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Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2014
Investments, Debt and Equity Securities [Abstract]  
Schedule of Available-for-sale Securities Reconciliation
The following table summarizes the amortized cost and estimated fair value of investment securities and presents the related gross unrealized gains and losses:
March 31, 2014
 
 
 
 
 
 
 
 
(dollars in thousands)
 
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Estimated Fair Value
Available-for-Sale:
 
 
 
 
 
 
 
 
Obligations of:
 
 
 
 
 
 
 
 
U.S. government sponsored enterprises
 
$
2,045

 
$
25

 
$
—

 
$
2,070

Residential mortgage-backed securities-GSE
 
356,022

 
971

 
19,429

 
337,564

Residential mortgage-backed securities-Private
 
19,338

 
953

 
9

 
20,282

Commercial mortgage-backed securities-GSE
 
22,670

 
—

 
1,080

 
21,590

Commercial mortgage-backed securities-Private
 
10,398

 
—

 
554

 
9,844

Business Development Company investment
 
1,753

 
898

 
—

 
2,651

Corporate notes
 
8,393

 
74

 
—

 
8,467

Total available-for-sale
 
$
420,619

 
$
2,921

 
$
21,072

 
$
402,468

Held-to-Maturity:
 
 
 
 
 
 
 
 
Residential mortgage-backed securities-GSE
 
138,991

 
—

 
7,564

 
131,427

Commercial mortgage-backed securities-Private
 
10,069

 
—

 
494

 
9,575

     Total held-to-maturity
 
$
149,060

 
$
—

 
$
8,058

 
$
141,002

Total investment securities
 
$
569,679

 
$
2,921

 
$
29,130

 
$
543,470

 
 
 
 
 
 
 
 
 
December 31, 2013
 
 
 
 
 
 
 
 
(dollars in thousands)
 
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Estimated Fair Value
Available-for-Sale:
 
 
 
 
 
 
 
 
Obligations of:
 
 
 
 
 
 
 
 
U.S. government sponsored enterprises
 
$
2,051

 
$
26

 
$
—

 
$
2,077

Residential mortgage-backed securities-GSE
 
364,513

 
974

 
24,340

 
341,147

Residential mortgage-backed securities-Private
 
19,770

 
982

 
—

 
20,752

Commercial mortgage-backed securities-GSE
 
22,767

 
—

 
1,328

 
21,439

Commercial mortgage-backed securities-Private
 
10,408

 
—

 
823

 
9,585

Business Development Company investment
 
1,753

 
984

 
 
 
2,737

Corporate notes
 
16,795

 
82

 
—

 
16,877

Total available-for-sale
 
$
438,057

 
$
3,048

 
$
26,491

 
$
414,614

Held-to-Maturity:
 
 
 
 
 
 
 
 
Residential mortgage-backed securities-GSE
 
141,724

 
—

 
9,907

 
131,817

Commercial mortgage-backed securities-Private
 
10,071

 
—

 
763

 
9,308

     Total held-to-maturity
 
$
151,795

 
$
—

 
$
10,670

 
$
141,125

Total investment securities
 
$
589,852

 
$
3,048

 
$
37,161

 
$
555,739
Available-for-sale Securities, Continuous Unrealized Loss Position
The following tables show our investments' estimated fair value and gross unrealized losses, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position, at March 31, 2014 and December 31, 2013. The change in unrealized losses during the three months ending March 31, 2014 was attributed to changes in interest rates and not to changes in the credit quality of these securities. All unrealized losses on investment securities are considered by management to be temporary given the credit quality of these investment securities or the short duration of the unrealized loss, or both.
 
Less than 12 Months
 
12 Months or More
 
Total
(dollars in thousands)
Estimated Fair Value
Gross Unrealized Losses
 
Estimated Fair Value
Gross Unrealized Losses
 
Estimated Fair Value
Gross Unrealized Losses
March 31, 2014
 
 
 
 
 
 
 
 
Available-for-Sale:
 
 
 
 
 
 
 
 
Residential mortgage-backed securities-GSE
$
164,313

$
8,975

 
$
133,699

$
10,454

 
$
298,012

$
19,429

Residential mortgage-backed securities-Private
1,297

9

 
—

—

 
1,297

9

Commercial mortgage-backed securities-GSE
—

—

 
21,591

1,080

 
21,591

1,080

Commercial mortgage-backed securities-Private
9,843

554

 
—

—

 
9,843

554

Total available-for-sale
$
175,453

$
9,538

 
$
155,290

$
11,534

 
$
330,743

$
21,072

Held-to-Maturity:
 
 
 
 
 
 
 
 
Residential mortgage-backed securities-GSE
$
131,427

$
7,564

 
$
—

$
—

 
$
131,427

$
7,564

Commercial mortgage-backed securities-Private
9,575

494

 
—

—

 
9,575

494

Total held-to-maturity
$
141,002

$
8,058

 
$
—

$
—

 
$
141,002

$
8,058

Total
$
316,455

$
17,596

 
$
155,290

$
11,534

 
$
471,745

$
29,130

 
 
 
 
 
 
 
 
 
December 31, 2013
 
 
 
 
 
 
 
 
Available-for-Sale
 
 
 
 
 
 
 
 
Residential mortgage-backed securities-GSE
$
222,475

$
16,585

 
$
76,501

$
7,755

 
$
298,976

$
24,340

Commercial mortgage-backed securities-GSE
—

—

 
21,439

1,328

 
21,439

1,328

Commercial mortgage-backed securities-Private
9,585

823

 
—

—

 
9,585

823

Total available-for-sale
$
232,060

$
17,408

 
$
97,940

$
9,083

 
$
330,000

$
26,491

Held-to-Maturity:
 
 
 
 
 
 
 
 
Residential mortgage-backed securities-GSE
$
131,817

$
9,907

 
$
—

$
—

 
$
131,817

$
9,907

Commercial mortgage-backed securities-Private
9,308

763

 
—

—

 
9,308

763

Total held-to-maturity
$
141,125

$
10,670

 
$
—

$
—

 
$
141,125

$
10,670

Total
$
373,185

$
28,078

 
$
97,940

$
9,083


$
471,125

$
37,161
Available-for-sale Securities, by Maturity Dates
The aggregate amortized cost and fair value of securities at March 31, 2014, by remaining contractual maturity, are shown in the following table. Actual expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations.
 
 
Available-for-Sale
 
Held-to-Maturity
(dollars in thousands)
 
Amortized Cost
 
Estimated Fair Value
 
Amortized Cost
 
Estimated Fair Value
Due in one year or less
 
$
8,393

 
$
8,467

 
$
—

 
$
—

Due after one year through five years
 
2,045

 
2,070

 
—

 
—

With no stated maturity
 
1,753

 
2,652

 
—

 
—

Total
 
12,191

 
13,189

 
—

 
—

Mortgage-backed securities
 
408,428

 
389,279

 
149,060

 
141,002

Total
 
$
420,619

 
$
402,468

 
$
149,060

 
$
141,002