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Investment Securities (Tables)
 9 Months Ended
Sep. 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

 

September 30, 2016:

 

 

 

 

 

 

 

 

 

 

 

 

 

State and municipal obligations

 

$
6,851

 

$
225

 

$

 —

 

$
7,076

 

December 31, 2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

State and municipal obligations

 

$
9,314

 

$
409

 

$

 —

 

$
9,723

 

September 30, 2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

State and municipal obligations

 

$
9,314

 

$
444

 

$

 —

 

$
9,758

 

 

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, 2016:

 

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored entities debt*

 

$
62,996

 

$
20

 

$
(36)

 

$
62,980

 

State and municipal obligations

 

 
112,797

 

 
4,542

 

 
(15)

 

 
117,324

 

Mortgage-backed securities**

 

 
729,699

 

 
11,721

 

 
(143)

 

 
741,277

 

Corporate stocks

 

 
3,658

 

 
380

 

 
(245)

 

 
3,793

 

 

 

$
909,150

 

$
16,663

 

$
(439)

 

$
925,374

 

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

 

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

 

* -  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, 2016:

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal Home Loan Bank stock

 

$
7,840

 

$

—

 

$

—

 

$
7,840

 

Investment in unconsolidated subsidiaries

 

 
1,642

 

 

—

 

 

—

 

 
1,642

 

 

 

$
9,482

 

$

 —

 

$

 —

 

$
9,482

 

December 31, 2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal Home Loan Bank stock

 

$
7,251

 

$

—

 

$

—

 

$
7,251

 

Investment in unconsolidated subsidiaries

 

 
1,642

 

 

—

 

 

—

 

 
1,642

 

 

 

$
8,893

 

$

 —

 

$

 —

 

$
8,893

 

September 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

 

$
1,969

    

$
6,804

    

$
6,861

 

Due after one year through five years

 

 
2,984

 

 
3,084

 

 
90,063

 

 
90,966

 

Due after five years through ten years

 

 
1,939

 

 
2,023

 

 
153,896

 

 
158,477

 

Due after ten years

 

 

 —

 

 

 —

 

 
658,387

 

 
669,070

 

 

 

$
6,851

 

$
7,076

 

$
909,150

 

$
925,374

 

 

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, 2016:

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities Available for Sale

 

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored entities debt

 

$
36

 

$
11,962

 

$

 —

 

$

 —

 

State and municipal obligations

 

 
15

 

 
1,947

 

 

 —

 

 

 —

 

Mortgage-backed securities

 

 
106

 

 
56,023

 

 
37

 

 
2,325

 

Corporate stocks

 

 

 —

 

 

 —

 

 
245

 

 
1,496

 

 

 

$
157

 

$
69,932

 

$
282

 

$
3,821

 

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

 

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