Investment Securities Available for Sale (Tables)

3 Months Ended

Mar. 31, 2016

Investments, Debt and Equity Securities [Abstract]

Amortized cost and fair value of investment securities available for sale

The following table sets forth certain information regarding the amortized cost and fair values of our investment securities available for sale.

	At March 31, 2016
(in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Mortgage-backed securities:
Residential	$	82,745	$	222	$	(572	)	$	82,395
Commercial	24,548		124		(42		)	24,630
Municipal bonds	223,878		5,164		(118		)	228,924
Collateralized mortgage obligations:
Residential	112,027		566		(417		)	112,176
Commercial	82,471		1,467		(116		)	83,822
Corporate debt securities	80,692		1,118		(958		)	80,852
U.S. Treasury securities	41,034		5		(13		)	41,026
	$	647,395	$	8,666	$	(2,236	)	$	653,825

	At December 31, 2015
(in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Mortgage-backed securities:
Residential	$	69,342	$	19	$	(1,260	)	$	68,101
Commercial	18,142		14		(305		)	17,851
Municipal bonds	168,722		3,460		(313		)	171,869
Collateralized mortgage obligations:
Residential	86,167		32		(1,702		)	84,497
Commercial	80,190		43		(1,100		)	79,133
Corporate debt securities	81,280		125		(2,669		)	78,736
U.S. Treasury securities	41,047		—		(83		)	40,964
	$	544,890	$	3,693	$	(7,432	)	$	541,151

Investment securities in an unrealized loss position

Investment securities available for sale that were in an unrealized loss position are presented in the following tables based on the length of time the individual securities have been in an unrealized loss position.

	At March 31, 2016
	Less than 12 months					12 months or more					Total
(in thousands)	Gross unrealized losses			Fair value		Gross unrealized losses			Fair value		Gross unrealized losses			Fair value
Mortgage-backed securities:
Residential	$	(193	)	$	20,221	$	(378	)	$	26,429	$	(571	)	$	46,650
Commercial	(42		)	6,543		—			—		(42		)	6,543
Municipal bonds	(61		)	24,443		(58		)	5,165		(119		)	29,608
Collateralized mortgage obligations:
Residential	(14		)	10,552		(403		)	10,703		(417		)	21,255
Commercial	(47		)	10,980		(69		)	4,030		(116		)	15,010
Corporate debt securities	(10		)	3,062		(948		)	24,162		(958		)	27,224
U.S. Treasury securities	(13		)	26,023		—			—		(13		)	26,023
	$	(380	)	$	101,824	$	(1,856	)	$	70,489	$	(2,236	)	$	172,313

	At December 31, 2015
	Less than 12 months					12 months or more					Total
(in thousands)	Gross unrealized losses			Fair value		Gross unrealized losses			Fair value		Gross unrealized losses			Fair value
Mortgage-backed securities:
Residential	$	(572	)	$	36,477	$	(688	)	$	21,119	$	(1,260	)	$	57,596
Commercial	(305		)	16,072		—			—		(305		)	16,072
Municipal bonds	(211		)	21,302		(101		)	5,839		(312		)	27,141
Collateralized mortgage obligations:
Residential	(673		)	50,490		(1,029		)	26,028		(1,702		)	76,518
Commercial	(986		)	60,812		(115		)	4,348		(1,101		)	65,160
Corporate debt securities	(1,142		)	36,953		(1,527		)	27,405		(2,669		)	64,358
U.S. Treasury securities	(83		)	40,964		—			—		(83		)	40,964
	$	(3,972	)	$	263,070	$	(3,460	)	$	84,739	$	(7,432	)	$	347,809

Computation of weighted average yield using coupon on the fair value

	At March 31, 2016
	Within one year				After one year through five years				After five years through ten years				After ten years				Total
(in thousands)	Fair Value		Weighted Average Yield		Fair Value		Weighted Average Yield		Fair Value		Weighted Average Yield		Fair Value		Weighted Average Yield		Fair Value		Weighted Average Yield
Mortgage-backed securities:
Residential	$	—	—	%	$	3	0.36	%	$	2,911	1.60	%	$	79,481	1.86	%	$	82,395	1.85	%
Commercial	—		—		—		—		24,630		2.18		—		—		24,630		2.18
Municipal bonds	2,256		3.57		8,628		3.11		39,100		3.16		178,940		3.25		228,924		3.70
Collateralized mortgage obligations:
Residential	—		—		—		—		3,748		1.30		108,428		1.84		112,176		1.82
Commercial	—		—		—		—		60,044		2.46		23,778		1.98		83,822		2.32
Corporate debt securities	—		—		16,823		2.92		32,541		3.29		31,488		3.83		80,852		3.42
U.S. Treasury securities	40,027		0.39		999		0.64		—		—		—		—		41,026		0.40
Total available for sale	$	42,283	0.56	%	$	26,453	2.89	%	$	162,974	2.71	%	$	422,115	2.85	%	$	653,825	2.66	%

	At December 31, 2015
	Within one year				After one year through five years				After five years through ten years				After ten years				Total
(in thousands)	Fair Value		Weighted Average Yield		Fair Value		Weighted Average Yield		Fair Value		Weighted Average Yield		Fair Value		Weighted Average Yield		Fair Value		Weighted Average Yield
Mortgage-backed securities:
Residential	$	—	—	%	$	4	0.39	%	$	3,176	1.63	%	$	64,921	1.88	%	$	68,101	1.87	%
Commercial	—		—		—		—		17,851		2.20		—		—		17,851		2.20
Municipal bonds	510		2.09		8,828		3.33		31,806		3.16		130,725		3.99		171,869		3.79
Collateralized mortgage obligations:
Residential	—		—		—		—		153		0.92		84,344		1.74		84,497		1.74
Commercial	—		—		5,354		1.87		56,506		2.29		17,273		1.87		79,133		2.17
Corporate debt securities	—		—		10,413		2.70		38,291		3.20		30,032		3.64		78,736		3.31
U.S. Treasury securities	39,971		0.39		993		0.63		—		—		—		—		40,964		0.40
Total available for sale	$	40,481	0.41	%	$	25,592	2.65	%	$	147,783	2.69	%	$	327,295	2.83	%	$	541,151	2.60	%

Sales of investment securities available for sale

Sales of investment securities available for sale were as follows.

	Three Months Ended March 31,
(in thousands)	2016		2015
Proceeds	$	9,761	$	—
Gross gains	35		—
Gross losses	$	—	$	—