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Investment Securities (Tables)
6 Months Ended
Jun. 30, 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:
June 30, 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
 
$
2,016

 
$
12

 
$

 
$
2,028

Residential mortgage-backed securities-GSE
 
300,522

 
355

 
9,382

 
291,495

Residential mortgage-backed securities-Private
 
15,228

 
684

 
4

 
15,908

Commercial mortgage-backed securities-GSE
 
22,180

 

 
308

 
21,872

Commercial mortgage-backed securities-Private
 
19,497

 

 
261

 
19,236

Corporate notes
 
30,881

 

 
53

 
30,828

Total available-for-sale
 
390,324

 
1,051

 
10,008

 
381,367

Held-to-Maturity:
 
 
 
 
 
 
 
 
Residential mortgage-backed securities-GSE
 
126,977

 

 
2,785

 
124,192

Residential mortgage-backed securities-Private
 
19,609

 

 
85

 
19,524

Commercial mortgage-backed securities-Private
 
10,062

 

 
189

 
9,873

     Total held-to-maturity
 
156,648

 

 
3,059

 
153,589

Total investment securities
 
$
546,972

 
$
1,051

 
$
13,067

 
$
534,956

 
 
 
 
 
 
 
 
 
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 June 30, 2015 and December 31, 2014. The change in unrealized losses during the six months ending June 30, 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
June 30, 2015
 
 
 
 
 
 
 
 
Available-for-Sale:
 
 
 
 
 
 
 
 
Residential mortgage-backed securities-GSE
$
124,950

$
2,900

 
$
137,765

$
6,482

 
$
262,715

$
9,382

Residential mortgage-backed securities-Private
1,105

4

 


 
1,105

4

Commercial mortgage-backed securities-GSE
21,872

308

 


 
21,872

308

Commercial mortgage-backed securities-Private
19,236

261

 


 
19,236

261

Corporate Notes
30,828

53

 
 
 
 
30,828

53

Total available-for-sale
197,991

3,526

 
137,765

6,482

 
335,756

10,008

Held-to-Maturity:
 
 
 
 
 
 
 
 
Residential mortgage-backed securities-GSE
86,937

1,880

 
37,255

905

 
124,192

2,785

Residential mortgage-backed securities-Private
19,524

85

 


 
19,524

85

Commercial mortgage-backed securities-Private
9,874

189

 


 
9,874

189

Total held-to-maturity
116,335

2,154

 
37,255

905

 
153,590

3,059

Total
$
314,326

$
5,680

 
$
175,020

$
7,387

 
$
489,346

$
13,067

 
 
 
 
 
 
 
 
 
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 June 30, 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
 
$
2,016

 
$
2,028

 
$

 
$

Residential mortgage-backed securities-GSE
 
 
 
 
 
 
 
 
Due after five years through 10 years
 
2,055

 
2,109

 

 

Due after ten years
 
298,467

 
289,386

 
126,977

 
124,192

Residential mortgage-backed securities-Private
 
 
 
 
 
 
 
 
Due after ten years
 
15,228

 
15,908

 
19,609

 
19,524

Commercial mortgage-backed securities-GSE
 
 
 
 
 
 
 
 
Due after five years through 10 years
 
22,180

 
21,872

 

 

Commercial mortgage-backed securities-Private
 
 
 
 
 
 
 
 
Due after ten years
 
19,497

 
19,236

 
10,062

 
9,873

Corporate notes
 
 
 
 
 
 
 
 
Due after one year through five years
 
30,881

 
30,828

 

 

Total
 
$
390,324

 
$
381,367

 
$
156,648

 
$
153,589