Securities (Tables)

9 Months Ended

Sep. 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 September 30, 2015 and December 31, 2014 are as follows (in thousands):

	At September 30, 2015
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Available-for-sale:
Investment securities:
U.S. agency obligations	$	29,897	$	211	$	—		$	30,108
Held-to-maturity:
Investment securities:
U.S. agency obligations	$	55,338	$	172	$	(2	)	$	55,508
State and municipal obligations		8,373		25		(3	)		8,395
Corporate debt securities		55,000		—		(6,928	)		48,072
Total investment securities		118,711		197		(6,933	)		111,975
Mortgage-backed securities:
FHLMC		126,187		867		(658	)		126,396
FNMA		158,417		3,913		(476	)		161,854
GNMA		523		104		—			627
Total mortgage-backed securities		285,127		4,884		(1,134	)		288,877
Total held-to-maturity	$	403,838	$	5,081	$	(8,067	)	$	400,852
Total securities	$	433,735	$	5,292	$	(8,067	)	$	430,960

	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 September 30, 2015 and December 31, 2014 are as follows (in thousands):

	September 30, 2015			December 31, 2014
Amortized cost	$	403,838		$	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		2,441			1,424
Carrying value	$	392,932		$	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 September 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 September 30, 2015, corporate debt securities with an amortized cost and estimated fair value of $55.0 million and $48.1 million, respectively, were callable prior to the maturity date.

September 30, 2015	Amortized Cost		Estimated Fair Value
Less than one year	$	45,234	$	45,281
Due after one year through five years		48,034		48,388
Due after five years through ten years		340		342
Due after ten years		55,000		48,072
	$	148,608	$	142,083

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 September 30, 2015 and December 31, 2014, segregated by the duration of the unrealized loss, are as follows (in thousands):

	At September 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	$	—	$	—		$	5,048	$	(2	)	$	5,048	$	(2	)
State and municipal obligations		852		(2	)		643		(1	)		1,495		(3	)
Corporate debt securities		—		—			48,072		(6,928	)		48,072		(6,928	)
Total investment securities		852		(2	)		53,763		(6,931	)		54,615		(6,933	)
Mortgage-backed securities:
FHLMC		3,601		(10	)		57,076		(648	)		60,677		(658	)
FNMA		—		—			24,777		(476	)		24,777		(476	)
Total mortgage-backed securities		3,601		(10	)		81,853		(1,124	)		85,454		(1,134	)
Total held-to-maturity	$	4,453	$	(12	)	$	135,616	$	(8,055	)	$	140,069	$	(8,067	)
Total securities	$	4,453	$	(12	)	$	135,616	$	(8,055	)	$	140,069	$	(8,067	)

	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 September 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	$	13,875	Ba1/BB+
Chase Capital		10,000		8,525	Baa2/BBB-
Wells Fargo Capital		5,000		4,282	A1/BBB+
Huntington Capital		5,000		4,188	Baa2/BB
Keycorp Capital		5,000		4,177	Baa2/BB+
PNC Capital		5,000		4,425	Baa1/BBB-
State Street Capital		5,000		4,350	A3/BBB
SunTrust Capital		5,000		4,250	Baa3/BB+
	$	55,000	$	48,072