Quarterly report pursuant to Section 13 or 15(d)

Securities (Tables)

v3.8.0.1
Securities (Tables)
 9 Months Ended
Sep. 30, 2017
Investments, Debt and Equity Securities [Abstract]  
Summary of Investment Securities Available for Sale
The following is a summary of securities available for sale as of September 30, 2017 and December 31, 2016: 
 
Amortized Cost
 
Gross Unrealized Gain
 
Gross Unrealized Loss
 
Estimated Fair Value
 
(in thousands)
September 30, 2017
 
 
 
 
 
 
 
Mortgage-backed securities (1) (2)
$
310,111

 
$
793

 
$
1,154

 
$
309,750

Collateralized mortgage obligations (1)
107,052

 
16

 
944

 
106,124

U.S. government agency securities
7,499

 
—

 
42

 
7,457

SBA loan pool securities
4,036

 
—

 
140

 
3,896

Municipal bonds-tax exempt
146,177

 
2,424

 
77

 
148,524

U.S. treasury securities
153

 
—

 
—

 
153

Mutual funds
22,916

 
—

 
380

 
22,536

Total securities available for sale
$
597,944

 
$
3,233

 
$
2,737

 
$
598,440

 
 
 
 
 
 
 
 
December 31, 2016
 
 
 
 
 
 
 
Mortgage-backed securities (1) (2)
$
230,489

 
$
598

 
$
1,457

 
$
229,630

Collateralized mortgage obligations (1)
77,447

 
6

 
1,002

 
76,451

U.S. government agency securities
7,499

 
—

 
58

 
7,441

SBA loan pool securities
4,356

 
—

 
210

 
4,146

Municipal bonds-tax exempt
159,789

 
236

 
1,995

 
158,030

Municipal bonds-taxable
13,391

 
319

 
9

 
13,701

Corporate bonds
5,010

 
5

 
—

 
5,015

U.S. treasury securities
156

 
—

 
—

 
156

Mutual funds
22,916

 
—

 
522

 
22,394

Total securities available for sale
$
521,053

 
$
1,164

 
$
5,253

 
$
516,964

                              
(1) 
Collateralized by residential mortgages and guaranteed by U.S. government sponsored entities.
(2) 
Includes securities collateralized by home equity conversion mortgages with an estimated fair value of $8.1 million and $52.9 million as of September 30, 2017 and December 31, 2016, respectively.
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 September 30, 2017, by contractual or expected maturity, are shown below. Collateralized mortgage obligations are included in the table shown below based on their expected maturities. 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. All other securities are included based on their contractual maturities.
 
Available for Sale
 
Amortized Cost
 
Estimated Fair Value
 
(in thousands)
Within one year
$
24,537

 
$
24,452

Over one year through five years
64,646

 
64,519

Over five years through ten years
256,367

 
257,279

Over ten years
252,394

 
252,190

Total
$
597,944

 
$
598,440

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 September 30, 2017 and December 31, 2016:
 
Holding Period
 
Less Than 12 Months
 
12 Months or More
 
Total
 
Gross Unrealized Loss
 
Estimated Fair Value
 
Number of Securities
 
Gross Unrealized Loss
 
Estimated Fair Value
 
Number of Securities
 
Gross Unrealized Loss
 
Estimated Fair Value
 
Number of Securities
 
(in thousands, except number of securities)
September 30, 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage-backed securities
$
787

 
$
171,919

 
53

 
$
367

 
$
21,430

 
9

 
$
1,154

 
$
193,349

 
62

Collateralized mortgage obligations
320

 
62,309

 
23

 
624

 
38,940

 
24

 
944


101,249


47

U.S. government agency securities
42

 
7,457

 
3

 
—

 
—

 
—

 
42


7,457


3

SBA loan pool securities
—

 
—

 
—

 
140

 
3,896

 
2

 
140


3,896


2

Municipal bonds-tax exempt
60

 
3,459

 
3

 
17

 
1,704

 
4

 
77


5,163


7

U.S. treasury securities
—

 
—

 
—

 
—

 
—

 
—

 
—


—


—

Mutual funds
254

 
20,632

 
2

 
126

 
1,899

 
4

 
380


22,531


6

Total
$
1,463

 
$
265,776

 
84

 
$
1,274

 
$
67,869

 
43

 
$
2,737

 
$
333,645

 
127

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage-backed securities
$
1,345

 
$
102,647

 
38

 
$
112

 
$
11,350

 
3

 
$
1,457

 
$
113,997

 
41

Collateralized mortgage obligations
676

 
60,786

 
27

 
326

 
10,579

 
7

 
1,002

 
71,365

 
34

U.S. government agency securities
58

 
7,441

 
3

 
—

 
—

 
—

 
58

 
7,441

 
3

SBA loan pool securities
—

 
—

 
—

 
210

 
4,146

 
2

 
210

 
4,146

 
2

Municipal bonds-tax exempt
1,995

 
125,004

 
54

 
—

 
—

 
—

 
1,995

 
125,004

 
54

Municipal bonds-taxable
9

 
2,904

 
2

 
—

 
—

 
—

 
9

 
2,904

 
2

Mutual funds
413

 
21,478

 
4

 
109

 
916

 
3

 
522

 
22,394

 
7

Total
$
4,496

 
$
320,260

 
128

 
$
757

 
$
26,991

 
15

 
$
5,253

 
$
347,251

 
143

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:
 
Three Months Ended 
 September 30,
 
Nine Months Ended 
 September 30,
 
2017
 
2016
 
2017
 
2016
 
(in thousands)
Gross realized gains on sales of securities
$
267

 
$
396

 
$
1,473

 
$
396

Gross realized losses on sales of securities
—

 
(350
)
 
—

 
(350
)
Net realized gains on sales of securities
$
267

 
$
46

 
$
1,473

 
$
46

Proceeds from sales of securities
$
17,644

 
$
78,282

 
$
70,333

 
$
78,282