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Securities Available for Sale | 12 Months Ended
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Dec. 31, 2017
Investments, Debt and Equity Securities [Abstract] |
Securities Available for Sale | Securities Available for Sale Securities available for sale at December 31, 2017 and 2016 are summarized as follows (in thousands):
| 2017
| Amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair value
Agency obligations | $ | 19,014 |  |  | — |  |  | (9 | ) |  | 19,005 |
Mortgage-backed securities | 993,548 |  |  | 4,914 |  |  | (10,095 | ) |  | 988,367 |
State and municipal obligations | 3,259 |  |  | 129 |  |  | — |  |  | 3,388 |
Corporate obligations | 26,047 |  |  | 359 |  |  | (12 | ) |  | 26,394 |
Equity securities | 417 |  |  | 241 |  |  | — |  |  | 658 |
| $ | 1,042,285 |  |  | 5,643 |  |  | (10,116 | ) |  | 1,037,812 |
| 2016
| Amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair value
U.S. Treasury obligations | $ | 7,995 |  |  | 13 |  |  | — |  |  | 8,008 |
Agency obligations | 57,123 |  |  | 90 |  |  | (25 | ) |  | 57,188 |
Mortgage-backed securities | 952,992 |  |  | 7,249 |  |  | (8,380 | ) |  | 951,861 |
State and municipal obligations | 3,727 |  |  | 19 |  |  | (3 | ) |  | 3,743 |
Corporate obligations | 19,013 |  |  | 35 |  |  | (11 | ) |  | 19,037 |
Equity securities | 397 |  |  | 152 |  |  | — |  |  | 549 |
| $ | 1,041,247 |  |  | 7,558 |  |  | (8,419 | ) |  | 1,040,386 |
Securities available for sale having a carrying value of $939.4 million and $720.4 million at December 31, 2017 and 2016, respectively, are pledged to secure other borrowings and securities sold under repurchase agreements. The amortized cost and fair value of securities available for sale at December 31, 2017, by contractual maturity, are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer.
| 2017
| Amortized cost |  | Fair value
Due in one year or less | $ | 20,406 |  |  | 20,390 |
Due after one year through five years | 3,009 |  |  | 3,048 |
Due after five years through ten years | 24,905 |  |  | 25,349 |
| $ | 48,320 |  |  | 48,787 |
Mortgage-backed securities totaling $993.5 million at amortized cost and $988.4 million at fair value are excluded from the table above as their expected lives are expected to be shorter than the contractual maturity date due to principal prepayments. Also excluded from the table above are equity securities of $417,000 at amortized cost and $658,000 at fair value. During 2017, there were no sales or calls of securities from the available for sale portfolio. For the 2016 period, proceeds from the sale of securities available for sale were $3.4 million resulting in gross gains of $95,000 and gross losses of $45,000; there were no calls of securities from the available for sale portfolio for the year ended December 31, 2016. For the years ended December 31, 2017 and 2016, the Company did not incur an other-than-temporary impairment charge on securities available for sale. The following table represents the Company’s disclosure on securities available for sale with temporary impairment (in thousands):
| December 31, 2017 Unrealized Losses
| Less than 12 months |  | 12 months or longer |  | Total
| Fair value |  | Gross unrealized losses |  | Fair value |  | Gross unrealized losses |  | Fair value |  | Gross unrealized losses
Agency obligations | $ | 12,006 |  |  | (8 | ) |  | 6,999 |  |  | (1 | ) |  | 19,005 |  |  | (9 | )
Mortgage-backed securities | 420,746 |  |  | (3,936 | ) |  | 235,056 |  |  | (6,159 | ) |  | 655,802 |  |  | (10,095 | )
Corporate obligations | — |  |  | — |  |  | 989 |  |  | (12 | ) |  | 989 |  |  | (12 | )
| $ | 432,752 |  |  | (3,944 | ) |  | 243,044 |  |  | (6,172 | ) |  | 675,796 |  |  | (10,116 | )
| December 31, 2016 Unrealized Losses
| Less than 12 months |  | 12 months or longer |  | Total
| Fair value |  | Gross unrealized losses |  | Fair value |  | Gross unrealized losses |  | Fair value |  | Gross unrealized losses
Agency obligations | $ | 14,000 |  |  | (25 | ) |  | — |  |  | — |  |  | 14,000 |  |  | (25 | )
Mortgage-backed securities | 553,629 |  |  | (8,377 | ) |  | 65 |  |  | (3 | ) |  | 553,694 |  |  | (8,380 | )
State and municipal obligations | 661 |  |  | (3 | ) |  | — |  |  | — |  |  | 661 |  |  | (3 | )
Corporate obligations | — |  |  |  |  |  | 990 |  |  | (11 | ) |  | 990 |  |  | (11 | )
| $ | 568,290 |  |  | (8,405 | ) |  | 1,055 |  |  | (14 | ) |  | 569,345 |  |  | (8,419 | )
The Company estimates the loss projections for each non-agency mortgage-backed security by stressing the individual loans collateralizing the security and applying a range of expected default rates, loss severities, and prepayment speeds in conjunction with the underlying credit enhancement for each security. Based on specific assumptions about collateral and vintage, a range of possible cash flows was identified to determine whether other-than-temporary impairment existed during the year ended December 31, 2017. Based on its detailed review of the securities available for sale portfolio, the Company believes that as of December 31, 2017, securities with unrealized loss positions shown above do not represent impairments that are other-than-temporary. The Company does not have the intent to sell securities in a temporary loss position at December 31, 2017, nor is it more likely than not that the Company will be required to sell the securities before the anticipated recovery. The number of securities in an unrealized loss position as of December 31, 2017 totaled 122, compared with 87 at December 31, 2016. There were two private label mortgage-backed securities in an unrealized loss position at December 31, 2017, with an amortized cost of $99,000 and unrealized losses totaling $2,000. Both private label mortgage-backed securities were investment grade at December 31, 2017.

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