 

(Dollars in Thousands)

Investment Securities Available-for-Sale:

 

 

 

 

 

 

 

 

Federal agency obligations

 

 

$

 

32,650

 

 

 

$

 

217

 

 

 

$

 

(50

)

 

 

 

$

 

32,817

 

Residential mortgage pass-through securities

 

 

 

58,836

 

 

 

 

1,531

 

 

 

 

(11

)

 

 

 

 

60,356

 

Commercial mortgage pass-through securities

 

 

 

3,042

 

 

 

 

4

 

 

 

 

 

 

 

 

3,046

 

Obligations of U.S. states and political subdivisions

 

 

 

8,201

 

 

 

 

205

 

 

 

 

 

 

 

 

8,406

 

Trust preferred securities

 

 

 

16,086

 

 

 

 

489

 

 

 

 

(269

)

 

 

 

 

16,306

 

Corporate bonds and notes

 

 

 

119,838

 

 

 

 

5,950

 

 

 

 

(11

)

 

 

 

 

125,777

 

Asset-backed securities

 

 

 

27,393

 

 

 

 

140

 

 

 

 

(31

)

 

 

 

 

27,502

 

Certificates of deposit

 

 

 

2,098

 

 

 

 

27

 

 

 

 

(2

)

 

 

 

 

2,123

 

Equity securities

 

 

 

376

 

 

 

 

 

 

 

 

(69

)

 

 

 

 

307

 

Other securities

 

 

 

12,941

 

 

 

 

33

 

 

 

 

(82

)

 

 

 

 

12,892

 

 

 

 

 

 

 

 

 

 

Total

 

 

$

 

281,461

 

 

 

$

 

8,596

 

 

 

$

 

(525

)

 

 

 

$

 

289,532

 

 

 

 

 

 

 

 

 

 

Investment Securities Held-to-Maturity:

 

 

 

 

 

 

 

 

U.S. Treasury and agency securities

 

 

$

 

28,264

 

 

 

$

 

920

 

 

 

$

 

 

 

 

$

 

29,184

 

Federal agency obligations

 

 

 

27,103

 

 

 

 

322

 

 

 

 

(28

)

 

 

 

 

27,397

 

Residential mortgage-backed securities

 

 

 

5,955

 

 

 

 

28

 

 

 

 

 

 

 

 

5,983

 

Commercial mortgage-backed securities

 

 

 

4,266

 

 

 

 

50

 

 

 

 

 

 

 

 

4,316

 

Obligations of U.S. states and political subdivisions

 

 

 

120,144

 

 

 

 

4,512

 

 

 

 

(60

)

 

 

 

 

124,596

 

Corporate bonds and notes

 

 

 

38,950

 

 

 

 

1,026

 

 

 

 

(7

)

 

 

 

 

39,969

 

 

 

 

 

 

 

 

 

 

Total

 

 

$

 

224,682

 

 

 

$

 

6,858

 

 

 

$

 

(95

)

 

 

 

$

 

231,445

 

 

 

 

 

 

 

 

 

 

Total investment securities

 

 

$

 

506,143

 

 

 

$

 

15,454

 

 

 

$

 

(620

)

 

 

 

$

 

520,977

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortized
Cost

 

Gross
Unrealized
Gains

 

Gross
Unrealized
Losses

 

Fair
Value

 

 

December 31, 2013

 

 

(Dollars in Thousands)

Investment Securities Available-for-Sale:

 

 

 

 

 

 

 

 

U.S. Treasury and agency securities

 

 

$

 

14,344

 

 

 

$

 

 

 

 

$

 

(825

)

 

 

 

$

 

13,519

 

Federal agency obligations

 

 

 

20,567

 

 

 

 

29

 

 

 

 

(655

)

 

 

 

 

19,941

 

Residential mortgage pass-through securities

 

 

 

48,312

 

 

 

 

791

 

 

 

 

(229

)

 

 

 

 

48,874

 

Commercial mortgage pass-through securities

 

 

 

7,145

 

 

 

 

3

 

 

 

 

(157

)

 

 

 

 

6,991

 

Obligations of U.S. states and political subdivisions

 

 

 

30,804

 

 

 

 

711

 

 

 

 

(55

)

 

 

 

 

31,460

 

Trust preferred securities

 

 

 

19,763

 

 

 

 

150

 

 

 

 

(510

)

 

 

 

 

19,403

 

Corporate bonds and notes

 

 

 

154,182

 

 

 

 

4,930

 

 

 

 

(482

)

 

 

 

 

158,630

 

Asset-backed securities

 

 

 

15,733

 

 

 

 

246

 

 

 

 

 

 

 

 

15,979

 

Certificates of deposit

 

 

 

2,250

 

 

 

 

32

 

 

 

 

(20

)

 

 

 

 

2,262

 

Equity securities

 

 

 

376

 

 

 

 

 

 

 

 

(89

)

 

 

 

 

287

 

Other securities

 

 

 

5,671

 

 

 

 

68

 

 

 

 

(15

)

 

 

 

 

5,724

 

 

 

 

 

 

 

 

 

 

Total

 

 

$

 

319,147

 

 

 

$

 

6,960

 

 

 

$

 

(3,037

)

 

 

 

$

 

323,070

 

 

 

 

 

 

 

 

 

 

Investment Securities Held-to-Maturity:

 

 

 

 

 

 

 

 

U.S. Treasury and agency securities

 

 

$

 

28,056

 

 

 

$

 

 

 

 

$

 

(1,019

)

 

 

 

$

 

27,037

 

Federal agency obligations

 

 

 

15,249

 

 

 

 

23

 

 

 

 

(389

)

 

 

 

 

14,883

 

Residential mortgage-backed securities

 

 

 

2,246

 

 

 

 

 

 

 

 

(64

)

 

 

 

 

2,182

 

Commercial mortgage-backed securities

 

 

 

4,417

 

 

 

 

41

 

 

 

 

(62

)

 

 

 

 

4,396

 

Obligations of U.S. states and political subdivisions

 

 

 

127,418

 

 

 

 

1,303

 

 

 

 

(3,688

)

 

 

 

 

125,033

 

Corporate bonds and notes

 

 

 

37,900

 

 

 

 

149

 

 

 

 

(622

)

 

 

 

 

37,427

 

 

 

 

 

 

 

 

 

 

Total

 

 

$

 

215,286

 

 

 

$

 

1,516

 

 

 

$

 

(5,844

)

 

 

 

$

 

210,958

 

 

 

 

 

 

 

 

 

 

Total investment securities

 

 

$

 

534,433

 

 

 

$

 

8,476

 

 

 

$

 

(8,881

)

 

 

 

$

 

534,028

 

 

 

 

 

 

 

 

 

 

Investments Classified by Contractual Maturity Date [Table Text Block] The following table presents information for investments in securities available-for-sale and held-to-maturity at December 31, 2014, based on scheduled maturities. Actual maturities can be expected to differ from scheduled maturities due to prepayment or early call options of the issuer.

 

 

 

 

 

 

 

December 31, 2014

 

Amortized
Cost

 

Fair
Value

 

 

(Dollars in Thousands)

Investment Securities Available-for-Sale:

 

 

 

 

Due in one year or less

 

 

$

 

12,903

 

 

 

$

 

13,054

 

Due after one year through five years

 

 

 

42,369

 

 

 

 

43,670

 

Due after five years through ten years

 

 

 

93,793

 

 

 

 

98,615

 

Due after ten years

 

 

 

57,201

 

 

 

 

57,592

 

Residential mortgage pass-through securities

 

 

 

58,836

 

 

 

 

60,356

 

Commercial mortgage pass-through securities

 

 

 

3,042

 

 

 

 

3,046

 

Equity securities

 

 

 

376

 

 

 

 

307

 

Other securities

 

 

 

12,941

 

 

 

 

12,892

 

 

 

 

 

 

Total

 

 

$

 

281,461

 

 

 

$

 

289,532

 

 

 

 

 

 

Investment Securities Held-to-Maturity:

 

 

 

 

Due in one year or less

 

 

$

 

5,001

 

 

 

$

 

5,054

 

Due after one year through five years

 

 

 

9,211

 

 

 

 

9,367

 

Due after five years through ten years

 

 

 

70,030

 

 

 

 

72,302

 

Due after ten years

 

 

 

130,219

 

 

 

 

134,423

 

Residential mortgage-backed securities

 

 

 

5,955

 

 

 

 

5,983

 

Commercial mortgage-backed securities

 

 

 

4,266

 

 

 

 

4,316

 

 

 

 

 

 

Total

 

 

$

 

224,682

 

 

 

$

 

231,445

 

 

 

 

 

 

Total investment securities

 

 

$

 

506,143

 

 

 

$

 

520,977

 

 

 

 

 

 

Schedule of Realized Gain (Loss) [Table Text Block] Gross gains and losses from the sales calls and maturities of investment securities for the years ended December 31, 2014, 2013 and 2012 were as follows:

 

 

 

 

 

 

 

(Dollars in Thousands)

 

Years Ended December 31,

 

2014

 

2013

 

2012

Proceeds

 

 

$

 

81,844

 

 

 

$

 

122,165

 

 

 

$

 

130,059

 

Gross gains on sales of investment securities

 

 

 

2,837

 

 

 

 

2,451

 

 

 

 

2,905

 

Gross losses on sales of investment securities

 

 

 

19

 

 

 

 

88

 

 

 

 

23

 

 

 

 

 

 

 

 

Net gains on sales of investment securities

 

 

 

2,818

 

 

 

 

2,363

 

 

 

 

2,882

 

 

 

 

 

 

 

 

Less: tax provision on net gains

 

 

 

(986

)

 

 

 

 

(645

)

 

 

 

 

(879

)

 

 

 

 

 

 

 

 

Net gains on sales of investment securities

 

 

$

 

1,832

 

 

 

$

 

1,718

 

 

 

$

 

2,003

 

 

 

 

 

 

 

 

Schedule of OTTI Charges for period Summary of Other-than-Temporary Impairment Charges

 

 

 

 

 

 

 

 

 

Years Ended December 31,

 

2014

 

2013

 

2012

 

 

(Dollars in Thousands)

One variable rate private label CMO

 

 

$

 

 

 

 

$

 

 

 

 

$

 

484

 

Pooled trust preferred securities

 

 

 

 

 

 

 

628

 

 

 

 

68

 

Principal losses on a variable rate CMO

 

 

 

 

 

 

 

24

 

 

 

 

318

 

 

 

 

 

 

 

 

Total other-than-temporary impairment charges

 

 

$

 

 

 

 

$

 

652

 

 

 

$

 

870

 

 

 

 

 

 

 

 

Schedule of Preferred Security and Associated Ratings [Table Text Block] The following table presents detailed information for each single issue trust preferred security held by the Company at December 31, 2014, of which all but one has at least one rating below investment grade.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuer

 

Class/
Tranche

 

Amortized
Cost

 

Fair
Value

 

Gross
Unrealized
Gain (Loss)

 

Lowest
Credit
Rating
Assigned

 

 

 

 

 

 

 

 

 

 

(dollars in thousands)

Countrywide Capital IV

 

 

 

n/a

 

 

 

$

 

1,771

 

 

 

$

 

1,805

 

 

 

 

34

 

 

 

 

BB

 

 

 

 

 

 

 

 

 

Countrywide Capital V

 

 

 

n/a

 

 

 

 

2,747

 

 

 

 

2,833

 

 

 

 

86

 

 

 

 

BB

 

 

 

 

 

 

 

 

 

Countrywide Capital V

 

 

 

n/a

 

 

 

 

250

 

 

 

 

257

 

 

 

 

7

 

 

 

 

BB

 

 

 

 

 

 

 

 

 

Nationsbank Cap Trust III

 

 

 

n/a

 

 

 

 

1,575

 

 

 

 

1,306

 

 

 

 

(269

)

 

 

 

 

BB

 

 

 

 

 

 

 

 

 

Morgan Stanley Cap Trust IV

 

 

 

n/a

 

 

 

 

2,500

 

 

 

 

2,535

 

 

 

 

35

 

 

 

 

BB

 

 

 

 

 

 

 

 

 

Morgan Stanley Cap Trust IV

 

 

 

n/a

 

 

 

 

1,743

 

 

 

 

1,773

 

 

 

 

30

 

 

 

 

BB

 

 

 

 

 

 

 

 

 

Goldman Sachs

 

 

 

n/a

 

 

 

 

1,000

 

 

 

 

1,185

 

 

 

 

185

 

 

 

 

BB

 

 

 

 

 

 

 

 

 

Stifel Financial

 

 

 

n/a

 

 

 

 

4,500

 

 

 

 

4,612

 

 

 

 

112

 

 

 

 

BBB

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

$

 

16,086

 

 

 

$

 

16,306

 

 

 

 

220

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Schedule of Unrealized Loss on Investments [Table Text Block] The following tables indicate gross unrealized losses not recognized in income and fair value, aggregated by investment category and the length of time individual securities have been in a continuous unrealized loss position at December 31, 2014 and 2013:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2014

 

Total

 

Less than 12 Months

 

12 Months or Longer

 

Fair
Value

 

Unrealized
Losses

 

Fair
Value

 

Unrealized
Losses

 

Fair
Value

 

Unrealized
Losses

 

 

(Dollars in Thousands)

Investment Securities Available-for-Sale:

 

 

 

 

 

 

 

 

 

 

 

 

Federal agency obligation

 

 

$

 

6,755

 

 

 

$

 

(50

)

 

 

 

$

 

2,770

 

 

 

$

 

(9

)

 

 

 

$

 

3,985

 

 

 

$

 

(41

)

 

Residential mortgage pass-through securities

 

 

 

5,694

 

 

 

 

(11

)

 

 

 

 

5,694

 

 

 

 

(11

)

 

 

 

 

 

 

 

 

 

Trust preferred securities

 

 

 

1,307

 

 

 

 

(269

)

 

 

 

 

 

 

 

 

 

 

 

 

1,307

 

 

 

 

(269

)

 

Corporate bonds and notes

 

 

 

1,961

 

 

 

 

(11

)

 

 

 

 

1,961

 

 

 

 

(11

)

 

 

 

 

 

 

 

 

 

Asset-backed securities

 

 

 

9,773

 

 

 

 

(31

)

 

 

 

 

9,773

 

 

 

 

(31

)

 

 

 

 

 

 

 

 

 

Certificates of deposit

 

 

 

369

 

 

 

 

(2

)

 

 

 

 

369

 

 

 

 

(2

)

 

 

 

 

 

 

 

 

 

Equity securities

 

 

 

307

 

 

 

 

(69

)

 

 

 

 

 

 

 

 

 

 

 

 

307

 

 

 

 

(69

)

 

Other securities

 

 

 

5,417

 

 

 

 

(82

)

 

 

 

 

1,978

 

 

 

 

(21

)

 

 

 

 

3,439

 

 

 

 

(61

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

$

 

31,583

 

 

 

$

 

(525

)

 

 

 

$

 

22,545

 

 

 

$

 

(85

)

 

 

 

$

 

9,038

 

 

 

$

 

(440

)

 

Investment Securities Held-to-Maturity:

 

 

 

 

 

 

 

 

 

 

 

 

Federal agency obligation

 

 

 

3,228

 

 

 

 

(28

)

 

 

 

 

3,228

 

 

 

 

(28

)

 

 

 

 

 

 

 

 

 

Obligations of U.S. states and political subdivisions

 

 

 

8,341

 

 

 

 

(60

)

 

 

 

 

1,401

 

 

 

 

(3

)

 

 

 

 

6,940

 

 

 

 

(57

)

 

Corporate bonds and notes

 

 

 

993

 

 

 

 

(7

)

 

 

 

 

993

 

 

 

 

(7

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

12,562

 

 

 

 

(95

)

 

 

 

 

5,622

 

 

 

 

(38

)

 

 

 

 

6,940

 

 

 

 

(57

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Temporarily Impaired Securities

 

 

$

 

44,145

 

 

 

$

 

(620

)

 

 

 

$

 

28,167

 

 

 

$

 

(123

)

 

 

 

$

 

15,978

 

 

 

$

 

(497

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2013

 

Total

 

Less than 12 Months

 

12 Months or Longer

 

Fair
Value

 

Unrealized
Losses

 

Fair
Value

 

Unrealized
Losses

 

Fair
Value

 

Unrealized
Losses

 

 

(Dollars in Thousands)

Investment Securities Available-for-Sale:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury and agency securities

 

 

$

 

13,519

 

 

 

$

 

(825

)

 

 

 

$

 

13,519

 

 

 

$

 

(825

)

 

 

 

$

 

 

 

 

$

 

 

Federal agency obligation

 

 

 

17,200

 

 

 

 

(655

)

 

 

 

 

17,200

 

 

 

 

(655

)

 

 

 

 

 

 

 

 

 

Residential mortgage pass-through securities

 

 

 

18,293

 

 

 

 

(229

)

 

 

 

 

18,293

 

 

 

 

(229

)

 

 

 

 

 

 

 

 

 

Commercial mortgage pass-through securities

 

 

 

2,924

 

 

 

 

(157

)

 

 

 

 

2,924

 

 

 

 

(157

)

 

 

 

 

 

 

 

 

 

Obligations of U.S. states and political subdivisions

 

 

 

4,199

 

 

 

 

(55

)

 

 

 

 

4,199

 

 

 

 

(55

)

 

 

 

 

 

 

 

 

 

Trust preferred securities

 

 

 

5,306

 

 

 

 

(510

)

 

 

 

 

4,031

 

 

 

 

(211

)

 

 

 

 

1,275

 

 

 

 

(299

)

 

Corporate bonds and notes

 

 

 

32,498

 

 

 

 

(482

)

 

 

 

 

30,533

 

 

 

 

(448

)

 

 

 

 

1,965

 

 

 

 

(34

)

 

Certificates of deposit

 

 

 

552

 

 

 

 

(20

)

 

 

 

 

552

 

 

 

 

(20

)

 

 

 

 

 

 

 

 

 

Equity securities

 

 

 

287

 

 

 

 

(89

)

 

 

 

 

 

 

 

 

 

 

 

 

287

 

 

 

 

(89

)

 

Other securities

 

 

 

985

 

 

 

 

(15

)

 

 

 

 

 

 

 

 

 

 

 

 

985

 

 

 

 

(15

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

95,763

 

 

 

 

(3,037

)

 

 

 

 

91,251

 

 

 

 

(2,600

)

 

 

 

 

4,512

 

 

 

 

(437

)

 

Investment Securities Held-to-Maturity:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury and agency securities

 

 

 

27,037

 

 

 

 

(1,019

)

 

 

 

 

27,037

 

 

 

 

(1,019

)

 

 

 

 

 

 

 

 

 

Federal agency obligation

 

 

 

13,492

 

 

 

 

(389

)

 

 

 

 

13,197

 

 

 

 

(388

)

 

 

 

 

295

 

 

 

 

(1

)

 

Residential mortgage pass-through securities

 

 

 

2,182

 

 

 

 

(64

)

 

 

 

 

2,182

 

 

 

 

(64

)

 

 

 

 

 

 

 

 

 

Commercial mortgage-backed securities

 

 

 

1,395

 

 

 

 

(62

)

 

 

 

 

1,395

 

 

 

 

(62

)

 

 

 

 

 

 

 

 

 

Obligations of U.S. states and political subdivisions

 

 

 

66,034

 

 

 

 

(3,688

)

 

 

 

 

57,072

 

 

 

 

(2,957

)

 

 

 

 

8,962

 

 

 

 

(731

)

 

Corporate bonds and notes

 

 

 

27,210

 

 

 

 

(622

)

 

 

 

 

27,210

 

 

 

 

(622

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

137,350

 

 

 

 

(5,844

)

 

 

 

 

128,093

 

 

 

 

(5,112

)

 

 

 

 

9,257

 

 

 

 

(732

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Temporarily Impaired Securities

 

 

$

 

233,113

 

 

 

$

 

(8,881

)

 

 

 

$

 

219,344

 

 

 

$

 

(7,712

)

 

 

 

$

 

13,769

 

 

 

$

 

(1,169

)