XML 21 R10.htm IDEA: XBRL DOCUMENT
v3.7.0.1

Securities | 3 Months Ended
--- | ---
Mar. 31, 2017
Investments, Debt and Equity Securities [Abstract] |
Securities | Securities The following is a summary of securities available for sale as of March 31, 2017 and December 31, 2016:
| Amortized Cost |  | Gross Unrealized Gain |  | Gross Unrealized Loss |  | Estimated Fair Value
| (in thousands)
March 31, 2017 |  |  |  |  |  |  |
Mortgage-backed securities (1) (2) | $ | 262,713 |  |  | $ | 862 |  |  | $ | 1,480 |  |  | $ | 262,095 |
Collateralized mortgage obligations (1) | 87,855 |  |  | 13 |  |  | 940 |  |  | 86,928 |
U.S. government agency securities | 7,499 |  |  | — |  |  | 53 |  |  | 7,446 |
SBA loan pool securities | 4,354 |  |  | — |  |  | 191 |  |  | 4,163 |
Municipal bonds-tax exempt | 159,203 |  |  | 431 |  |  | 860 |  |  | 158,774 |
Municipal bonds-taxable | 1,045 |  |  | — |  |  | 8 |  |  | 1,037 |
Corporate bonds | 5,008 |  |  | 14 |  |  |  |  |  | 5,022 |
U.S. treasury securities | 155 |  |  | — |  |  |  |  | 155 |
Mutual funds | 22,916 |  |  | — |  |  | 526 |  |  | 22,390 |
Total securities available for sale | $ | 550,748 |  |  | $ | 1,320 |  |  | $ | 4,058 |  |  | $ | 548,010 |
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 total estimated fair value of $50.5 million and $52.9 million as of March 31, 2017 and December 31, 2016, respectively.
The amortized cost and estimated fair value of securities as of March 31, 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 | $ | 5,485 |  |  | $ | 5,443 |
Over one year through five years | 64,510 |  |  | 64,393 |
Over five years through ten years | 250,661 |  |  | 249,514 |
Over ten years | 230,092 |  |  | 228,660 |
Total | $ | 550,748 |  |  | $ | 548,010 |
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, 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)
March 31, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities | $ | 1,418 |  |  | $ | 149,993 |  |  | 51 |  |  | $ | 62 |  |  | $ | 7,096 |  |  | 2 |  |  | $ | 1,480 |  |  | $ | 157,089 |  |  | 53 |
Collateralized mortgage obligations | 557 |  |  | 61,622 |  |  | 27 |  |  | 383 |  |  | 15,888 |  |  | 9 |  |  | 940 |  |  | 77,510 |  |  | 36 |
U.S. government agency securities | 53 |  |  | 7,446 |  |  | 3 |  |  | — |  |  | — |  |  | — |  |  | 53 |  |  | 7,446 |  |  | 3 |
SBA loan pool securities | — |  |  | — |  |  | — |  |  | 191 |  |  | 4,163 |  |  | 2 |  |  | 191 |  |  | 4,163 |  |  | 2 |
Municipal bonds-tax exempt | 860 |  |  | 104,412 |  |  | 45 |  |  | — |  |  | — |  |  | — |  |  | 860 |  |  | 104,412 |  |  | 45 |
Municipal bonds-taxable | 8 |  |  | 1,036 |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 8 |  |  | 1,036 |  |  | 1 |
Mutual funds | 413 |  |  | 21,478 |  |  | 4 |  |  | 113 |  |  | 914 |  |  | 3 |  |  | 526 |  |  | 22,392 |  |  | 7 |
Total | $ | 3,309 |  |  | $ | 345,987 |  |  | 131 |  |  | $ | 749 |  |  | $ | 28,061 |  |  | 16 |  |  | $ | 4,058 |  |  | $ | 374,048 |  |  | 147 |
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 |
All individual securities that have been in a continuous unrealized loss position for 12 months or longer as of March 31, 2017 and December 31, 2016 had investment grade ratings upon purchase. The issuers of these securities have not established any cause for default on these securities and the various rating agencies have reaffirmed these securities’ long-term investment grade status as of March 31, 2017 and December 31, 2016. These securities have fluctuated in value since their purchase dates as market interest rates have fluctuated. The Company does not intend to sell these securities and it is more likely than not that we will not be required to sell the securities before the recovery of their amortized cost basis. Interest payments have been made as scheduled, and management believes this will continue in the future and that the bonds will be repaid in full as scheduled. Therefore, in management’s opinion, all securities that have been in a continuous unrealized loss position for the past 12 months or longer as of March 31, 2017 and December 31, 2016 were not other-than-temporarily impaired, and therefore, no impairment charges as of March 31, 2017 and December 31, 2016 were warranted. 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,
| 2017 |  | 2016
| (in thousands)
Gross realized gains on sales of securities | $ | 269 |  |  | $ | — |
Gross realized losses on sales of securities | — |  |  | — |
Net realized gains on sales of securities | $ | 269 |  |  | $ | — |
Proceeds from sales of securities | $ | 12,573 |  |  | $ | — |
For the three months ended March 31, 2017, there was a $269,000 net gain in earnings resulting from the sale of securities. Net unrealized gains of $319,000 related to these sold securities had previously been recorded in accumulated other comprehensive income as of the beginning of the period. There were no sales of securities during the three months ended March 31, 2016. Securities available for sale with market values of $133.0 million and $133.0 million as of March 31, 2017 and December 31, 2016, respectively, were pledged to secure public deposits and for other purposes as required or permitted by law.

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -Glossary Debt Security -URI http://asc.fasb.org/extlink&oid=6509901 Reference 2: 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=73527792&loc=d3e27290-111563 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6379141&loc=d3e15032-111544 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=73527792&loc=d3e27232-111563 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -Glossary Equity Security -URI http://asc.fasb.org/extlink&oid=6511694 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=73527792&loc=d3e27161-111563 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=73527792&loc=d3e27357-111563 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=73527792&loc=d3e27405-111563 + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration