Investment Securities (Tables)
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12 Months Ended |
Dec. 31, 2015 |
Investments, Debt and Equity Securities [Abstract] |
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Amortized Cost and Estimated Fair Values of Investments in Debt and Equity Securities |
The amortized cost and estimated fair values of investments in debt
and equity securities are summarized in the following tables:
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December 31, 2015 |
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Amortized
Cost |
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Gross
Unrealized
Gains |
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Gross
Unrealized
Losses |
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Estimated
Fair
Value |
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(in thousands) |
|
Securities Available for Sale
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Obligations of U.S. government corporations and agencies
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$ |
312,917 |
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|
2,761 |
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(1,996 |
) |
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$ |
313,682 |
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Obligations of states and political subdivisions
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86,823 |
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1,428 |
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(33 |
) |
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88,218 |
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Corporate debt securities
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— |
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— |
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— |
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— |
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Marketable equity securities
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3,000 |
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— |
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(15 |
) |
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2,985 |
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Total securities available for sale
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$ |
402,740 |
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$ |
4,189 |
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$ |
(2,044 |
) |
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$ |
404,885 |
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Securities Held to Maturity
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Obligations of U.S. government corporations and agencies
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$ |
711,994 |
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8,394 |
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(2,882 |
) |
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$ |
717,506 |
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Obligations of states and political subdivisions
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14,536 |
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277 |
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(110 |
) |
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14,703 |
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Total securities held to maturity
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$ |
726,530 |
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$ |
8,671 |
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$ |
(2,992 |
) |
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$ |
732,209 |
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December 31, 2014 |
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Amortized
Cost |
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|
Gross
Unrealized
Gains |
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|
Gross
Unrealized
Losses |
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Estimated
Fair
Value |
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(in thousands) |
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Securities Available for Sale
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Obligations of U.S. government corporations and agencies
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$ |
71,144 |
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4,001 |
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(25 |
) |
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$ |
75,120 |
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Obligations of states and political subdivisions
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3,130 |
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45 |
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— |
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3,175 |
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Corporate debt securities
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1,891 |
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17 |
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— |
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1,908 |
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Marketable equity securities
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3,000 |
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2 |
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— |
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3,002 |
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Total securities available for sale
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$ |
79,165 |
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$ |
4,065 |
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$ |
(25 |
) |
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$ |
83,205 |
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Securities Held to Maturity
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Obligations of U.S. government corporations and agencies
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$ |
660,836 |
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13,055 |
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(677 |
) |
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$ |
673,214 |
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Obligations of states and political subdivisions
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15,590 |
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130 |
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(155 |
) |
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15,565 |
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Total securities held to maturity
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$ |
676,426 |
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$ |
13,185 |
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$ |
(832 |
) |
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$ |
688,779 |
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Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity |
For purposes of the following table, the entire outstanding balance
of these mortgage-backed securities issued by U.S. government
corporations and agencies is categorized based on final maturity
date.
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Investment Securities
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Available for Sale |
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Held to Maturity |
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(In thousands) |
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Amortized
Cost |
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Estimated
Fair Value |
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Amortized
Cost |
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Estimated
Fair Value |
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Due in one year
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— |
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— |
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— |
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— |
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Due after one year through five years
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$ |
8,870 |
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$ |
9,112 |
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$ |
1,147 |
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$ |
1,158 |
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Due after five years through ten years
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24,150 |
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25,204 |
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830 |
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870 |
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Due after ten years
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369,720 |
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370,569 |
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724,553 |
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730,181 |
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Totals
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$ |
402,740 |
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$ |
404,885 |
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$ |
726,530 |
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$ |
732,209 |
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Gross Unrealized Losses on Investment |
Gross unrealized losses on investment securities and the fair value
of the related securities, aggregated by investment category and
length of time that individual securities have been in a continuous
unrealized loss position, were as follows:
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Less than 12 months |
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12 months or more |
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Total |
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Fair
Value |
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Unrealized
Loss |
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Fair
Value |
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Unrealized
Loss |
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Fair
Value |
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Unrealized
Loss |
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(in thousands) |
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December 31, 2015
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Securities Available for Sale:
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Obligations of U.S. government corporations and agencies
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$ |
193,306 |
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$ |
(1,996 |
) |
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— |
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— |
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$ |
193,306 |
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$ |
(1,996 |
) |
Obligations of states and political subdivisions
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6,469 |
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(33 |
) |
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— |
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— |
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6,469 |
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(33 |
) |
Marketable equity securities
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2,985 |
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(15 |
) |
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— |
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— |
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2,985 |
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(15 |
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Total securities available-for-sale
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$ |
202,760 |
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$ |
(2,044 |
) |
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— |
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— |
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$ |
202,760 |
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$ |
(2,044 |
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Securities Held to Maturity:
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Obligations of U.S. government corporations and agencies
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$ |
198,481 |
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$ |
(2,882 |
) |
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— |
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— |
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$ |
198,481 |
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$ |
(2,882 |
) |
Obligations of states and political subdivisions
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|
497 |
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(11 |
) |
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$ |
1,121 |
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$ |
(99 |
) |
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1,618 |
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(110 |
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Total securities held-to-maturity
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$ |
198,978 |
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$ |
(2,893 |
) |
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$ |
1,121 |
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$ |
(99 |
) |
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$ |
200,099 |
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$ |
(2,992 |
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Less than 12 months |
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12 months or more |
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Total |
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Fair
Value |
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Unrealized
Loss |
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Fair
Value |
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Unrealized
Loss |
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Fair
Value |
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Unrealized
Loss |
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(in thousands) |
|
December 31, 2014
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Securities Available for Sale:
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Obligations of U.S. government corporations and agencies
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$ |
6,774 |
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$ |
(25 |
) |
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|
— |
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|
— |
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$ |
6,774 |
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$ |
(25 |
) |
Obligations of states and political subdivisions
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|
— |
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— |
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— |
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— |
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— |
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— |
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Marketable equity securities
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|
— |
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— |
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— |
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— |
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— |
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— |
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Total securities available-for-sale
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$ |
6,774 |
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$ |
(25 |
) |
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— |
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— |
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$ |
6,774 |
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$ |
(25 |
) |
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Securities Held to Maturity:
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Obligations of U.S. government corporations and agencies
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$ |
335 |
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$ |
(1 |
) |
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$ |
56,288 |
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$ |
(676 |
) |
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$ |
56,623 |
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$ |
(677 |
) |
Obligations of states and political subdivisions
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|
1,600 |
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(26 |
) |
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|
1,858 |
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(129 |
) |
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3,458 |
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(155 |
) |
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Total securities held-to-maturity
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$ |
1,935 |
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$ |
(27 |
) |
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$ |
58,146 |
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$ |
(805 |
) |
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$ |
60,081 |
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$ |
(832 |
) |
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