Quarterly report pursuant to Section 13 or 15(d)

Securities (Tables)

v3.8.0.1
Securities (Tables)
3 Months Ended
Mar. 31, 2018
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 March 31, 2018 and December 31, 2017: 
 
Amortized Cost
 
Gross Unrealized Gain
 
Gross Unrealized Loss
 
Estimated Fair Value
 
(in thousands)
March 31, 2018
 
 
 
 
 
 
 
Mortgage-backed securities (1)
$
322,186

 
$
6

 
$
7,223

 
$
314,969

Collateralized mortgage obligations (1)
127,125

 
8

 
2,945

 
124,188

U.S. government agency securities
7,499

 

 
131

 
7,368

Municipal bonds-tax exempt
125,064

 
219

 
1,457

 
123,826

Total securities available for sale
$
581,874

 
$
233

 
$
11,756

 
$
570,351

 
 
 
 
 
 
 
 
December 31, 2017
 
 
 
 
 
 
 
Mortgage-backed securities (1)
$
306,166

 
$
145

 
$
2,702

 
$
303,609

Collateralized mortgage obligations (1)
119,658

 
8

 
1,898

 
117,768

U.S. government agency securities
7,499

 

 
85

 
7,414

Municipal bonds-tax exempt
125,601

 
1,943

 
69

 
127,475

U.S. treasury securities
152

 

 

 
152

Mutual funds
22,916

 

 
530

 
22,386

Total securities available for sale
$
581,992

 
$
2,096

 
$
5,284

 
$
578,804


(1) 
Collateralized by residential mortgages and guaranteed by U.S. government sponsored entities.
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, 2018, by contractual or expected maturity, are shown below. Collateralized mortgage obligations are included in the table shown below based on their expected maturities. All other securities are included based on their contractual maturities.
 
Available for Sale
 
Amortized Cost
 
Estimated Fair Value
 
(in thousands)
Within one year
$
12,847

 
$
12,801

Over one year through five years
77,973

 
76,519

Over five years through ten years
251,941

 
247,151

Over ten years
239,113

 
233,880

Total
$
581,874

 
$
570,351

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, 2018 and December 31, 2017:
 
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)
March 31, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage-backed securities
$
5,777

 
$
243,061

 
83

 
$
1,446

 
$
54,871

 
28

 
$
7,223

 
$
297,932

 
111

Collateralized mortgage obligations
1,388

 
65,798

 
18

 
1,557

 
51,314

 
36

 
2,945


117,112


54

U.S. government agency securities
36

 
1,464

 
1

 
95

 
5,905

 
2

 
131


7,369


3

Municipal bonds-tax exempt
1,331

 
89,320

 
40

 
126

 
2,632

 
2

 
1,457


91,952


42

Total
$
8,532

 
$
399,643

 
142

 
$
3,224

 
$
114,722

 
68

 
$
11,756

 
$
514,365

 
210

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage-backed securities
$
1,855

 
$
197,621

 
66

 
$
847

 
$
56,998

 
25

 
$
2,702

 
$
254,619

 
91

Collateralized mortgage obligations
773

 
65,726

 
20

 
1,125

 
49,986

 
32

 
1,898

 
115,712

 
52

U.S. government agency securities
15

 
1,484

 
1

 
70

 
5,930

 
2

 
85

 
7,414

 
3

Municipal bonds-tax exempt
48

 
11,541

 
6

 
21

 
2,737

 
2

 
69

 
14,278

 
8

Municipal bonds-taxable

 

 

 

 

 

 

 

 

Mutual funds

 

 

 
530

 
22,382

 
6

 
530

 
22,382

 
6

Total
$
2,691

 
$
276,372

 
93

 
$
2,593

 
$
138,033

 
67

 
$
5,284

 
$
414,405

 
160

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 
 March 31,
 
2018
 
2017
 
(in thousands)
Gross realized gains on sales of securities
$

 
$
269

Gross realized losses on sales of securities
(957
)
 

Net realized (losses) gains on sales of securities
$
(957
)
 
$
269

Proceeds from sales of securities
$
21,958

 
$
12,573