Investment Securities (Tables)

9 Months Ended

Sep. 30, 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:

September 30, 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	$	2,034	$	19	$	—	$	2,053
Residential mortgage-backed securities-GSE	313,522		591		11,666		302,447
Residential mortgage-backed securities-Private	17,653		1,015		—		18,668
Commercial mortgage-backed securities-GSE	22,475		—		831		21,644
Commercial mortgage-backed securities-Private	10,376		—		319		10,057
Corporate notes	8,397		30		—		8,427
Total available-for-sale	374,457		1,655		12,816		363,296
Held-to-Maturity:
Residential mortgage-backed securities-GSE	134,618		—		4,859		129,759
Commercial mortgage-backed securities-Private	10,066		—		243		9,823
Total held-to-maturity	144,684		—		5,102		139,582
Total investment securities	$	519,141	$	1,655	$	17,918	$	502,878
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 September 30, 2014 and December 31, 2013. The change in unrealized losses during the nine months ending September 30, 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
September 30, 2014
Available-for-Sale:
Residential mortgage-backed securities-GSE	$	—	$	—	$	281,209	$	11,666	$	281,209	$	11,666
Commercial mortgage-backed securities-GSE	—		—		21,645		831		21,645		831
Commercial mortgage-backed securities-Private	—		—		10,057		319		10,057		319
Total available-for-sale	—		—		312,911		12,816		312,911		12,816
Held-to-Maturity:
Residential mortgage-backed securities-GSE	—		—		129,759		4,859		129,759		4,859
Commercial mortgage-backed securities-Private	—		—		9,823		243		9,823		243
Total held-to-maturity	—		—		139,582		5,102		139,582		5,102
Total	$	—	$	—	$	452,493	$	17,918	$	452,493	$	17,918
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 September 30, 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 the obligations. Mortgage backed securities are grouped based on stated maturity date, but actual maturity will vary based on the actual repayment of the underlying mortgage loans.

	Available-for-Sale				Held-to-Maturity
(dollars in thousands)	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
U.S. government sponsored agencies
Due after one year through five years	$	2,034	$	2,053	$	—	$	—
Residential mortgage-backed securities-GSE
Due after five years through 10 years	7,267		7,378		—		—
Due after ten years	306,255		295,069		134,618		129,759
Residential mortgage-backed securities-Private
Due after ten years	17,653		18,668		—		—
Commercial mortgage-backed securities-GSE
Due after five years through 10 years	22,475		21,644		—		—
Commercial mortgage-backed securities-Private
Due after ten years	10,376		10,057		10,066		9,823
Corporate notes
Due in one year or less	8,397		8,427		—		—
Total	$	374,457	$	363,296	$	144,684	$	139,582