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Securities (Tables)
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6 Months Ended |
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Jun. 30, 2012
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| Investments, Debt and Equity Securities [Abstract] |
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| Summary of Investments |
The following tables present the amortized cost, gross unrealized holding gains, gross unrealized holding losses and fair value of securities by major security type and class of security at June 30, 2012 and December 31, 2011.
| | | | | | | | | | | | | | | | | (Dollars in thousands) | | | | | | | | June 30, 2012 | Amortized Cost (1) | | Unrealized Gains | | Unrealized Losses | | Fair Value | Securities Available for Sale: | | | | | | | | Obligations of U.S. government-sponsored enterprises |
| $29,443 |
| |
| $2,876 |
| |
| $— |
| |
| $32,319 |
| Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | 305,757 |
| | 18,535 |
| | — |
| | 324,292 |
| States and political subdivisions | 68,939 |
| | 4,784 |
| | — |
| | 73,723 |
| Trust preferred securities: | | | | | | | | Individual name issuers | 30,658 |
| | — |
| | (7,038 | ) | | 23,620 |
| Collateralized debt obligations | 4,047 |
| | — |
| | (3,280 | ) | | 767 |
| Corporate bonds | 13,889 |
| | 659 |
| | (102 | ) | | 14,446 |
| Total securities available for sale |
| $452,733 |
| |
| $26,854 |
| |
| ($10,420 | ) | |
| $469,167 |
| Held to Maturity: | | | | | | | | Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises |
| $47,026 |
| |
| $1,194 |
| |
| $— |
| |
| $48,220 |
| Total securities held to maturity |
| $47,026 |
| |
| $1,194 |
| |
| $— |
| |
| $48,220 |
| Total securities |
| $499,759 |
| |
| $28,048 |
| |
| ($10,420 | ) | |
| $517,387 |
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| | | | | | | | | | | | | | | | | (Dollars in thousands) | | | | | | | | December 31, 2011 | Amortized Cost (1) | | Unrealized Gains | | Unrealized Losses | | Fair Value | Securities Available for Sale: | | | | | | | | Obligations of U.S. government-sponsored enterprises |
| $29,429 |
| |
| $3,404 |
| |
| $— |
| |
| $32,833 |
| Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | 369,946 |
| | 19,712 |
| | — |
| | 389,658 |
| States and political subdivisions | 74,040 |
| | 5,453 |
| | — |
| | 79,493 |
| Trust preferred securities: | | | | | | | | Individual name issuers | 30,639 |
| | — |
| | (8,243 | ) | | 22,396 |
| Collateralized debt obligations | 4,256 |
| | — |
| | (3,369 | ) | | 887 |
| Corporate bonds | 13,872 |
| | 813 |
| | (403 | ) | | 14,282 |
| Perpetual preferred stocks (2) | 1,854 |
| | — |
| | (150 | ) | | 1,704 |
| Total securities available for sale |
| $524,036 |
| |
| $29,382 |
| |
| ($12,165 | ) | |
| $541,253 |
| Held to Maturity: | | | | | | | | Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises |
| $52,139 |
| |
| $360 |
| |
| $— |
| |
| $52,499 |
| Total securities held to maturity |
| $52,139 |
| |
| $360 |
| |
| $— |
| |
| $52,499 |
| Total securities |
| $576,175 |
| |
| $29,742 |
| |
| ($12,165 | ) | |
| $593,752 |
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(1) Net of other-than-temporary impairment losses. (2) Callable at the discretion of the issuer. |
| Rollforward of OTTI Recognized in Earnings |
The following table presents a roll forward of the balance of credit-related impairment losses on debt securities, for which a portion of an other-than-temporary impairment was recognized in other comprehensive income: | | | | | | | | | | | | | | | | | (Dollars in thousands) | Three Months | | Six Months | Periods ended June 30, | 2012 | | 2011 | | 2012 | | 2011 | Balance at beginning of period |
| $3,313 |
| |
| $2,946 |
| |
| $3,104 |
| |
| $2,913 |
| Credit-related impairment loss on debt securities for which an other-than-temporary impairment was not previously recognized | — |
| | — |
| | — |
| | — |
| Additional increases to the amount of credit-related impairment loss on debt securities for which an other-than-temporary impairment was previously recognized | — |
| | — |
| | 209 |
| | 33 |
| Balance at end of period |
| $3,313 |
| |
| $2,946 |
| |
| $3,313 |
| |
| $2,946 |
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|
| Securities in a Continuous Unrealized Loss Position |
The following table summarizes temporarily impaired securities at June 30, 2012, segregated by length of time the securities have been in a continuous unrealized loss position:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (Dollars in thousands) | Less than 12 Months | | 12 Months or Longer | | Total | June 30, 2012 | # |
| | Fair Value | | Unrealized Losses | | # |
| | Fair Value | | Unrealized Losses | | # |
| | Fair Value | | Unrealized Losses | Trust preferred securities: | | | | | | | | | | | | | | | | | | Individual name issuers | — |
| |
| $— |
| |
| $— |
| | 11 |
| |
| $23,620 |
| |
| ($7,038 | ) | | 11 |
| |
| $23,620 |
| |
| ($7,038 | ) | Collateralized debt obligations | — |
| | — |
| | — |
| | 2 |
| | 767 |
| | (3,280 | ) | | 2 |
| | 767 |
| | (3,280 | ) | Corporate bonds | 3 |
| | 5,505 |
| | (102 | ) | | — |
| | — |
| | — |
| | 3 |
| | 5,505 |
| | (102 | ) | Subtotal, debt securities | 3 |
| | 5,505 |
| | (102 | ) | | 13 |
| | 24,387 |
| | (10,318 | ) | | 16 |
| | 29,892 |
| | (10,420 | ) | Total temporarily impaired securities | 3 |
| |
| $5,505 |
| |
| ($102 | ) | | 13 |
| |
| $24,387 |
| |
| ($10,318 | ) | | 16 |
| |
| $29,892 |
| |
| ($10,420 | ) |
The following table summarizes temporarily impaired securities at December 31, 2011, segregated by length of time the securities have been in a continuous unrealized loss position:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (Dollars in thousands) | Less than 12 Months | | 12 Months or Longer | | Total | December 31, 2011 | # |
| | Fair Value | | Unrealized Losses | | # |
| | Fair Value | | Unrealized Losses | | # |
| | Fair Value | | Unrealized Losses | Trust preferred securities: | | | | | | | | | | | | | | | | | | Individual name issuers | — |
| |
| $— |
| |
| $— |
| | 11 |
| |
| $22,396 |
| |
| ($8,243 | ) | | 11 |
| |
| $22,396 |
| |
| ($8,243 | ) | Collateralized debt obligations | — |
| | — |
| | — |
| | 2 |
| | 887 |
| | (3,369 | ) | | 2 |
| | 887 |
| | (3,369 | ) | Corporate bonds | 3 |
| | 5,203 |
| | (403 | ) | | — |
| | — |
| | — |
| | 3 |
| | 5,203 |
| | (403 | ) | Subtotal, debt securities | 3 |
| | 5,203 |
| | (403 | ) | | 13 |
| | 23,283 |
| | (11,612 | ) | | 16 |
| | 28,486 |
| | (12,015 | ) | Perpetual preferred stocks | 2 |
| | 1,704 |
| | (150 | ) | | — |
| | — |
| | — |
| | 2 |
| | 1,704 |
| | (150 | ) | Total temporarily impaired securities | 5 |
| |
| $6,907 |
| |
| ($553 | ) | | 13 |
| |
| $23,283 |
| |
| ($11,612 | ) | | 18 |
| |
| $30,190 |
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| ($12,165 | ) |
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| Securities by Contractual Maturity |
As of June 30, 2012, the amortized cost of debt securities by maturity is presented below. Mortgage-backed securities are included based on weighted average maturities, adjusted for anticipated prepayments. All other securities are included based on contractual maturities. Actual maturities may differ from amounts presented because certain issuers have the right to call or prepay obligations with or without call or prepayment penalties. Yields on tax exempt obligations are not computed on a tax equivalent basis. Included in the securities portfolio at June 30, 2012 were debt securities with an amortized cost balance of $91.9 million and a fair value of $85.4 million that are callable at the discretion of the issuers. Final maturities of the callable securities range from three to twenty-five years, with call features ranging from one month to five years.
| | | | | | | | | | | | | | | | | | | | | (Dollars in thousands) | Within 1 Year | | 1-5 Years | | 5-10 Years | | After 10 Years | | Totals | Securities Available for Sale: | | | | | | | | | | Obligations of U.S. government-sponsored enterprises: | | | | | | | | | | Amortized cost |
| $— |
| |
| $29,443 |
| |
| $— |
| |
| $— |
| |
| $29,443 |
| Weighted average yield | — | % | | 5.41 | % | | — | % | | — | % | | 5.41 | % | Mortgage-backed securities issued by U.S. government-sponsored enterprises: | | | | | | | | | | Amortized cost | 90,411 |
| | 161,311 |
| | 44,625 |
| | 9,410 |
| | 305,757 |
| Weighted average yield | 4.29 | % | | 3.91 | % | | 2.61 | % | | 2.34 | % | | 3.78 | % | State and political subdivisions: | | | | | | | | | | Amortized cost | 4,083 |
| | 64,053 |
| | 803 |
| | — |
| | 68,939 |
| Weighted average yield | 3.62 | % | | 3.90 | % | | 3.81 | % | | — | % | | 3.89 | % | Trust preferred securities: | | | | | | | | | | Amortized cost (1) | — |
| | — |
| | — |
| | 34,705 |
| | 34,705 |
| Weighted average yield | — | % | | — | % | | — | % | | 1.83 | % | | 1.83 | % | Corporate bonds: | | | | | | | | | | Amortized cost | 3,196 |
| | 10,693 |
| | — |
| | — |
| | 13,889 |
| Weighted average yield | 6.32 | % | | 4.73 | % | | — | % | | — | % | | 5.09 | % | Total debt securities available for sale: | | | | | | | | | | Amortized cost |
| $97,690 |
| |
| $265,500 |
| |
| $45,428 |
| |
| $44,115 |
| |
| $452,733 |
| Weighted average yield | 4.33 | % | | 4.11 | % | | 2.63 | % | | 1.94 | % | | 3.80 | % | Fair value |
| $101,209 |
| |
| $275,084 |
| |
| $48,189 |
| |
| $44,685 |
| |
| $469,167 |
| Securities Held to Maturity: | | | | | | | | | | Mortgage-backed securities issued by U.S. government-sponsored enterprises: | | | | | | | | | | Amortized cost |
| $9,714 |
| |
| $23,013 |
| |
| $10,631 |
| |
| $3,668 |
| |
| $47,026 |
| Weighted average yield | 2.67 | % | | 2.56 | % | | 2.44 | % | | 1.49 | % | | 2.47 | % | Fair value |
| $9,961 |
| |
| $23,597 |
| |
| $10,901 |
| |
| $3,761 |
| |
| $48,220 |
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| | (1) | Net of other-than-temporary impairment losses. |
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