SECURITIES (Tables)
|
9 Months Ended |
Sep. 30, 2015 |
|---|
| Gross Realized Gains and Losses of the Sale of Securities |
The following table presents the gross realized gains and losses on the sale of securities available for sale and the proceeds from the sale of securities during the three and nine months ended September 30, 2015 (dollars in thousands). The Company did not sell any investment securities that are held to maturity.
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
Nine months ended
|
|
|
|
September 30, 2015
|
|
September 30, 2015
|
|
|
Realized gains (losses):
|
|
|
|
|
|
|
|
Gross realized gains
|
$
|
75
|
|
$
|
759
|
|
|
Gross realized losses
|
|
-
|
|
|
(87)
|
|
|
Net realized gains
|
$
|
75
|
|
$
|
672
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sales of securities
|
$
|
5,771
|
|
$
|
63,928
|
|
|
|
|
|
|
|
|
|
The following table presents the gross realized gains and losses on the sale of securities available for sale and the proceeds from the sale of securities during the three and nine months ended September 30, 2014 (dollars in thousands).
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
Nine months ended
|
|
|
|
September 30, 2014
|
|
September 30, 2014
|
|
|
Realized gains (losses):
|
|
|
|
|
|
|
|
Gross realized gains
|
$
|
1,034
|
|
$
|
1,498
|
|
|
Gross realized losses
|
|
(39)
|
|
|
(49)
|
|
|
Net realized gains
|
$
|
995
|
|
$
|
1,449
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sales of securities
|
$
|
14,370
|
|
$
|
273,447
|
|
|
|
|
|
|
|
|
|
|
| Available-for-sale Securities [Member] |
|
| Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Values of Available for Sale Securities |
The amortized cost, gross unrealized gains and losses, and estimated fair values of securities available for sale as of September 30, 2015 and December 31, 2014 are summarized as follows (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortized
|
|
Gross Unrealized
|
|
Estimated
|
|
|
Cost
|
|
Gains
|
|
(Losses)
|
|
Fair Value
|
|
September 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government and agency securities
|
$
|
8,068
|
|
$
|
343
|
|
$
|
-
|
|
$
|
8,411
|
|
Obligations of states and political subdivisions
|
|
241,655
|
|
|
8,750
|
|
|
(512)
|
|
|
249,893
|
|
Corporate bonds
|
|
73,917
|
|
|
70
|
|
|
(1,525)
|
|
|
72,462
|
|
Mortgage-backed securities
|
|
539,230
|
|
|
9,122
|
|
|
(635)
|
|
|
547,717
|
|
Other securities
|
|
10,181
|
|
|
28
|
|
|
-
|
|
|
10,209
|
|
Total available for sale securities
|
$
|
873,051
|
|
$
|
18,313
|
|
$
|
(2,672)
|
|
$
|
888,692
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government and agency securities
|
$
|
8,313
|
|
$
|
166
|
|
$
|
(25)
|
|
$
|
8,454
|
|
Obligations of states and political subdivisions
|
|
427,483
|
|
|
18,885
|
|
|
(721)
|
|
|
445,647
|
|
Corporate bonds
|
|
78,744
|
|
|
244
|
|
|
(308)
|
|
|
78,680
|
|
Mortgage-backed securities
|
|
550,716
|
|
|
9,411
|
|
|
(798)
|
|
|
559,329
|
|
Other securities
|
|
9,979
|
|
|
31
|
|
|
(6)
|
|
|
10,004
|
|
Total available for sale securities
|
$
|
1,075,235
|
|
$
|
28,737
|
|
$
|
(1,858)
|
|
$
|
1,102,114
|
|
| 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 available for sale 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
|
|
September 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Obligations of states and political subdivisions
|
$
|
33,742
|
|
$
|
(252)
|
|
$
|
6,610
|
|
$
|
(260)
|
|
$
|
40,352
|
|
$
|
(512)
|
|
Mortgage-backed securities
|
|
118,679
|
|
|
(459)
|
|
|
28,026
|
|
|
(176)
|
|
|
146,705
|
|
|
(635)
|
|
Corporate bonds and other securities
|
|
24,782
|
|
|
(832)
|
|
|
17,886
|
|
|
(693)
|
|
|
42,668
|
|
|
(1,525)
|
|
Total available for sale
|
$
|
177,203
|
|
$
|
(1,543)
|
|
$
|
52,522
|
|
$
|
(1,129)
|
|
$
|
229,725
|
|
$
|
(2,672)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government and agency securities
|
$
|
7,055
|
|
$
|
(25)
|
|
$
|
-
|
|
$
|
-
|
|
$
|
7,055
|
|
$
|
(25)
|
|
Obligations of states and political subdivisions
|
|
13,602
|
|
|
(93)
|
|
|
42,514
|
|
|
(628)
|
|
|
56,116
|
|
|
(721)
|
|
Mortgage-backed securities
|
|
60,151
|
|
|
(362)
|
|
|
49,581
|
|
|
(436)
|
|
|
109,732
|
|
|
(798)
|
|
Corporate bonds and other securities
|
|
43,923
|
|
|
(244)
|
|
|
4,309
|
|
|
(70)
|
|
|
48,232
|
|
|
(314)
|
|
Total available for sale
|
$
|
124,731
|
|
$
|
(724)
|
|
$
|
96,404
|
|
$
|
(1,134)
|
|
$
|
221,135
|
|
$
|
(1,858)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Schedule of Amortized Cost and Estimated Fair Value of Securities |
The following table presents the amortized cost and estimated fair value of available for sale securities as of September 30, 2015 and December 31, 2014, 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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2015
|
|
December 31, 2014
|
|
|
Amortized
|
|
Estimated
|
|
Amortized
|
|
Estimated
|
|
|
Cost
|
|
Fair Value
|
|
Cost
|
|
Fair Value
|
|
Due in one year or less
|
$
|
16,840
|
|
$
|
16,904
|
|
$
|
19,345
|
|
$
|
19,434
|
|
Due after one year through five years
|
|
60,862
|
|
|
62,790
|
|
|
41,545
|
|
|
43,070
|
|
Due after five years through ten years
|
|
263,108
|
|
|
269,177
|
|
|
306,900
|
|
|
314,044
|
|
Due after ten years
|
|
532,241
|
|
|
539,821
|
|
|
707,445
|
|
|
725,566
|
|
Total securities available for sale
|
$
|
873,051
|
|
$
|
888,692
|
|
$
|
1,075,235
|
|
$
|
1,102,114
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Schedule of Securities Pledged to Secure Public Deposits, Repurchase Agreements, and for Other Purposes |
The following table presents available for sale securities which were pledged to secure public deposits, repurchase agreements, and for other purposes as permitted or required by law as of September 30, 2015 and December 31, 2014 (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
September 30, 2015
|
|
December 31, 2014
|
|
|
|
Fair Value
|
|
Fair Value
|
|
|
Public deposits
|
$
|
150,632
|
|
$
|
312,793
|
|
|
Repurchase agreements
|
|
118,249
|
|
|
51,842
|
|
|
Other purposes (1)
|
|
30,256
|
|
|
32,360
|
|
|
Total pledged securities
|
$
|
299,137
|
|
$
|
396,995
|
|
|
|
|
|
|
|
|
|
|
(1) The "Other purposes" category consists of borrowings, derivatives, and accounts held at the Bank.
|
|
|
| Held-to-maturity Securities [Member] |
|
| Schedule of Amortized Cost and Estimated Fair Value of Securities |
The following table presents the amortized cost and estimated fair value of held to maturity securities as of September 30, 2015, 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.
|
|
|
|
|
|
|
|
|
|
September 30, 2015
|
|
|
|
Carrying
|
|
Estimated
|
|
|
|
Value (1)
|
|
Fair Value
|
|
|
Due in one year or less
|
$
|
1,314
|
|
$
|
1,321
|
|
|
Due after one year through five years
|
|
5,217
|
|
|
5,267
|
|
|
Due after five years through ten years
|
|
39,392
|
|
|
39,521
|
|
|
Due after ten years
|
|
153,440
|
|
|
154,210
|
|
|
Total securities held to maturity
|
$
|
199,363
|
|
$
|
200,319
|
|
|
|
|
|
|
|
|
|
|
(1) The carrying value includes $7.3 million of unrealized gains and losses present at the time of transfer from available for securities, net of any accretion.
|
|
|
| Schedule of Securities Pledged to Secure Public Deposits, Repurchase Agreements, and for Other Purposes |
The following table presents held to maturity securities which were pledged to secure public deposits as permitted or required by law as of September 30, 2015 (dollars in thousands):
|
|
|
|
|
|
September 30, 2015
|
|
|
Fair
|
|
|
Value
|
|
Public deposits
|
$
|
200,319
|
|
Total pledged securities
|
$
|
200,319
|
|
|
|
|
|
|
|
| Schedule of Carrying Value, Gross Unrealized Gains and Losses and Estimated Fair Value of Securities |
The carrying value, gross unrealized gains and losses, and estimated fair values of securities held to maturity as of September 30, 2015 are summarized as follows (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carrying
|
|
Gross Unrealized
|
|
Estimated
|
|
|
Value (1)
|
|
Gains
|
|
(Losses)
|
|
Fair Value
|
|
September 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
Obligations of states and political subdivisions
|
$
|
199,363
|
|
$
|
2,882
|
|
$
|
(1,926)
|
|
$
|
200,319
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The carrying value includes $7.3 million of unrealized gains and losses present at the time of transfer from available for securities, net of any accretion.
|
|
| Gross Unrealized Losses and Fair Value of Securities |
The following table shows the gross unrealized losses and fair value (in thousands) of the Company’s held to maturity securities 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
|
|
September 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Obligations of states and political subdivisions
|
$
|
28,727
|
|
$
|
(1,926)
|
|
$
|
-
|
|
$
|
-
|
|
$
|
28,727
|
|
$
|
(1,926)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|