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Investment Securities (Tables)
 9 Months Ended
Sep. 30, 2016
Fair Value, Option, Quantitative Disclosures [Line Items]  
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 September 30, 2016 and December 31, 2015 (in thousands):
 

September 30, 2016
 

Amortized
cost

Gross
unrealized
gains

Gross
unrealized
losses
 
Fair
value
US Treasury obligations
 
$
7,998

 
33

 
—

 
8,031

Agency obligations

69,169


221


—

 
69,390

Mortgage-backed securities

915,693


20,275


(187
)
 
935,781

State and municipal obligations

4,162


191


—

 
4,353

Corporate obligations
 
14,014

 
127

 
(9
)
 
14,132

Equity securities

397


151


—

 
548

 

$
1,011,433


20,998


(196
)
 
1,032,235

 
 
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 September 30, 2016 and December 31, 2015 (in thousands):
 
 
September 30, 2016
 
 
Amortized
cost
 
Gross
unrealized
gains
 
Gross
unrealized
losses
 
Fair
value
Agency obligations

$
2,688

 
3

 
(3
)
 
2,688

Mortgage-backed securities

1,037

 
42

 
—

 
1,079

State and municipal obligations

462,603

 
19,411

 
(320
)
 
481,694

Corporate obligations

10,031

 
31

 
(7
)
 
10,055

 

$
476,359

 
19,487

 
(330
)
 
495,516

 
 
 
 
 
 
 
 
 

 
 
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]  
Fair Value, Option, Quantitative Disclosures [Line Items]  
Investment Securities Classified by Contractual Maturity
The amortized cost and fair value of securities available for sale at September 30, 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.
 
 
September 30, 2016
 
 
Amortized
cost
 
Fair
value
Due in one year or less
 
$
43,489

 
43,565

Due after one year through five years
 
35,924

 
36,103

Due after five years through ten years
 
15,930

 
16,238

Due after ten years
 
—

 
—

 
 
$
95,343

 
95,906
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 September 30, 2016 and December 31, 2015 (in thousands):
 

September 30, 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
Mortgage-backed securities

$
61,786

 
(181
)
 
398

 
(6
)
 
62,184

 
(187
)
Corporate obligations
 
—

 
—

 
992

 
(9
)
 
992

 
(9
)


$
61,786

 
(181
)
 
1,390

 
(15
)
 
63,176

 
(196
)
 

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]  
Fair Value, Option, Quantitative Disclosures [Line Items]  
Investment Securities Classified by Contractual Maturity
The amortized cost and fair value of investment securities in the held to maturity portfolio at September 30, 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.
 
 
September 30, 2016
 
 
Amortized
cost
 
Fair
value
Due in one year or less

$
14,256

 
14,296

Due after one year through five years

50,309

 
51,462

Due after five years through ten years

238,948

 
250,709

Due after ten years

171,809

 
177,970



$
475,322

 
494,437
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 September 30, 2016 and December 31, 2015 (in thousands):
 
 
September 30, 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

$
1,697

 
(3
)
 
—

 
—

 
1,697

 
(3
)
State and municipal obligations

19,572

 
(165
)
 
6,815

 
(155
)
 
26,387

 
(320
)
Corporate obligations

3,452

 
(7
)
 
—

 
—

 
3,452

 
(7
)
 

$
24,721

 
(175
)
 
6,815

 
(155
)
 
31,536

 
(330
)
 
 
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
)