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Investment Securities (Tables)
 9 Months Ended
Sep. 30, 2014
Investments, Debt and Equity Securities [Abstract]  
Unrealized Gain (Loss) on Investments
Investment securities at September 30, 2014 and December 31, 2013 consisted of the following (dollars in thousands):
 
Amortized
cost
 
Gross
unrealized
gains
 
Gross
unrealized
losses
 
Estimated
fair value
September 30, 2014
 

 
 

 
 

 
 

Available-for-sale
 

 
 

 
 

 
 

U.S. Agency mortgage-backed securities (MBS) *
$
233,149

 
$
3,688

 
$
(2,083
)
 
$
234,754

Non-agency MBS
38,685

 
75

 
(360
)
 
38,400

U.S. Agency asset-backed securities
8,306

 
791

 
(45
)
 
9,052

Corporate securities
7,297

 
—

 
(277
)
 
7,020

Mutual fund
511

 
9

 
—

 
520

 
$
287,948

 
$
4,563

 
$
(2,765
)
 
$
289,746

Held-to-maturity
 

 
 

 
 

 
 

U.S. Agency mortgage-backed securities (MBS)
$
112,747

 
$
630

 
$
(76
)
 
$
113,301

Obligations of state and political subdivisions
42,133

 
490

 
(44
)
 
42,579

Tax credit investments
574

 
—

 
—

 
574

 
$
155,454

 
$
1,120

 
$
(120
)
 
$
156,454

 
 
 
 
 
 
 
 
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
 

 
 

 
 

 
 

Obligations of state and political subdivisions
$
706

 
$
22

 
$
—

 
$
728

Tax credit investments
614

 
—

 
—

 
614

 
$
1,320

 
$
22

 
$
—

 
$
1,342

 
* U.S. Agency MBS include private label MBS of approximately $9.9 million and $11.3 million at September 30, 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 September 30, 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
$
357

 
$
359

 
$
185

 
$
186

Due after one year through five years
6,460

 
6,475

 
18,551

 
18,516

Due after five years through ten years
73,413

 
71,768

 
103,800

 
104,511

Due after ten years
207,207

 
210,624

 
32,344

 
32,667

Mutual fund
511

 
520

 
—

 
—

Tax credit investments
—

 
—

 
574

 
574

 
$
287,948

 
$
289,746

 
$
155,454

 
$
156,454
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 September 30, 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
September 30, 2014
 


 


 


 


 


 

Available-for-sale
 
 
 
 
 
 
 
 
 
 
 
U.S. Agency MBS
$
24,479


$
(65
)

$
44,027


$
(2,018
)

$
68,506


$
(2,083
)
Non-Agency MBS
27,225


(49
)

6,596


(311
)

33,821


(360
)
U.S. Agency asset-backed securities
744


(7
)

1,609


(38
)

2,353


(45
)
Corporate Securities
7,020

 
(277
)
 
—

 
—

 
7,020

 
(277
)
 
$
59,468


$
(398
)

$
52,232


$
(2,367
)

$
111,700


$
(2,765
)


















Held-to-maturity
 
 
 
 
 
 
 
 
 
 
 
U.S. Agency MBS
$
17,448

 
$
(76
)
 
—

 
—

 
$
17,448

 
$
(76
)
Obligations of state and political subdivisions
4,279

 
(44
)
 
—

 
—

 
4,279

 
(44
)
 
$
21,727

 
$
(120
)
 
$
—

 
$
—

 
$
21,727

 
$
(120
)
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2013
 

 
 

 
 

 
 

 
 

 
 

Available-for-sale
 
 
 
 
 
 
 
 
 
 
 
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
)