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Securities (Tables)
 3 Months Ended
Mar. 31, 2017
Investments, Debt and Equity Securities [Abstract]  
Amortized Cost and Estimated Fair Value of Securities Available-for-Sale and Held-to-Maturity
The amortized cost and estimated fair value of securities available-for-sale and held-to-maturity at March 31, 2017 and December 31, 2016 are as follows (in thousands):
 
 
At March 31, 2017
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair
Value
Available-for-sale:
 
 
 
 
 
 
 
Investment securities:
 
 
 
 
 
 
 
U.S. agency obligations
$
47,312

 
$
81

 
$
(289
)
 
$
47,104

Held-to-maturity:
 
 
 
 
 
 
 
Investment securities:
 
 
 
 
 
 
 
U.S. agency obligations
$
19,962

 
$
70

 
$
—

 
$
20,032

State and municipal obligations
80,993

 
121

 
(564
)
 
80,550

Corporate debt securities
76,049

 
218

 
(5,964
)
 
70,303

Other investments
8,820

 
—

 
(232
)
 
8,588

Total investment securities
185,824

 
409

 
(6,760
)
 
179,473

Mortgage-backed securities:
 
 
 
 
 
 
 
FHLMC
181,310

 
246

 
(2,301
)
 
179,255

FNMA
241,800

 
1,982

 
(2,283
)
 
241,499

GNMA
87,301

 
88

 
(611
)
 
86,778

SBA
8,532

 
27

 
—

 
8,559

Total mortgage-backed securities
518,943

 
2,343

 
(5,195
)
 
516,091

Total held-to-maturity
$
704,767

 
$
2,752

 
$
(11,955
)
 
$
695,564

Total securities
$
752,079

 
$
2,833

 
$
(12,244
)
 
$
742,668

 
At December 31, 2016
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair
Value
Available-for-sale:
 
 
 
 
 
 
 
Investment securities:
 
 
 
 
 
 
 
U.S. agency obligations
$
12,542

 
$
—

 
$
(318
)
 
$
12,224

Held-to-maturity:
 
 
 
 
 
 
 
Investment securities:
 
 
 
 
 
 
 
U.S. agency obligations
$
19,960

 
$
69

 
$
—

 
$
20,029

State and municipal obligations
39,155

 
10

 
(856
)
 
38,309

Corporate debt securities
77,057

 
85

 
(6,001
)
 
71,141

Other investments
8,778

 
—

 
(228
)
 
8,550

Total investment securities
144,950

 
164

 
(7,085
)
 
138,029

Mortgage-backed securities:
 
 
 
 
 
 
 
FHLMC
144,016

 
195

 
(2,457
)
 
141,754

FNMA
217,445

 
2,175

 
(2,524
)
 
217,096

GNMA
92,475

 
119

 
(364
)
 
92,230

SBA
8,947

 
28

 
—

 
8,975

Total mortgage-backed securities
462,883

 
2,517

 
(5,345
)
 
460,055

Total held-to-maturity
$
607,833

 
$
2,681

 
$
(12,430
)
 
$
598,084

Total securities
$
620,375

 
$
2,681

 
$
(12,748
)
 
$
610,308
Carrying Value of Held-to-Maturity Investment Securities
The carrying value of the held-to-maturity investment securities at March 31, 2017 and December 31, 2016 are as follows (in thousands):
 
 
March 31, 2017
 
December 31, 2016
Amortized cost
$
704,767

 
$
607,833

Net loss on date of transfer from available-for-sale
(13,347
)
 
(13,347
)
Accretion of net unrealized loss on securities reclassified as held-to-maturity
4,498

 
4,205

Carrying value
$
695,918

 
$
598,691
Amortized Cost and Estimated Fair Value of Investment Securities by Contractual Maturity
The amortized cost and estimated fair value of investment securities at March 31, 2017 by contractual maturity are shown below (in thousands). Actual maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. At March 31, 2017, corporate debt securities with an amortized cost of $60.5 million and estimated fair value of $54.6 million were callable prior to the maturity date.
 
March 31, 2017
Amortized
Cost
 
Estimated
Fair Value
Less than one year
$
14,026

 
$
14,020

Due after one year through five years
118,831

 
118,606

Due after five years through ten years
61,459

 
58,813

Due after ten years
30,000

 
26,550

 
$
224,316

 
$
217,989
Estimated Fair Value and Unrealized Loss for Securities Available-for-Sale and Held-to-Maturity
The estimated fair value and unrealized loss of securities available-for-sale and held-to-maturity at March 31, 2017 and December 31, 2016, segregated by the duration of the unrealized loss, are as follows (in thousands):

 
At March 31, 2017
 
Less than 12 months
 
12 months or longer
 
Total
 
Estimated
Fair
Value
 
Unrealized
Losses
 
Estimated
Fair
Value
 
Unrealized
Losses
 
Estimated
Fair
Value
 
Unrealized
Losses
Available-for-sale:
 
 
 
 
 
 
 
 
 
 
 
Investment securities:
 
 
 
 
 
 
 
 
 
 
 
U.S. government & agency obligations
$
12,251

 
$
(289
)
 
$
—

 
$
—

 
$
12,251

 
$
(289
)
Held-to-maturity:
 
 
 
 
 
 
 
 
 
 
 
Investment securities:
 
 
 
 
 
 
 
 
 
 
 
State and municipal obligations
43,496

 
(564
)
 
—

 
—

 
43,496

 
(564
)
Corporate debt securities
8,503

 
(82
)
 
49,118

 
(5,882
)
 
57,621

 
(5,964
)
Other investments
8,588

 
(232
)
 
—

 
—

 
8,588

 
(232
)
Total investment securities
60,587

 
(878
)
 
49,118

 
(5,882
)
 
109,705

 
(6,760
)
Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
FHLMC
131,346

 
(1,545
)
 
25,548

 
(756
)
 
156,894

 
(2,301
)
FNMA
155,073

 
(1,980
)
 
8,524

 
(303
)
 
163,597

 
(2,283
)
GNMA
81,768

 
(611
)
 
—

 
—

 
81,768

 
(611
)
Total mortgage-backed securities
368,187

 
(4,136
)
 
34,072

 
(1,059
)
 
402,259

 
(5,195
)
Total held-to-maturity
428,774

 
(5,014
)
 
83,190

 
(6,941
)
 
511,964

 
(11,955
)
Total securities
$
441,025

 
$
(5,303
)
 
$
83,190

 
$
(6,941
)
 
$
524,215

 
$
(12,244
)
 
 
 
 
 
 
 
 
 
 
 
 
 
At December 31, 2016
 
Less than 12 months
 
12 months or longer
 
Total
 
Estimated
Fair
Value
 
Unrealized
Losses
 
Estimated
Fair
Value
 
Unrealized
Losses
 
Estimated
Fair
Value
 
Unrealized
Losses
Available-for-sale:
 
 
 
 
 
 
 
 
 
 
 
Investment securities:
 
 
 
 
 
 
 
 
 
 
 
U.S. government & agency obligations
$
12,224

 
$
(318
)
 
$
—

 
$
—

 
$
12,224

 
$
(318
)
Held-to-maturity:
 
 
 
 
 
 
 
 
 
 
 
Investment securities:
 
 
 
 
 
 
 
 
 
 
 
State and municipal obligations
32,995

 
(856
)
 
—

 
—

 
32,995

 
(856
)
Corporate debt securities
12,450

 
(120
)
 
49,119

 
(5,881
)
 
61,569

 
(6,001
)
Other Investments
8,551

 
(228
)
 
—

 
—

 
8,551

 
(228
)
Total investment securities
53,996

 
(1,204
)
 
49,119

 
(5,881
)
 
103,115

 
(7,085
)
Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
FHLMC
102,461

 
(1,665
)
 
26,898

 
(792
)
 
129,359

 
(2,457
)
FNMA
124,403

 
(2,185
)
 
8,925

 
(339
)
 
133,328

 
(2,524
)
GNMA
79,116

 
(364
)
 
—

 
—

 
79,116

 
(364
)
Total mortgage-backed securities
305,980

 
(4,214
)
 
35,823

 
(1,131
)
 
341,803

 
(5,345
)
Total held-to-maturity
359,976

 
(5,418
)
 
84,942

 
(7,012
)
 
444,918

 
(12,430
)
Total securities
$
372,200

 
$
(5,736
)
 
$
84,942

 
$
(7,012
)
 
$
457,142

 
$
(12,748
)
Amortized Cost, Estimated Fair Value and Credit Rating of Corporate Debt Securities
At March 31, 2017, the amortized cost, estimated fair value and credit rating of the individual corporate debt securities in an unrealized loss position for greater than one year are as follows (in thousands):
 
Security Description
Amortized
Cost
 
Estimated
Fair Value
 
Credit Rating
Moody’s/
S&P
BankAmerica Capital
$
15,000

 
$
13,513

 
Ba1/BB+
Chase Capital
10,000

 
9,055

 
Baa2/BBB-
Wells Fargo Capital
5,000

 
4,513

 
A1/BBB+
Huntington Capital
5,000

 
4,225

 
Baa2/BB
Keycorp Capital
5,000

 
4,425

 
Baa2/BB+
PNC Capital
5,000

 
4,525

 
Baa1/BBB-
State Street Capital
5,000

 
4,500

 
A3/BBB
SunTrust Capital
5,000

 
4,362

 
Not Rated/BB+
 
$
55,000

 
$
49,118