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Investment Securities (Tables)
 12 Months Ended
Dec. 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

 

December 31, 2016:

 

 

 

 

 

 

 

 

 

 

 

 

 

State and municipal obligations

 

$
6,094

 

$
156

 

$

 —

 

$
6,250

 

December 31, 2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

State and municipal obligations

 

$
9,314

 

$
409

 

$

 —

 

$
9,723

 

 

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

 

December 31, 2016:

 

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored entities debt*

 

$
85,488

 

$

 —

 

$
(846)

 

$
84,642

 

State and municipal obligations

 

 
105,303

 

 
2,289

 

 
(190)

 

 
107,402

 

Mortgage-backed securities**

 

 
807,717

 

 
3,085

 

 
(7,225)

 

 
803,577

 

Corporate stocks

 

 
3,658

 

 
473

 

 
(347)

 

 
3,784

 

 

 

$
1,002,166

 

$
5,847

 

$
(8,608)

 

$
999,405

 

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

 

 

*     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

 

December 31, 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

 

 

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

    

$
2,779

    

$
2,826

    

$
6,649

    

$
6,709

 

Due after one year through five years

 

 
1,872

 

 
1,946

 

 
96,314

 

 
96,314

 

Due after five years through ten years

 

 
1,443

 

 
1,478

 

 
188,353

 

 
190,011

 

Due after ten years

 

 

 —

 

 

 —

 

 
710,850

 

 
706,371

 

 

 

$
6,094

 

$
6,250

 

$
1,002,166

 

$
999,405

 

 

Summary of information with respect to sales of available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

(Dollars in thousands)

    

2016

    

2015

    

2014

 

Securities Held to Maturity:

 

 

 

 

 

 

 

 

 

 

Sale proceeds

 

$

 —

    

$

 —

    

$
411

 

Gross realized gains

 

$

 —

 

$

 —

 

$

 —

 

Gross realized losses

 

 

 —

 

 

 —

 

 
(90)

 

Net realized loss

 

$

 —

 

$

 —

 

$
(90)

 

 

 

 

 

 

 

 

 

 

 

 

Securities Available for Sale:

 

 

 

 

 

 

 

 

 

 

Sale proceeds

    

$
137

    

$

 —

    

$
9,315

 

Gross realized gains

 

$
122

 

$

 —

 

$
115

 

Gross realized losses

 

 

 —

 

 

 —

 

 
(27)

 

Net realized gain

 

$
122

 

$

 —

 

$
88

 

 

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

 

December 31, 2016:

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities Available for Sale

 

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored entities debt

 

$
846

 

$
84,642

 

$

 —

 

$

 —

 

State and municipal obligations

 

 
190

 

 
11,506

 

 

 —

 

 

 —

 

Mortgage-backed securities

 

 
7,148

 

 
592,228

 

 
77

 

 
2,058

 

Corporate stocks

 

 

 —

 

 

 —

 

 
347

 

 
1,395

 

 

 

$
8,184

 

$
688,376

 

$
424

 

$
3,453

 

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