Securities (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2016 and December 31, 2015 are as follows (in thousands):

	At September 30, 2016
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Available-for-sale:
Investment securities:
U.S. agency obligations	$	2,489	$	8	$	—		$	2,497
Held-to-maturity:
Investment securities:
U.S. agency obligations	$	24,958	$	344	$	—		$	25,302
State and municipal obligations		36,198		123		(23	)		36,298
Corporate debt securities		76,129		254		(7,107	)		69,276
Other investments		8,731		42		(5	)		8,768
Total investment securities		146,016		763		(7,135	)		139,644
Mortgage-backed securities:
FHLMC		136,934		1,370		(272	)		138,032
FNMA		177,693		3,865		(179	)		181,379
GNMA		10,389		146		(7	)		10,528
Other mortgage-backed securities		9,104		40		—			9,144
Total mortgage-backed securities		334,120		5,421		(458	)		339,083
Total held-to-maturity	$	480,136	$	6,184	$	(7,593	)	$	478,727
Total securities	$	482,625	$	6,192	$	(7,593	)	$	481,224

	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 September 30, 2016 and December 31, 2015 are as follows (in thousands):

	September 30, 2016			December 31, 2015
Amortized cost	$	480,136		$	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		3,853			2,799
Carrying value	$	470,642		$	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 September 30, 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 September 30, 2016, corporate debt securities with an amortized cost of $60.5 million and estimated fair value of $53.5 million were callable prior to the maturity date.

September 30, 2016	Amortized Cost		Estimated Fair Value
Less than one year	$	16,654	$	16,671
Due after one year through five years		49,0954		49,584
Due after five years through ten years		19,025		19,223
Due after ten years		55,000		47,895
	$	139,774	$	133,373

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 September 30, 2016 and December 31, 2015, segregated by the duration of the unrealized loss, are as follows (in thousands):

	At September 30, 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:
State and municipal obligations	$	12,117		(22	)	$	277	$	(1	)	$	12,394	$	(23	)
Corporate debt securities		4,003		(2	)		47,895		(7,105	)		51,898		(7,107	)
Other investments		868		(5	)		—		—			868		(5	)
Total investment securities		16,988		(29	)		48,172		(7,106	)		65,160		(7,135	)
Mortgage-backed securities:
FHLMC		10,791		(20	)		29,101		(252	)		39,892		(272	)
FNMA		18,847		(47	)		9,717		(132	)		28,564		(179	)
GNMA		1,466		(7	)		—		—			1,466		(7	)
Total mortgage-backed securities		31,104		(74	)		38,818		(384	)		69,922		(458	)
Total held-to-maturity	$	48,092	$	(103	)	$	86,990	$	(7,490	)	$	135,082	$	(7,593	)
	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 September 30, 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	$	12,950		Ba1/BB+
Chase Capital		10,000		8,788		Baa2/BBB-
Wells Fargo Capital		5,000		4,350		A1/BBB+
Huntington Capital		5,000		4,225		Baa2/BB
Keycorp Capital		5,000		4,188		Baa2/BB+
PNC Capital		5,000		4,700		Baa1/BBB-
State Street Capital		5,000		4,500		A3/BBB
SunTrust Capital		5,000		4,194		Baa3/BB+
	$	55,000	$	47,895