|
Investment Securities (Tables)
|
12 Months Ended |
|
Dec. 31, 2013
|
| Investments Debt And Equity Securities [Abstract] |
|
| Amortized Cost, Gross Unrealized Gains and Losses and Fair Value of Investment Securities Held to Maturity |
The amortized
cost, gross unrealized gains and losses and fair value of
investment securities held to maturity at December 31, 2013
and 2012 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Amortized
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
|
|
Fair
Value |
|
| |
|
(in
thousands) |
|
|
December 31,
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury
securities
|
|
$ |
139,255 |
|
|
$ |
5,567 |
|
|
$ |
(515 |
) |
|
$ |
144,307 |
|
|
U.S. government agency
securities
|
|
|
4,427 |
|
|
|
— |
|
|
|
(62 |
) |
|
|
4,365 |
|
|
Obligations of states and
political subdivisions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Obligations of states and
state agencies
|
|
|
192,653 |
|
|
|
1,944 |
|
|
|
(5,473 |
) |
|
|
189,124 |
|
|
Municipal bonds
|
|
|
353,233 |
|
|
|
6,053 |
|
|
|
(5,259 |
) |
|
|
354,027 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total obligations of states
and political subdivisions
|
|
|
545,886 |
|
|
|
7,997 |
|
|
|
(10,732 |
) |
|
|
543,151 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage-backed
securities
|
|
|
886,043 |
|
|
|
12,609 |
|
|
|
(27,631 |
) |
|
|
871,021 |
|
|
Trust preferred
securities
|
|
|
103,458 |
|
|
|
363 |
|
|
|
(12,332 |
) |
|
|
91,489 |
|
|
Corporate and other debt
securities
|
|
|
52,668 |
|
|
|
4,426 |
|
|
|
— |
|
|
|
57,094 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total investment securities
held to maturity
|
|
$ |
1,731,737 |
|
|
$ |
30,962 |
|
|
$ |
(51,272 |
) |
|
$ |
1,711,427 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury
securities
|
|
$ |
99,869 |
|
|
$ |
15,460 |
|
|
$ |
— |
|
|
$ |
115,329 |
|
|
Obligations of states and
political subdivisions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Obligations of states and
state agencies
|
|
|
180,304 |
|
|
|
11,817 |
|
|
|
(105 |
) |
|
|
192,016 |
|
|
Municipal bonds
|
|
|
326,169 |
|
|
|
13,873 |
|
|
|
(92 |
) |
|
|
339,950 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total obligations of states
and political subdivisions
|
|
|
506,473 |
|
|
|
25,690 |
|
|
|
(197 |
) |
|
|
531,966 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage-backed
securities
|
|
|
813,647 |
|
|
|
24,824 |
|
|
|
(355 |
) |
|
|
838,116 |
|
|
Trust preferred
securities
|
|
|
127,505 |
|
|
|
930 |
|
|
|
(14,778 |
) |
|
|
113,657 |
|
|
Corporate and other debt
securities
|
|
|
52,213 |
|
|
|
6,669 |
|
|
|
— |
|
|
|
58,882 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total investment securities
held to maturity
|
|
$ |
1,599,707 |
|
|
$ |
73,573 |
|
|
$ |
(15,330 |
) |
|
$ |
1,657,950 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Age of Unrealized Losses and Fair Value of Related Securities Held to Maturity |
The age of
unrealized losses and fair value of related securities held to
maturity at December 31, 2013 and 2012 were as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Less than
Twelve Months |
|
|
More than
Twelve Months |
|
|
Total |
|
| |
|
Fair
Value |
|
|
Unrealized
Losses |
|
|
Fair Value |
|
|
Unrealized
Losses |
|
|
Fair
Value |
|
|
Unrealized
Losses |
|
| |
|
(in
thousands) |
|
|
December 31,
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury
securities
|
|
$ |
64,537 |
|
|
$ |
(515 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
64,537 |
|
|
$ |
(515 |
) |
|
U.S. government agency
securities
|
|
|
4,365 |
|
|
|
(62 |
) |
|
|
— |
|
|
|
— |
|
|
|
4,365 |
|
|
|
(62 |
) |
|
Obligations of states and
political subdivisions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Obligations of states and
state agencies
|
|
|
80,612 |
|
|
|
(5,473 |
) |
|
|
— |
|
|
|
— |
|
|
|
80,612 |
|
|
|
(5,473 |
) |
|
Municipal bonds
|
|
|
85,988 |
|
|
|
(5,154 |
) |
|
|
1,326 |
|
|
|
(105 |
) |
|
|
87,314 |
|
|
|
(5,259 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total obligations of states
and political subdivisions
|
|
|
166,600 |
|
|
|
(10,627 |
) |
|
|
1,326 |
|
|
|
(105 |
) |
|
|
167,926 |
|
|
|
(10,732 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage-backed
securities
|
|
|
465,400 |
|
|
|
(27,631 |
) |
|
|
— |
|
|
|
— |
|
|
|
465,400 |
|
|
|
(27,631 |
) |
|
Trust preferred
securities
|
|
|
9,750 |
|
|
|
(250 |
) |
|
|
56,480 |
|
|
|
(12,082 |
) |
|
|
66,230 |
|
|
|
(12,332 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
710,652 |
|
|
$ |
(39,085 |
) |
|
$ |
57,806 |
|
|
$ |
(12,187 |
) |
|
$ |
768,458 |
|
|
$ |
(51,272 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Obligations of states and
political subdivisions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Obligations of states and
state agencies
|
|
$ |
7,463 |
|
|
$ |
(105 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
7,463 |
|
|
$ |
(105 |
) |
|
Municipal bonds
|
|
|
8,055 |
|
|
|
(92 |
) |
|
|
— |
|
|
|
— |
|
|
|
8,055 |
|
|
|
(92 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total obligations of states
and political subdivisions
|
|
|
15,518 |
|
|
|
(197 |
) |
|
|
— |
|
|
|
— |
|
|
|
15,518 |
|
|
|
(197 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage-backed
securities
|
|
|
80,152 |
|
|
|
(355 |
) |
|
|
— |
|
|
|
— |
|
|
|
80,152 |
|
|
|
(355 |
) |
|
Trust preferred
securities
|
|
|
28,690 |
|
|
|
(208 |
) |
|
|
48,802 |
|
|
|
(14,570 |
) |
|
|
77,492 |
|
|
|
(14,778 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
124,360 |
|
|
$ |
(760 |
) |
|
$ |
48,802 |
|
|
$ |
(14,570 |
) |
|
$ |
173,162 |
|
|
$ |
(15,330 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contractual Maturities of Debt Securities Held to Maturity |
The contractual
maturities of investments in debt securities held to maturity at
December 31, 2013 are set forth in the table below. Maturities
may differ from contractual maturities in residential
mortgage-backed securities because the mortgages underlying the
securities may be prepaid without any penalties. Therefore,
residential mortgage-backed securities are not included in the
maturity categories in the following summary.
|
|
|
|
|
|
|
|
|
| |
|
December 31,
2013 |
|
| |
|
Amortized
Cost |
|
|
Fair
Value |
|
| |
|
(in
thousands) |
|
|
Due in one year
|
|
$ |
129,999 |
|
|
$ |
130,174 |
|
|
Due after one year through
five years
|
|
|
44,695 |
|
|
|
49,102 |
|
|
Due after five years
through ten years
|
|
|
313,054 |
|
|
|
320,966 |
|
|
Due after ten
years
|
|
|
357,946 |
|
|
|
340,164 |
|
|
Residential mortgage-backed
securities
|
|
|
886,043 |
|
|
|
871,021 |
|
|
|
|
|
|
|
|
|
|
|
Total investment securities
held to maturity
|
|
$ |
1,731,737 |
|
|
$ |
1,711,427 |
|
|
|
|
|
|
|
|
|
|
|
| Amortized Cost, Gross Unrealized Gains and Losses and Fair Value of Investment Securities Available for Sale |
The amortized
cost, gross unrealized gains and losses and fair value of
investment securities available for sale at December 31, 2013
and 2012 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Amortized
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
|
|
Fair
Value |
|
| |
|
(in
thousands) |
|
|
December 31,
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury
securities
|
|
$ |
99,835 |
|
|
$ |
— |
|
|
$ |
(15,170 |
) |
|
$ |
84,665 |
|
|
U.S. government agency
securities
|
|
|
48,407 |
|
|
|
923 |
|
|
|
(703 |
) |
|
|
48,627 |
|
|
Obligations of states and
political subdivisions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Obligations of states and
state agencies
|
|
|
11,441 |
|
|
|
— |
|
|
|
(798 |
) |
|
|
10,643 |
|
|
Municipal bonds
|
|
|
27,671 |
|
|
|
751 |
|
|
|
(1,365 |
) |
|
|
27,057 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total obligations of states
and political subdivisions
|
|
|
39,112 |
|
|
|
751 |
|
|
|
(2,163 |
) |
|
|
37,700 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage-backed
securities
|
|
|
524,781 |
|
|
|
3,967 |
|
|
|
(20,719 |
) |
|
|
508,029 |
|
|
Trust preferred
securities*
|
|
|
23,333 |
|
|
|
113 |
|
|
|
(4,231 |
) |
|
|
19,215 |
|
|
Corporate and other debt
securities
|
|
|
83,819 |
|
|
|
1,682 |
|
|
|
(2,103 |
) |
|
|
83,398 |
|
|
Equity
securities
|
|
|
47,617 |
|
|
|
1,614 |
|
|
|
(1,173 |
) |
|
|
48,058 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total investment securities
available for sale
|
|
$ |
866,904 |
|
|
$ |
9,050 |
|
|
$ |
(46,262 |
) |
|
$ |
829,692 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury
securities
|
|
$ |
99,843 |
|
|
$ |
— |
|
|
$ |
(2,218 |
) |
|
$ |
97,625 |
|
|
U.S. government agency
securities
|
|
|
44,215 |
|
|
|
1,547 |
|
|
|
— |
|
|
|
45,762 |
|
|
Obligations of states and
political subdivisions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Obligations of states and
state agencies
|
|
|
207 |
|
|
|
6 |
|
|
|
— |
|
|
|
213 |
|
|
Municipal bonds
|
|
|
16,003 |
|
|
|
411 |
|
|
|
— |
|
|
|
16,414 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total obligations of states
and political subdivisions
|
|
|
16,210 |
|
|
|
417 |
|
|
|
— |
|
|
|
16,627 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage-backed
securities
|
|
|
506,695 |
|
|
|
6,818 |
|
|
|
(3,359 |
) |
|
|
510,154 |
|
|
Trust preferred
securities*
|
|
|
68,931 |
|
|
|
240 |
|
|
|
(11,739 |
) |
|
|
57,432 |
|
|
Corporate and other debt
securities
|
|
|
28,274 |
|
|
|
2,728 |
|
|
|
(294 |
) |
|
|
30,708 |
|
|
Equity
securities
|
|
|
49,306 |
|
|
|
2,071 |
|
|
|
(1,869 |
) |
|
|
49,508 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total investment securities
available for sale
|
|
$ |
813,474 |
|
|
$ |
13,821 |
|
|
$ |
(19,479 |
) |
|
$ |
807,816 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| * |
Includes three pooled trust
preferred securities, principally collateralized by securities
issued by banks and insurance companies. |
|
| Age of Unrealized Losses and Fair Value of Related Securities |
The age of
unrealized losses and fair value of related securities available
for sale at December 31, 2013 and 2012 were as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Less
than
Twelve
Months |
|
|
More
than
Twelve
Months |
|
|
Total |
|
| |
|
Fair
Value |
|
|
Unrealized
Losses |
|
|
Fair Value |
|
|
Unrealized
Losses |
|
|
Fair
Value |
|
|
Unrealized
Losses |
|
| |
|
(in
thousands) |
|
|
December 31,
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury
securities
|
|
$ |
84,665 |
|
|
$ |
(15,170 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
84,665 |
|
|
$ |
(15,170 |
) |
|
U.S. government agency
securities
|
|
|
26,402 |
|
|
|
(703 |
) |
|
|
— |
|
|
|
— |
|
|
|
26,402 |
|
|
|
(703 |
) |
|
Obligations of states and
political subdivisions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Obligations of states and
state agencies
|
|
|
10,598 |
|
|
|
(798 |
) |
|
|
— |
|
|
|
— |
|
|
|
10,598 |
|
|
|
(798 |
) |
|
Municipal bonds
|
|
|
13,461 |
|
|
|
(1,365 |
) |
|
|
— |
|
|
|
— |
|
|
|
13,461 |
|
|
|
(1,365 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total obligations of states
and political subdivisions
|
|
|
24,059 |
|
|
|
(2,163 |
) |
|
|
— |
|
|
|
— |
|
|
|
24,059 |
|
|
|
(2,163 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage-backed
securities
|
|
|
368,306 |
|
|
|
(18,434 |
) |
|
|
24,734 |
|
|
|
(2,285 |
) |
|
|
393,040 |
|
|
|
(20,719 |
) |
|
Trust preferred
securities
|
|
|
2,024 |
|
|
|
(25 |
) |
|
|
15,022 |
|
|
|
(4,206 |
) |
|
|
17,046 |
|
|
|
(4,231 |
) |
|
Corporate and other debt
securities
|
|
|
53,654 |
|
|
|
(2,073 |
) |
|
|
2,471 |
|
|
|
(30 |
) |
|
|
56,125 |
|
|
|
(2,103 |
) |
|
Equity
securities
|
|
|
223 |
|
|
|
(6 |
) |
|
|
14,248 |
|
|
|
(1,167 |
) |
|
|
14,471 |
|
|
|
(1,173 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
559,333 |
|
|
$ |
(38,574 |
) |
|
$ |
56,475 |
|
|
$ |
(7,688 |
) |
|
$ |
615,808 |
|
|
$ |
(46,262 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury
securities
|
|
$ |
97,625 |
|
|
$ |
(2,218 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
97,625 |
|
|
$ |
(2,218 |
) |
|
Residential mortgage-backed
securities
|
|
|
269,895 |
|
|
|
(1,256 |
) |
|
|
21,089 |
|
|
|
(2,103 |
) |
|
|
290,984 |
|
|
|
(3,359 |
) |
|
Trust preferred
securities
|
|
|
760 |
|
|
|
(511 |
) |
|
|
27,865 |
|
|
|
(11,228 |
) |
|
|
28,625 |
|
|
|
(11,739 |
) |
|
Corporate and other debt
securities
|
|
|
5,394 |
|
|
|
(58 |
) |
|
|
2,264 |
|
|
|
(236 |
) |
|
|
7,658 |
|
|
|
(294 |
) |
|
Equity
securities
|
|
|
969 |
|
|
|
(75 |
) |
|
|
12,664 |
|
|
|
(1,794 |
) |
|
|
13,633 |
|
|
|
(1,869 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
374,643 |
|
|
$ |
(4,118 |
) |
|
$ |
63,882 |
|
|
$ |
(15,361 |
) |
|
$ |
438,525 |
|
|
$ |
(19,479 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contractual Maturities of Investments Securities Available for Sale |
The contractual
maturities of investments securities available for sale at
December 31, 2013 are set forth in the following table.
Maturities may differ from contractual maturities in residential
mortgage-backed securities because the mortgages underlying the
securities may be prepaid without any penalties. Therefore,
residential mortgage-backed securities are not included in the
maturity categories in the following summary.
|
|
|
|
|
|
|
|
|
| |
|
December 31,
2013 |
|
| |
|
Amortized |
|
|
Fair |
|
| |
|
Cost |
|
|
Value |
|
| |
|
(in
thousands) |
|
|
Due in one year
|
|
$ |
160 |
|
|
$ |
161 |
|
|
Due after one year through
five years
|
|
|
55,700 |
|
|
|
54,804 |
|
|
Due after five years
through ten years
|
|
|
106,009 |
|
|
|
101,992 |
|
|
Due after ten
years
|
|
|
132,637 |
|
|
|
116,648 |
|
|
Residential mortgage-backed
securities
|
|
|
524,781 |
|
|
|
508,029 |
|
|
Equity
securities
|
|
|
47,617 |
|
|
|
48,058 |
|
|
|
|
|
|
|
|
|
|
|
Total investment securities
available for sale
|
|
$ |
866,904 |
|
|
$ |
829,692 |
|
|
|
|
|
|
|
|
|
|
|
| Other-than-Temporary Impairment Losses on Securities Recognized in Earnings |
The following
table provides information regarding our other-than-temporary
impairment losses on securities recognized in earnings for the
years ended December 31, 2013, 2012 and 2011.
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
2013 |
|
|
2012 |
|
|
2011 |
|
| |
|
(in
thousands) |
|
|
Held to
maturity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trust preferred
securities
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
18,314 |
|
|
Available for
sale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage-backed
securities
|
|
|
— |
|
|
|
722 |
|
|
|
829 |
|
|
Trust preferred
securities
|
|
|
— |
|
|
|
4,525 |
|
|
|
825 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net impairment losses on
securities recognized in earnings
|
|
$ |
— |
|
|
$ |
5,247 |
|
|
$ |
19,968 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gross Gains (Losses) Realized on Sales, Maturities and Other Securities Transactions Included in Earnings |
Gross gains
(losses) realized on sales, maturities and other securities
transactions included in earnings for the years ended
December 31, 2013, 2012 and 2011 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
2013 |
|
|
2012 |
|
|
2011 |
|
| |
|
(in
thousands) |
|
|
Sales
transactions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross gains
|
|
$ |
14,098 |
|
|
$ |
6,621 |
|
|
$ |
31,456 |
|
|
Gross losses
|
|
|
(44 |
) |
|
|
(1,050 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
14,054 |
|
|
$ |
5,571 |
|
|
$ |
31,456 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maturities and other
securities transactions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross gains
|
|
$ |
662 |
|
|
$ |
2,327 |
|
|
$ |
623 |
|
|
Gross losses
|
|
|
(38 |
) |
|
|
(5,311 |
) |
|
|
(11 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
624 |
|
|
$ |
(2,984 |
) |
|
$ |
612 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains on securities
transactions, net
|
|
$ |
14,678 |
|
|
$ |
2,587 |
|
|
$ |
32,068 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Changes in Credit Loss Component of Cumulative Other-than-Temporary Impairment Losses on Debt Securities |
The following
table presents the changes in the credit loss component of
cumulative other-than-temporary impairment losses on debt
securities classified as either held to maturity or available for
sale that Valley has recognized in earnings, for which a portion of
the impairment loss (non-credit factors) was recognized in other
comprehensive income or loss for the years ended December 31,
2013, 2012 and 2011:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
2013 |
|
|
2012 |
|
|
2011 |
|
| |
|
(in
thousands) |
|
|
Balance, beginning of
period
|
|
$ |
33,290 |
|
|
$ |
29,070 |
|
|
$ |
10,500 |
|
|
Additions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Initial credit
impairments
|
|
|
— |
|
|
|
— |
|
|
|
19,143 |
|
|
Subsequent credit
impairments
|
|
|
— |
|
|
|
5,247 |
|
|
|
825 |
|
|
Reductions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales
|
|
|
(22,839 |
) |
|
|
— |
|
|
|
— |
|
|
Accretion of credit loss
impairment due to an increase in expected cash flows
|
|
|
(461 |
) |
|
|
(1,027 |
) |
|
|
(1,398 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, end of
period
|
|
$ |
9,990 |
|
|
$ |
33,290 |
|
|
$ |
29,070 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|