Securities (Tables)

3 Months Ended

Mar. 31, 2016

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, 2016 and December 31, 2015 are as follows (in thousands):

	At March 31, 2016
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Available-for-sale:
Investment securities:
U.S. agency obligations	$	29,916	$	169	$	—		$	30,085
Held-to-maturity:
Investment securities:
U.S. agency obligations	$	50,074	$	374	$	(2	)	$	50,446
State and municipal obligations		12,140		60		(3	)		12,197
Corporate debt securities		56,000		—		(11,909	)		44,091
Total investment securities		118,214		434		(11,914	)		106,734
Mortgage-backed securities:
FHLMC		114,709		1,011		(411	)		115,309
FNMA		152,392		3,854		(257	)		155,989
GNMA		483		98		—			581
Total mortgage-backed securities		267,584		4,963		(668	)		271,879
Total held-to-maturity	$	385,798	$	5,397	$	(12,582	)	$	378,613
Total securities	$	415,714	$	5,566	$	(12,582	)	$	408,698

	At December 31, 2015
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Available-for-sale:
Investment securities:
U.S. agency obligations	$	29,906	$	23	$	(27	)	$	29,902
Held-to-maturity:
Investment securities:
U.S. agency obligations	$	55,178	$	87	$	(59	)	$	55,206
State and municipal obligations		13,311		18		(3	)		13,326
Corporate debt securities		56,000		—		(8,527	)		47,473
Total investment securities		124,489		105		(8,589	)		116,005
Mortgage-backed securities:
FHLMC		120,116		364		(1,489	)		118,991
FNMA		160,254		3,039		(1,123	)		162,170
GNMA		502		95		—			597
Total mortgage-backed securities		280,872		3,498		(2,612	)		281,758
Total held-to-maturity	$	405,361	$	3,603	$	(11,201	)	$	397,763
Total securities	$	435,267	$	3,626	$	(11,228	)	$	427,665

Carrying Value of Held-to-Maturity Investment Securities

The carrying value of the held-to-maturity investment securities at March 31, 2016 and December 31, 2015 are as follows (in thousands):

	March 31, 2016			December 31, 2015
Amortized cost	$	385,798		$	405,361
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		3,165			2,799
Carrying value	$	375,616		$	394,813

Amortized Cost and Estimated Fair Value of Investment Securities by Contractual Maturity

The amortized cost and estimated fair value of investment securities at March 31, 2016 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, 2016, corporate debt securities with an amortized cost of $56.0 million and estimated fair value of $44.1 million were callable prior to the maturity date.

March 31, 2016	Amortized Cost		Estimated Fair Value
Less than one year	$	39,679	$	39,700
Due after one year through five years		50,683		51,249
Due after five years through ten years		2,768		2,779
Due after ten years		55,000		43,091
	$	148,130	$	136,819

Estimated Fair Value and Unrealized Loss for 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 March 31, 2016 and December 31, 2015, segregated by the duration of the unrealized loss, are as follows (in thousands):

	At March 31, 2016
	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	$	5,026	$	(2	)	$	—	$	—		$	5,026	$	(2	)
State and municipal obligations		443		(1	)		913		(2	)		1,356		(3	)
Corporate debt securities		—		—			43,091		(11,909	)		43,091		(11,909	)
Total investment securities		5,469		(3	)		44,004		(11,911	)		49,473		(11,914	)
Mortgage-backed securities:
FHLMC		2,569		(1	)		42,176		(410	)		44,745		(411	)
FNMA		—		—			22,694		(257	)		22,694		(257	)
Total mortgage-backed securities		2,569		(1	)		64,870		(667	)		67,439		(668	)
Total held-to-maturity	$	8,038	$	(4	)	$	108,874	$	(12,578	)	$	116,912	$	(12,582	)

	At December 31, 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
Available-for-sale:
Investment securities:
U.S. agency obligations	$	14,937	$	(27	)	$	—	$	—		$	14,937	$	(27	)
Held-to-maturity:
Investment securities:
U.S. agency obligations	$	30,175	$	(43	)	$	5,023	$	(16	)	$	35,198	$	(59	)
State and municipal obligations		2,857		(2	)		639		(1	)		3,496		(3	)
Corporate debt securities		—		—			46,473		(8,527	)		46,473		(8,527	)
Total investment securities		33,032		(45	)		52,135		(8,544	)		85,167		(8,589	)
Mortgage-backed securities:
FHLMC		35,816		(200	)		53,604		(1,289	)		89,420		(1,489	)
FNMA		44,004		(434	)		23,318		(689	)		67,322		(1,123	)
Total mortgage-backed securities		79,820		(634	)		76,922		(1,978	)		156,742		(2,612	)
Total held-to-maturity	$	112,852	$	(679	)	$	129,057	$	(10,522	)	$	241,909	$	(11,201	)
Total securities	$	127,789	$	(706	)	$	129,057	$	(10,522	)	$	256,846	$	(11,228	)

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

At March 31, 2016, 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	$	11,675	Ba1/BB+
Chase Capital		10,000		7,750	Baa2/BBB-
Wells Fargo Capital		5,000		4,025	A1/BBB+
Huntington Capital		5,000		3,800	Baa2/BB
Keycorp Capital		5,000		4,012	Baa2/BB+
PNC Capital		5,000		4,050	Baa1/BBB-
State Street Capital		5,000		3,938	A3/BBB
SunTrust Capital		5,000		3,841	Baa3/BB+
	$	55,000	$	43,091