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Securities (Tables)
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9 Months Ended |
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Sep. 30, 2014
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| Investments, Debt and Equity Securities [Abstract] |
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| Reconciliation of fair value of securities |
The following table presents a summary of the amortized cost, gross unrealized holding gains and losses, other-than-temporary impairment recorded in other comprehensive income and fair value of securities available for sale and securities held to maturity for the periods below: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2014 | | December 31, 2013 | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | (Dollars in thousands) | Available for sale securities | | | | | | | | | | | | | | | | U.S. Government agency securities | $ | 41,357 |
| | $ | 23 |
| | $ | (93 | ) | | $ | 41,287 |
| | $ | 41,331 |
| | $ | 3 |
| | $ | (885 | ) | | $ | 40,449 |
| Agency mortgage-backed securities | 224,336 |
| | 6,397 |
| | (1,529 | ) | | 229,204 |
| | 232,742 |
| | 6,405 |
| | (4,556 | ) | | 234,591 |
| Agency collateralized mortgage obligations | 66,244 |
| | 285 |
| | (943 | ) | | 65,586 |
| | 58,765 |
| | 490 |
| | (1,102 | ) | | 58,153 |
| State, county, and municipal securities | 5,125 |
| | 128 |
| | — |
| | 5,253 |
| | 5,439 |
| | 1 |
| | (28 | ) | | 5,412 |
| Single issuer trust preferred securities issued by banks | 2,925 |
| | 14 |
| | (16 | ) | | 2,923 |
| | 2,960 |
| | 14 |
| | (22 | ) | | 2,952 |
| Pooled trust preferred securities issued by banks and insurers (1) | 7,961 |
| | 32 |
| | (2,607 | ) | | 5,386 |
| | 8,083 |
| | — |
| | (4,242 | ) | | 3,841 |
| Equity securities | 11,173 |
| | 851 |
| | (208 | ) | | 11,816 |
| | 10,997 |
| | 762 |
| | (295 | ) | | 11,464 |
| Total available for sale securities | $ | 359,121 |
| | $ | 7,730 |
| | $ | (5,396 | ) | | $ | 361,455 |
| | $ | 360,317 |
| | $ | 7,675 |
| | $ | (11,130 | ) | | $ | 356,862 |
| Held to maturity securities | | | | | | | | | | | | | | | | U.S. Treasury securities | $ | 1,010 |
| | $ | 50 |
| | $ | — |
| | $ | 1,060 |
| | $ | 1,011 |
| | $ | 31 |
| | $ | — |
| | $ | 1,042 |
| Agency mortgage-backed securities | 164,531 |
| | 3,511 |
| | (42 | ) | | 168,000 |
| | 155,067 |
| | 1,917 |
| | (1,033 | ) | | 155,951 |
| Agency collateralized mortgage obligations | 199,950 |
| | 1,821 |
| | (4,494 | ) | | 197,277 |
| | 187,388 |
| | 824 |
| | (6,176 | ) | | 182,036 |
| State, county, and municipal securities | 424 |
| | 9 |
| | — |
| | 433 |
| | 678 |
| | 7 |
| | — |
| | 685 |
| Single issuer trust preferred securities issued by banks | 1,500 |
| | 30 |
| | — |
| | 1,530 |
| | 1,503 |
| | 23 |
| | — |
| | 1,526 |
| Corporate debt securities | 5,003 |
| | 162 |
| | — |
| | 5,165 |
| | 5,005 |
| | 210 |
| | — |
| | 5,215 |
| Total held to maturity securities | $ | 372,418 |
| | $ | 5,583 |
| | $ | (4,536 | ) | | $ | 373,465 |
| | $ | 350,652 |
| | $ | 3,012 |
| | $ | (7,209 | ) | | $ | 346,455 |
| Total | $ | 731,539 |
| | $ | 13,313 |
| | $ | (9,932 | ) | | $ | 734,920 |
| | $ | 710,969 |
| | $ | 10,687 |
| | $ | (18,339 | ) | | $ | 703,317 |
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(1) Gross unrealized gains and gross unrealized losses include $1.1 million and $2.3 million of net non-credit related OTTI at September 30, 2014 and December 31, 2013, respectively. |
| Schedule of contractual maturities of securities |
A schedule of the contractual maturities of securities available for sale and securities held to maturity as of September 30, 2014 is presented below:
| | | | | | | | | | | | | | | | | | Available for Sale | | Held to Maturity | | Amortized Cost | | Fair Value | | Amortized Cost | | Fair Value | | (Dollars in thousands) | Due in one year or less | $ | 118 |
| | $ | 124 |
| | $ | 199 |
| | $ | 204 |
| Due after one year to five years | 37,513 |
| | 38,373 |
| | 5,492 |
| | 5,674 |
| Due after five years to ten years | 92,385 |
| | 91,581 |
| | 32,731 |
| | 33,115 |
| Due after ten years | 217,932 |
| | 219,561 |
| | 333,996 |
| | 334,472 |
| Total debt securities | $ | 347,948 |
| | $ | 349,639 |
| | $ | 372,418 |
| | $ | 373,465 |
| Equity securities | $ | 11,173 |
| | $ | 11,816 |
| | $ | — |
| | $ | — |
| Total | $ | 359,121 |
| | $ | 361,455 |
| | $ | 372,418 |
| | $ | 373,465 |
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| Schedule of gross unrealized losses and fair value of investments |
The following tables show the gross unrealized losses and fair value of the Company’s investments in an unrealized loss position, which the Company has not deemed to be OTTI, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2014 | | | | Less than 12 months | | 12 months or longer | | Total | | # of holdings | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | (Dollars in thousands) | U.S. Government agency securities | 25 |
| | $ | 33,836 |
| | $ | (93 | ) | | $ | — |
| | $ | — |
| | $ | 33,836 |
| | $ | (93 | ) | Agency mortgage-backed securities | 54 |
| | 44,458 |
| | (60 | ) | | 45,437 |
| | (1,511 | ) | | 89,895 |
| | (1,571 | ) | Agency collateralized mortgage obligations | 15 |
| | 34,062 |
| | (345 | ) | | 104,095 |
| | (5,092 | ) | | 138,157 |
| | (5,437 | ) | Single issuer trust preferred securities issued by banks and insurers | 1 |
| | 1,083 |
| | (16 | ) | | — |
| | — |
| | 1,083 |
| | (16 | ) | Pooled trust preferred securities issued by banks and insurers | 2 |
| | — |
| | — |
| | 2,580 |
| | (1,512 | ) | | 2,580 |
| | (1,512 | ) | Equity securities | 17 |
| | 935 |
| | (26 | ) | | 4,052 |
| | (182 | ) | | 4,987 |
| | (208 | ) | Total temporarily impaired securities | 114 |
| | $ | 114,374 |
| | $ | (540 | ) | | $ | 156,164 |
| | $ | (8,297 | ) | | $ | 270,538 |
| | $ | (8,837 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2013 | | | | Less than 12 months | | 12 months or longer | | Total | | | | # of holdings | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | (Dollars in thousands) | U.S. government agency securities | 39 |
| | $ | 39,950 |
| | $ | (885 | ) | | $ | — |
| | $ | — |
| | $ | 39,950 |
| | $ | (885 | ) | Agency mortgage-backed securities | 124 |
| | 202,004 |
| | (5,217 | ) | | 5,108 |
| | (372 | ) | | 207,112 |
| | (5,589 | ) | Agency collateralized mortgage obligations | 19 |
| | 183,721 |
| | (7,278 | ) | | — |
| | — |
| | 183,721 |
| | (7,278 | ) | State, county, and municipal securities | 13 |
| | 3,838 |
| | (28 | ) | | — |
| | — |
| | 3,838 |
| | (28 | ) | Single issuer trust preferred securities issued by banks and insurers | 2 |
| | 1,341 |
| | (22 | ) | | — |
| | — |
| | 1,341 |
| | (22 | ) | Pooled trust preferred securities issued by banks and insurers | 2 |
| | — |
| | — |
| | 2,300 |
| | (1,913 | ) | | 2,300 |
| | (1,913 | ) | Equity securities | 22 |
| | 2,376 |
| | (90 | ) | | 3,520 |
| | (205 | ) | | 5,896 |
| | (295 | ) | Total temporarily impaired securities | 221 |
| | $ | 433,230 |
| | $ | (13,520 | ) | | $ | 10,928 |
| | $ | (2,490 | ) | | $ | 444,158 |
| | $ | (16,010 | ) |
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| Schedule of Other Than Temorary Impairment [Table Text Block] |
The following table shows the total OTTI that the Company recorded for the periods indicated: | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | September 30 | | September 30 | | 2014 | | 2013 | | 2014 | | 2013 | | (Dollars in thousands) | Gross change in OTTI recorded on certain investments | $ | 235 |
| | $ | 303 |
| | $ | 1,264 |
| | $ | 674 |
| Portion of OTTI recognized in OCI | (235 | ) | | (303 | ) | | (1,264 | ) | | (674 | ) | Total credit related OTTI losses recognized in earnings | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
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| Summary of cumulative credit related component of OTTI |
The following table shows the cumulative credit related component of OTTI for the periods indicated: | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | September 30 | | September 30 | | 2014 | | 2013 | | 2014 | | 2013 | | (Dollars in thousands) | Balance at beginning of period | $ | (9,997 | ) | | $ | (10,847 | ) | | $ | (9,997 | ) | | $ | (10,847 | ) | Add | | | | | | | | Incurred on securities not previously impaired | — |
| | — |
| | — |
| | — |
| Incurred on securities previously impaired | — |
| | — |
| | — |
| | — |
| Less | | | | | | | | Securities sold during the period | — |
| | — |
| | — |
| | — |
| Reclassification due to changes in Company’s intent | — |
| | — |
| | — |
| | — |
| Increases in cash flow expected to be collected | — |
| | — |
| | — |
| | — |
| Balance at end of period | $ | (9,997 | ) | | $ | (10,847 | ) | | $ | (9,997 | ) | | $ | (10,847 | ) |
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