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Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract]  
Summary of amortized cost and fair value of investment securities
The following table summarizes the amortized cost and estimated fair value of investment securities and presents the related gross unrealized gains and losses:
December 31, 2014
 
 
 
 
 
 
 
 
(dollars in thousands)
 
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Estimated Fair Value
Available-for-Sale:
 
 
 
 
 
 
 
 
Obligations of U.S. government sponsored enterprises
 
$
2,028

 
$
16

 
$
—

 
$
2,044

Residential mortgage-backed securities-GSE
 
295,300

 
438

 
5,593

 
290,145

Residential mortgage-backed securities-Private
 
16,455

 
820

 
4

 
17,271

Commercial mortgage backed securities-GSE
 
22,377

 
—

 
419

 
21,958

Commercial mortgage-backed securities-Private
 
10,365

 
—

 
150

 
10,215

Corporate notes
 
8,399

 
8

 
—

 
8,407

Total available-for-sale
 
$
354,924

 
$
1,282

 
$
6,166

 
$
350,040

Held-to-Maturity:
 
 
 
 
 
 
 
 
Residential mortgage-backed securities-GSE
 
132,396

 
116

 
1,635

 
130,877

Commercial mortgage-backed securities-Private
 
10,065

 
—

 
67

 
9,998

     Total held-to-maturity
 
$
142,461

 
$
116

 
$
1,702

 
$
140,875

Total investment securities
 
$
497,385

 
$
1,398

 
$
7,868

 
$
490,915

 
 
 
 
 
 
 
 
 
December 31, 2013
 
 
 
 
 
 
 
 
(dollars in thousands)
 
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Estimated Fair Value
Available-for-Sale:
 
 
 
 
 
 
 
 
Obligations of U.S. government sponsored enterprises
 
$
2,051

 
$
26

 
$
—

 
$
2,077

Business Development Company investment
 
1,753

 
984

 
—

 
2,737

Residential mortgage-backed securities-GSE
 
364,513

 
974

 
24,340

 
341,147

Residential mortgage-backed securities-Private
 
19,770

 
982

 
—

 
20,752

Commercial mortgage backed securities-GSE
 
22,767

 
—

 
1,328

 
21,439

Commercial mortgage backed securities-Private
 
10,408

 
—

 
823

 
9,585

Corporate notes
 
16,795

 
82

 
—

 
16,877

Total available-for-sale
 
$
438,057

 
$
3,048

 
$
26,491

 
$
414,614

Held-to-Maturity:
 
 
 
 
 
 
 
 
Residential mortgage-backed securities-GSE
 
141,724

 
—

 
9,907

 
131,817

Commercial mortgage-backed securities-Private
 
10,071

 
—

 
763

 
9,308

     Total held-to-maturity
 
$
151,795

 
$
—

 
$
10,670

 
$
141,125

Total investment securities
 
$
589,852

 
$
3,048

 
$
37,161

 
$
555,739
Schedule of other investments
investments recorded at cost are included in Other Assets on the Consolidated Balance Sheets, as follows: 

(dollars in thousands)
 
December 31,
 
 
2014
 
2013
Federal Home Loan Bank stock
 
$
4,855

 
$
5,878

Federal Reserve Bank stock
 
4,713

 
4,264

Total other investments
 
$
9,568

 
$
10,142
Schedule of gross gains and losses recognized on the sale of securities
Gross gains and losses recognized (by specific identification) on the sale of securities are summarized as follows:
(dollars in thousands)
 
Years Ended December 31,
 
 
2014
 
2013
 
2012
Proceeds from sales of investment securities
 
$
37,239

 
$
177,826

 
$
212,609

 
 
 
 
 
 
 
Gains on sales of investment securities available-for-sale
 
1,392

 
2,953

 
4,501

Losses on sales of investment securities available-for-sale
 
(418
)
 
(181
)
 
(380
)
Total securities gains, net
 
$
974

 
$
2,772

 
$
4,121
Schedule of continuous unrealized loss positions
The following tables show our investments' estimated fair value and gross unrealized losses, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position, at December 31, 2014 and December 31, 2013. The change in unrealized losses during the years ending December 31, 2014 and 2013 was attributed to changes in interest rates and not to changes in the credit quality of these securities. All unrealized losses on investment securities are considered by management to be temporary given the credit quality of these investment securities or the short duration of the unrealized loss, or both.
 
Less than 12 Months
 
12 Months or More
 
Total
(dollars in thousands)
Estimated Fair Value
Gross Unrealized Losses
 
Estimated Fair Value
Gross Unrealized Losses
 
Estimated Fair Value
Gross Unrealized Losses
December 31, 2014
 
 
 
 
 
 
 
 
Available-for-Sale:
 
 
 
 
 
 
 
 
Residential mortgage-backed securities-GSE
$
—

$
—

 
$
245,457

$
5,593

 
$
245,457

$
5,593

Residential mortgage-backed securities-Private
1,154

4

 
—

—

 
1,154

4

Commercial mortgage-backed securities-GSE
—

—

 
21,958

419

 
21,958

419

Commercial mortgage-backed securities-Private
—

—

 
10,215

150

 
10,215

150

Total available-for-sale
$
1,154

$
4

 
$
277,630

$
6,162

 
$
278,784

$
6,166

Held-to-Maturity:
 
 
 
 
 
 
 
 
Residential mortgage-backed securities-GSE
$
—

$
—

 
$
112,878

$
1,635

 
$
112,878

$
1,635

Commercial mortgage-backed securities-Private
—

—

 
9,998

67

 
9,998

67

Total held-to-maturity
$
—

$
—

 
$
122,876

$
1,702

 
$
122,876

$
1,702

Total
$
1,154

$
4

 
$
400,506

$
7,864

 
$
401,660

$
7,868

 
 
 
 
 
 
 
 
 
December 31, 2013
 
 
 
 
 
 
 
 
Available-for-Sale:
 
 
 
 
 
 
 
 
Residential mortgage-backed securities-GSE
$
222,475

$
16,585

 
$
76,501

$
7,755

 
$
298,976

$
24,340

Commercial mortgage-backed securities-GSE
—

—

 
21,439

1,328

 
21,439

1,328

Commercial mortgage-backed securities-Private
9,585

823

 
—

—

 
9,585

823

Total available-for-sale
$
232,060

$
17,408

 
$
97,940

$
9,083

 
$
330,000

$
26,491

Held-to-Maturity:
 
 
 
 
 
 
 
 
Residential mortgage-backed securities-GSE
$
131,817

$
9,907

 
$
—

$
—

 
$
131,817

$
9,907

Commercial mortgage-backed securities-Private
9,308

763

 
—

—

 
9,308

763

Total held-to-maturity
$
141,125

$
10,670

 
$
—

$
—

 
$
141,125

$
10,670

Total
$
373,185

$
28,078

 
$
97,940

$
9,083

 
$
471,125

$
37,161
Schedule of amortized cost and fair value of securities by remaining contractual maturity
The aggregate amortized cost and fair value of securities at December 31, 2014, by remaining contractual maturity, are shown in the following table. Actual expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations.

 
 
Available-for-Sale
 
Held-to-Maturity
(dollars in thousands)
 
Amortized Cost
 
Estimated Fair Value
 
Amortized Cost
 
Estimated Fair Value
U.S. government sponsored agencies
 
 
 
 
 
 
 
 
Due after one year through five years
 
$
2,028

 
$
2,044

 
$
—

 
$
—

Residential mortgage-backed securities-GSE
 
 
 
 
 
 
 
 
Due after five years through 10 years
 
2,327

 
2,367

 
—

 
—

Due after ten years
 
292,973

 
287,778

 
132,396

 
130,877

Residential mortgage-backed securities-Private
 
 
 
 
 
 
 
 
Due after ten years
 
16,455

 
17,271

 
—

 
—

Commercial mortgage-backed securities-GSE
 
 
 
 
 
 
 
 
Due after five years through 10 years
 
22,377

 
21,958

 
—

 
—

Commercial mortgage-backed securities-Private
 
 
 
 
 
 
 
 
Due after ten years
 
10,365

 
10,215

 
10,065

 
9,998

Corporate notes
 
 
 
 
 
 
 
 
Due in one year or less
 
8,399

 
8,407

 
—

 
—

Total
 
$
354,924

 
$
350,040

 
$
142,461

 
$
140,875