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Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2016
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

 

March 31, 2016:

 

 

 

 

 

 

 

 

 

 

 

 

 

State and municipal obligations

 

$
7,920

 

$
360

 

$

 —

 

$
8,280

 

December 31, 2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

State and municipal obligations

 

$
9,314

 

$
409

 

$

 —

 

$
9,723

 

March 31, 2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

State and municipal obligations

 

$
9,659

 

$
573

 

$

 —

 

$
10,232

 

 

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

 

March 31, 2016:

 

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored entities debt*

 

$
126,360

 

$
96

 

$
(143)

 

$
126,313

 

State and municipal obligations

 

 
123,399

 

 
4,822

 

 
(78)

 

 
128,143

 

Mortgage-backed securities**

 

 
708,650

 

 
11,291

 

 
(111)

 

 
719,830

 

Corporate stocks

 

 
3,658

 

 
284

 

 
(181)

 

 
3,761

 

 

 

$
962,067

 

$
16,493

 

$
(513)

 

$
978,047

 

December 31, 2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored entities debt*

 

$
163,577

 

$
39

 

$
(1,109)

 

$
162,507

 

State and municipal obligations

 

 
127,293

 

 
4,185

 

 
(114)

 

 
131,364

 

Mortgage-backed securities**

 

 
710,816

 

 
4,063

 

 
(3,030)

 

 
711,849

 

Corporate stocks

 

 
3,673

 

 
440

 

 
(292)

 

 
3,821

 

 

 

$
1,005,359

 

$
8,727

 

$
(4,545)

 

$
1,009,541

 

March 31, 2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored entities debt*

 

$
134,296

 

$
384

 

$
(477)

 

$
134,203

 

State and municipal obligations

 

 
132,043

 

 
4,638

 

 
(165)

 

 
136,516

 

Mortgage-backed securities**

 

 
524,785

 

 
10,005

 

 
(366)

 

 
534,424

 

Corporate stocks

 

 
3,161

 

 
592

 

 
(500)

 

 
3,253

 

 

 

$
794,285

 

$
15,619

 

$
(1,508)

 

$
808,396

 

* -  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

 

March 31, 2016:

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal Home Loan Bank stock

 

$
7,897

 

$

—

 

$

—

 

$
7,897

 

Investment in unconsolidated subsidiaries

 

 
1,642

 

 

—

 

 

—

 

 
1,642

 

 

 

$
9,539

 

$

 —

 

$

 —

 

$
9,539

 

December 31, 2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal Home Loan Bank stock

 

$
7,251

 

$

—

 

$

—

 

$
7,251

 

Investment in unconsolidated subsidiaries

 

 
1,642

 

 

—

 

 

—

 

 
1,642

 

 

 

$
8,893

 

$

 —

 

$

 —

 

$
8,893

 

March 31, 2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal Home Loan Bank stock

 

$
7,389

 

$

—

 

$

—

 

$
7,389

 

Investment in unconsolidated subsidiaries

 

 
1,642

 

 

—

 

 

—

 

 
1,642

 

 

 

$
9,031

 

$

 —

 

$

 —

 

$
9,031

 

 

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

    

$

 —

    

$

 —

    

$
7,572

    

$
7,640

 

Due after one year through five years

 

 
4,911

 

 
5,147

 

 
102,627

 

 
103,316

 

Due after five years through ten years

 

 
3,009

 

 
3,133

 

 
186,731

 

 
191,612

 

Due after ten years

 

 

 —

 

 

 —

 

 
665,137

 

 
675,479

 

 

 

$
7,920

 

$
8,280

 

$
962,067

 

$
978,047

 

 

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

 

March 31, 2016:

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities Available for Sale

 

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored entities debt

 

$
108

 

$
36,611

 

$
35

 

$
9,956

 

State and municipal obligations

 

 
16

 

 
1,271

 

 
62

 

 
1,038

 

Mortgage-backed securities

 

 
23

 

 
15,480

 

 
88

 

 
8,575

 

Corporate stocks

 

 

 —

 

 

 —

 

 
181

 

 
1,562

 

 

 

$
147

 

$
53,362

 

$
366

 

$
21,131

 

December 31, 2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities Available for Sale

 

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored entities debt

 

$
717

 

$
88,224

 

$
392

 

$
17,598

 

State and municipal obligations

 

 
9

 

 
3,755

 

 
105

 

 
2,650

 

Mortgage-backed securities

 

 
2,600

 

 
347,380

 

 
430

 

 
23,772

 

Corporate stocks

 

 

 —

 

 

 —

 

 
292

 

 
1,450

 

 

 

$
3,326

 

$
439,359

 

$
1,219

 

$
45,470

 

March 31, 2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities Available for Sale

 

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored entities debt

 

$
58

 

$
19,933

 

$
419

 

$
32,555

 

State and municipal obligations

 

 
4

 

 
1,186

 

 
161

 

 
5,593

 

Mortgage-backed securities

 

 
29

 

 
18,299

 

 
337

 

 
23,040

 

Corporate stocks

 

 

 —

 

 

 —

 

 
500

 

 
1,730

 

 

 

$
91

 

$
39,418

 

$
1,417

 

$
62,918