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Investment Securities (Tables)
 6 Months Ended
Jun. 30, 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

 

June 30, 2016:

 

 

 

 

 

 

 

 

 

 

 

 

 

State and municipal obligations

 

$
7,921

 

$
310

 

$

 —

 

$
8,231

 

December 31, 2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

State and municipal obligations

 

$
9,314

 

$
409

 

$

 —

 

$
9,723

 

June 30, 2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

State and municipal obligations

 

$
9,659

 

$
455

 

$

 —

 

$
10,114

 

 

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

 

June 30, 2016:

 

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored entities debt*

 

$
102,985

 

$
107

 

$

 —

 

$
103,092

 

State and municipal obligations

 

 
118,400

 

 
5,498

 

 
(4)

 

 
123,894

 

Mortgage-backed securities**

 

 
743,956

 

 
14,956

 

 
(31)

 

 
758,881

 

Corporate stocks

 

 
3,658

 

 
356

 

 
(271)

 

 
3,743

 

 

 

$
968,999

 

$
20,917

 

$
(306)

 

$
989,610

 

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

 

June 30, 2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored entities debt*

 

$
132,071

 

$
140

 

$
(1,376)

 

$
130,835

 

State and municipal obligations

 

 
133,921

 

 
3,199

 

 
(421)

 

 
136,699

 

Mortgage-backed securities**

 

 
566,625

 

 
5,740

 

 
(1,443)

 

 
570,922

 

Corporate stocks

 

 
3,161

 

 
497

 

 
(453)

 

 
3,205

 

 

 

$
835,778

 

$
9,576

 

$
(3,693)

 

$
841,661

 

* -  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

 

June 30, 2016:

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal Home Loan Bank stock

 

$
7,887

 

$

—

 

$

—

 

$
7,887

 

Investment in unconsolidated subsidiaries

 

 
1,642

 

 

—

 

 

—

 

 
1,642

 

 

 

$
9,529

 

$

 —

 

$

 —

 

$
9,529

 

December 31, 2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal Home Loan Bank stock

 

$
7,251

 

$

—

 

$

—

 

$
7,251

 

Investment in unconsolidated subsidiaries

 

 
1,642

 

 

—

 

 

—

 

 
1,642

 

 

 

$
8,893

 

$

 —

 

$

 —

 

$
8,893

 

June 30, 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

    

$
1,928

    

$
1,988

    

$
9,110

    

$
9,207

 

Due after one year through five years

 

 
2,984

 

 
3,127

 

 
114,456

 

 
115,614

 

Due after five years through ten years

 

 
3,009

 

 
3,116

 

 
160,581

 

 
165,836

 

Due after ten years

 

 

 —

 

 

 —

 

 
684,852

 

 
698,953

 

 

 

$
7,921

 

$
8,231

 

$
968,999

 

$
989,610

 

 

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

 

June 30, 2016:

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities Available for Sale

 

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored entities debt

 

$

 —

 

$

 —

 

$

 —

 

$

 —

 

State and municipal obligations

 

 
4

 

 
1,356

 

 

 —

 

 

 —

 

Mortgage-backed securities

 

 
3

 

 
15,786

 

 
28

 

 
2,447

 

Corporate stocks

 

 

 —

 

 

 —

 

 
271

 

 
1,471

 

 

 

$
7

 

$
17,142

 

$
299

 

$
3,918

 

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

 

June 30, 2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities Available for Sale

 

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored entities debt

 

$
513

 

$
47,096

 

$
863

 

$
32,112

 

State and municipal obligations

 

 
203

 

 
21,044

 

 
218

 

 
4,162

 

Mortgage-backed securities

 

 
971

 

 
123,935

 

 
472

 

 
22,240

 

Corporate stocks

 

 

 —

 

 

 —

 

 
453

 

 
1,779

 

 

 

$
1,687

 

$
192,075

 

$
2,006

 

$
60,293