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Securities (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2017, and December 31, 2016, are as follows (in thousands):
 
 
At June 30, 2017
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair
Value
Available-for-sale:
 
 
 
 
 
 
 
Investment securities:
 
 
 
 
 
 
 
U.S. agency obligations
$
62,365

 
$
103

 
$
(314
)
 
$
62,154

Held-to-maturity:
 
 
 
 
 
 
 
Investment securities:
 
 
 
 
 
 
 
U.S. agency obligations
$
14,964

 
$
67

 
$
—

 
$
15,031

State and municipal obligations
114,123

 
577

 
(402
)
 
114,298

Corporate debt securities
76,041

 
325

 
(3,812
)
 
72,554

Other investments
8,861

 
—

 
(191
)
 
8,670

Total investment securities
213,989

 
969

 
(4,405
)
 
210,553

Mortgage-backed securities:
 
 
 
 
 
 
 
FHLMC
178,287

 
351

 
(1,752
)
 
176,886

FNMA
245,469

 
1,903

 
(1,737
)
 
245,635

GNMA
84,091

 
147

 
(393
)
 
83,845

SBA
7,252

 
79

 
—

 
7,331

Total mortgage-backed securities
515,099

 
2,480

 
(3,882
)
 
513,697

Total held-to-maturity
$
729,088

 
$
3,449

 
$
(8,287
)
 
$
724,250

Total securities
$
791,453

 
$
3,552

 
$
(8,601
)
 
$
786,404

 
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 June 30, 2017, and December 31, 2016, are as follows (in thousands):
 
 
June 30, 2017
 
December 31, 2016
Amortized cost
$
729,088

 
$
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
4,770

 
4,205

Carrying value
$
720,511

 
$
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 June 30, 2017 by contractual maturity are shown below (in thousands). Actual maturities may differ from contractual maturities in instances where issuers have the right to call or prepay obligations with or without call or prepayment penalties. At June 30, 2017, investment securities with an amortized cost of $60.5 million and estimated fair value of $56.8 million were callable prior to the maturity date.
 
June 30, 2017
Amortized
Cost
 
Estimated
Fair Value
Less than one year
$
28,955

 
$
28,936

Due after one year through five years
132,163

 
132,089

Due after five years through ten years
76,375

 
75,343

Due after ten years
30,000

 
27,669

 
$
267,493

 
$
264,037
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 June 30, 2017 and December 31, 2016, segregated by the duration of the unrealized loss, are as follows (in thousands):

 
At June 30, 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. agency obligations
$
37,272

 
$
(314
)
 
$
—

 
$
—

 
$
37,272

 
$
(314
)
Held-to-maturity:
 
 
 
 
 
 
 
 
 
 
 
Investment securities:
 
 
 
 
 
 
 
 
 
 
 
State and municipal obligations
61,001

 
(400
)
 
250

 
(2
)
 
61,251

 
(402
)
Corporate debt securities
7,019

 
(31
)
 
51,219

 
(3,781
)
 
58,238

 
(3,812
)
Other investments
8,670

 
(191
)
 
—

 
—

 
8,670

 
(191
)
Total investment securities
76,690

 
(622
)
 
51,469

 
(3,783
)
 
128,159

 
(4,405
)
Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
FHLMC
84,056

 
(1,079
)
 
25,232

 
(673
)
 
109,288

 
(1,752
)
FNMA
124,334

 
(1,454
)
 
10,481

 
(283
)
 
134,815

 
(1,737
)
GNMA
63,965

 
(393
)
 
—

 
—

 
63,965

 
(393
)
Total mortgage-backed securities
272,355

 
(2,926
)
 
35,713

 
(956
)
 
308,068

 
(3,882
)
Total held-to-maturity
349,045

 
(3,548
)
 
87,182

 
(4,739
)
 
436,227

 
(8,287
)
Total securities
$
386,317

 
$
(3,862
)
 
$
87,182

 
$
(4,739
)
 
$
473,499

 
$
(8,601
)
 
 
 
 
 
 
 
 
 
 
 
 
 
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. 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 June 30, 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

 
$
14,038

 
Ba1/BB+
Chase Capital
10,000

 
9,425

 
Baa2/BBB-
Wells Fargo Capital
5,000

 
4,712

 
A1/BBB+
Huntington Capital
5,000

 
4,481

 
Baa2/BB
Keycorp Capital
5,000

 
4,619

 
Baa2/BB+
PNC Capital
5,000

 
4,687

 
Baa1/BBB-
State Street Capital
5,000

 
4,669

 
A3/BBB
SunTrust Capital
5,000

 
4,588

 
Not Rated/BB+
 
$
55,000

 
$
51,219