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SECURITIES
3 Months Ended
Mar. 31, 2014
Investments Debt And Equity Securities [Abstract]  
SECURITIES
(3) SECURITIES

The following table summarizes securities held for investment and securities available for sale:

 

     March 31, 2014  
     (Dollars in thousands)  

Held for investment, at cost (fair value: $11,351)

   $ 11,269   

Available for sale, at fair value

     575,749   
  

 

 

 

Total

   $  587,018   
  

 

 

 

The following table summarizes the amortized cost and estimated fair values of securities held for investment:

 

     March 31, 2014  
     Amortized
Cost
     Gross
Unrealized
Gains
     Gross
Unrealized
Losses
    Estimated
Fair
Value
 
     (Dollars in thousands)  

Mortgage backed securities (1)

   $ 575       $ 41       $ —        $ 616   

States and political subdivisions

     10,694         48         (7     10,735   
  

 

 

    

 

 

    

 

 

   

 

 

 

Total

   $ 11,269       $ 89       $ (7   $ 11,351   
  

 

 

    

 

 

    

 

 

   

 

 

 

 

The following table summarizes the amortized cost and estimated fair values of securities available for sale:

 

     March 31, 2014  
     Amortized
Cost
     Gross
Unrealized
Gains
     Gross
Unrealized
Losses
    Estimated
Fair
Value
 
     (Dollars in thousands)  

U.S. treasury and other federal agencies

   $ 474,579       $ 1,452       $ (498   $ 475,533   

Mortgage backed securities (1)

     29,228         637         (1     29,864   

States and political subdivisions

     53,456         1,583         (68     54,971   

Other securities (2)

     12,060         3,462         (141     15,381   
  

 

 

    

 

 

    

 

 

   

 

 

 

Total

   $ 569,323       $ 7,134       $ (708   $ 575,749   
  

 

 

    

 

 

    

 

 

   

 

 

 

 

(1) Primarily consists of FHLMC, FNMA, GNMA and mortgage backed securities through U.S. agencies.
(2) Primarily consists of equity securities.

The maturities of securities held for investment and available for sale are summarized in the following table using contractual maturities. Actual maturities may differ from contractual maturities due to obligations that are called or prepaid. For purposes of the maturity table, mortgage-backed securities, which are not due at a single maturity date, have been presented at their contractual maturity.

 

     March 31, 2014  
     Amortized
Cost
     Estimated
Fair
Value
 
     (Dollars in thousands)  

Held for Investment

     

Contractual maturity of debt securities:

     

Within one year

   $ 3,190       $ 3,193   

After one year but within five years

     7,240         7,274   

After five years but within ten years

     639         662   

After ten years

     200         222   
  

 

 

    

 

 

 

Total

   $ 11,269       $ 11,351   
  

 

 

    

 

 

 

Available for Sale

     

Contractual maturity of debt securities:

     

Within one year

   $ 172,145       $ 172,418   

After one year but within five years

     267,092         267,938   

After five years but within ten years

     27,354         28,056   

After ten years

     94,085         95,439   
  

 

 

    

 

 

 

Total debt securities

     560,676         563,851   

Equity securities

     8,647         11,898   
  

 

 

    

 

 

 

Total

   $ 569,323       $ 575,749   
  

 

 

    

 

 

 

The following table is a summary of the Company’s book value of securities that were pledged as collateral for public funds on deposit, repurchase agreements and for other purposes as required or permitted by law:

 

     March 31, 2014  
     (Dollars in thousands)  

Book value of pledged securities

   $  434,972