Securities (Tables)

3 Months Ended

Mar. 31, 2015

Investments, Debt and Equity Securities [Abstract]

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)
March 31, 2015	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Securities Available for Sale:
Obligations of U.S. government-sponsored enterprises		$31,203		$98		$—			$31,301
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises	222,547		10,498		—			233,045
Obligations of states and political subdivisions	42,664		1,515		—			44,179
Individual name issuer trust preferred debt securities	30,762		—		(4,475		)	26,287
Corporate bonds	6,119		36		(25		)	6,130
Total securities available for sale		$333,295		$12,147		($4,500	)		$340,942
Held to Maturity:
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises		$24,025		$809		$—			$24,834
Total securities held to maturity		$24,025		$809		$—			$24,834
Total securities		$357,320		$12,956		($4,500	)		$365,776



(Dollars in thousands)
December 31, 2014	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Securities Available for Sale:
Obligations of U.S. government-sponsored enterprises		$31,205		$21		($54	)		$31,172
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises	235,343		10,023		—			245,366
Obligations of states and political subdivisions	47,647		1,529		—			49,176
Individual name issuer trust preferred debt securities	30,753		—		(4,979		)	25,774
Corporate bonds	6,120		57		(3		)	6,174
Total securities available for sale		$351,068		$11,630		($5,036	)		$357,662
Held to Maturity:
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises		$25,222		$786		$—			$26,008
Total securities held to maturity		$25,222		$786		$—			$26,008
Total securities		$376,290		$12,416		($5,036	)		$383,670

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.



(Dollars in thousands)
March 31, 2015	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		$—			$31,003			$200			$—			$31,203
Weighted average yield	—		%	1.72		%	2.32		%	—		%	1.73		%
Mortgage-backed securities issued by U.S. government-sponsored enterprises:
Amortized cost	37,723			100,409			57,461			26,954			222,547
Weighted average yield	3.71			3.30			2.81			1.76			3.06
Obligations of state and political subdivisions:
Amortized cost	3,601			24,267			14,796			—			42,664
Weighted average yield	3.78			3.94			3.99			—			3.95
Individual name issuer trust preferred debt securities:
Amortized cost	—			—			—			30,762			30,762
Weighted average yield	—			—			—			1.11			1.11
Corporate bonds:
Amortized cost	5,713			203			203			—			6,119
Weighted average yield	2.84			1.62			3.21			—			2.81
Total debt securities available for sale:
Amortized cost		$47,037			$155,882			$72,660			$57,716			$333,295
Weighted average yield	3.61		%	3.09		%	3.05		%	1.42		%	2.86		%
Fair value		$48,955			$161,578			$75,897			$54,512			$340,942
Securities Held to Maturity:
Mortgage-backed securities issued by U.S. government-sponsored enterprises:
Amortized cost		$3,007			$9,323			$7,364			$4,331			$24,025
Weighted average yield	3.11		%	3.03		%	2.78		%	0.89		%	2.58		%
Fair value		$3,108			$9,637			$7,612			$4,477			$24,834

Included in the above table are debt securities with an amortized cost balance of $98.1 million and a fair value of $95.0 million at March 31, 2015 that are callable at the discretion of the issuers. Final maturities of the callable securities range from 6 months to 22 years, with call features ranging from 1 month to 2 years.

Securities in a Continuous Unrealized Loss Position

Other-Than-Temporary Impairment Assessment

The Corporation assesses whether the decline in fair value of investment securities is other-than-temporary on a regular basis. Unrealized losses on debt securities may occur from current market conditions, increases in interest rates since the time of purchase, a structural change in an investment, volatility of earnings of a specific issuer, or deterioration in credit quality of the issuer. Management evaluates impairments in value both qualitatively and quantitatively to assess whether they are other‑than‑temporary.

The following tables summarize temporarily impaired securities, 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
March 31, 2015	#	Fair Value		Unrealized Losses			#	Fair Value		Unrealized Losses			#	Fair Value		Unrealized Losses
Individual name issuer trust preferred debt securities	—		$—		$—		11		$26,287		($4,475	)	11		$26,287		($4,475	)
Corporate bonds	1	1,975		(25		)	—	—		—			1	1,975		(25		)
Total temporarily impaired securities	1		$1,975		($25	)	11		$26,287		($4,475	)	12		$28,262		($4,500	)



(Dollars in thousands)	Less than 12 Months						12 Months or Longer						Total
December 31, 2014	#	Fair Value		Unrealized Losses			#	Fair Value		Unrealized Losses			#	Fair Value		Unrealized Losses
Obligations of U.S. government-sponsored enterprises	3		$20,952		($54	)	—		$—		$—		3		$20,952		($54	)
Individual name issuer trust preferred debt securities	—	—		—			11	25,774		(4,979		)	11	25,774		(4,979		)
Corporate bonds	—	—		—			1	199		(3		)	1	199		(3		)
Total temporarily impaired securities	3		$20,952		($54	)	12		$25,973		($4,982	)	15		$46,925		($5,036	)