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Investment Securities (Tables)
 9 Months Ended
Sep. 30, 2015
Investment Securities  
Schedule of amortized cost and fair value of investment securities held to maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross

    

Gross

 

 

 

 

 

 

Amortized

 

Unrealized

 

Unrealized

 

Fair

 

(Dollars in thousands)

    

Cost

    

Gains

    

Losses

    

Value

 

September 30, 2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

State and municipal obligations

 

$
9,314

 

$
444

 

$

 —

 

$
9,758

 

December 31, 2014:

 

 

 

 

 

 

 

 

 

 

 

 

 

State and municipal obligations

 

$
9,659

 

$
574

 

$

 —

 

$
10,233

 

September 30, 2014:

 

 

 

 

 

 

 

 

 

 

 

 

 

State and municipal obligations

 

$
10,389

 

$
630

 

$

 —

 

$
11,019

 

 

Schedule of amortized cost and fair value of investment securities available for sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross

 

Gross

 

 

 

 

 

 

Amortized

 

Unrealized

 

Unrealized

 

Fair

 

(Dollars in thousands)

    

Cost

    

Gains

    

Losses

    

Value

 

September 30, 2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored entities debt*

 

$
123,926

 

$
188

 

$
(320)

 

$
123,794

 

State and municipal obligations

 

 
130,553

 

 
3,946

 

 
(161)

 

 
134,338

 

Mortgage-backed securities**

 

 
616,341

 

 
9,170

 

 
(438)

 

 
625,073

 

Corporate stocks

 

 
3,161

 

 
411

 

 
(979)

 

 
2,593

 

 

 

$
873,981

 

$
13,715

 

$
(1,898)

 

$
885,798

 

December 31, 2014:

 

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored entities debt*

 

$
149,720

 

$
191

 

$
(1,714)

 

$
148,197

 

State and municipal obligations

 

 
133,635

 

 
4,141

 

 
(195)

 

 
137,581

 

Mortgage-backed securities**

 

 
511,414

 

 
7,572

 

 
(1,040)

 

 
517,946

 

Corporate stocks

 

 
3,161

 

 
573

 

 
(692)

 

 
3,042

 

 

 

$
797,930

 

$
12,477

 

$
(3,641)

 

$
806,766

 

September 30, 2014:

 

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored entities debt*

 

$
140,438

 

$
127

 

$
(3,106)

 

$
137,459

 

State and municipal obligations

 

 
137,733

 

 
3,834

 

 
(309)

 

 
141,258

 

Mortgage-backed securities**

 

 
519,569

 

 
5,608

 

 
(2,168)

 

 
523,009

 

Corporate stocks

 

 
3,161

 

 
538

 

 
(311)

 

 
3,388

 

 

 

$
800,901

 

$
10,107

 

$
(5,894)

 

$
805,114

 

 

* - The Company’s government-sponsored entities holdings are comprised of debt securities offered by Federal Home Loan Mortgage Corporation (“FHLMC”) or Freddie Mac, Federal National Mortgage Association (“FNMA”) or Fannie Mae, FHLB, and Federal Farm Credit Banks (“FFCB”).  Also included in the Company’s government-sponsored entities are debt securities offered by the Small Business Administration (“SBA”), which have the full faith and credit backing of the United States Government.

** - All of the mortgage-backed securities are issued by government-sponsored entities; there are no private-label holdings.

Schedule of amortized cost and fair value of other investment securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross

 

Gross

 

 

 

 

 

 

Amortized

 

Unrealized

 

Unrealized

 

Fair

 

(Dollars in thousands)

    

Cost

    

Gains

    

Losses

    

Value

 

September 30, 2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal Home Loan Bank stock

 

$
7,389

 

$

—

 

$

—

 

$
7,389

 

Investment in unconsolidated subsidiaries

 

 
1,642

 

 

—

 

 

—

 

 
1,642

 

 

 

$
9,031

 

$

 —

 

$

 —

 

$
9,031

 

December 31, 2014:

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal Home Loan Bank stock

 

$
7,484

 

$

—

 

$

—

 

$
7,484

 

Investment in unconsolidated subsidiaries

 

 
3,034

 

 

—

 

 

—

 

 
3,034

 

 

 

$
10,518

 

$

 —

 

$

 —

 

$
10,518

 

September 30, 2014:

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal Home Loan Bank stock

 

$
7,484

 

$

—

 

$

—

 

$
7,484

 

Investment in unconsolidated subsidiaries

 

 
3,034

 

 

—

 

 

—

 

 
3,034

 

 

 

$
10,518

 

$

 —

 

$

 —

 

$
10,518

 

 

Schedule of amortized cost and fair value of debt securities by contractual maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities

 

Securities

 

 

 

Held to Maturity

 

Available for Sale

 

 

 

Amortized

 

Fair

 

Amortized

 

Fair

 

(Dollars in thousands)

    

Cost

    

Value

    

Cost

    

Value

 

Due in one year or less

    

$
640

    

$
650

    

$
5,910

    

$
5,973

 

Due after one year through five years

 

 
1,074

 

 
1,154

 

 
70,967

 

 
71,520

 

Due after five years through ten years

 

 
7,600

 

 
7,954

 

 
205,310

 

 
209,356

 

Due after ten years

 

 

 —

 

 

 —

 

 
591,794

 

 
598,949

 

 

 

$
9,314

 

$
9,758

 

$
873,981

 

$
885,798

 

 

Schedule of securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less Than

 

Twelve Months

 

 

 

Twelve Months

 

or More

 

 

 

Gross

 

 

 

 

Gross

 

 

 

 

 

 

Unrealized

 

Fair

 

Unrealized

 

Fair

 

(Dollars in thousands)

    

Losses

    

Value

    

Losses

    

Value

 

September 30, 2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities Available for Sale

 

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored entities debt

 

$
77

 

$
14,915

 

$
243

 

$
32,732

 

State and municipal obligations

 

 
12

 

 
5,074

 

 
149

 

 
4,221

 

Mortgage-backed securities

 

 
179

 

 
32,579

 

 
259

 

 
24,555

 

Corporate stocks

 

 

 —

 

 

 —

 

 
979

 

 
1,251

 

 

 

$
268

 

$
52,568

 

$
1,630

 

$
62,759

 

December 31, 2014:

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities Available for Sale

 

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored entities debt

 

$
98

 

$
22,896

 

$
1,616

 

$
82,798

 

State and municipal obligations

 

 
3

 

 
1,444

 

 
192

 

 
8,269

 

Mortgage-backed securities

 

 
266

 

 
61,508

 

 
774

 

 
55,960

 

Corporate stocks

 

 

 —

 

 

 —

 

 
692

 

 
1,538

 

 

 

$
367

 

$
85,848

 

$
3,274

 

$
148,565

 

September 30, 2014:

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities Available for Sale

 

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored entities debt

 

$
71

 

$
18,422

 

$
3,035

 

$
81,384

 

State and municipal obligations

 

 
1

 

 
831

 

 
308

 

 
11,558

 

Mortgage-backed securities

 

 
811

 

 
147,160

 

 
1,357

 

 
62,638

 

Corporate stocks

 

 
311

 

 
1,919

 

 

 —

 

 

 —

 

 

 

$
1,194

 

$
168,332

 

$
4,700

 

$
155,580