Securities (Tables)
|
6 Months Ended |
Jun. 30, 2014
|
Cash And Cash Equivalents [Abstract] |
|
Securities Available for Sale |
Securities available for
sale at June 30, 2014 and December 31, 2013 are as
follows:
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June 30,
2014 |
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December 31,
2013 |
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Amortized |
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Unrealized |
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|
Fair |
|
|
Amortized |
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Unrealized |
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|
Fair |
|
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|
Cost |
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Gains |
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Losses |
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Value |
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|
Cost |
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|
Gains |
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|
Losses |
|
|
Value |
|
U.S. Gov’t sponsored
entities
|
|
$ |
168,144 |
|
|
$ |
4,279 |
|
|
$ |
(5,247 |
) |
|
$ |
167,176 |
|
|
$ |
185,205 |
|
|
$ |
2,894 |
|
|
$ |
(6,474 |
) |
|
$ |
181,625 |
|
State & political
subdivisions
|
|
|
178,078 |
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5,849 |
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|
(715 |
) |
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183,212 |
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176,490 |
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3,770 |
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(2,317 |
) |
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177,943 |
|
Residential &
multi-family mortgage
|
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|
264,882 |
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|
2,432 |
|
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|
(4,413 |
) |
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262,901 |
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248,017 |
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2,410 |
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(7,820 |
) |
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|
242,607 |
|
Commercial
mortgage
|
|
|
193 |
|
|
|
0 |
|
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|
(5 |
) |
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|
188 |
|
|
|
385 |
|
|
|
0 |
|
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|
(11 |
) |
|
|
374 |
|
Corporate notes &
bonds
|
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|
15,748 |
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|
116 |
|
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|
(1,380 |
) |
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|
14,484 |
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|
15,744 |
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|
65 |
|
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|
(1,734 |
) |
|
|
14,075 |
|
Pooled trust
preferred
|
|
|
800 |
|
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|
0 |
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(2 |
) |
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|
798 |
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|
800 |
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0 |
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(139 |
) |
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|
661 |
|
Pooled SBA
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|
66,851 |
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|
836 |
|
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|
(2,029 |
) |
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65,658 |
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70,077 |
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|
688 |
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(3,044 |
) |
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67,721 |
|
Other securities
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1,020 |
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0 |
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(18 |
) |
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|
1,002 |
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|
1,020 |
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0 |
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(35 |
) |
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985 |
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Total
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$ |
695,716 |
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$ |
13,512 |
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$ |
(13,809 |
) |
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$ |
695,419 |
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$ |
697,738 |
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$ |
9,827 |
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$ |
(21,574 |
) |
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$ |
685,991 |
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Trading Securities |
Trading securities at
June 30, 2014 and December 31, 2013 are as
follows:
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June 30,
2014 |
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December 31,
2013 |
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Corporate equity
securities
|
|
$ |
2,990 |
|
|
$ |
2,705 |
|
Mutual funds
|
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|
978 |
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|
965 |
|
Certificates of
deposit
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|
254 |
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|
253 |
|
Corporate notes and
bonds
|
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|
153 |
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|
152 |
|
U.S. Government sponsored
entities
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|
54 |
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52 |
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Total
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$ |
4,429 |
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$ |
4,127 |
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Securities with Unrealized Losses Aggregated by Investment Category and Length of Time that Individual Securities have been in Continuous Unrealized Loss Position |
Securities with unrealized
losses at June 30, 2014 and December 31, 2013, aggregated
by investment category and length of time that individual
securities have been in a continuous unrealized loss position, are
as follows (in thousands):
June 30,
2014
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Less than 12
Months |
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12 Months or
More |
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Total |
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Description of
Securities
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Fair
Value |
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Unrealized
Loss |
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Fair
Value |
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Unrealized
Loss |
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Fair
Value |
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Unrealized
Loss |
|
U.S. Gov’t sponsored
entities
|
|
$ |
4,857 |
|
|
$ |
(1,604 |
) |
|
$ |
97,377 |
|
|
$ |
(3,643 |
) |
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$ |
102,234 |
|
|
$ |
(5,247 |
) |
State & political
subdivisions
|
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|
8,527 |
|
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(34 |
) |
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23,517 |
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(681 |
) |
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32,044 |
|
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|
(715 |
) |
Residential &
multi-family mortgage
|
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|
61,870 |
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(779 |
) |
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101,485 |
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(3,634 |
) |
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163,355 |
|
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(4,413 |
) |
Commercial
mortgage
|
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0 |
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0 |
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|
188 |
|
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|
(5 |
) |
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|
188 |
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(5 |
) |
Corporate notes &
bonds
|
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0 |
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0 |
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|
8,020 |
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(1,380 |
) |
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8,020 |
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(1,380 |
) |
Pooled trust
preferred
|
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0 |
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0 |
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|
798 |
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(2 |
) |
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|
798 |
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(2 |
) |
Pooled SBA
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1,991 |
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(9 |
) |
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39,753 |
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(2,020 |
) |
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41,744 |
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(2,029 |
) |
Other securities
|
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1,002 |
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(18 |
) |
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0 |
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0 |
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1,002 |
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(18 |
) |
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$ |
78,247 |
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|
$ |
(2,444 |
) |
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$ |
271,138 |
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$ |
(11,365 |
) |
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$ |
349,385 |
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$ |
(13,809 |
) |
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Less than 12
Months |
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12 Months or
More |
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Total |
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Fair
Value |
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Unrealized
Loss |
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Fair
Value |
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Unrealized
Loss |
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Fair
Value |
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Unrealized
Loss |
|
December 31, 2013 |
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U.S. Gov’t sponsored
entities
|
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$ |
95,677 |
|
|
$ |
(5,394 |
) |
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$ |
17,964 |
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$ |
(1,080 |
) |
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$ |
113,641 |
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$ |
(6,474 |
) |
State & political
subdivisions
|
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|
57,526 |
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(2,192 |
) |
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|
5,324 |
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(125 |
) |
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62,850 |
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(2,317 |
) |
Residential and
multi-family mortgage
|
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|
150,229 |
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(6,806 |
) |
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16,608 |
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(1,014 |
) |
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166,837 |
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(7,820 |
) |
Commercial
mortgage
|
|
|
374 |
|
|
|
(11 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
374 |
|
|
|
(11 |
) |
Corporate notes &
bonds
|
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|
0 |
|
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|
0 |
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|
9,662 |
|
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|
(1,734 |
) |
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|
9,662 |
|
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|
(1,734 |
) |
Pooled trust
preferred
|
|
|
0 |
|
|
|
0 |
|
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|
661 |
|
|
|
(139 |
) |
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|
661 |
|
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|
(139 |
) |
Pooled SBA
|
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|
36,842 |
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(2,296 |
) |
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|
8,277 |
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(748 |
) |
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|
45,119 |
|
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|
(3,044 |
) |
Other securities
|
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|
985 |
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(35 |
) |
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|
0 |
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|
0 |
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|
985 |
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(35 |
) |
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$ |
341,633 |
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|
$ |
(16,734 |
) |
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$ |
58,496 |
|
|
$ |
(4,840 |
) |
|
$ |
400,129 |
|
|
$ |
(21,574 |
) |
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Roll-Forward of Other-Than-Temporary Impairment Amount Related to Credit Losses |
A roll-forward of the
other-than-temporary impairment amount related to credit losses for
the three and six months ended June 30, 2014 and 2013 is as
follows:
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|
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|
Balance of credit losses on
debt securities for which a portion of other-than-temporary
impairment was recognized in earnings, beginning of
period
|
|
$ |
4,054 |
|
Additional credit loss for
which other-than-temporary impairment was not previously
recognized
|
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|
0 |
|
Additional credit loss for
which other-than-temporary impairment was previously
recognized
|
|
|
0 |
|
|
|
|
|
|
Balance of credit losses on
debt securities for which a portion of other-than-temporary
impairment was recognized in earnings, end of period
|
|
$ |
4,054 |
|
|
|
|
|
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Information Pertaining to Security Sales |
Information pertaining to
security sales is as follows:
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Proceeds |
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Gross Gains |
|
|
Gross Losses |
|
Three months ended
June 30, 2014
|
|
$ |
16,177 |
|
|
$ |
138 |
|
|
$ |
0 |
|
Six months ended
June 30, 2014
|
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|
29,128 |
|
|
|
287 |
|
|
|
(83 |
) |
Three months ended
June 30, 2013
|
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|
32,348 |
|
|
|
746 |
|
|
|
(494 |
) |
Six months ended
June 30, 2013
|
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|
33,672 |
|
|
|
822 |
|
|
|
(494 |
) |
|
Schedule of Contractual Maturity of Securities Available for Sale, Excluding Equity Securities |
The following is a schedule
of the contractual maturity of securities available for sale,
excluding equity securities, at June 30, 2014:
|
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Amortized
Cost |
|
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Fair Value |
|
1 year or less
|
|
$ |
29,494 |
|
|
$ |
29,090 |
|
1 year – 5
years
|
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|
149,072 |
|
|
|
151,616 |
|
5 years – 10
years
|
|
|
145,065 |
|
|
|
146,310 |
|
After 10 years
|
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|
39,139 |
|
|
|
38,654 |
|
|
|
|
|
|
|
|
|
|
|
|
|
362,770 |
|
|
|
365,670 |
|
Residential and
multi-family mortgage
|
|
|
264,882 |
|
|
|
262,901 |
|
Pooled SBA
|
|
|
66,851 |
|
|
|
65,658 |
|
Commercial
mortgage
|
|
|
193 |
|
|
|
188 |
|
|
|
|
|
|
|
|
|
|
Total debt
securities
|
|
$ |
694,696 |
|
|
$ |
694,417 |
|
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