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Securities (Tables)
 12 Months Ended
Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract]  
Amortized Cost and Estimated Fair Value of Securities Available-for-Sale and Held-to-Maturity
The amortized cost and estimated fair value of securities available-for-sale and held-to-maturity at December 31, 2016 and 2015 are as follows (in thousands)
 
 
As of December 31, 2016
 
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair
Value
Available-for-sale:
 
 
 
 
 
 
 
 
Investment securities:
 
 
 
 
 
 
 
 
U.S. agency obligations
 
$
12,542

 
$
—

 
$
(318
)
 
$
12,224

Held-to-maturity:
 
 
 
 
 
 
 
 
Investment securities:
 
 
 
 
 
 
 
 
U.S. agency obligations
 
$
19,960

 
$
69

 
$
—

 
$
20,029

State and municipal obligations
 
39,155

 
10

 
(856
)
 
38,309

Corporate debt securities
 
77,057

 
85

 
(6,001
)
 
71,141

Other investments
 
8,778

 
—

 
(228
)
 
8,550

Total investment securities
 
144,950

 
164

 
(7,085
)
 
138,029

Mortgage-backed securities:
 
 
 
 
 
 
 
 
FHLMC
 
144,016

 
195

 
(2,457
)
 
141,754

FNMA
 
217,445

 
2,175

 
(2,524
)
 
217,096

GNMA
 
92,475

 
119

 
(364
)
 
92,230

SBA
 
8,947

 
28

 
—

 
8,975

Total mortgage-backed securities
 
462,883

 
2,517

 
(5,345
)
 
460,055

Total held-to-maturity
 
$
607,833

 
$
2,681

 
$
(12,430
)
 
$
598,084

Total securities
 
$
620,375

 
$
2,681

 
$
(12,748
)
 
$
610,308

 

(continued)
 
 
As of December 31, 2015
 
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair
Value
Available-for-sale:
 
 
 
 
 
 
 
 
Investment securities:
 
 
 
 
 
 
 
 
U.S. agency obligations
 
$
29,906

 
$
23

 
$
(27
)
 
$
29,902

Held-to-maturity:
 
 
 
 
 
 
 
 
Investment securities:
 
 
 
 
 
 
 
 
U.S. agency obligations
 
$
55,178

 
$
87

 
$
(59
)
 
$
55,206

State and municipal obligations
 
13,311

 
18

 
(3
)
 
13,326

Corporate debt securities
 
56,000

 
—

 
(8,527
)
 
47,473

Total investment securities
 
124,489

 
105

 
(8,589
)
 
116,005

Mortgage-backed securities:
 
 
 
 
 
 
 
 
FHLMC
 
120,116

 
364

 
(1,489
)
 
118,991

FNMA
 
160,254

 
3,039

 
(1,123
)
 
162,170

GNMA
 
502

 
95

 
—

 
597

Total mortgage-backed securities
 
280,872

 
3,498

 
(2,612
)
 
281,758

Total held-to-maturity
 
$
405,361

 
$
3,603

 
$
(11,201
)
 
$
397,763

Total securities
 
$
435,267

 
$
3,626

 
$
(11,228
)
 
$
427,665
Carrying Value of Held-to-Maturity Investment Securities
The carrying value of the held-to-maturity investment securities at December 31, 2016 and 2015 are as follows (in thousands):
 
 
December 31,
 
 
2016
 
2015
Amortized cost
 
$
607,833

 
$
405,361

Net loss on date of transfer from available-for-sale
 
(13,347
)
 
(13,347
)
Accretion of unrealized loss on securities reclassified to held-to-maturity
 
4,205

 
2,799

Carrying value
 
$
598,691

 
$
394,813
Amortized Cost and Estimated Fair Value of Investment Securities by Contractual Maturity
The amortized cost and estimated fair value of investment securities at December 31, 2016 by contractual maturity, are shown below (in thousands). Actual maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. At December 31, 2016, corporate debt securities with an amortized cost and estimated fair value of $60.5 million and $54.6 million, respectively, were callable prior to the maturity date.
December 31, 2016
 
Amortized
Cost
 
Estimated
Fair  Value
Less than one year
 
$
10,419

 
$
10,423

Due after one year through five years
 
60,974

 
60,400

Due after five years through ten years
 
20,379

 
19,829

Due after ten years
 
56,942

 
51,051

 
 
$
148,714

 
$
141,703
Estimated Fair Value and Unrealized Loss for Securities Available-for-Sale and Held-to-Maturity
The estimated fair value and unrealized loss for securities available-for-sale and held-to-maturity at December 31, 2016 and December 31, 2015, segregated by the duration of the unrealized loss, are as follows (in thousands):
 
 
 
As of December 31, 2016
 
 
Less than 12 months
 
12 months or longer
 
Total
 
 
Estimated
Fair  Value
 
Unrealized
Losses
 
Estimated
Fair  Value
 
Unrealized
Losses
 
Estimated
Fair  Value
 
Unrealized
Losses
Available-for-sale:
 
 
 
 
 
 
 
 
 
 
 
 
Investment securities:
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government & agency
obligations
 
$
12,224

 
$
(318
)
 
$
—

 
$
—

 
$
12,224

 
$
(318
)
Held-to-maturity:
 
 
 
 
 
 
 
 
 
 
 
 
Investment securities:
 
 
 
 
 
 
 
 
 
 
 
 
State and municipal obligations
 
32,995

 
(856
)
 
—

 
—

 
32,995

 
(856
)
Corporate debt securities
 
12,450

 
(120
)
 
49,119

 
(5,881
)
 
61,569

 
(6,001
)
Other investments
 
8,551

 
(228
)
 
—

 
—

 
8,551

 
(228
)
Total investment
securities
 
53,996

 
(1,204
)
 
49,119

 
(5,881
)
 
103,115

 
(7,085
)
Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
FHLMC
 
102,461

 
(1,665
)
 
26,898

 
(792
)
 
129,359

 
(2,457
)
FNMA
 
124,403

 
(2,185
)
 
8,925

 
(339
)
 
133,328

 
(2,524
)
GNMA
 
79,116

 
(364
)
 
—

 
—

 
79,116

 
(364
)
Total mortgage
backed securities
 
305,980

 
(4,214
)
 
35,823

 
(1,131
)
 
341,803

 
(5,345
)
Total held-to-
maturity
 
359,976

 
(5,418
)
 
84,942

 
(7,012
)
 
444,918

 
(12,430
)
Total securities
 
$
372,200

 
$
(5,736
)
 
$
84,942

 
$
(7,012
)
 
$
457,142

 
$
(12,748
)
 













(continued)
 
 
As of December 31, 2015
 
 
Less than 12 months
 
12 months or longer
 
Total
 
 
Estimated
Fair  Value
 
Unrealized
Losses
 
Estimated
Fair  Value
 
Unrealized
Losses
 
Estimated
Fair  Value
 
Unrealized
Losses
Available-for-sale:
 
 
 
 
 
 
 
 
 
 
 
 
Investment securities:
 
 
 
 
 
 
 
 
 
 
 
 
U.S. agency obligations
 
$
14,937

 
$
(27
)
 
$
—

 
$
—

 
$
14,937

 
$
(27
)
Held-to-maturity:
 
 
 
 
 
 
 
 
 
 
 
 
Investment securities:
 
 
 
 
 
 
 
 
 
 
 
 
U.S. agency obligations
 
30,175

 
(43
)
 
5,023

 
(16
)
 
35,198

 
(59
)
State and municipal obligations
 
2,857

 
(2
)
 
639

 
(1
)
 
3,496

 
(3
)
Corporate debt securities
 
—

 
—

 
46,473

 
(8,527
)
 
46,473

 
(8,527
)
Total investment securities
 
33,032

 
(45
)
 
52,135

 
(8,544
)
 
85,167

 
(8,589
)
Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
FHLMC
 
35,816

 
(200
)
 
53,604

 
(1,289
)
 
89,420

 
(1,489
)
FNMA
 
44,004

 
(434
)
 
23,318

 
(689
)
 
67,322

 
(1,123
)
Total mortgage-backed securities
 
79,820

 
(634
)
 
76,922

 
(1,978
)
 
156,742

 
(2,612
)
Total held-to-maturity
 
112,852

 
(679
)
 
129,057

 
(10,522
)
 
241,909

 
(11,201
)
Total securities
 
$
127,789

 
$
(706
)
 
$
129,057

 
$
(10,522
)
 
$
256,846

 
$
(11,228
)
Amortized Cost, Estimated Fair Value and Credit Rating of Corporate Debt Securities
At December 31, 2016, the amortized cost, estimated fair value and credit rating of the individual corporate debt securities in an unrealized loss position for greater than one year are as follows (in thousands):
 
 
 
As of December 31, 2016
Security Description
 
Amortized Cost
 
Estimated
Fair  Value
 
Credit
Rating
Moody’s/
S&P
BankAmerica Capital
 
$
15,000

 
$
13,525

 
Ba1/BB+
Chase Capital
 
10,000

 
9,050

 
Baa2/BBB-
Wells Fargo Capital
 
5,000

 
4,488

 
A1/BBB+
Huntington Capital
 
5,000

 
4,150

 
Baa2/BB
Keycorp Capital
 
5,000

 
4,400

 
Baa2/BB+
PNC Capital
 
5,000

 
4,600

 
Baa1/BBB-
State Street Capital
 
5,000

 
4,600

 
A3/BBB
SunTrust Capital
 
5,000

 
4,306

 
Not Rated/BB+
 
 
$
55,000

 
$
49,119