Securities Available for Sale (Tables)

12 Months Ended

Dec. 31, 2015

Investments, Debt and Equity Securities [Abstract]

Securities Available for Sale

Securities available for sale at December 31, 2015 and 2014 are summarized as follows (in thousands):

	2015
	Amortized cost		Gross unrealized gains	Gross unrealized losses		Fair value
U.S. Treasury obligations	$	8,006	—	(2	)	8,004
Agency obligations	82,396		82	(148	)	82,330
Mortgage-backed securities	857,430		9,828	(3,397	)	863,861
State and municipal obligations	4,193		115	—		4,308
Corporate obligations	5,516		6	(10	)	5,512
Equity securities	397		122	—		519
	$	957,938	10,153	(3,557	)	964,534

	2014
	Amortized cost		Gross unrealized gains	Gross unrealized losses		Fair value
U.S. 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

Securities Available for Sale by Contractual Maturity

The amortized cost and fair value of securities available for sale at December 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.

	2015
	Amortized cost		Fair value
Due in one year or less	$	27,044	27,058
Due after one year through five years	67,106		67,037
Due after five years through ten years	3,681		3,701
Due after ten years	2,280		2,358
	$	100,111	100,154

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):

	December 31,
	2015		2014	2013
Beginning credit loss amount	$	—	1,674	1,240
Add: Initial OTTI credit losses	—		—	—
Subsequent OTTI credit losses	—		—	434
Less: Realized losses for securities sold	—		1,674	—
Securities intended or required to be sold	—		—	—
Increases in expected cash flows on debt securities	—		—	—
Ending credit loss amount	$	—	—	1,674

Disclosure on Securities Available for Sale with Temporary Impairment

The following table represents the Company’s disclosure on securities available for sale with temporary impairment (in thousands):

	December 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
U.S. Treasury obligations	$	8,004	(2	)	—	—		8,004	(2	)
Agency obligations	59,197		(148	)	—	—		59,197	(148	)
Mortgage-backed securities	327,263		(2,427	)	47,911	(970	)	375,174	(3,397	)
Corporate obligations	500		—		992	(10	)	1,492	(10	)
	$	394,964	(2,577	)	48,903	(980	)	443,867	(3,557	)

	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
U.S Treasury obligations	$	5,937	(3	)	—	—		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	(15	)
	$	89,295	(279	)	211,679	(2,951	)	300,974	(3,230	)