XML 76 R40.htm IDEA: XBRL DOCUMENT v2.4.0.8
Securities (Tables)
 12 Months Ended
Dec. 31, 2013
Investments, Debt and Equity Securities [Abstract]  
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:
(Dollars in thousands)
 
 
 
 
 
 
 
December 31, 2013
Amortized Cost
 
Unrealized Gains
 
Unrealized Losses
 
Fair Value
Securities Available for Sale:
 
 
 
 
 
 
 
Obligations of U.S. government-sponsored enterprises

$54,474

 

$720

 

($79
)
 

$55,115

Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises
230,387

 
8,369

 
(401
)
 
238,355

States and political subdivisions
60,659

 
2,200

 
—

 
62,859

Trust preferred securities:
 
 
 
 
 
 
 
Individual name issuers
30,715

 
—

 
(6,031
)
 
24,684

Collateralized debt obligations
547

 
—

 
—

 
547

Corporate bonds
11,128

 
231

 
(16
)
 
11,343

Total securities available for sale

$387,910

 

$11,520

 

($6,527
)
 

$392,903

Held to Maturity:
 
 
 
 
 
 
 
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises

$29,905

 

$14

 

($54
)
 

$29,865

Total securities held to maturity

$29,905

 

$14

 

($54
)
 

$29,865

Total securities

$417,815

 

$11,534

 

($6,581
)
 

$422,768


(Dollars in thousands)
 
 
 
 
 
 
 
December 31, 2012
Amortized Cost
 
Unrealized Gains
 
Unrealized Losses
 
Fair Value
Securities Available for Sale:
 
 
 
 
 
 
 
Obligations of U.S. government-sponsored enterprises

$29,458

 

$2,212

 

$—

 

$31,670

Mortgage-backed securities issued by U.S.  government agencies and U.S. government-sponsored enterprises
217,136

 
14,097

 
—

 
231,233

States and political subdivisions
68,196

 
4,424

 
—

 
72,620

Trust preferred securities:
 
 
 
 
 
 
 
Individual name issuers
30,677

 
—

 
(5,926
)
 
24,751

Collateralized debt obligations
4,036

 
—

 
(3,193
)
 
843

Corporate bonds
13,905

 
476

 
—

 
14,381

Total securities available for sale

$363,408

 

$21,209

 

($9,119
)
 

$375,498

Held to Maturity:
 
 
 
 
 
 
 
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises

$40,381

 

$1,039

 

$—

 

$41,420

Total securities held to maturity

$40,381

 

$1,039

 

$—

 

$41,420

Total securities

$403,789

 

$22,248

 

($9,119
)
 

$416,918
Securities by Contractual Maturity
The schedule of maturities of debt securities available for sale and held to maturity is presented below.  Mortgage-backed securities are included based on weighted average maturities, adjusted for anticipated prepayments.  All other debt 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.  
 
December 31, 2013
(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

$54,474

 

$—

 

$—

 

$—

 

$54,474

Weighted average yield
4.04
%
 
—
%
 
—
%
 
—
%
 
4.04
%
Mortgage-backed securities issued by U.S. government-sponsored enterprises:
 
 
 
 
 
 
 
 
 
Amortized cost
53,902

 
107,955

 
46,983

 
21,547

 
230,387

Weighted average yield
4.19
%
 
3.66
%
 
2.73
%
 
2.20
%
 
3.46
%
State and political subdivisions:
 
 
 
 
 
 
 
 
 
Amortized cost
13,977

 
46,682

 
—

 
—

 
60,659

Weighted average yield
3.84
%
 
3.92
%
 
—
%
 
—
%
 
3.91
%
Trust preferred securities:
 
 
 
 
 
 
 
 
 
Amortized cost
—

 
—

 
—

 
31,262

 
31,262

Weighted average yield
—
%
 
—
%
 
—
%
 
1.57
%
 
1.57
%
Corporate bonds:
 
 
 
 
 
 
 
 
 
Amortized cost
5,023

 
5,703

 
402

 
—

 
11,128

Weighted average yield
6.64
%
 
2.82
%
 
2.45
%
 
—
%
 
4.53
%
Total debt securities available for sale:
 
 
 
 
 
 
 
 
 
Amortized cost

$127,376

 

$160,340

 

$47,385

 

$52,809

 

$387,910

Weighted average yield
4.19
%
 
3.71
%
 
2.73
%
 
1.83
%
 
3.49
%
Fair value

$127,764

 

$162,785

 

$48,800

 

$53,554

 

$392,903

Securities Held to Maturity:
 
 
 
 
 
 
 
 
 
Mortgage-backed securities issued by U.S. government-sponsored enterprises:
 
 
 
 
 
 
 
 
 
Amortized cost

$5,376

 

$13,892

 

$7,652

 

$2,985

 

$29,905

Weighted average yield
2.85
%
 
2.75
%
 
2.56
%
 
1.11
%
 
2.56
%
Fair value

$5,369

 

$13,873

 

$7,642

 

$2,981

 

$29,865



Included in the above table were debt securities with an amortized cost balance of $106.8 million and a fair value of $102.3 million at December 31, 2013 that are callable at the discretion of the issuers.  Final maturities of the callable securities range from twenty-one months to twenty-three years, with call features ranging from one month to three years.
Summary of Amounts Related to Sales of Securities
The following is a summary of amounts relating to sales of securities:
(Dollars in thousands)
 
 
 
 
 
Years ended December 31,
2013

 
2012

 
2011

Proceeds from sales (1)

$—

 

$46,560

 

$56,461

 
 
 
 
 
 
Gross realized gains (1)

$—

 

$1,224

 

$919

Gross realized losses
—

 
(1
)
 
(221
)
Net realized gains on securities

$—

 

$1,223

 

$698

(1)
Includes a contribution of appreciated equity securities to the Corporation’s charitable foundation in 2011.  The cost of the contribution, included in noninterest expenses, amounted to $990 thousand in 2011.  This transaction resulted in a realized security gain of $331 thousand for the same period.
Rollforward of OTTI Recognized in Earnings
Credit-Related Impairment Losses Recognized on Debt Securities
The following table presents a rollforward of the cumulative credit-related impairment losses on debt securities:
(Dollars in thousands)
 
 
 
 
 
Years ended December 31,
 
2013

 
2012

2011

Balance at beginning of period
 

$3,325

 

$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
 
3,489

 
221

191

Balance at end of period
 

$6,814

 

$3,325


$3,104
Securities in a Continuous Unrealized Loss Position
The following tables summarizes temporarily impaired investment securities at December 31, 2013 and December 31, 2012, segregated by length of time the securities have been continuously in an unrealized loss position.
(Dollars in thousands)
Less than 12 Months
 
12 Months or Longer
 
Total
December 31, 2013
#

 
Fair
Value
Unrealized
Losses
 
#

 
Fair
Value
Unrealized
Losses
 
#

 
Fair
Value
Unrealized
Losses
Obligations of U.S. government-sponsored enterprises
1

 

$9,909


($79
)
 
—

 

$—


$—

 
1

 

$9,909


($79
)
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises
7

 
76,748

(455
)
 
—

 
—

—

 
7

 
76,748

(455
)
Individual name issuer trust preferred securities
—

 
—

—

 
11

 
24,684

(6,031
)
 
11

 
24,684

(6,031
)
Corporate bonds
2

11

407

(16
)
 
—

—

—

—

 
2

 
407

(16
)
Total temporarily impaired securities
10

11


$87,064


($550
)
 
11

 

$24,684


($6,031
)
 
21

 

$111,748


($6,581
)

(Dollars in thousands)
Less than 12 Months
 
12 Months or Longer
 
Total
December 31, 2012
#

 
Fair
Value
Unrealized
Losses
 
#

 
Fair
Value
Unrealized
Losses
 
#

 
Fair
Value
Unrealized
Losses
Trust preferred securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Individual name issuers
—

 

$—


$—

 
11

 

$24,751


($5,926
)
 
11

 

$24,751


($5,926
)
Collateralized debt obligations
—

 
—

—

 
2

 
843

(3,193
)
 
2

 
843

(3,193
)
Total temporarily impaired securities
—

 

$—


$—

 
13

 

$25,594


($9,119
)
 
13

 

$25,594


($9,119
)