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Investment Securities
 6 Months Ended
Jun. 30, 2016
Investments Debt And Equity Securities [Abstract]  
Investment Securities

Note 2 — Investment Securities

Amortized cost and approximate fair values of investment securities available for sale are summarized as follows:

 

 

 

 

 

 

 

 

 

 

 

Gross Unrealized Losses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less

 

 

12

 

 

 

 

 

 

 

 

 

 

 

Gross

 

 

Than

 

 

Months

 

 

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

12

 

 

or

 

 

Fair

 

(in thousands)

 

Cost

 

 

Gains

 

 

Months

 

 

Longer

 

 

Value

 

As of June 30, 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government-sponsored securities

 

$

79,713

 

 

$

188

 

 

$

(6

)

 

$

—

 

 

$

79,895

 

Municipal securities

 

 

30,384

 

 

 

844

 

 

 

-

 

 

 

—

 

 

 

31,228

 

Mortgage-backed securities

 

 

10,000

 

 

 

-

 

 

 

(251

)

 

 

(91

)

 

 

9,658

 

Corporate securities

 

 

158,236

 

 

 

2,089

 

 

 

(59

)

 

 

(342

)

 

 

159,924

 

 

 

$

278,333

 

 

$

3,121

 

 

$

(316

)

 

$

(433

)

 

$

280,705

 

As of December 31, 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government-sponsored securities

 

$

104,591

 

 

$

11

 

 

$

(612

)

 

$

-

 

 

$

103,990

 

Municipal securities

 

 

36,820

 

 

 

926

 

 

 

(7

)

 

 

(9

)

 

 

37,730

 

Mortgage-backed securities

 

 

181,857

 

 

 

940

 

 

 

(724

)

 

 

(687

)

 

 

181,386

 

Corporate securities

 

 

10,000

 

 

 

-

 

 

 

(253

)

 

 

(117

)

 

 

9,630

 

 

 

$

333,268

 

 

$

1,877

 

 

$

(1,596

)

 

$

(813

)

 

$

332,736

 

 

Carrying amounts and estimated fair values of securities held-to-maturity are as follows:

 

 

 

 

 

 

 

 

 

 

 

Gross Unrealized Losses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less

 

 

12

 

 

 

 

 

 

 

 

 

 

 

Gross

 

 

Than

 

 

Months

 

 

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

12

 

 

or

 

 

Fair

 

(in thousands)

 

Cost

 

 

Gains

 

 

Months

 

 

Longer

 

 

Value

 

As of June 30, 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal securities

 

$

59,205

 

 

$

623

 

 

$

(9

)

 

$

(5

)

 

$

59,814

 

Certificates of deposit

 

 

2,232

 

 

 

4

 

 

 

—

 

 

 

—

 

 

 

2,236

 

 

 

$

61,437

 

 

$

627

 

 

$

(9

)

 

$

(5

)

 

$

62,050

 

As of December 31, 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal securities

 

$

63,650

 

 

$

238

 

 

$

(74

)

 

$

(2

)

 

$

63,812

 

Certificates of deposit

 

 

2,232

 

 

 

5

 

 

 

-

 

 

 

—

 

 

 

2,237

 

 

 

$

65,882

 

 

$

243

 

 

$

(74

)

 

$

(2

)

 

$

66,049

 

 

The amortized cost and estimated fair values of investment securities that are available-for-sale and held-to-maturity at June 30, 2016, by contractual maturity, are as follows:

 

 

 

Available-for-sale

 

 

Held-to-maturity

 

 

 

Amortized

 

 

Fair

 

 

Amortized

 

 

Fair

 

(in thousands)

 

Cost

 

 

Value

 

 

Cost

 

 

Value

 

Securities maturing in:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

One year or less

 

$

16,591

 

 

$

16,680

 

 

$

10,513

 

 

$

10,528

 

After one year through five years

 

 

92,971

 

 

 

93,642

 

 

 

39,643

 

 

 

40,003

 

After five years through ten years

 

 

58,193

 

 

 

58,756

 

 

 

11,281

 

 

 

11,519

 

After ten years

 

 

110,578

 

 

 

111,627

 

 

 

—

 

 

 

—

 

 

 

$

278,333

 

 

$

280,705

 

 

$

61,437

 

 

$

62,050

 

 

Expected maturities may differ from contractual maturities because issuers may have the right to call obligations with or without penalties.

As of June 30, 2016 and December 31, 2015, the Company held 80 and 234 investment securities, respectively, with fair values less than amortized cost. Management evaluated these investment securities and determined that the decline in value is temporary and related to the change in market interest rates since purchase. The decline in value is not related to any company or industry specific event. The Company anticipates full recovery of the amortized cost with respect to these securities at maturity, or sooner in the event of a more favorable market interest rate environment.