Investment Securities (Tables)

3 Months Ended

Mar. 31, 2015

Securities Available for Sale

The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the fair value for securities available for sale at March 31, 2015 and December 31, 2014 (in thousands):

	March 31, 2015
	Amortized cost		Gross unrealized gains	Gross unrealized losses		Fair value
US Treasury obligations	$	8,013	58	—		8,071
Agency obligations	94,719		442	(4	)	95,157
Mortgage-backed securities	913,848		19,120	(855	)	932,113
State and municipal obligations	5,934		149	—		6,083
Corporate obligations	5,517		87	(8	)	5,596
Equity securities	397		142	—		539
	$	1,028,428	19,998	(867	)	1,047,559

	December 31, 2014
	Amortized cost		Gross unrealized gains	Gross unrealized losses		Fair value
US Treasury obligations	$	8,016	3	(3	)	8,016
Agency obligations	94,871		268	(63	)	95,076
Mortgage-backed securities	944,796		15,610	(3,149	)	957,257
State and municipal obligations	6,855		147	—		7,002
Corporate obligations	6,526		9	(15	)	6,520
Equity securities	397		127	—		524
	$	1,061,461	16,164	(3,230	)	1,074,395

Roll-Forward of Credit Loss Component of Other-Than-Temporary Impairment

Changes in the credit loss component of credit-impaired debt securities were as follows (in thousands):

	Three months ended March 31,
	2015		2014
Beginning credit loss amount	$	—	1,674
Add: Initial OTTI credit losses	—		—
Subsequent OTTI credit losses	—		—
Less: Realized losses for securities sold	—		1,540
Securities intended or required to be sold	—		—
Increases in expected cash flows on debt securities	—		—
Ending credit loss amount	$	—	134

Investment Securities Held to Maturity

The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the estimated fair value for investment securities held to maturity at March 31, 2015 and December 31, 2014 (in thousands):

	March 31, 2015
	Amortized cost		Gross unrealized gains	Gross unrealized losses		Fair value
Agency obligations	$	7,131	21	(9	)	7,143
Mortgage-backed securities	2,511		109	—		2,620
State and municipal obligations	453,339		14,715	(933	)	467,121
Corporate obligations	10,723		65	(1	)	10,787
	$	473,704	14,910	(943	)	487,671
	December 31, 2014
	Amortized cost		Gross unrealized gains	Gross unrealized losses		Fair value
Agency obligations	$	6,813	17	(20	)	6,810
Mortgage-backed securities	2,816		123	—		2,939
State and municipal obligations	449,410		13,814	(986	)	462,238
Corporate obligations	10,489		29	(32	)	10,486
	$	469,528	13,983	(1,038	)	482,473

Available-for-sale Securities [Member]

Disclosure Regarding Length of Time on Investment Securities with Temporary Impairment

The following tables represent the Company’s disclosure regarding securities available for sale with temporary impairment at March 31, 2015 and December 31, 2014 (in thousands):

	March 31, 2015 Unrealized Losses
	Less than 12 months				12 months or longer			Total
	Fair value		Gross unrealized losses		Fair value	Gross unrealized losses		Fair value	Gross unrealized losses
Agency obligations	8,092		(4	)	—	—		8,092	(4	)
Mortgage-backed securities	97,490		(350	)	54,204	(505	)	151,694	(855	)
Corporate obligations	995		(8	)	—	—		995	(8	)
	$	106,577	(362	)	54,204	(505	)	160,781	(867	)

	December 31, 2014 Unrealized Losses
	Less than 12 months				12 months or longer				Total
	Fair value		Gross unrealized losses		Fair value	Gross unrealized losses			Fair value	Gross unrealized losses
US Treasury obligations	$	5,937	(3	)	—	—		5,937,000	5,937	(3	)
Agency obligations	$	24,404	(40	)	5,010	(23	)		29,414	(63	)
Mortgage-backed securities	55,488		(221	)	206,669	(2,928	)		262,157	(3,149	)
Corporate obligations	3,466		(15	)	—	—		3,466,000	3,466	(15	)
	$	89,295	(279	)	211,679	(2,951	)		300,974	(3,230	)

Investment Securities Classified by Contractual Maturity

The amortized cost and fair value of securities available for sale at March 31, 2015, by contractual maturity, are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer.

	March 31, 2015
	Amortized cost		Fair value
Due in one year or less	$	30,687	30,771
Due after one year through five years	77,505		77,984
Due after five years through ten years	3,017		3,102
Due after ten years	2,974		3,050
	$	114,183	114,907

Held-to-maturity Securities [Member]

Disclosure Regarding Length of Time on Investment Securities with Temporary Impairment

The following tables represent the Company’s disclosure on investment securities held to maturity with temporary impairment at March 31, 2015 and December 31, 2014 (in thousands):

	March 31, 2015 Unrealized Losses
	Less than 12 months				12 months or longer			Total
	Fair value		Gross unrealized losses		Fair value	Gross unrealized losses		Fair value	Gross unrealized losses
Agency obligations	$	299	(1	)	1,972	(8	)	2,271	(9	)
State and municipal obligations	42,209		(470	)	16,422	(463	)	58,631	(933	)
Corporate obligations	250		—		501	(1	)	751	(1	)
	$	42,758	(471	)	18,895	(472	)	61,653	(943	)

	December 31, 2014 Unrealized Losses
	Less than 12 months				12 months or longer			Total
	Fair value		Gross unrealized losses		Fair value	Gross unrealized losses		Fair value	Gross unrealized losses
Agency obligations	$	3,735	(20	)	—	—		3,735	(20	)
State and municipal obligations	27,679		(217	)	47,079	(769	)	74,758	(986	)
Corporate obligations	6,888		(32	)	—	—		6,888	(32	)
	$	38,302	(269	)	47,079	(769	)	85,381	(1,038	)

Investment Securities Classified by Contractual Maturity

The amortized cost and fair value of investment securities in the held to maturity portfolio at March 31, 2015 by contractual maturity are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer.

	March 31, 2015
	Amortized cost		Fair value
Due in one year or less	$	8,452	8,503
Due after one year through five years	59,079		60,587
Due after five years through ten years	186,690		194,565
Due after ten years	216,972		221,396
	$	471,193	485,051