Securities (Tables)
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3 Months Ended |
Mar. 31, 2016 |
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| Investments, Debt and Equity Securities [Abstract] |
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| Summary of Investment Securities Available for Sale |
The following is a summary of securities available for sale as of March 31, 2016 and December 31, 2015:
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Amortized Cost |
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Gross Unrealized Gain |
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Gross Unrealized Loss |
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Estimated Fair Value |
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(in thousands) |
March 31, 2016 |
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Mortgage-backed securities (1) (2)
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$ |
271,395 |
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$ |
2,642 |
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$ |
447 |
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$ |
273,590 |
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Collateralized mortgage obligations (1)
|
91,947 |
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|
404 |
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|
222 |
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|
92,129 |
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U.S. government agency securities |
39,982 |
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|
66 |
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|
8 |
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|
40,040 |
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SBA loan pool securities |
60,811 |
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12 |
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|
216 |
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|
60,607 |
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Municipal bonds-tax exempt |
161,527 |
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|
4,599 |
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— |
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|
166,126 |
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Municipal bonds-taxable |
13,888 |
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|
425 |
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— |
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14,313 |
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Corporate bonds |
5,016 |
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— |
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18 |
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4,998 |
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U.S. treasury securities |
158 |
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2 |
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— |
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|
160 |
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Mutual funds |
22,916 |
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|
240 |
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|
87 |
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|
23,069 |
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Total securities available for sale |
$ |
667,640 |
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$ |
8,390 |
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$ |
998 |
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$ |
675,032 |
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December 31, 2015 |
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Mortgage-backed securities (1) (2)
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$ |
286,450 |
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$ |
392 |
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$ |
2,461 |
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$ |
284,381 |
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Collateralized mortgage obligations (1)
|
97,904 |
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|
79 |
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|
997 |
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|
96,986 |
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U.S. government agency securities |
48,478 |
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— |
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|
656 |
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47,822 |
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SBA loan pool securities |
63,670 |
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7 |
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|
411 |
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63,266 |
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Municipal bonds-tax exempt |
162,101 |
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|
1,820 |
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19 |
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163,902 |
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Municipal bonds-taxable |
13,932 |
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|
189 |
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|
88 |
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|
14,033 |
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Corporate bonds |
5,017 |
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— |
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|
24 |
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|
4,993 |
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U.S. treasury securities |
159 |
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1 |
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— |
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|
160 |
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Mutual funds |
22,916 |
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— |
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|
163 |
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22,753 |
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Total securities available for sale |
$ |
700,627 |
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$ |
2,488 |
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$ |
4,819 |
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$ |
698,296 |
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(1) |
Collateralized by residential mortgages and guaranteed by U.S. government sponsored entities. |
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(2) |
Include securities collateralized by home equity conversion mortgages with total estimated fair value of $56.9 million and $58.6 million as of March 31, 2016 and December 31, 2015, respectively.
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| Schedule of Amortized Cost and Estimated Fair Value of Investment Securities by Contractual Maturity |
The amortized cost and estimated fair value of securities as of March 31, 2016, by contractual maturity, are shown below. Mortgage-backed securities and collateralized mortgage obligations are included in the table shown below based on their contractual maturities. However, their expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Mutual funds do not have contractual maturities. However, they are included in the table shown below as over ten years since the Company intends to hold these securities for at least this duration.
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Available for Sale |
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Amortized Cost |
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Estimated Fair Value |
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(in thousands) |
Within one year |
$ |
25 |
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|
$ |
25 |
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Over one year through five years |
87,158 |
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|
87,606 |
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Over five years through ten years |
300,008 |
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|
303,688 |
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Over ten years |
280,449 |
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|
283,713 |
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Total |
$ |
667,640 |
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$ |
675,032 |
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| Available for Sale Securities, Continuous Unrealized Loss Position, Fair Value |
Gross unrealized losses on securities available for sale, the estimated fair value of the related securities and the number of securities aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows as of March 31, 2016 and December 31, 2015:
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Holding Period |
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Less Than 12 Months |
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12 Months or More |
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Total |
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Gross Unrealized Loss |
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Estimated Fair Value |
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Number of Securities |
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Gross Unrealized Loss |
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Estimated Fair Value |
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Number of Securities |
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Gross Unrealized Loss |
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Estimated Fair Value |
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Number of Securities |
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(in thousands, except number of securities) |
March 31, 2016 |
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Mortgage-backed securities |
$ |
281 |
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$ |
65,007 |
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12 |
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$ |
166 |
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$ |
18,704 |
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8 |
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$ |
447 |
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$ |
83,711 |
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|
20 |
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Collateralized mortgage obligations |
43 |
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|
18,161 |
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|
7 |
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|
179 |
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|
15,364 |
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|
8 |
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|
222 |
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|
33,525 |
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|
15 |
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U.S. government agency securities |
— |
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— |
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— |
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|
8 |
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7,984 |
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3 |
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8 |
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7,984 |
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3 |
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SBA loan pool securities |
125 |
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|
47,102 |
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12 |
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|
91 |
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7,193 |
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3 |
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|
216 |
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54,295 |
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|
15 |
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Municipal bonds-tax exempt |
— |
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|
854 |
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1 |
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— |
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— |
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— |
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— |
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|
854 |
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1 |
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Corporate bonds |
18 |
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|
4,998 |
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|
1 |
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— |
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— |
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— |
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18 |
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4,998 |
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|
1 |
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Mutual funds |
— |
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— |
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— |
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|
87 |
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|
939 |
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3 |
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87 |
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|
939 |
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3 |
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Total |
$ |
467 |
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$ |
136,122 |
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|
33 |
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$ |
531 |
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$ |
50,184 |
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25 |
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$ |
998 |
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$ |
186,306 |
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58 |
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December 31, 2015 |
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Mortgage-backed securities |
$ |
1,734 |
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$ |
193,931 |
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|
52 |
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$ |
727 |
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$ |
21,659 |
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9 |
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$ |
2,461 |
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$ |
215,590 |
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|
61 |
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Collateralized mortgage obligations |
335 |
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|
48,970 |
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|
18 |
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|
662 |
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32,964 |
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13 |
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|
997 |
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|
81,934 |
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|
31 |
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U.S. government agency securities |
201 |
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|
23,289 |
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|
8 |
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|
455 |
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|
24,533 |
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8 |
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|
656 |
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47,822 |
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|
16 |
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SBA loan pool securities |
161 |
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|
50,499 |
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|
12 |
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|
250 |
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|
7,036 |
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|
3 |
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|
411 |
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57,535 |
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|
15 |
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Municipal bonds-tax exempt |
19 |
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|
8,922 |
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6 |
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— |
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— |
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— |
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19 |
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8,922 |
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|
6 |
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Municipal bonds-taxable |
88 |
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|
7,106 |
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4 |
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— |
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— |
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— |
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|
88 |
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7,106 |
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4 |
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Corporate binds |
24 |
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|
4,994 |
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|
1 |
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— |
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— |
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— |
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|
24 |
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4,994 |
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|
1 |
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Mutual funds |
66 |
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|
21,820 |
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|
3 |
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|
97 |
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|
928 |
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|
3 |
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|
163 |
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22,748 |
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|
6 |
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Total |
$ |
2,628 |
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$ |
359,531 |
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|
104 |
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$ |
2,191 |
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$ |
87,120 |
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|
36 |
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$ |
4,819 |
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$ |
446,651 |
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|
140 |
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| Realized Gains and Losses on Sales of Investment Securities |
Realized gains and losses on sales of securities and proceeds from sales of securities were as follows for the periods indicated:
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Three Months Ended March 31, |
|
2016 |
|
2015 |
|
(in thousands) |
Gross realized gains on sales of securities |
$ |
— |
|
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$ |
2,194 |
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Gross realized losses on sales of securities |
— |
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(10 |
) |
Net realized gains on sales of securities |
$ |
— |
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|
$ |
2,184 |
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Proceeds from sales of securities |
$ |
— |
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|
$ |
176,848 |
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