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Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2017
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, 2017:

 

 

 

 

 

 

 

 

 

 

 

 

 

State and municipal obligations

 

$

4,166

 

$

82

 

$

 —

 

$

4,248

 

December 31, 2016:

 

 

 

 

 

 

 

 

 

 

 

 

 

State and municipal obligations

 

$

6,094

 

$

156

 

$

 —

 

$

6,250

 

June 30, 2016:

 

 

 

 

 

 

 

 

 

 

 

 

 

State and municipal obligations

 

$

7,921

 

$

310

 

$

 —

 

$

8,231

 

 

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, 2017:

 

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored entities debt*

 

$

76,508

 

$

52

 

$

(608)

 

$

75,952

 

State and municipal obligations

 

 

188,720

 

 

4,680

 

 

(106)

 

 

193,294

 

Mortgage-backed securities**

 

 

1,068,718

 

 

5,195

 

 

(5,316)

 

 

1,068,597

 

Corporate stocks

 

 

3,658

 

 

550

 

 

(399)

 

 

3,809

 

 

 

$

1,337,604

 

$

10,477

 

$

(6,429)

 

$

1,341,652

 

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

 

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

 

* -  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, 2017:

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal Home Loan Bank stock

 

$

10,814

 

$

—

 

$

—

 

$

10,814

 

Investment in unconsolidated subsidiaries

 

 

2,262

 

 

—

 

 

—

 

 

2,262

 

 

 

$

13,076

 

$

 —

 

$

 —

 

$

13,076

 

December 31, 2016:

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal Home Loan Bank stock

 

$

7,840

 

$

—

 

$

—

 

$

7,840

 

Investment in unconsolidated subsidiaries

 

 

1,642

 

 

—

 

 

—

 

 

1,642

 

 

 

$

9,482

 

$

 —

 

$

 —

 

$

9,482

 

June 30, 2016:

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal Home Loan Bank stock

 

$

7,887

 

$

—

 

$

—

 

$

7,887

 

Investment in unconsolidated subsidiaries

 

 

1,642

 

 

—

 

 

—

 

 

1,642

 

 

 

$

9,529

 

$

 —

 

$

 —

 

$

9,529

 

 

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

    

$

2,226

 

$

2,269

    

$

13,005

    

$

13,107

 

Due after one year through five years

 

 

1,152

 

 

1,186

 

 

110,358

 

 

110,976

 

Due after five years through ten years

 

 

788

 

 

793

 

 

272,409

 

 

274,466

 

Due after ten years

 

 

 —

 

 

 —

 

 

941,832

 

 

943,103

 

 

 

$

4,166

 

$

4,248

 

$

1,337,604

 

$

1,341,652

 

 

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, 2017:

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities Available for Sale

 

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored entities debt

 

$

608

 

$

70,226

 

$

 —

 

$

 —

 

State and municipal obligations

 

 

106

 

 

9,171

 

 

 —

 

 

 —

 

Mortgage-backed securities

 

 

5,207

 

 

570,625

 

 

109

 

 

13,854

 

Corporate stocks

 

 

 —

 

 

 —

 

 

399

 

 

1,333

 

 

 

$

5,921

 

$

650,022

 

$

508

 

$

15,187

 

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

 

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