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Securities (Tables)
 9 Months Ended
Sep. 30, 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 September 30, 2018, and December 31, 2017, are as follows (in thousands):
 
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair
Value
At September 30, 2018
 
 
 
 
 
 
 
Debt securities available-for-sale:
 
 
 
 
 
 
 
Investment securities - U.S. agency obligations
$
100,450

 
$
—

 
$
(1,577
)
 
$
98,873

Mortgage-backed securities - FNMA
1,153

 
—

 
(11
)
 
1,142

Total debt securities available-for-sale
$
101,603

 
$
—

 
$
(1,588
)
 
$
100,015

Debt securities held-to-maturity:
 
 
 
 
 
 
 
Investment securities:
 
 
 
 
 
 
 
U.S. agency obligations
$
14,974

 
$
—

 
$
(192
)
 
$
14,782

State and municipal obligations
134,988

 
—

 
(2,885
)
 
132,103

Corporate debt securities
64,819

 
921

 
(3,035
)
 
62,705

Total investment securities
214,781

 
921

 
(6,112
)
 
209,590

Mortgage-backed securities:
 
 
 
 
 
 
 
FHLMC
249,884

 
45

 
(8,126
)
 
241,803

FNMA
289,210

 
755

 
(9,382
)
 
280,583

GNMA
130,847

 
176

 
(2,858
)
 
128,165

SBA
4,126

 
—

 
(94
)
 
4,032

Total mortgage-backed securities
674,067

 
976

 
(20,460
)
 
654,583

Total debt securities held-to-maturity
$
888,848

 
$
1,897

 
$
(26,572
)
 
$
864,173

Total debt securities
$
990,451

 
$
1,897

 
$
(28,160
)
 
$
964,188

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 September 30, 2018, and December 31, 2017, is as follows (in thousands):
 
 
September 30, 2018
 
December 31, 2017
Amortized cost
$
888,848

 
$
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
8,039

 
5,349

Carrying value
$
883,540

 
$
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 September 30, 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 September 30, 2018, corporate debt securities with an amortized cost of $53.8 million and estimated fair value of $51.8 million were callable prior to the maturity date.
 
September 30, 2018
Amortized
Cost
 
Estimated
Fair Value
Less than one year
$
56,753

 
$
56,522

Due after one year through five years
156,879

 
153,904

Due after five years through ten years
90,804

 
86,373

Due after ten years
10,795

 
11,664

 
$
315,231

 
$
308,463
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 September 30, 2018 and December 31, 2017, segregated by the duration of the unrealized losses, are as follows (in thousands):
 
At September 30, 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
$
57,252

 
$
(675
)
 
$
41,621

 
$
(902
)
 
$
98,873

 
$
(1,577
)
Mortgage-backed securities - FNMA
1,142

 
(11
)
 
—

 
—

 
1,142

 
(11
)
Total debt securities available-for-sale
58,394

 
(686
)
 
41,621

 
(902
)
 
100,015

 
(1,588
)
Debt securities held-to-maturity:
 
 
 
 
 
 
 
 
 
 
 
Investment securities:
 
 
 
 
 
 
 
 
 
 
 
U.S. agency obligations
9,835

 
(129
)
 
4,947

 
(63
)
 
14,782

 
(192
)
State and municipal obligations
52,779

 
(744
)
 
67,500

 
(2,141
)
 
120,279

 
(2,885
)
Corporate debt securities
4,903

 
(68
)
 
41,583

 
(2,967
)
 
46,486

 
(3,035
)
Total investment securities
67,517

 
(941
)
 
114,030

 
(5,171
)
 
181,547

 
(6,112
)
Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
FHLMC
125,973

 
(2,463
)
 
112,290

 
(5,663
)
 
238,263

 
(8,126
)
FNMA
120,922

 
(3,594
)
 
112,293

 
(5,788
)
 
233,215

 
(9,382
)
GNMA
52,813

 
(1,042
)
 
51,237

 
(1,816
)
 
104,050

 
(2,858
)
SBA
4,032

 
(94
)
 
—

 
—

 
4,032

 
(94
)
Total mortgage-backed securities
303,740

 
(7,193
)
 
275,820

 
(13,267
)
 
579,560

 
(20,460
)
Total debt securities held-to-maturity
371,257

 
(8,134
)
 
389,850

 
(18,438
)
 
761,107

 
(26,572
)
Total debt securities
$
429,651

 
$
(8,820
)
 
$
431,471

 
$
(19,340
)
 
$
861,122

 
$
(28,160
)
 
 
 
 
 
 
 
 
 
 
 
 
 
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 September 30, 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
Chase Capital
$
10,000

 
$
9,350

 
Baa2/BBB-
Wells Fargo Capital
5,000

 
4,650

 
A1/BBB
Huntington Capital
5,000

 
4,525

 
Baa2/BB+
Keycorp Capital
5,000

 
4,600

 
Baa2/BB+
PNC Capital
5,000

 
4,678

 
Baa1/BBB-
State Street Capital
5,000

 
4,700

 
A3/BBB
SunTrust Capital
5,000

 
4,625

 
Not Rated/BB+
Southern Company
1,516

 
1,485

 
Baa2/BBB+
AT&T Inc.
1,510

 
1,480

 
Baa2/BBB
Celgene
1,524

 
1,490

 
Baa2/BBB+
 
$
44,550

 
$
41,583