|
SECURITIES (Tables)
|
3 Months Ended |
|
Mar. 31, 2014
|
| SECURITIES [Abstract] |
|
| Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Values of Investment Securities |
The amortized cost, gross unrealized gains and losses, and estimated fair values of investment securities as of March 31, 2014 and December 31, 2013 are summarized as follows (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortized
|
|
Gross Unrealized
|
|
Estimated
|
|
|
Cost
|
|
Gains
|
|
(Losses)
|
|
Fair Value
|
|
March 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government and agency securities
|
$
|
1,552
|
|
$
|
1,622
|
|
$
|
-
|
|
$
|
3,174
|
|
Obligations of states and political subdivisions
|
|
427,388
|
|
|
10,346
|
|
|
(4,083)
|
|
|
433,651
|
|
Corporate and other bonds
|
|
72,881
|
|
|
262
|
|
|
(521)
|
|
|
72,622
|
|
Mortgage-backed securities
|
|
552,000
|
|
|
6,564
|
|
|
(2,601)
|
|
|
555,963
|
|
Other securities
|
|
13,321
|
|
|
28
|
|
|
(60)
|
|
|
13,289
|
|
Total securities
|
$
|
1,067,142
|
|
$
|
18,822
|
|
$
|
(7,265)
|
|
$
|
1,078,699
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government and agency securities
|
$
|
1,654
|
|
$
|
499
|
|
$
|
-
|
|
$
|
2,153
|
|
Obligations of states and political subdivisions
|
|
255,335
|
|
|
6,107
|
|
|
(6,612)
|
|
|
254,830
|
|
Corporate and other bonds
|
|
9,479
|
|
|
115
|
|
|
(160)
|
|
|
9,434
|
|
Mortgage-backed securities
|
|
405,389
|
|
|
4,954
|
|
|
(2,981)
|
|
|
407,362
|
|
Other securities
|
|
3,617
|
|
|
26
|
|
|
(74)
|
|
|
3,569
|
|
Total securities
|
$
|
675,474
|
|
$
|
11,701
|
|
$
|
(9,827)
|
|
$
|
677,348
|
|
| Schedule of Gross Unrealized Losses and Fair Value of Investments |
The following table shows the gross unrealized losses and fair value (in thousands) of the Company’s investments with unrealized losses that are not deemed to be other-than-temporarily impaired. These are aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less than 12 months
|
|
More than 12 months
|
|
Total
|
|
|
Fair
|
|
Unrealized
|
|
Fair
|
|
Unrealized
|
|
Fair
|
|
Unrealized
|
|
|
Value
|
|
Losses
|
|
Value
|
|
Losses
|
|
Value
|
|
Losses
|
|
March 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Obligations of states and political subdivisions
|
$
|
59,906
|
|
$
|
(1,267)
|
|
$
|
39,268
|
|
$
|
(2,816)
|
|
$
|
99,174
|
|
$
|
(4,083)
|
|
Mortgage-backed securities
|
|
224,200
|
|
|
(2,210)
|
|
|
23,849
|
|
|
(391)
|
|
|
248,049
|
|
|
(2,601)
|
|
Corporate bonds and other securities
|
|
31,172
|
|
|
(426)
|
|
|
1,720
|
|
|
(155)
|
|
|
32,892
|
|
|
(581)
|
|
Totals
|
$
|
315,278
|
|
$
|
(3,903)
|
|
$
|
64,837
|
|
$
|
(3,362)
|
|
$
|
380,115
|
|
$
|
(7,265)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Obligations of states and political subdivisions
|
$
|
80,368
|
|
$
|
(5,504)
|
|
$
|
8,886
|
|
$
|
(1,108)
|
|
$
|
89,254
|
|
$
|
(6,612)
|
|
Mortgage-backed securities
|
|
168,297
|
|
|
(2,806)
|
|
|
24,254
|
|
|
(175)
|
|
|
192,551
|
|
|
(2,981)
|
|
Corporate bonds and other securities
|
|
6,804
|
|
|
(80)
|
|
|
1,720
|
|
|
(154)
|
|
|
8,524
|
|
|
(234)
|
|
Totals
|
$
|
255,469
|
|
$
|
(8,390)
|
|
$
|
34,860
|
|
$
|
(1,437)
|
|
$
|
290,329
|
|
$
|
(9,827)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Schedule of Amortized Cost and Estimated Fair Value of Securities |
The following table presents the amortized cost and estimated fair value of securities as of March 31, 2014 and December 31, 2013, by contractual maturity (dollars in thousands). Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2014
|
|
December 31, 2013
|
|
|
Amortized
|
|
Estimated
|
|
Amortized
|
|
Estimated
|
|
|
Cost
|
|
Fair Value
|
|
Cost
|
|
Fair Value
|
|
Due in one year or less
|
$
|
24,041
|
|
$
|
24,134
|
|
$
|
6,791
|
|
$
|
6,796
|
|
Due after one year through five years
|
|
40,634
|
|
|
41,608
|
|
|
21,666
|
|
|
22,497
|
|
Due after five years through ten years
|
|
277,040
|
|
|
280,700
|
|
|
116,735
|
|
|
119,269
|
|
Due after ten years
|
|
725,427
|
|
|
732,257
|
|
|
530,282
|
|
|
528,786
|
|
Total securities available for sale
|
$
|
1,067,142
|
|
$
|
1,078,699
|
|
$
|
675,474
|
|
$
|
677,348
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Schedule of Other-Than-Temporary Impairment |
OTTI recognized for the periods presented is summarized as follow (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTTI Losses
|
|
|
Cumulative credit losses on investment securities, through December 31, 2013
|
|
$
|
400
|
|
|
Cumulative credit losses on investment securities
|
|
|
|
-
|
|
|
Additions for credit losses not previously recognized
|
|
|
|
-
|
|
|
Cumulative credit losses on investment securities, through March 31, 2014
|
|
$
|
400
|
|
|
|
|
|
|
|
|
|
|
|
|
|