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Securities (Tables)

12 Months Ended

Dec. 31, 2015

Securities

Schedule of amortized cost and fair value of the securities portfolio and corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive loss

					Gross			Gross
		Amortized			Unrealized			Unrealized			Fair
December 31, 2015:		Cost			Gains			Losses			Value
Securities Available-for-Sale
U.S. Treasury		$	1,509		$	-		$	-		$	1,509
U.S. government agencies			1,683			-			(127)			1,556
U.S. government agencies mortgage-backed			2,040			-			(44)			1,996
States and political subdivisions			30,341			285			(100)			30,526
Corporate bonds			30,157			-			(757)			29,400
Collateralized mortgage obligations			68,743			24			(1,847)			66,920
Asset-backed securities			241,872			74			(10,038)			231,908
Collateralized loan obligations			94,374			-			(2,123)			92,251
Total Securities Available-for-Sale		$	470,719		$	383		$	(15,036)		$	456,066
Securities Held-to-Maturity
U.S. government agency mortgage-backed		$	36,505		$	1,592		$	-		$	38,097
Collateralized mortgage obligations			211,241			3,302			(965)			213,578
Total Securities Held-to-Maturity		$	247,746		$	4,894		$	(965)		$	251,675

					Gross			Gross
		Amortized			Unrealized			Unrealized			Fair
December 31, 2014:		Cost			Gains			Losses			Value
Securities Available-for-Sale
U.S. Treasury		$	1,529		$	-		$	(2)		$	1,527
U.S. government agencies			1,711			-			(87)			1,624
States and political subdivisions			21,682			432			(96)			22,018
Corporate bonds			31,243			309			(567)			30,985
Collateralized mortgage obligations			65,728			31			(2,132)			63,627
Asset-backed securities			175,565			199			(2,268)			173,496
Collateralized loan obligations			94,236			176			(2,203)			92,209
Total Securities Available-for-Sale		$	391,694		$	1,147		$	(7,355)		$	385,486
Securities Held-to-Maturity
U.S. government agency mortgage-backed		$	37,125		$	2,030		$	-		$	39,155
Collateralized mortgage obligations			222,545			3,005			(1,439)			224,111
Total Securities Held-to-Maturity		$	259,670		$	5,035		$	(1,439)		$	263,266

Schedule of fair value, amortized cost and weighted average yield of debt securities by contractual maturity along with securities not due at a single maturity date, primarily mortgage-backed securities (MBS), asset-backed securities, and collateralized loan obligations

					Weighted
		Amortized			Average			Fair
Securities Available-for-Sale		Cost			Yield			Value
Due in one year or less		$	17,130		1.74	%		$	17,138
Due after one year through five years			6,897		2.92	%			6,959
Due after five years through ten years			34,843		2.39	%			34,171
Due after ten years			4,820		3.21	%			4,723
			63,690		2.33	%			62,991
Mortgage-backed and collateralized mortgage obligations			70,783		2.29	%			68,916
Asset-backed securities			241,872		1.47	%			231,908
Collateralized loan obligations			94,374		3.06	%			92,251
		$	470,719		2.03	%		$	456,066
Securities Held-to-Maturity
Mortgage-backed and collateralized mortgage obligations		$	247,746		2.78	%		$	251,675

Schedule of amortized cost and fair value of securities that exceed 10% of stockholders equity

Information regarding these three issuers and the value of the securities issued follows:

		December 31, 2015
		Amortized			Fair
Issuer		Cost			Value
College Loan Corporation		$	73,293		$	70,254
Nelnet Student Loan			23,359			23,291
GCO Education Loan Funding Corp			37,508			35,263

Schedule of securities with unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position

		Less than 12 months								Greater than 12 months
December 31, 2015		in an unrealized loss position								in an unrealized loss position								Total
		Number of		Unrealized			Fair			Number of		Unrealized			Fair			Number of		Unrealized			Fair
Securities Available-for-Sale		Securities		Losses			Value			Securities		Losses			Value			Securities		Losses			Value
U.S. government agencies		-		$	-		$	-		1		$	127		$	1,556		1		$	127		$	1,556
U.S. government agencies mortgage-backed		1			44			1,996		-			-			-		1			44			1,996
States and political subdivisions		2			19			1,541		1			81			1,713		3			100			3,254
Corporate bonds		5			292			14,866		3			465			14,534		8			757			29,400
Collateralized mortgage obligations		4			334			16,218		7			1,513			43,618		11			1,847			59,836
Asset-backed securities		9			2,080			78,301		8			7,958			121,217		17			10,038			199,518
Collateralized loan obligations		5			446			29,480		9			1,677			62,771		14			2,123			92,251
		26		$	3,215		$	142,402		29		$	11,821		$	245,409		55		$	15,036		$	387,811
Securities Held-to-Maturity
Collateralized mortgage obligations		8		$	505		$	40,307		2		$	460		$	33,842		10		$	965		$	74,149
		8		$	505		$	40,307		2		$	460		$	33,842		10		$	965		$	74,149

		Less than 12 months								Greater than 12 months
December 31, 2014		in an unrealized loss position								in an unrealized loss position								Total
		Number of		Unrealized				Fair		Number of		Unrealized				Fair		Number of		Unrealized				Fair
Securities Available-for-Sale		Securities		Losses				Value		Securities		Losses				Value		Securities		Losses				Value
U.S. Treasury		1		$	2		$	1,527		-		$	-		$	-		1		$	2		$	1,527
U.S. government agencies		-			-			-		1			87			1,624		1			87			1,624
States and political subdivisions		4			96			4,896		-			-			-		4			96			4,896
Corporate bonds		4			486			15,246		1			81			1,921		5			567			17,167
Collateralized mortgage obligations		5			900			38,284		3			1,232			21,604		8			2,132			59,888
Asset-backed securities		9			1,077			99,286		3			1,191			43,662		12			2,268			142,948
Collateralized loan obligations		12			2,203			82,387		-			-			-		12			2,203			82,387
		35		$	4,764		$	241,626		8		$	2,591		$	68,811		43		$	7,355		$	310,437
Securities Held-to-Maturity
Collateralized mortgage obligations		7		$	457		$	49,302		4		$	982		$	46,283		11		$	1,439		$	95,585
		7		$	457		$	49,302		4		$	982		$	46,283		11		$	1,439		$	95,585

Schedule of proceeds from sale and gross realized gains and losses on sale of securities

		Years ended December 31,
		2015			2014			2013
Proceeds from sales of securities		$	70,176		$	296,013		$	533,302
Gross realized gains on securities			106			3,231			5,376
Gross realized losses on securities			(284)			(1,512)			(7,288)
Securities gains (losses), net		$	(178)		$	1,719		$	(1,912)
Income tax expense (benefit) on net realized gains (losses)		$	(71)		$	704		$	(784)

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- Definition

Tabular disclosure of amorized cost and fair value of securities that exceed 10% of stockholders equity.

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Tabular disclosure of the reconciliation of available-for-sale securities and held-to-maturity securities from cost basis to fair value.

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Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

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- Definition

Tabular disclosure of the proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that have been included in earnings as a result of those sales.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 9
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27357-111563

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For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27290-111563

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