Securities (Tables)

6 Months Ended

Jun. 30, 2016

Securities [Abstract]

Summary of Amortized Cost and Fair Value of Available-for-sale and Held-to-maturity Securities

The amortized cost and fair value of securities available-for-sale and held-to-maturity at June 30, 2016 and December 31, 2015 are summarized as follows (in thousands):

	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
June 30, 2016:
Securities available-for-sale:
U.S. Treasury securities		$	-	$	-	$	-	$	-
U.S. government agency securities			97,458		69		1,080		96,447
Mortgage-backed agency securities			758,714		14,042		806		771,950
State and municipal securities			159,890		9,200		13		169,077
Asset-backed securities			68,404		2		1,062		67,344
Corporate notes and other			4,273		136		6		4,403
		$	1,088,739	$	23,449	$	2,967	$	1,109,221
Securities held-to-maturity:
State and municipal securities		$	28,512	$	581	$	-	$	29,093
		$	28,512	$	581	$	-	$	29,093

	Amortized Cost			Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
December 31, 2015:
Securities available-for-sale:
U.S. Treasury securities		$	-	$	-	$	-	$	-
U.S. government agency securities			131,499		3		3,309		128,193
Mortgage-backed agency securities			581,998		5,948		5,030		582,916
State and municipal securities			158,072		7,094		124		165,042
Asset-backed securities			49,598		8		805		48,801
Corporate notes and other			9,541		589		17		10,113
		$	930,708	$	13,642		9,285	$	935,065
Securities held-to-maturity:
State and municipal securities		$	31,377	$	257	$	48	$	31,586
		$	31,377	$	257	$	48	$	31,586

Amortized Cost and Fair Value of Debt Securities by Contractual Maturity

The amortized cost and fair value of debt securities as of June 30, 2016 by contractual maturity are shown below. Actual maturities may differ from contractual maturities of mortgage- and asset-backed securities since the mortgages and assets underlying the securities may be called or prepaid with or without penalty. Therefore, these securities are not included in the maturity categories in the following summary (in thousands):

	Available-for-sale				Held-to-maturity
June 30, 2016:	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	3,295	$	3,311	$	1,237	$	1,239
Due in one year to five years		30,553		32,539		9,522		9,624
Due in five years to ten years		164,910		170,595		11,296		11,621
Due after ten years		62,863		63,482		6,457		6,609
Mortgage-backed securities		758,714		771,950		-		-
Asset-backed securities		68,404		67,344		-		-
	$	1,088,739	$	1,109,221	$	28,512	$	29,093

Classification of Investments According to Term of Unrealized Losses of Less than Twelve Months or Twelve Months or Longer

At June 30, 2016 and December 31, 2015, the following investments had unrealized losses. The table below classifies these investments according to the term of the unrealized losses of less than twelve months or twelve months or longer (in thousands):

	Investments with an Unrealized Loss of less than 12 months				Investments with an Unrealized Loss of 12 months or longer				Total Investments with an Unrealized Loss
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
At June 30, 2016
U.S. Treasury securities	$	-	$	-	$	-	$	-	$	-	$	-
U.S. government agency securities		8,841		509		12,116		571		20,957		1,080
Mortgage-backed securities		67,682		279		41,087		527		108,769		806
State and municipal securities		2,607		12		412		1		3,019		13
Asset-backed securities		38,787		409		25,554		653		64,341		1,062
Corporate notes		997		6		-		-		997		6
Total temporarily-impaired securities	$	118,914	$	1,215	$	79,169	$	1,752	$	198,083	$	2,967
At December 31, 2015
U.S. Treasury securities	$	-	$	-	$	-	$	-	$	-	$	-
U.S. government agency securities		61,903		1,702		65,538		1,607		127,441		3,309
Mortgage-backed securities		338,230		2,789		103,003		2,241		441,233		5,030
State and municipal securities		6,509		38		6,135		134		12,644		172
Asset-backed securities		41,466		798		3,539		7		45,005		805
Corporate notes		2,554		17		-		-		2,554		17
Total temporarily-impaired securities	$	450,662	$	5,344	$	178,215	$	3,989	$	628,877	$	9,333