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Investment Securities (Tables)
3 Months Ended
Mar. 31, 2015
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, 2015
 
 
 
 
 
 
 
 
(dollars in thousands)
 
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Estimated Fair Value
Available-for-Sale:
 
 
 
 
 
 
 
 
Obligations of U.S. government sponsored enterprises
 
$
2,022

 
$
14

 
$

 
$
2,036

Residential mortgage-backed securities-GSE
 
288,622

 
899

 
3,802

 
285,719

Residential mortgage-backed securities-Private
 
15,744

 
690

 
4

 
16,430

Commercial mortgage-backed securities-GSE
 
22,279

 

 
71

 
22,208

Commercial mortgage-backed securities-Private
 
10,354

 
103

 

 
10,457

Corporate notes
 
31,017

 

 
25

 
30,992

Total available-for-sale
 
370,038

 
1,706

 
3,902

 
367,842

Held-to-Maturity:
 
 
 
 
 
 
 
 
Residential mortgage-backed securities-GSE
 
130,496

 
590

 
372

 
130,714

Commercial mortgage-backed securities-Private
 
10,063

 
182

 

 
10,245

     Total held-to-maturity
 
140,559

 
772

 
372

 
140,959

Total investment securities
 
$
510,597

 
$
2,478

 
$
4,274

 
$
508,801

 
 
 
 
 
 
 
 
 
December 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
 
$
2,028

 
$
16

 
$

 
$
2,044

Residential mortgage-backed securities-GSE
 
295,300

 
438

 
5,593

 
290,145

Residential mortgage-backed securities-Private
 
16,455

 
820

 
4

 
17,271

Commercial mortgage-backed securities-GSE
 
22,377

 

 
419

 
21,958

Commercial mortgage-backed securities-Private
 
10,365

 

 
150

 
10,215

Corporate notes
 
8,399

 
8

 

 
8,407

Total available-for-sale
 
354,924

 
1,282

 
6,166

 
350,040

Held-to-Maturity:
 
 
 
 
 
 
 
 
Residential mortgage-backed securities-GSE
 
132,396

 
116

 
1,635

 
130,877

Commercial mortgage-backed securities-Private
 
10,065

 

 
67

 
9,998

     Total held-to-maturity
 
142,461

 
116

 
1,702

 
140,875

Total investment securities
 
$
497,385

 
$
1,398

 
$
7,868

 
$
490,915

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, 2015 and December 31, 2014. The change in unrealized losses during the three months ending March 31, 2015 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, 2015
 
 
 
 
 
 
 
 
Available-for-Sale:
 
 
 
 
 
 
 
 
Residential mortgage-backed securities-GSE
$
80,677

$
557

 
$
145,265

$
3,245

 
$
225,942

$
3,802

Residential mortgage-backed securities-Private
1,135

4

 


 
1,135

4

Commercial mortgage-backed securities-GSE
22,208

71

 


 
22,208

71

Corporate Notes
30,992

25

 
 
 
 
30,992

25

Total available-for-sale
135,012

657

 
145,265

3,245

 
280,277

3,902

Held-to-Maturity:
 
 
 
 
 
 
 
 
Residential mortgage-backed securities-GSE
34,426

80

 
39,603

292

 
74,029

372

Total held-to-maturity
34,426

80

 
39,603

292

 
74,029

372

Total
$
169,438

$
737

 
$
184,868

$
3,537

 
$
354,306

$
4,274

 
 
 
 
 
 
 
 
 
December 31, 2014
 
 
 
 
 
 
 
 
Available-for-Sale
 
 
 
 
 
 
 
 
Residential mortgage-backed securities-GSE
$

$

 
$
245,457

$
5,593

 
$
245,457

$
5,593

Residential mortgage-backed securities-Private
1,154

4

 


 
1,154

4

Commercial mortgage-backed securities-GSE


 
21,958

419

 
21,958

419

Commercial mortgage-backed securities-Private


 
10,215

150

 
10,215

150

Total available-for-sale
1,154

4

 
277,630

6,162

 
278,784

6,166

Held-to-Maturity:
 
 
 
 
 
 
 
 
Residential mortgage-backed securities-GSE


 
112,878

1,635

 
112,878

1,635

Commercial mortgage-backed securities-Private


 
9,998

67

 
9,998

67

Total held-to-maturity


 
122,876

1,702

 
122,876

1,702

Total
$
1,154

$
4

 
$
400,506

$
7,864


$
401,660

$
7,868

Available-for-sale Securities, by Maturity Dates
The aggregate amortized cost and fair value of securities at March 31, 2015, 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
 
$
2,022

 
$
2,036

 
$

 
$

Residential mortgage-backed securities-GSE
 
 
 
 
 
 
 
 
Due after five years through 10 years
 
2,200

 
2,263

 

 

Due after ten years
 
286,422

 
283,456

 
130,496

 
130,714

Residential mortgage-backed securities-Private
 
 
 
 
 
 
 
 
Due after ten years
 
15,744

 
16,430

 

 

Commercial mortgage-backed securities-GSE
 
 
 
 
 
 
 
 
Due after five years through 10 years
 
22,279

 
22,208

 

 

Commercial mortgage-backed securities-Private
 
 
 
 
 
 
 
 
Due after ten years
 
10,354

 
10,457

 
10,063

 
10,245

Corporate notes
 
 
 
 
 
 
 
 
Due after one year through five years
 
31,017

 
30,992

 

 

Total
 
$
370,038

 
$
367,842

 
$
140,559

 
$
140,959