XML 62 R23.htm IDEA: XBRL DOCUMENT v3.3.0.814
Investment Securities (Tables)
 9 Months Ended
Sep. 30, 2015
Investments, Debt and Equity Securities [Abstract]  
Summary of Amortized Cost and Approximate Fair Value of Investment Securities
The amortized cost and approximate fair value of investment securities as of September 30, 2015 and December 31, 2014 are summarized in the tables below:
 
September 30, 2015
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
(amounts in thousands)
 
 
 
 
 
 
 
Available for Sale:
 
 
 
 
 
 
 
Mortgage-backed securities (1)
$
364,292

 
$
3,327

 
$
(1,859
)
 
$
365,760

Corporate notes
35,000

 
451

 
(129
)
 
35,322

Equity securities (2)
22,514

 
—

 
(4,651
)
 
17,863

 
$
421,806

 
$
3,778

 
$
(6,639
)
 
$
418,945

(1)
Comprised of mortgage-backed securities issued by government-sponsored agencies, including FHLMC, FNMA, and GNMA.
(2)
Comprised primarily of equity securities in a foreign entity.
 
December 31, 2014
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
(amounts in thousands)
 
 
 
 
 
 
 
Available for Sale:
 
 
 
 
 
 
 
Mortgage-backed securities (1)
$
376,854

 
$
2,805

 
$
(2,348
)
 
$
377,311

Corporate notes
15,000

 
104

 
—

 
15,104

Equity securities (2)
23,074

 
1,197

 
(1
)
 
24,270

 
$
414,928

 
$
4,106

 
$
(2,349
)
 
$
416,685

(1)
Comprised primarily of mortgage-backed securities issued by government-sponsored agencies, including FHLMC, FNMA, and GNMA.
(2)
Comprised primarily of equity securities in a foreign entity.
Statement of Proceeds from Sale of Available for Sale Investment Securities
The following table presents proceeds from the sale of available-for-sale investment securities and gross gains and gross losses realized on those sales for the three and nine months ended September 30, 2015 and 2014:
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2015
 
2014
 
2015
 
2014
(amounts in thousands)
 
 
 
 
 
 
 
Proceeds from sale of available-for-sale securities
$
314

 
$
—

 
$
806

 
$
213,249

Gross gains
$
—

 
—

 
$
—

 
$
3,191

Gross losses
(16
)
 
—

 
(85
)
 
—

Net gains (losses)
$
(16
)
 
$
—

 
$
(85
)
 
$
3,191
Summary of Available-for-Sale Debt Securities by Stated Maturity
The following table presents available-for-sale debt securities by stated maturity. Debt securities backed by mortgages have expected maturities that differ from contractual maturities because borrowers have the right to call or prepay and, therefore, these debt securities are classified separately with no specific maturity date:
 
September 30, 2015
 
Amortized
Cost
 
Fair
Value
(amounts in thousands)
 
 
 
Due in one year or less
$
—

 
$
—

Due after one year through five years
—

 
—

Due after five years through ten years
28,000

 
28,403

Due after ten years
7,000

 
6,919

Mortgage-backed securities
364,292

 
365,760

Total debt securities
$
399,292

 
$
401,082
Gross Unrealized Losses and Fair Value, Aggregated by Investment Category
Customers' investments’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at September 30, 2015 and December 31, 2014 were as follows:
 
September 30, 2015
 
Less Than 12 Months
 
12 Months or More
 
Total
 
Fair Value
 
Unrealized
Losses
 
Fair Value
 
Unrealized
Losses
 
Fair Value
 
Unrealized
Losses
(amounts in thousands)
 
 
 
 
 
 
 
 
 
 
 
Available for Sale:
 
 
 
 
 
 
 
 
 
 
 
Mortgage-backed securities (1)
$
—

 
$
—

 
$
67,264

 
$
(1,859
)
 
$
67,264

 
$
(1,859
)
Corporate notes
8,871

 
(129
)
 
—

 
—

 
8,871

 
(129
)
Equity securities (2)
17,857

 
(4,650
)
 
6

 
(1
)
 
17,863

 
(4,651
)
Total
$
26,728

 
$
(4,779
)
 
$
67,270

 
$
(1,860
)
 
$
93,998

 
$
(6,639
)
 
December 31, 2014
 
Less Than 12 Months
 
12 Months or More
 
Total
 
Fair Value
 
Unrealized
Losses
 
Fair Value
 
Unrealized
Losses
 
Fair Value
 
Unrealized
Losses
(amounts in thousands)
 
 
 
 
 
 
 
 
 
 
 
Available for Sale:
 
 
 
 
 
 
 
 
 
 
 
Mortgage-backed securities (3)
$
60,388

 
$
(81
)
 
$
80,426

 
$
(2,267
)
 
140,814

 
$
(2,348
)
Equity securities (2)
—

 
—

 
5

 
(1
)
 
5

 
(1
)
Total
$
60,388

 
$
(81
)
 
$
80,431

 
$
(2,268
)
 
$
140,819

 
$
(2,349
)
(1)
Comprised of mortgage-backed securities issued by government-sponsored agencies, including FHLMC, FNMA, and GNMA at September 30, 2015.
(2)
Comprised primarily of equity securities in a foreign entity.
(3)
Comprised primarily of mortgage-backed securities issued by government-sponsored agencies, including FHLMC, FNMA, and GNMA at December 31, 2014.