Securities (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2016 and December 31, 2015 are as follows (in thousands):

	At June 30, 2016
	Amortized   Cost		Gross   Unrealized   Gains		Gross   Unrealized   Losses			Estimated   Fair Value
Available-for-sale:
Investment securities:
U.S. agency obligations	$	12,494	$	18	$	(3	)	$	12,509
Held-to-maturity:
Investment securities:
U.S. agency obligations	$	44,981	$	460	$	—		$	45,441
State and municipal obligations		38,197		252		(2	)		38,447
Corporate debt securities		76,143		199		(9,595	)		66,747
Other investments		8,702		66		—			8,768
Total investment securities		168,023		977		(9,597	)		159,403
Mortgage-backed securities:
FHLMC		145,664		1,641		(168	)		147,137
FNMA		189,368		4,428		(104	)		193,692
GNMA		10,973		183		—			11,156
Other mortgage-backed securities		9,562		21		—			9,583
Total mortgage-backed securities		355,567		6,273		(272	)		361,568
Total held-to-maturity	$	523,590	$	7,250	$	(9,869	)	$	520,971
Total securities	$	536,084	$	7,268	$	(9,872	)	$	533,480

	At 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 June 30, 2016 and December 31, 2015 are as follows (in thousands):

	June 30, 2016			December 31, 2015
Amortized cost	$	523,590		$	405,361
Net loss on date of transfer from available-for-sale		(13,347	)		(13,347	)
Accretion of net unrealized loss on securities reclassified as held-to-maturity		3,478			2,799
Carrying value	$	513,721		$	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 June 30, 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 June 30, 2016, corporate debt securities with an amortized cost of $67.6 million and estimated fair value of $58.1 million were callable prior to the maturity date.

June 30, 2016	Amortized Cost		Estimated Fair Value
Less than one year	$	36,969	$	37,025
Due after one year through five years		59,628		60,241
Due after five years through ten years		20,218		20,471
Due after ten years		63,702		54,175
	$	180,517	$	171,912

Estimated Fair Value and Unrealized Loss for 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, 2016 and December 31, 2015, segregated by the duration of the unrealized loss, are as follows (in thousands):

	At June 30, 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. agency obligations	$	4,002		(3	)		—		—		$	4,002	$	(3	)
Held-to-maturity:
Investment securities:
State and municipal obligations	$	1,076		(1	)	$	275	$	(1	)	$	1,351	$	(2	)
Corporate debt securities		2,543		(1	)		45,406		(9,594	)		47,949		(9,595	)
Total investment securities		3,619		(2	)		45,681		(9,595	)		49,300		(9,597	)
Mortgage-backed securities:
FHLMC		1,834		(1	)		30,978		(167	)		32,812		(168	)
FNMA		4,259		(3	)		10,312		(101	)		14,571		(104	)
Total mortgage-backed securities		6,093		(4	)		41,290		(268	)		47,383		(272	)
Total held-to-maturity	$	9,712	$	(6	)	$	86,971	$	(9,863	)	$	96,683	$	(9,869	)
Total securities	$	13,714	$	(9	)	$	86,971	$	(9,863	)	$	100,685	$	(9,872	)

	At 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 June 30, 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):

Security Description	Amortized Cost		Estimated Fair Value		Credit Rating Moody’s/S&P
BankAmerica Capital	$	15,000	$	12,350		Ba1/BB+
Chase Capital		10,000		8,400		Baa2/BBB-
Wells Fargo Capital		5,000		4,213		A1/BBB+
Huntington Capital		5,000		3,800		Baa2/BB
Keycorp Capital		5,000		4,019		Baa2/BB+
PNC Capital		5,000		4,400		Baa1/BBB-
State Street Capital		5,000		4,262		A3/BBB
SunTrust Capital		5,000		3,962		Baa3/BB+
	$	55,000	$	45,406