Securities (Tables)

3 Months Ended

Mar. 31, 2014

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, 2014 and December 31, 2013 are as follows (in thousands):

	At March 31, 2014
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Available-for-sale:
Investment securities:
U.S. agency obligations	$	30,090	$	91	$	—		$	30,181
Equity investments		7,408		1,672		—			9,080
Total investment securities available-for-sale	$	37,498	$	1,763	$	—		$	39,261
Held-to-maturity:
Investment securities:
U.S. agency obligations	$	87,155	$	141	$	(158	)	$	87,138
State and municipal obligations		20,810		34		(23	)		20,821
Corporate debt securities		55,000		—		(10,037	)		44,963
Total investment securities		162,965		175		(10,218	)		152,922
Mortgage-backed securities:
FHLMC		148,882		488		(2,990	)		146,380
FNMA		196,450		4,417		(2,597	)		198,270
GNMA		693		118		—			811
Total mortgage-backed securities		346,025		5,023		(5,587	)		345,461
Total held-to-maturity	$	508,990	$	5,198	$	(15,805	)	$	498,383
Total securities	$	546,488	$	6,961	$	(15,805	)	$	537,644
	At December 31, 2013
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Available-for-sale:
Investment securities:
U.S. agency obligations	$	35,128	$	161	$	—		$	35,289
Equity investments		6,757		1,790		—			8,547
Total investment securities available-for-sale	$	41,885	$	1,951	$	—		$	43,836
Held-to-maturity:
Investment securities:
U.S. agency obligations	$	82,406	$	153	$	(144	)	$	82,415
State and municipal obligations		21,784		36		(35	)		21,785
Corporate debt securities		55,000		—		(10,750	)		44,250
Total investment securities		159,190		189		(10,929	)		148,450
Mortgage-backed securities:
FHLMC		148,759		447		(4,552	)		144,654
FNMA		200,070		4,659		(3,607	)		201,122
GNMA		721		135		—			856
Total mortgage-backed securities		349,550		5,241		(8,159	)		346,632
Total held-to-maturity	$	508,740	$	5,430	$	(19,088	)	$	495,082
Total securities	$	550,625	$	7,381	$	(19,088	)	$	538,918

Carrying Value of Held-to-Maturity Investment Securities

The carrying value of the held-to-maturity investment securities at March 31, 2014 is as follows (in thousands):

Amortized cost	$	508,990
Net loss on date of transfer from available-for-sale		(13,347	)
Amortization of net loss		468
Carrying value	$	496,111

Contractual Maturity of Investment Securities

The amortized cost and estimated fair value of investment securities, excluding equity investments, at March 31, 2014 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, 2014, corporate debt securities with an amortized cost and estimated market value of $55.0 million and $45.0 million, respectively, were callable prior to the maturity date.

March 31, 2014	Amortized Cost		Estimated Fair Value
Less than one year	$	48,552	$	48,682
Due after one year through five years		83,272		83,289
Due after five years through ten years		6,231		6,169
Due after ten years		55,000		44,963
	$	193,055	$	183,103

Estimated Fair Value and Unrealized Loss for Securities Held-to-Maturity

The estimated fair value and unrealized loss for securities held-to-maturity at March 31, 2014 and December 31, 2013, segregated by the duration of the unrealized loss, are as follows (in thousands):

	At March 31, 2014
	Less than 12 months					12 months or longer					Total
	Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses
Held-to-maturity:
Investment securities:
U.S. agency obligations	$	40,654	$	(158	)	$	—	$	—		$	40,654	$	(158	)
State and municipal obligations		5,970		(22	)		460		(1	)		6,430		(23	)
Corporate debt securities		—		—			44,963		(10,037	)		44,963		(10,037	)
Total investment securities		46,624		(180	)		45,423		(10,038	)		92,047		(10,218	)
Mortgage-backed securities:
FHLMC		101,331		(2,100	)		21,295		(890	)		122,626		(2,990	)
FNMA		60,044		(1,875	)		16,277		(722	)		76,321		(2,597	)
Total mortgage-backed securities		161,375		(3,975	)		37,572		(1,612	)		198,947		(5,587	)
Total held-to-maturity	$	207,999	$	(4,155	)	$	82,995	$	(11,650	)	$	290,994	$	(15,805	)

	At December 31, 2013
	Less than 12 months					12 months or longer					Total
	Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses
Held-to-maturity:
Investment securities:
State and municipal obligations	$	35,747	$	(144	)	$	—	$	—		$	35,747	$	(144	)
Corporate debt securities		3,526		(31	)		1,153		(4	)		4,679		(35	)
Equity investments		—		—			44,250		(10,750	)		44,250		(10,750	)
Total investment securities		39,273		(175	)		45,403		(10,754	)		84,676		(10,929	)
Mortgage-backed securities:
FHLMC		122,365		(4,552	)		—		—			122,365		(4,552	)
FNMA		84,467		(3,607	)		—		—			84,467		(3,607	)
Total mortgage-backed securities		206,832		(8,159	)		—		—			206,832		(8,159	)
Total held-to-maturity	$	246,105	$	(8,334	)	$	45,403	$	(10,754	)	$	291,508	$	(19,088	)

Amortized Cost, Estimated Fair Value and Credit Rating of Corporate Debt Securities

At March 31, 2014, 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	$	12,000	Ba1/BB+
Chase Capital		10,000		8,350	Baa2/BBB
Wells Fargo Capital		5,000		4,150	A3/A-
Huntington Capital		5,000		4,100	Baa3/BB+
Keycorp Capital		5,000		4,050	Baa3/BBB-
PNC Capital		5,000		4,100	Baa2/BBB
State Street Capital		5,000		4,107	A3/BBB+
SunTrust Capital		5,000		4,106	Baa3/BB+
	$	55,000	$	44,963