Investment Securities (Tables)

9 Months Ended

Sep. 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:

September 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	$	2,011	$	8	$	—	$	2,019
Residential mortgage-backed securities-GSE	291,955		631		4,445		288,141
Residential mortgage-backed securities-Private	14,456		631		4		15,083
Commercial mortgage-backed securities-GSE	22,080		68		—		22,148
Commercial mortgage-backed securities-Private	17,879		20		86		17,813
Corporate notes	30,744		9		28		30,725
Total available-for-sale	379,125		1,367		4,563		375,929
Held-to-Maturity:
Residential mortgage-backed securities-GSE	123,735		210		763		123,182
Residential mortgage-backed securities-Private	18,875		—		255		18,620
Commercial mortgage-backed securities-Private	10,060		73		—		10,133
Total held-to-maturity	152,670		283		1,018		151,935
Total investment securities	$	531,795	$	1,650	$	5,581	$	527,864
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

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, 2015
Available-for-Sale:
Residential mortgage-backed securities-GSE	$	91,601	$	880	$	137,652	$	3,565	$	229,253	$	4,445
Residential mortgage-backed securities-Private	—		—		1,031		4		1,031		4
Commercial mortgage-backed securities-GSE	—		—		—		—		—		—
Commercial mortgage-backed securities-Private	12,564		86		—		—		12,564		86
Corporate Notes	20,328		28						20,328		28
Total available-for-sale	124,493		994		138,683		3,569		263,176		4,563
Held-to-Maturity:
Residential mortgage-backed securities-GSE	45,712		459		36,624		304		82,336		763
Residential mortgage-backed securities-Private	18,621		255		—		—		18,621		255
Commercial mortgage-backed securities-Private	—		—		—		—		—		—
Total held-to-maturity	64,333		714		36,624		304		100,957		1,018
Total	$	188,826	$	1,708	$	175,307	$	3,873	$	364,133	$	5,581
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

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 in one year or less	$	2,011	$	2,019	$	—	$	—
Residential mortgage-backed securities-GSE
Due after five years through 10 years	1,930		1,984		—		—
Due after ten years	290,025		286,157		123,735		123,182
Residential mortgage-backed securities-Private
Due after ten years	14,456		15,083		18,875		18,621
Commercial mortgage-backed securities-GSE
Due after five years through 10 years	22,080		22,148		—		—
Commercial mortgage-backed securities-Private
Due after ten years	17,879		17,813		10,060		10,132
Corporate notes
Due after one year through five years	30,744		30,725		—		—
Total	$	379,125	$	375,929	$	152,670	$	151,935