Securities (Tables)

6 Months Ended

Jun. 30, 2014

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 June 30, 2014 and December 31, 2013 are as follows (in thousands):

	At June 30, 2014
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Available-for-sale:
Investment securities:
U.S. agency obligations	$	25,045	$	49	$	—		$	25,094
Equity investments		6,355		875		(21	)		7,209
Total investment securities available-for-sale	$	31,400	$	924	$	(21	)	$	32,303
Held-to-maturity:
Investment securities:
U.S. agency obligations	$	86,900	$	181	$	(57	)	$	87,024
State and municipal obligations		17,293		55		(8	)		17,340
Corporate debt securities		55,000		—		(7,910	)		47,090
Total investment securities		159,193		236		(7,975	)		151,454
Mortgage-backed securities:
FHLMC		143,496		607		(2,218	)		141,885
FNMA		187,596		5,136		(1,758	)		190,974
GNMA		676		135		—			811
Total mortgage-backed securities		331,768		5,878		(3,976	)		333,670
Total held-to-maturity	$	490,961	$	6,114	$	(11,951	)	$	485,124
Total securities	$	522,361	$	7,038	$	(11,972	)	$	517,427

	At December 31, 2013
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Available-for-sale:
Investment securities:
U.S. agency obligations	$	35,128	$	161	$	—		$	35,289
Equity investments		6,757		1,790		—			8,547
Total investment securities available-for-sale	$	41,885	$	1,951	$	—		$	43,836
Held-to-maturity:
Investment securities:
U.S. agency obligations	$	82,406	$	153	$	(144	)	$	82,415
State and municipal obligations		21,784		36		(35	)		21,785
Corporate debt securities		55,000		—		(10,750	)		44,250
Total investment securities		159,190		189		(10,929	)		148,450
Mortgage-backed securities:
FHLMC		148,759		447		(4,552	)		144,654
FNMA		200,070		4,659		(3,607	)		201,122
GNMA		721		135		—			856
Total mortgage-backed securities		349,550		5,241		(8,159	)		346,632
Total held-to-maturity	$	508,740	$	5,430	$	(19,088	)	$	495,082
Total securities	$	550,625	$	7,381	$	(19,088	)	$	538,918

Carrying Value of Held-to-Maturity Investment Securities

The carrying value of the held-to-maturity investment securities at June 30, 2014 is as follows (in thousands):

Amortized cost	$	490,961
Net loss on date of transfer from available-for-sale		(13,347	)
Amortization of net unrealized loss		775
Carrying value	$	478,389

Contractual Maturity of Investment Securities

The amortized cost and estimated fair value of investment securities, excluding equity investments, at June 30, 2014 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 June 30, 2014, corporate debt securities with an amortized cost and estimated fair value of $55.0 million and $47.1 million, respectively, were callable prior to the maturity date.

June 30, 2014	Amortized Cost		Estimated Fair Value
Less than one year	$	51,990	$	52,106
Due after one year through five years		76,021		76,126
Due after five years through ten years		1,227		1,226
Due after ten years		55,000		47,090
	$	184,238	$	176,548

Estimated Fair Value and Unrealized Loss of Securities Available-for-Sale and Held-to-Maturity

The estimated fair value and unrealized loss of securities available-for-sale and held-to-maturity at June 30, 2014 and December 31, 2013, segregated by the duration of the unrealized loss, are as follows (in thousands):

	At June 30, 2014
	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:
Equity investments	$	1,032	$	(21	)	$	—	$	—		$	1,032	$	(21	)
Held-to-maturity:
Investment securities:
U.S. agency obligations	$	—	$	—		$	20,446	$	(57	)	$	20,446	$	(57	)
State and municipal obligations		1,037		(1	)		2,047		(7	)		3,084		(8	)
Corporate debt securities		—		—			47,090		(7,910	)		47,090		(7,910	)
Total investment securities		1,037		(1	)		69,583		(7,974	)		70,620		(7,975	)
Mortgage-backed securities:
FHLMC		104,591		(2,218	)		—		—			104,591		(2,218	)
FNMA		69,656		(1,758	)		—		—			69,656		(1,758	)
Total mortgage-backed securities		174,247		(3,976	)		—		—			174,247		(3,976	)
Total held-to-maturity	$	175,284	$	(3,977	)	$	69,583	$	(7,974	)	$	244,867	$	(11,951	)
Total securities	$	176,316	$	(3,998	)	$	69,583	$	(7,974	)	$	245,899	$	(11,972	)

	At December 31, 2013
	Less than 12 months					12 months or longer					Total
	Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses
Held-to-maturity:
Investment securities:
U.S. agency obligations	$	35,747	$	(144	)	$	—	$	—		$	35,747	$	(144	)
State and municipal obligations		3,526		(31	)		1,153		(4	)		4,679		(35	)
Corporate debt securities		—		—			44,250		(10,750	)		44,250		(10,750	)
Total investment securities		39,273		(175	)		45,403		(10,754	)		84,676		(10,929	)
Mortgage-backed securities:
FHLMC		122,365		(4,552	)		—		—			122,365		(4,552	)
FNMA		84,467		(3,607	)		—		—			84,467		(3,607	)
Total mortgage-backed securities		206,832		(8,159	)		—		—			206,832		(8,159	)
Total held-to-maturity	$	246,105	$	(8,334	)	$	45,403	$	(10,754	)	$	291,508	$	(19,088	)

Amortized Cost, Estimated Fair Value and Credit Rating of Corporate Debt Securities

At June 30, 2014, 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):

Security Description	Amortized Cost		Estimated Fair Value		Credit Rating Moody’s/S&P
BankAmerica Capital	$	15,000	$	12,750	Ba1/BB+
Chase Capital		10,000		8,740	Baa2/BBB
Wells Fargo Capital		5,000		4,300	A3/A-
Huntington Capital		5,000		4,175	Baa3/BB+
Keycorp Capital		5,000		4,250	Baa3/BBB-
PNC Capital		5,000		4,300	Baa2/BBB
State Street Capital		5,000		4,300	A3/BBB+
SunTrust Capital		5,000		4,275	Baa3/BB+
	$	55,000	$	47,090