Investment Securities (Tables)
|
6 Months Ended |
Jun. 30, 2015 |
|---|
| Investments, Debt and Equity Securities [Abstract] |
|
| Unrealized Gain (Loss) on Investments [Table Text Block] |
The following tables present information related to the Company’s investment securities at June 30, 2015 and December 31, 2014.
| |
|
Amortized
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
|
|
Fair
Value |
|
| |
|
June 30, 2015 |
|
| |
|
(in thousands) |
|
| Investment securities available-for-sale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Federal agency obligations |
|
$ |
30,713 |
|
|
$ |
304 |
|
|
$ |
(45 |
) |
|
$ |
30,972 |
|
| Residential mortgage pass-through securities |
|
|
53,624 |
|
|
|
1,181 |
|
|
|
(71 |
) |
|
|
54,734 |
|
| Commercial mortgage pass-through securities |
|
|
3,012 |
|
|
|
11 |
|
|
|
— |
|
|
|
3,023 |
|
| Obligations of U.S. states and political subdivisions |
|
|
8,194 |
|
|
|
164 |
|
|
|
— |
|
|
|
8,358 |
|
| Trust preferred securities |
|
|
16,087 |
|
|
|
456 |
|
|
|
(237 |
) |
|
|
16,306 |
|
| Corporate bonds and notes |
|
|
105,518 |
|
|
|
4,386 |
|
|
|
(66 |
) |
|
|
109,838 |
|
| Asset-backed securities |
|
|
24,592 |
|
|
|
103 |
|
|
|
(13 |
) |
|
|
24,682 |
|
| Certificates of deposit |
|
|
2,096 |
|
|
|
27 |
|
|
|
(8 |
) |
|
|
2,115 |
|
| Equity securities |
|
|
376 |
|
|
|
— |
|
|
|
(49 |
) |
|
|
327 |
|
| Other securities |
|
|
13,845 |
|
|
|
18 |
|
|
|
(120 |
) |
|
|
13,743 |
|
| Total |
|
$ |
258,057 |
|
|
$ |
6,650 |
|
|
$ |
(609 |
) |
|
$ |
264,098 |
|
| Investment securities held-to-maturity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Treasury and agency securities |
|
$ |
28,367 |
|
|
$ |
649 |
|
|
$ |
— |
|
|
$ |
29,016 |
|
| Federal agency obligations |
|
|
35,146 |
|
|
|
368 |
|
|
|
(140 |
) |
|
|
35,374 |
|
| Residential mortgage-backed securities |
|
|
4,751 |
|
|
|
2 |
|
|
|
(28 |
) |
|
|
4,725 |
|
| Commercial mortgage-backed securities |
|
|
4,188 |
|
|
|
56 |
|
|
|
(1 |
) |
|
|
4,243 |
|
| Obligations of U.S. states and political subdivisions |
|
|
119,130 |
|
|
|
3,466 |
|
|
|
(277 |
) |
|
|
122,319 |
|
| Corporate bonds and notes |
|
|
40,975 |
|
|
|
684 |
|
|
|
(131 |
) |
|
|
41,528 |
|
| Total |
|
$ |
232,557 |
|
|
$ |
5,225 |
|
|
$ |
(577 |
) |
|
$ |
237,205 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total investment securities |
|
$ |
490,614 |
|
|
$ |
11,875 |
|
|
$ |
(1,186 |
) |
|
$ |
501,303 |
|
| |
|
Amortized
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
|
|
Fair
Value |
|
| |
|
December 31, 2014 |
|
| |
|
(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 |
|
|
| Investments Classified by Contractual Maturity Date [Table Text Block] |
The following table presents information for investment securities at June 30, 2015, based on scheduled maturities. Actual maturities can be expected to differ from scheduled maturities due to prepayment or early call options of the issuer.
| |
|
June 30, 2015 |
|
| |
|
Amortized
Cost |
|
|
Fair
Value |
|
| |
|
(in thousands) |
|
| Investment securities available-for-sale: |
|
|
|
|
|
|
|
|
| Due in one year or less |
|
$ |
21,828 |
|
|
$ |
22,070 |
|
| Due after one year through five years |
|
|
34,670 |
|
|
|
36,039 |
|
| Due after five years through ten years |
|
|
77,279 |
|
|
|
80,288 |
|
| Due after ten years |
|
|
53,423 |
|
|
|
53,874 |
|
| Residential mortgage pass-through securities |
|
|
53,624 |
|
|
|
54,734 |
|
| Commercial mortgage pass-through securities |
|
|
3,012 |
|
|
|
3,023 |
|
| Equity securities |
|
|
376 |
|
|
|
327 |
|
| Other securities |
|
|
13,845 |
|
|
|
13,743 |
|
| Total |
|
$ |
258,057 |
|
|
$ |
264,098 |
|
| Investment securities held-to-maturity: |
|
|
|
|
|
|
|
|
| Due in one year or less |
|
$ |
4,982 |
|
|
$ |
4,983 |
|
| Due after one year through five years |
|
|
11,202 |
|
|
|
11,354 |
|
| Due after five years through ten years |
|
|
73,367 |
|
|
|
74,931 |
|
| Due after ten years |
|
|
134,067 |
|
|
|
136,969 |
|
| Residential mortgage-backed securities |
|
|
4,751 |
|
|
|
4,725 |
|
| Commercial mortgage-backed securities |
|
|
4,188 |
|
|
|
4,243 |
|
| Total |
|
$ |
232,557 |
|
|
$ |
237,205 |
|
| Total investment securities |
|
$ |
490,614 |
|
|
$ |
501,296 |
|
|
| Schedule of Realized Gain (Loss) [Table Text Block] |
Gross gains and losses from the sales, calls and maturities of investment securities for the three-month and six-month periods ended June 30, 2015 and 2014 were as follows:
| |
|
Three Months Ended
June 30, |
|
|
Six Months Ended
June 30, |
|
| (in thousands) |
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
| Proceeds |
|
$ |
2,734 |
|
|
|
16,127 |
|
|
|
12,271 |
|
|
|
66,738 |
|
| Gross gains on sales of investment securities |
|
|
221 |
|
|
$ |
579 |
|
|
$ |
726 |
|
|
$ |
2,011 |
|
| Gross losses on sales of investment securities |
|
|
— |
|
|
|
(5 |
) |
|
|
— |
|
|
|
(22 |
) |
| Net gains on sales of investment securities |
|
$ |
221 |
|
|
$ |
574 |
|
|
$ |
726 |
|
|
$ |
1,989 |
|
| Less: tax provision on net gains |
|
|
90 |
|
|
|
179 |
|
|
|
297 |
|
|
|
559 |
|
| Total |
|
|
131 |
|
|
|
395 |
|
|
|
429 |
|
|
|
1,430 |
|
|
| Schedule of Preferred Security and Associated Ratings [Table Text Block] |
The following table presents detailed information for each single issuer trust preferred security held by the Company at June 30, 2015, of which all but one has at least one rating below investment grade (in thousands):
| Issuer |
|
Amortized
Cost |
|
|
Fair
Value |
|
|
Gross
Unrealized
Gain (Loss) |
|
|
Lowest
Credit
Rating
Assigned |
| Countrywide Capital IV |
|
$ |
1,771 |
|
|
$ |
1,804 |
|
|
$ |
33 |
|
|
BB |
| Countrywide Capital V |
|
|
2,747 |
|
|
|
2,831 |
|
|
|
84 |
|
|
BB |
| Countrywide Capital V |
|
|
250 |
|
|
|
258 |
|
|
|
8 |
|
|
BB |
| Nationsbank Cap Trust III |
|
|
1,576 |
|
|
|
1,339 |
|
|
|
(237 |
) |
|
BB |
| Morgan Stanley Cap Trust IV |
|
|
2,500 |
|
|
|
2,544 |
|
|
|
44 |
|
|
BB |
| Morgan Stanley Cap Trust IV |
|
|
1,743 |
|
|
|
1,779 |
|
|
|
36 |
|
|
BB |
| Goldman Sachs |
|
|
1,000 |
|
|
|
1,161 |
|
|
|
161 |
|
|
BB |
| Stifel Financial |
|
|
4,500 |
|
|
|
4,590 |
|
|
|
90 |
|
|
BBB- |
| Total |
|
$ |
16,087 |
|
|
$ |
16,306 |
|
|
$ |
219 |
|
|
|
|
| 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 June 30, 2015 and December 31, 2014:
| |
|
June 30, 2015 |
|
| |
|
Total |
|
|
Less than 12 Months |
|
|
12 Months or Longer |
|
| |
|
Fair
Value |
|
|
Unrealized
Losses |
|
|
Fair
Value |
|
|
Unrealized
Losses |
|
|
Fair
Value |
|
|
Unrealized
Losses |
|
| |
|
(in thousands) |
|
| Investment securities available-for-sale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Federal agency obligation |
|
$ |
6,020 |
|
|
$ |
(45 |
) |
|
$ |
5,738 |
|
|
$ |
(43 |
) |
|
$ |
282 |
|
|
$ |
(2 |
) |
| Residential mortgage pass-through securities |
|
|
14,130 |
|
|
|
(71 |
) |
|
|
13,997 |
|
|
|
(71 |
) |
|
|
133 |
|
|
|
— |
|
| Trust preferred securities |
|
|
1,339 |
|
|
|
(237 |
) |
|
|
— |
|
|
|
— |
|
|
|
1,339 |
|
|
|
(237 |
) |
| Corporate bonds and notes |
|
|
7,915 |
|
|
|
(66 |
) |
|
|
7,915 |
|
|
|
(66 |
) |
|
|
— |
|
|
|
— |
|
| Asset-backed securities |
|
|
6,165 |
|
|
|
(13 |
) |
|
|
6,165 |
|
|
|
(13 |
) |
|
|
— |
|
|
|
— |
|
| Certificates of deposit |
|
|
214 |
|
|
|
(8 |
) |
|
|
214 |
|
|
|
(8 |
) |
|
|
— |
|
|
|
— |
|
| Equity securities |
|
|
327 |
|
|
|
(49 |
) |
|
|
— |
|
|
|
— |
|
|
|
327 |
|
|
|
(49 |
) |
| Other securities |
|
|
5,380 |
|
|
|
(120 |
) |
|
|
— |
|
|
|
— |
|
|
|
5,380 |
|
|
|
(120 |
) |
| Total |
|
$ |
41,490 |
|
|
$ |
(609 |
) |
|
$ |
34,029 |
|
|
$ |
(201 |
) |
|
$ |
7,461 |
|
|
$ |
(408 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment securities held-to-maturity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Federal agency obligation |
|
$ |
9,640 |
|
|
$ |
(140 |
) |
|
$ |
9,640 |
|
|
$ |
(140 |
) |
|
$ |
— |
|
|
$ |
— |
|
| Residential mortgage pass-through securities |
|
|
3,224 |
|
|
|
(28 |
) |
|
|
3,224 |
|
|
|
(28 |
) |
|
|
— |
|
|
|
— |
|
| Commercial mortgage-backed securities |
|
|
1,364 |
|
|
|
(1 |
) |
|
|
1,364 |
|
|
|
(1 |
) |
|
|
— |
|
|
|
— |
|
| Obligations of U.S. states and political subdivisions |
|
|
22,791 |
|
|
|
(277 |
) |
|
|
22,791 |
|
|
|
(277 |
) |
|
|
— |
|
|
|
— |
|
| Corporate bonds and notes |
|
|
5,545 |
|
|
|
(131 |
) |
|
|
5,545 |
|
|
|
(131 |
) |
|
|
— |
|
|
|
— |
|
| Total |
|
$ |
42,564 |
|
|
$ |
(577 |
) |
|
$ |
42,564 |
|
|
$ |
(577 |
) |
|
$ |
— |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total temporarily impaired securities |
|
$ |
84,054 |
|
|
$ |
(1,186 |
) |
|
$ |
76,593 |
|
|
$ |
(778 |
) |
|
$ |
7,461 |
|
|
$ |
(408 |
) |
| |
|
December 31, 2014 |
|
| |
|
Total |
|
|
Less than 12 Months |
|
|
12 Months or Longer |
|
| |
|
Fair
Value |
|
|
Unrealized
Losses |
|
|
Fair
Value |
|
|
Unrealized
Losses |
|
|
Fair
Value |
|
|
Unrealized
Losses |
|
| |
|
(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 |
) |
|