Securities (Tables)

12 Months Ended

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

	At December 31, 2014
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Available-for-sale:
Investment securities:
U.S. agency obligations	$	19,900	$	—	$	(96	)	$	19,804
Held-to-maturity:
Investment securities:
U.S. agency obligations	$	86,394	$	97	$	(50	)	$	86,441
State and municipal obligations		13,829		25		(8	)		13,846
Corporate debt securities		55,000		—		(9,750	)		45,250
Total investment securities		155,223		122		(9,808	)		145,537
Mortgage-backed securities:
FHLMC		141,494		609		(1,659	)		140,444
FNMA		184,003		4,674		(1,182	)		187,495
GNMA		620		119		—			739
Total mortgage-backed securities		326,117		5,402		(2,841	)		328,678
Total held-to-maturity	$	481,340	$	5,524	$	(12,649	)	$	474,215
Total securities	$	501,240	$	5,524	$	(12,745	)	$	494,019

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

	December 31,
	2014			2013
Amortized cost	$	481,340		$	508,740
Net loss on date of transfer from available-for-sale		(13,347	)		(13,347	)
Accretion of unrealized loss on securities reclassified to held- to-maturity		1,424			206
Carrying value	$	469,417		$	495,599

Contractual Maturity of Investment Securities

The amortized cost and estimated fair value of investment securities at December 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 December 31, 2014, corporate debt securities with an amortized cost and estimated fair value of $55.0 million and $45.3 million, respectively, were callable prior to the maturity date.

December 31, 2014	Amortized Cost		Estimated Fair Value
Less than one year	$	46,636	$	46,678
Due after one year through five years		72,891		72,815
Due after five years through ten years		596		598
Due after ten years		55,000		45,250
	$	175,123	$	165,341

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

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

	At December 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
Available-for-sale:
Investment securities:
U.S. agency obligations	$	19,804	$	(96	)	$	—	$	—		$	19,804	$	(96	)
Held-to-maturity:
Investment securities:
U.S. agency obligations		15,134		(9	)		25,409		(41	)		40,543		(50	)
State and municipal obligations		947		(1	)		1,827		(7	)		2,774		(8	)
Corporate debt securities		—		—			45,250		(9,750	)		45,250		(9,750	)
Total investment securities		16,081		(10	)		72,486		(9,798	)		88,567		(9,808	)
Mortgage-backed securities:
FHLMC		9,155		(34	)		96,975		(1,625	)		106,130		(1,659	)
FNMA		—		—			64,932		(1,182	)		64,932		(1,182	)
Total mortgage-backed securities		9,155		(34	)		161,907		(2,807	)		171,062		(2,841	)
Total held-to-maturity		25,236		(44	)		234,393		(12,605	)		259,629		(12,649	)
Total securities	$	45,040	$	(140	)	$	234,393	$	(12,605	)	$	279,433	$	(12,745	)

	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:
U.S. agency obligations	$	35,747	$	(144	)	$	—	$	—		$	35,747	$	(144	)
State and municipal obligations		3,526		(31	)		1,153		(4	)		4,679		(35	)
Corporate debt securities		—		—			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 December 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		8,400		Baa2/BBB-
Wells Fargo Capital		5,000		4,200		A3/BBB+
Huntington Capital		5,000		4,000		Baa3/BB
Keycorp Capital		5,000		4,100		Baa3/BB+
PNC Capital		5,000		4,200		Baa2/BBB-
State Street Capital		5,000		4,250		A3/BBB
SunTrust Capital		5,000		4,100		Baa3/BB+
	$	55,000	$	45,250