Quarterly report pursuant to Section 13 or 15(d)

SECURITIES (Tables)

v2.4.0.8
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