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Securities (Tables)
 3 Months Ended
Mar. 31, 2018
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 debt securities available-for-sale and held-to-maturity at March 31, 2018, and December 31, 2017, are as follows (in thousands):
 
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair
Value
At March 31, 2018
 
 
 
 
 
 
 
Debt securities available-for-sale:
 
 
 
 
 
 
 
Investment securities - U.S. agency obligations
$
85,861

 
$
—

 
$
(1,261
)
 
$
84,600

Mortgage-backed securities - FNMA
1,517

 
—

 
(3
)
 
1,514

Total debt securities available-for-sale
$
87,378

 
$
—

 
$
(1,264
)
 
$
86,114

Debt securities held-to-maturity:
 
 
 
 
 
 
 
Investment securities:
 
 
 
 
 
 
 
U.S. agency obligations
$
14,970

 
$
—

 
$
(154
)
 
$
14,816

State and municipal obligations
149,055

 
2

 
(2,636
)
 
146,421

Corporate debt securities
85,767

 
650

 
(3,877
)
 
82,540

Total investment securities
249,792

 
652

 
(6,667
)
 
243,777

Mortgage-backed securities:
 
 
 
 
 
 
 
FHLMC
277,110

 
73

 
(5,789
)
 
271,394

FNMA
317,419

 
1,028

 
(6,679
)
 
311,768

GNMA
141,218

 
153

 
(1,952
)
 
139,419

SBA
5,043

 
—

 
(2
)
 
5,041

Total mortgage-backed securities
740,790

 
1,254

 
(14,422
)
 
727,622

Total debt securities held-to-maturity
$
990,582

 
$
1,906

 
$
(21,089
)
 
$
971,399

Total debt securities
$
1,077,960

 
$
1,906

 
$
(22,353
)
 
$
1,057,513

At December 31, 2017
 
 
 
 
 
 
 
Debt securities available-for-sale:
 
 
 
 
 
 
 
Investment securities - U.S. agency obligations
$
82,378

 
$
—

 
$
(797
)
 
$
81,581

Debt securities held-to-maturity:
 
 
 
 
 
 
 
Investment securities:
 
 
 
 
 
 
 
U.S. agency obligations
$
14,968

 
$
—

 
$
(65
)
 
$
14,903

State and municipal obligations
149,958

 
219

 
(1,475
)
 
148,702

Corporate debt securities
76,024

 
312

 
(3,962
)
 
72,374

Total investment securities
240,950

 
531

 
(5,502
)
 
235,979

Mortgage-backed securities:
 
 
 
 
 
 
 
FHLMC
186,921

 
151

 
(2,937
)
 
184,135

FNMA
263,103

 
1,193

 
(3,000
)
 
261,296

GNMA
75,243

 
64

 
(928
)
 
74,379

SBA
5,843

 
28

 
—

 
5,871

Total mortgage-backed securities
531,110

 
1,436

 
(6,865
)
 
525,681

Total debt securities held-to-maturity
$
772,060

 
$
1,967

 
$
(12,367
)
 
$
761,660

Total debt securities
$
854,438

 
$
1,967

 
$
(13,164
)
 
$
843,241
Carrying Value of Held-to-Maturity Investment Securities
The carrying value of the debt securities held-to-maturity at March 31, 2018, and December 31, 2017, is as follows (in thousands):
 
 
March 31, 2018
 
December 31, 2017
Amortized cost
$
990,582

 
$
772,060

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
5,622

 
5,349

Carrying value
$
982,857

 
$
764,062
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, 2018 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 March 31, 2018, corporate debt with an amortized cost of $59.9 million and estimated fair value of $56.3 million were callable prior to the maturity date.
 
March 31, 2018
Amortized
Cost
 
Estimated
Fair Value
Less than one year
$
56,691

 
$
56,586

Due after one year through five years
152,009

 
149,604

Due after five years through ten years
91,202

 
87,763

Due after ten years
35,751

 
34,424

 
$
335,653

 
$
328,377
Estimated Fair Value and Unrealized Loss for Securities Available-for-Sale and Held-to-Maturity
The estimated fair value and unrealized losses of debt securities available-for-sale and held-to-maturity at March 31, 2018 and December 31, 2017, segregated by the duration of the unrealized losses, are as follows (in thousands):
 
At March 31, 2018
 
Less than 12 months
 
12 months or longer
 
Total
 
Estimated
Fair
Value
 
Unrealized
Losses
 
Estimated
Fair
Value
 
Unrealized
Losses
 
Estimated
Fair
Value
 
Unrealized
Losses
Debt securities available-for-sale:
 
 
 
 
 
 
 
 
 
 
 
Investment securities - U.S. agency obligations
$
62,502

 
$
(853
)
 
$
22,098

 
$
(408
)
 
$
84,600

 
$
(1,261
)
Mortgage-backed securities - FNMA
1,514

 
(3
)
 
—

 
—

 
1,514

 
(3
)
Total debt securities available-for-sale
64,016

 
(856
)
 
22,098

 
(408
)
 
86,114

 
(1,264
)
Debt securities held-to-maturity:
 
 
 
 
 
 
 
 
 
 
 
Investment securities:
 
 
 
 
 
 
 
 
 
 
 
U.S. agency obligations
14,816

 
(154
)
 
—

 
—

 
14,816

 
(154
)
State and municipal obligations
120,101

 
(2,083
)
 
13,547

 
(553
)
 
133,648

 
(2,636
)
Corporate debt securities
7,414

 
(95
)
 
55,252

 
(3,782
)
 
62,666

 
(3,877
)
Total investment securities
142,331

 
(2,332
)
 
68,799

 
(4,335
)
 
211,130

 
(6,667
)
Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
FHLMC
202,453

 
(2,921
)
 
64,716

 
(2,868
)
 
267,169

 
(5,789
)
FNMA
199,147

 
(3,877
)
 
61,253

 
(2,802
)
 
260,400

 
(6,679
)
GNMA
66,529

 
(849
)
 
43,190

 
(1,103
)
 
109,719

 
(1,952
)
SBA
5,041

 
(2
)
 
—

 
—

 
5,041

 
(2
)
Total mortgage-backed securities
473,170

 
(7,649
)
 
169,159

 
(6,773
)
 
642,329

 
(14,422
)
Total debt securities held-to-maturity
615,501

 
(9,981
)
 
237,958

 
(11,108
)
 
853,459

 
(21,089
)
Total debt securities
$
679,517

 
$
(10,837
)
 
$
260,056

 
$
(11,516
)
 
$
939,573

 
$
(22,353
)
 
 
 
 
 
 
 
 
 
 
 
 
 
At December 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
Debt securities available-for-sale:
 
 
 
 
 
 
 
 
 
 
 
Investment securities - U.S. agency obligations
$
69,375

 
$
(496
)
 
$
12,206

 
$
(301
)
 
$
81,581

 
$
(797
)
Debt securities held-to-maturity:
 
 
 
 
 
 
 
 
 
 
 
Investment securities:
 
 
 
 
 
 
 
 
 
 
 
U.S. agency obligations
14,903

 
(65
)
 
—

 
—

 
14,903

 
(65
)
State and municipal obligations
104,883

 
(1,153
)
 
14,363

 
(322
)
 
119,246

 
(1,475
)
Corporate debt securities
4,035

 
(30
)
 
56,106

 
(3,932
)
 
60,141

 
(3,962
)
Total investment securities
123,821

 
(1,248
)
 
70,469

 
(4,254
)
 
194,290

 
(5,502
)
Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
FHLMC
98,138

 
(781
)
 
68,238

 
(2,156
)
 
166,376

 
(2,937
)
FNMA
132,982

 
(1,058
)
 
65,060

 
(1,942
)
 
198,042

 
(3,000
)
GNMA
26,105

 
(223
)
 
45,281

 
(705
)
 
71,386

 
(928
)
Total mortgage-backed securities
257,225

 
(2,062
)
 
178,579

 
(4,803
)
 
435,804

 
(6,865
)
Total debt securities held-to-maturity
381,046

 
(3,310
)
 
249,048

 
(9,057
)
 
630,094

 
(12,367
)
Total debt securities
$
450,421

 
$
(3,806
)
 
$
261,254

 
$
(9,358
)
 
$
711,675

 
$
(13,164
)
Amortized Cost, Estimated Fair Value and Credit Rating of Corporate Debt Securities
At March 31, 2018, 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

 
$
14,044

 
Baa3/BBB-
Chase Capital
10,000

 
9,250

 
Baa2/BBB-
Wells Fargo Capital
5,000

 
4,725

 
A1/BBB
Huntington Capital
5,000

 
4,525

 
Baa2/BB
Keycorp Capital
5,000

 
4,663

 
Baa2/BB+
PNC Capital
5,000

 
4,700

 
Baa1/BBB-
State Street Capital
5,000

 
4,734

 
A3/BBB
SunTrust Capital
5,000

 
4,642

 
Not Rated/BB+
Southern Company
1,521

 
1,487

 
Baa2/BBB+
AT&T Inc.
1,513

 
1,483

 
Baa1/BBB+
State Street Corporation
1,000

 
999

 
A1/A
 
$
59,034

 
$
55,252