Securities (Tables)

6 Months Ended

Jun. 30, 2018

Gain (Loss) on Investments [Line Items]

Reconciliation of fair value of securities

The following table presents a summary of the amortized cost, gross unrealized gains and losses and fair value of securities available for sale and securities held to maturity for the periods indicated:

	June 30, 2018									December 31, 2017
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(Dollars in thousands)
Available for sale securities
U.S. government agency securities	$	33,479	$	—	$	(760	)	$	32,719	$	35,475	$	86	$	(131	)	$	35,430
Agency mortgage-backed securities	219,409		1,019		(5,439		)	214,989		214,934		1,897		(1,067		)	215,764
Agency collateralized mortgage obligations	150,122		90		(5,065		)	145,147		124,098		78		(2,164		)	122,012
State, county, and municipal securities	1,977		19		—			1,996		2,237		37		—			2,274
Single issuer trust preferred securities issued by banks	1,320		9		—			1,329		2,012		4		—			2,016
Pooled trust preferred securities issued by banks and insurers	2,166		—		(415		)	1,751		2,179		—		(539		)	1,640
Small business administration pooled securities	46,102		—		(1,104		)	44,998		47,852		44		(118		)	47,778
Equity securities	—		—		—			—		19,432		1,594		(442		)	20,584
Total available for sale securities	$	454,575	$	1,137	$	(12,783	)	$	442,929	$	448,219	$	3,740	$	(4,461	)	$	447,498
Held to maturity securities
U.S. Treasury securities	$	1,005	$	9	$	—		$	1,014	$	1,006	$	29	$	—		$	1,035
Agency mortgage-backed securities	186,299		286		(4,585		)	182,000		204,768		1,791		(736		)	205,823
Agency collateralized mortgage obligations	323,746		151		(10,555		)	313,342		262,998		397		(4,987		)	258,408
Single issuer trust preferred securities issued by banks	1,500		23		—			1,523		1,500		29		—			1,529
Small business administration pooled securities	25,711		51		(353		)	25,409		27,416		183		(200		)	27,399
Total held to maturity securities	$	538,261	$	520	$	(15,493	)	$	523,288	$	497,688	$	2,429	$	(5,923	)	$	494,194
Total	$	992,836	$	1,657	$	(28,276	)	$	966,217	$	945,907	$	6,169	$	(10,384	)	$	941,692

Schedule of contractual maturities of securities

A schedule of the contractual maturities of securities available for sale and securities held to maturity as of June 30, 2018 is presented below:

	Due in one year or less				Due after one year to five years				Due after five to ten years				Due after ten years				Total
	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(Dollars in thousands)
Available for sale securities
U.S. government agency securities	$	999	$	998	$	20,014	$	19,781	$	12,466	$	11,940	$	—	$	—	$	33,479	$	32,719
Agency mortgage-backed securities	520		524		43,223		42,216		95,410		93,245		80,256		79,004		219,409		214,989
Agency collateralized mortgage obligations	—		—		—		—		—		—		150,122		145,147		150,122		145,147
State, county, and municipal securities	—		—		1,024		1,026		953		970		—		—		1,977		1,996
Single issuer trust preferred securities issued by banks	—		—		—		—		—		—		1,320		1,329		1,320		1,329
Pooled trust preferred securities issued by banks and insurers	—		—		—		—		—		—		2,166		1,751		2,166		1,751
Small business administration pooled securities	—		—		—		—		—		—		46,102		44,998		46,102		44,998
Total available for sale securities	$	1,519	$	1,522	$	64,261	$	63,023	$	108,829	$	106,155	$	279,966	$	272,229	$	454,575	$	442,929
Held to maturity securities
U.S. Treasury securities	$	—	$	—	$	1,005	$	1,014	$	—	$	—	$	—	$	—	$	1,005	$	1,014
Agency mortgage-backed securities	—		—		8,998		8,846		29,911		29,380		147,390		143,774		186,299		182,000
Agency collateralized mortgage obligations	—		—		—		—		1,179		1,175		322,567		312,167		323,746		313,342
Single issuer trust preferred securities issued by banks	—		—		—		—		1,500		1,523		—		—		1,500		1,523
Small business administration pooled securities	—		—		—		—		—		—		25,711		25,409		25,711		25,409
Total held to maturity securities	$	—	$	—	$	10,003	$	9,860	$	32,590	$	32,078	$	495,668	$	481,350	$	538,261	$	523,288

Schedule of gross unrealized losses and fair value of investments

The following tables show the gross unrealized losses and fair value of the Company’s investments in an unrealized loss position, which the Company has not deemed to be OTTI, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position:

	June 30, 2018
		Less than 12 months					12 months or longer					Total
	# of holdings	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
	(Dollars in thousands)
U.S. government agency securities	4	$	32,719	$	(760	)	$	—	$	—		$	32,719	$	(760	)
Agency mortgage-backed securities	151	341,018		(9,349		)	14,003		(675		)	355,021		(10,024		)
Agency collateralized mortgage obligations	52	274,293		(7,235		)	137,912		(8,385		)	412,205		(15,620		)
Pooled trust preferred securities issued by banks and insurers	1	—		—			1,751		(415		)	1,751		(415		)
Small business administration pooled securities	6	54,637		(1,264		)	8,947		(193		)	63,584		(1,457		)
Total temporarily impaired securities	214	$	702,667	$	(18,608	)	$	162,613	$	(9,668	)	$	865,280	$	(28,276	)

	December 31, 2017
		Less than 12 months					12 months or longer					Total
	# of holdings	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
	(Dollars in thousands)
U.S.government agency securities	4	$	24,343	$	(131	)	$	—	$	—		$	24,343	$	(131	)
Agency mortgage-backed securities	84	235,411		(1,493		)	14,886		(310		)	250,297		(1,803		)
Agency collateralized mortgage obligations	42	178,142		(1,579		)	159,506		(5,572		)	337,648		(7,151		)
Pooled trust preferred securities issued by banks and insurers	1	—		—			1,640		(539		)	1,640		(539		)
Small business administration pooled securities	4	34,553		(223		)	9,647		(95		)	44,200		(318		)
Equity securities	28	3,290		(39		)	7,619		(403		)	10,909		(442		)
Total temporarily impaired securities	163	$	475,739	$	(3,465	)	$	193,298	$	(6,919	)	$	669,037	$	(10,384	)