XML 35 R25.htm IDEA: XBRL DOCUMENT v3.5.0.2
Investment Securities (Tables)
 9 Months Ended
Sep. 30, 2016
Investments, Debt and Equity Securities [Abstract]  
Unrealized Gain (Loss) on Investments
The following table presents investment securities at September 30, 2016 and December 31, 2015, showing that available-for-sale and held-to-maturity securities increased from December 31, 2015 primarily due to redeployment of cash assumed in the branch acquisition into securities (dollars in thousands):
 
Amortized
cost
 
Gross
unrealized
gains
 
Gross
unrealized
losses
 
Estimated
fair value
September 30, 2016
 

 
 

 
 
 
 

Available-for-sale
 

 
 

 
 

 
 

U.S. Agency mortgage-backed securities (MBS)
$
168,862

 
$
2,715

 
$
(81
)
 
$
171,496

Non-agency MBS
269,508

 
1,540

 
(296
)
 
270,752

U.S. Agency asset-backed securities
6,876

 
605

 
(52
)
 
7,429

Corporate securities
72,695

 
382

 
(30
)
 
73,047

Mutual fund
534

 
17

 
—

 
551

 
$
518,475

 
$
5,259

 
$
(459
)
 
$
523,275

Held-to-maturity
 
 
 
 
 
 
 
U.S. Agency MBS
$
102,226

 
$
4,816

 
$
(2
)
 
$
107,040

Obligations of state and political subdivisions
38,810

 
2,073

 
—

 
40,883

Tax credit investments
290

 
—

 
—

 
290

 
$
141,326

 
$
6,889

 
$
(2
)
 
$
148,213

 
 
 
 
 
 
 
 
December 31, 2015
 

 
 

 
 

 
 

Available-for-sale
 

 
 

 
 

 
 

U.S. Agency MBS
$
154,691

 
$
2,698

 
$
(455
)
 
$
156,934

Non-agency MBS
118,765

 
477

 
(1,016
)
 
118,226

U.S. Agency asset-backed securities
7,468

 
800

 
(23
)
 
8,245

Corporate securities
26,199

 
121

 
—

 
26,320

Mutual fund
525

 
12

 
—

 
537

 
$
307,648

 
$
4,108

 
$
(1,494
)
 
$
310,262

Held-to-maturity
 

 
 

 
 

 
 

U.S. Agency MBS
$
98,800

 
$
1,875

 
$
(5
)
 
$
100,670

Obligations of state and political subdivisions
421

 
—

 
—

 
421

Tax credit investments
40,203

 
968

 
(2
)
 
41,169

 
$
139,424

 
$
2,843

 
$
(7
)
 
$
142,260

 
Investments Classified by Contractual Maturity Date
The following table presents the contractual maturities of investment securities at September 30, 2016 (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
$
10,397

 
$
10,427

 
$
—

 
$
—

Due after one year through five years
68,008

 
68,389

 
30,431

 
31,165

Due after five years through ten years
40,715

 
41,060

 
90,472

 
95,870

Due after ten years
398,821

 
402,848

 
20,133

 
20,888

Mutual fund
534

 
551

 
—

 
—

Tax credit investments
—

 
—

 
290

 
290

 
$
518,475

 
$
523,275

 
$
141,326

 
$
148,213
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, 2016 and December 31, 2015 (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, 2016
 


 


 


 


 


 

Available-for-sale
 
 
 
 
 
 
 
 
 
 
 
U.S. Agency MBS
$
33,576


$
(78
)

$
232


$
(3
)

$
33,808


$
(81
)
Non-Agency MBS
56,692


(296
)

—


—


56,692


(296
)
U.S. Agency asset-backed securities
1,929


(52
)

—


—


1,929


(52
)
Corporate Securities
13,430

 
(30
)
 
—

 
—

 
13,430

 
(30
)
 
$
105,627


$
(456
)

$
232


$
(3
)

$
105,859


$
(459
)


















Held-to-maturity
 
 
 
 
 
 
 
 
 
 
 
U.S. Agency MBS
$
1,882

 
$
(2
)
 
$
—

 
$
—

 
$
1,882

 
$
(2
)
Obligations of state and political subdivisions
708

 
—

 
—

 
—

 
708

 
—

 
$
2,590

 
$
(2
)
 
$
—

 
$
—

 
$
2,590

 
$
(2
)
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2015
 

 
 

 
 

 
 

 
 

 
 

Available-for-sale
 
 
 
 
 
 
 
 
 
 
 
U.S. Agency MBS
$
23,630

 
$
(123
)
 
$
34,576

 
$
(332
)
 
$
58,206

 
$
(455
)
Non-Agency MBS
66,412

 
(765
)
 
12,225

 
(251
)
 
78,637

 
(1,016
)
U.S. Agency asset-backed securities
—

 
—

 
1,521

 
(23
)
 
1,521

 
(23
)
 
$
90,042

 
$
(888
)
 
$
48,322

 
$
(606
)
 
$
138,364

 
$
(1,494
)
 
 
 
 
 
 
 
 
 
 
 
 
Held-to-maturity
 
 
 
 
 
 
 
 
 
 
 
U.S. Agency MBS
2,063

 
(5
)
 
—

 
—

 
$
2,063

 
$
(5
)
Obligations of state and political subdivisions
725

 
(2
)
 
—

 
—

 
725

 
(2
)
 
$
2,788

 
$
(7
)
 
$
—

 
$
—

 
$
2,788

 
$
(7
)