XML 28 R33.htm IDEA: XBRL DOCUMENT

SECURITIES (Tables)

12 Months Ended

Dec. 31, 2013

Summary of Available-For-Sale Securities

Information related to the fair value and amortized cost of securities available for sale and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) at December 31 is provided in the tables below.

			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
(dollars in thousands)	Cost		Gain		Losses			Value
2013
U.S. Treasury securities	$	1,001	$	16	$	0		$	1,017
Agency residential mortgage-backed securities		374,611		5,301		(7,935	)		371,977
State and municipal securities		95,388		2,597		(2,012	)		95,973
Total	$	471,000	$	7,914	$	(9,947	)	$	468,967

2012
U.S. Treasury securities	$	1,002	$	35	$	0		$	1,037
U.S. government sponsored agencies		5,026		278		0			5,304
Agency residential mortgage-backed securities		359,326		7,813		(1,495	)		365,644
Non-agency residential mortgage-backed securities		6,211		242		0			6,453
State and municipal securities		83,263		5,509		(189	)		88,583
Total	$	454,828	$	13,877	$	(1,684	)	$	467,021

Schedule of Available-For-Sale Securities By Maturity

Actual maturities of securities may differ from contractual maturities because borrowers may have the right to prepay the obligation without prepayment penalty.

	Amortized		Fair
(dollars in thousands)	Cost		Value
Due in one year or less	$	4,247	$	4,291
Due after one year through five years		15,467		16,382
Due after five years through ten years		41,242		42,035
Due after ten years		35,433		34,282
		96,389		96,990
Mortgage-backed securities		374,611		371,977
Total debt securities	$	471,000	$	468,967

Schedule of Sales of Securities Available For Sale

Security proceeds, gross gains and gross losses for 2013, 2012 and 2011 were as follows:

(dollars in thousands)	2013		2012		2011
Sales of securities available for sale
Proceeds	$	29,995	$	27,855	$	73,318
Gross gains		1,077		824		3,997
Gross losses		972		1,203		4,171

Schedule of Available-For-Sale Securities Continuous Unrealized Loss Position

Information regarding securities with unrealized losses as of December 31, 2013 and 2012 is presented below. The tables distribute the securities between those with unrealized losses for less than twelve months and those with unrealized losses for twelve months or more.

	Less than 12 months					12 months or more					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
(dollars in thousands)	Value		Losses			Value		Losses			Value		Losses
2013
Agency residential mortgage-backed securities	$	177,779	$	(6,444	)	$	34,093	$	(1,491	)	$	211,872	$	(7,935	)
State and municipal securities		24,610		(1,102	)		8,037		(910	)		32,647		(2,012	)
Total temporarily impaired	$	202,389	$	(7,546	)	$	42,130	$	(2,401	)	$	244,519	$	(9,947	)

2012
Agency residential mortgage-backed securities	$	92,974	$	(1,066	)	$	20,422	$	(429	)	$	113,396	$	(1,495	)
State and municipal securities		10,791		(188	)		50		(1	)		10,841		(189	)
Total temporarily impaired	$	103,765	$	(1,254	)	$	20,472	$	(430	)	$	124,237	$	(1,684	)

Quantitative Disclosure of Available-For-Sale Securities

The number of securities with unrealized losses as of December 31, 2013 and 2012 is presented below.

	Less than		12 months
	12 months		or more		Total
2013
Agency residential mortgage-backed securities		49		10		59
State and municipal securities		59		12		71
Total temporarily impaired		108		22		130

	Less than		12 months
	12 months		or more		Total
2012
Agency residential mortgage-backed securities		29		9		38
State and municipal securities		29		1		30
Total temporarily impaired		58		10		68

Schedule of Debt Securities Credit Loss Recognized

The following table provides information about debt securities for which only a credit loss was recognized in income and other losses were recorded in other comprehensive income.

(dollars in thousands)	2012
Balance January 1,	$	359
Additions related to other-than-temporary impairment losses not previously recognized		779
Additional increases to the amount of credit loss for which other-than-temporary impairment was previously recognized		247
Reductions for previous credit losses realized on securities sold during the year		(1,385	)
Balance December 31,	$	0

Securities with At Least One Rating Below Investment Grade

Information on securities with at least one rating below investment grade as of December 31, 2012 is presented below. There were no non-agency mortgage-backed securities as of December 31, 2013.

12/31/2012

1-Month

3-Month

6-Month

Other Than

December 31, 2012

Lowest

Constant

Temporary

Par

Amortized

Fair

Unrealized

Credit

Default

Credit

Description

CUSIP

Impairment

Value

Cost

Value

Gain/(Loss)

Rating

Rate

Support

(dollars in
thousands)

RALI 2004-QS7 A3

76110HTX7

2,908

2,891

2,979

BB+

5.67

5.46

3.38

10.34

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

+ References+ Details

- Definition

Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income.

+ References+ Details