Securities (Tables)
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12 Months Ended |
Dec. 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 December 31, 2016 and 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) |
December 31, 2016 |
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Mortgage-backed securities (1) (2)
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$ |
230,489 |
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$ |
598 |
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$ |
1,457 |
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$ |
229,630 |
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Collateralized mortgage obligations (1)
|
77,447 |
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|
6 |
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|
1,002 |
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|
76,451 |
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U.S. government agency securities |
7,499 |
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— |
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|
58 |
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|
7,441 |
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SBA loan pool securities |
4,356 |
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— |
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|
210 |
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|
4,146 |
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Municipal bonds-tax exempt |
159,789 |
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|
236 |
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|
1,995 |
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|
158,030 |
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Municipal bonds-taxable |
13,391 |
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|
319 |
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|
9 |
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|
13,701 |
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Corporate bonds |
5,010 |
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5 |
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— |
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|
5,015 |
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U.S. treasury securities |
156 |
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— |
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— |
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|
156 |
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Mutual funds |
22,916 |
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— |
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|
522 |
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|
22,394 |
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Total securities available for sale |
$ |
521,053 |
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$ |
1,164 |
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$ |
5,253 |
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$ |
516,964 |
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December 31, 2015 |
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Mortgage-backed securities (1) (2)
|
$ |
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 $52.9 million and $58.6 million as of December 31, 2016 and 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 December 31, 2016, 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.
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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 |
$ |
337 |
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|
$ |
337 |
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Over one year through five years |
78,893 |
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|
78,747 |
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Over five years through ten years |
212,719 |
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|
211,025 |
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Over ten years |
229,104 |
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|
226,855 |
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Total |
$ |
521,053 |
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$ |
516,964 |
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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 December 31, 2016 and 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) |
December 31, 2016 |
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Mortgage-backed securities |
$ |
1,345 |
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$ |
102,647 |
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|
38 |
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$ |
112 |
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$ |
11,350 |
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3 |
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$ |
1,457 |
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$ |
113,997 |
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|
41 |
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Collateralized mortgage obligations |
676 |
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|
60,786 |
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|
27 |
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|
326 |
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|
10,579 |
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|
7 |
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|
1,002 |
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|
71,365 |
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|
34 |
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U.S. government agency securities |
58 |
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|
7,441 |
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|
3 |
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— |
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— |
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— |
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58 |
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7,441 |
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3 |
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SBA loan pool securities |
— |
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— |
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— |
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|
210 |
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4,146 |
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2 |
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|
210 |
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4,146 |
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2 |
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Municipal bonds-tax exempt |
1,995 |
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|
125,004 |
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|
54 |
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— |
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— |
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— |
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1,995 |
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|
125,004 |
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|
54 |
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Municipal bonds-taxable |
9 |
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|
2,904 |
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2 |
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— |
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— |
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— |
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9 |
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2,904 |
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2 |
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Mutual funds |
413 |
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|
21,478 |
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4 |
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109 |
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|
916 |
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3 |
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|
522 |
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22,394 |
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7 |
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Total |
$ |
4,496 |
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$ |
320,260 |
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|
128 |
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$ |
757 |
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$ |
26,991 |
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15 |
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$ |
5,253 |
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$ |
347,251 |
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|
143 |
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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 bonds |
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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Year Ended December 31, |
|
2016 |
|
2015 |
|
2014 |
|
(In thousands) |
Gross realized gains on sales of securities |
$ |
396 |
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|
$ |
6,776 |
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$ |
2,012 |
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Gross realized losses on sales of securities |
(350 |
) |
|
(165 |
) |
|
(1 |
) |
Net realized gains on sales of securities |
$ |
46 |
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|
$ |
6,611 |
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$ |
2,011 |
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Proceeds from sales of securities |
$ |
78,282 |
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$ |
456,098 |
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$ |
169,533 |
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