Securities (Tables)

6 Months Ended

Jun. 30, 2015

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, 2015 and December 31, 2014 are as follows (in thousands):

	At June 30, 2015
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Available-for-sale:
Investment securities:
U.S. agency obligations	$	29,887	$	143	$	—		$	30,030
Held-to-maturity:
Investment securities:
U.S. agency obligations	$	65,467	$	135	$	(2	)	$	65,600
State and municipal obligations		10,967		15		(9	)		10,973
Corporate debt securities		55,000		—		(7,750	)		47,250
Total investment securities		131,434		150		(7,761	)		123,823
Mortgage-backed securities:
FHLMC		128,701		565		(1,280	)		127,986
FNMA		165,220		3,669		(931	)		167,958
GNMA		549		93		—			642
Total mortgage-backed securities		294,470		4,327		(2,211	)		296,586
Total held-to-maturity	$	425,904	$	4,477	$	(9,972	)	$	420,409
Total securities	$	455,791	$	4,620	$	(9,972	)	$	450,439

	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

Carrying Value of Held-to-Maturity Investment Securities

The carrying value of the held-to-maturity investment securities at June 30, 2015 and December 31, 2014 are as follows (in thousands):

	June 30, 2015			December 31, 2014
Amortized cost	$	425,904		$	481,340
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		2,068			1,424
Carrying value	$	414,625		$	469,417

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, 2015 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 June 30, 2015, corporate debt securities with an amortized cost and estimated fair value of $55.0 million and $47.3 million, respectively, were callable prior to the maturity date.

June 30, 2015	Amortized Cost		Estimated Fair Value
Less than one year	$	34,038	$	34,076
Due after one year through five years		71,943		72,189
Due after five years through ten years		340		338
Due after ten years		55,000		47,250
	$	161,321	$	153,853

Estimated Fair Value and Unrealized Loss of 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, 2015 and December 31, 2014, segregated by the duration of the unrealized loss, are as follows (in thousands):

	At June 30, 2015
	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	$	—	$	—		$	5,059	$	(2	)	$	5,059	$	(2	)
State and municipal obligations		1,746		(5	)		1,029		(4	)		2,775		(9	)
Corporate debt securities		—		—			47,250		(7,750	)		47,250		(7,750	)
Total investment securities		1,746		(5	)		53,338		(7,756	)		55,084		(7,761	)
Mortgage-backed securities:
FHLMC		9,832		(10	)		74,779		(1,270	)		84,611		(1,280	)
FNMA		22,040		(119	)		38,438		(812	)		60,478		(931	)
Total mortgage-backed securities		31,872		(129	)		113,217		(2,082	)		145,089		(2,211	)
Total held-to-maturity	$	33,618	$	(134	)	$	166,555	$	(9,838	)	$	200,173	$	(9,972	)
Total securities	$	33,618	$	(134	)	$	166,555	$	(9,838	)	$	200,173	$	(9,972	)

	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	)

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

At June 30, 2015, 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	$	13,006	Ba1/BB
Chase Capital		10,000		8,625	Baa2/BBB-
Wells Fargo Capital		5,000		4,344	A1/BBB+
Huntington Capital		5,000		4,025	Baa2/BB
Keycorp Capital		5,000		4,225	Baa2/BB+
PNC Capital		5,000		4,450	Baa1/BBB-
State Street Capital		5,000		4,338	A3/BBB
SunTrust Capital		5,000		4,237	Baa3/BB+
	$	55,000	$	47,250