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Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2014
Investments, Debt and Equity Securities [Abstract]  
Unrealized Gain (Loss) on Investments
Investment securities at March 31, 2014 and December 31, 2013 consisted of the following (dollars in thousands):
 
Amortized
cost
 
Gross
unrealized
gains
 
Gross
unrealized
losses
 
Estimated
fair value
March 31, 2014
 

 
 

 
 

 
 

Available-for-sale
 

 
 

 
 

 
 

U.S. Agency mortgage-backed securities (MBS) *
$
167,104

 
$
3,212

 
$
(3,022
)
 
$
167,294

Non-agency MBS
12,921

 
47

 
(381
)
 
12,587

U.S. Agency asset-backed securities
8,544

 
863

 
(45
)
 
9,362

Mutual fund
505

 
4

 
—

 
509

 
$
189,074

 
$
4,126

 
$
(3,448
)
 
$
189,752

Held-to-maturity
 

 
 

 
 

 
 

Tax credit investments
$
614

 
$
—

 
$
—

 
$
614

Obligations of state and political subdivisions
706

 
16

 
—

 
722

 
$
1,320

 
$
16

 
$
—

 
$
1,336

 
 
 
 
 
 
 
 
December 31, 2013
 

 
 

 
 

 
 

Available-for-sale
 

 
 

 
 

 
 

U.S. Agency MBS *
$
171,853

 
$
3,125

 
$
(3,646
)
 
$
171,332

Non-agency MBS
13,500

 
11

 
(414
)
 
13,097

U.S. Agency asset-backed securities
8,683

 
887

 
(21
)
 
9,549

Mutual fund
502

 
1

 
—

 
503

 
$
194,538

 
$
4,024

 
$
(4,081
)
 
$
194,481

Held-to-maturity
 

 
 

 
 

 
 

Tax credit investments
$
614

 
$
—

 
$
—

 
$
614

Obligations of state and political subdivisions
706

 
22

 
—

 
728

 
$
1,320

 
$
22

 
$
—

 
$
1,342

 
* U.S. Agency MBS include private label MBS of approximately $10.9 million and $11.3 million at March 31, 2014 and December 31, 2013, respectively, which are supported by FHA/VA collateral.
Investments Classified by Contractual Maturity Date
The following table presents the contractual maturities of investment securities at March 31, 2014 (dollars in thousands):
 
 
Available-for-sale
 
Held-to-maturity
 
Amortized
cost
 
Estimated
fair value
 
Amortized
cost
 
Estimated
fair value
Due in one year or less
$
—

 
$
—

 
$
510

 
$
516

Due after one year through five years
62

 
64

 
196

 
206

Due after five years through ten years
47,731

 
45,294

 
—

 
—

Due after ten years
140,776

 
143,885

 
—

 
—

Mutual fund
505

 
509

 
—

 
—

Tax credit investments
—

 
—

 
614

 
614

 
$
189,074

 
$
189,752

 
$
1,320

 
$
1,336
Available For Sale Securities Continuous Unrealized Loss Position Fair Value
The following table presents the fair value and gross unrealized losses of the Bank’s investment securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at March 31, 2014 and December 31, 2013 (dollars in thousands):
 
 
Less than 12 months

12 months or more

Total
 
Estimated 
fair value

Unrealized
losses

Estimated 
fair value

Unrealized
losses

Estimated 
fair value

Unrealized
losses
March 31, 2014
 


 


 


 


 


 

U.S. Agency MBS
$
36,691


$
(780
)

$
31,300


$
(2,242
)

$
67,991


$
(3,022
)
Non-Agency MBS
9,710


(381
)

6


—


9,716


(381
)
U.S. Agency asset-backed securities
770


(1
)

1,691


(44
)

2,461


(45
)
 
$
47,171


$
(1,162
)

$
32,997


$
(2,286
)

$
80,168


$
(3,448
)


















December 31, 2013
 

 
 

 
 

 
 

 
 

 
 

U.S. Agency MBS
$
35,440

 
$
(810
)
 
$
30,779

 
$
(2,836
)
 
$
66,219

 
$
(3,646
)
Non-Agency MBS
9,569

 
(412
)
 
179

 
(2
)
 
9,748

 
(414
)
U.S. Agency asset-backed securities
703

 
(4
)
 
1,775

 
(17
)
 
2,478

 
(21
)
 
$
45,712

 
$
(1,226
)
 
$
32,733

 
$
(2,855
)
 
$
78,445

 
$
(4,081
)