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Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2016
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, 2016 and December 31, 2015 (in thousands):
 

March 31, 2016
 

Amortized
cost

Gross
unrealized
gains

Gross
unrealized
losses
 
Fair
value
US Treasury obligations
 
$
8,003

 
44

 
—

 
8,047

Agency obligations

79,307


296


(3
)
 
79,600

Mortgage-backed securities

868,946


17,856


(161
)
 
886,641

State and municipal obligations

4,183


139


—

 
4,322

Corporate obligations
 
5,016

 
72

 
(13
)
 
5,075

Equity securities

397


124


—

 
521

 

$
965,852


18,531


(177
)
 
984,206

 
 
December 31, 2015
 
 
Amortized
cost
 
Gross
unrealized
gains
 
Gross
unrealized
losses
 
Fair
value
US 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
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, 2016 and December 31, 2015 (in thousands):
 
 
March 31, 2016
 
 
Amortized
cost
 
Gross
unrealized
gains
 
Gross
unrealized
losses
 
Fair
value
Agency obligations

$
4,197

 
8

 
—

 
4,205

Mortgage-backed securities

1,403

 
55

 
—

 
1,458

State and municipal obligations

457,427

 
18,557

 
(251
)
 
475,733

Corporate obligations

9,907

 
52

 
(6
)
 
9,953

 

$
472,934

 
18,672

 
(257
)
 
491,349

 
 
 
 
 
 
 
 
 

 
 
December 31, 2015
 
 
Amortized
cost
 
Gross
unrealized
gains
 
Gross
unrealized
losses
 
Fair
value
Agency obligations
 
$
4,096

 
9

 
(8
)
 
4,097

Mortgage-backed securities
 
1,597

 
61

 
—

 
1,658

State and municipal obligations
 
458,062

 
15,094

 
(495
)
 
472,661

Corporate obligations
 
9,929

 
11

 
(25
)
 
9,915

 
 
$
473,684

 
15,175

 
(528
)
 
488,331
Available-for-sale Securities [Member]  
Investment Securities Classified by Contractual Maturity
The amortized cost and fair value of securities available for sale at March 31, 2016, 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, 2016
 
 
Amortized
cost
 
Fair
value
Due in one year or less
 
$
31,520

 
31,566

Due after one year through five years
 
59,038

 
59,328

Due after five years through ten years
 
3,680

 
3,778

Due after ten years
 
2,271

 
2,372

 
 
$
96,509

 
97,044
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, 2016 and December 31, 2015 (in thousands):
 

March 31, 2016 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

10,033

 
(3
)
 
—

 
—

 
10,033

 
(3
)
Mortgage-backed securities

31,086

 
(74
)
 
16,614

 
(87
)
 
47,700

 
(161
)
Corporate obligations
 
999

 
—

 
989

 
(13
)
 
1,988

 
(13
)


$
42,118

 
(77
)
 
17,603

 
(100
)
 
59,721

 
(177
)
 

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
)
Held-to-maturity Securities [Member]  
Investment Securities Classified by Contractual Maturity
The amortized cost and fair value of investment securities in the held to maturity portfolio at March 31, 2016 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, 2016
 
 
Amortized
cost
 
Fair
value
Due in one year or less

$
11,538

 
11,589

Due after one year through five years

52,697

 
53,797

Due after five years through ten years

221,145

 
231,977

Due after ten years

186,151

 
192,528



$
471,531

 
489,891
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, 2016 and December 31, 2015 (in thousands):
 
 
March 31, 2016 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
State and municipal obligations

10,388

 
(71
)
 
9,984

 
(180
)
 
20,372

 
(251
)
Corporate obligations

1,245

 
(6
)
 
—

 
—

 
1,245

 
(6
)
 

$
11,633

 
(77
)
 
9,984

 
(180
)
 
21,617

 
(257
)
 
 
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
Agency obligations
 
$
1,244

 
(6
)
 
278

 
(2
)
 
1,522

 
(8
)
State and municipal obligations
 
24,266

 
(165
)
 
17,746

 
(330
)
 
42,012

 
(495
)
Corporate obligations
 
5,840

 
(18
)
 
744

 
(7
)
 
6,584

 
(25
)
 
 
$
31,350

 
(189
)
 
18,768

 
(339
)
 
50,118

 
(528
)