Securities (Tables)
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12 Months Ended |
Dec. 31, 2016 |
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| Investments, Debt and Equity Securities [Abstract] |
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| 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 |
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(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 |
|
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| 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 |
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| 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 | ) |
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| 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 |
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