XML 26 R12.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Securities | 12 Months Ended
--- | ---
Dec. 31, 2017
Investments, Debt and Equity Securities [Abstract] |
Securities | Securities The following is a summary of securities available for sale as of December 31, 2017 and 2016:
| Amortized Cost |  | Gross Unrealized Gain |  | Gross Unrealized Loss |  | Estimated Fair Value
| (In thousands)
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 |
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. The amortized cost and estimated fair value of securities as of December 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. Since mutual funds do not have contractual maturities and the Company intends to hold these securities for ten years or longer, they are included in the table shown below in the over ten years category. All other securities are included based on their contractual maturities.
| Available for Sale
| Amortized Cost |  | Estimated Fair Value
| (In thousands)
Within one year | $ | 16,951 |  |  | $ | 16,897 |
Over one year through five years | 73,659 |  |  | 72,898 |
Over five years through ten years | 252,829 |  |  | 251,681 |
Over ten years | 238,553 |  |  | 237,328 |
Total | $ | 581,992 |  |  | $ | 578,804 |
FASB ASC 320, “Investments – Debt and Equity Securities,” requires us to periodically evaluate our investments for other-than-temporary impairment (“OTTI”). There was no OTTI charge during the year ended December 31, 2017. 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, 2017 and 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)
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 |
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 |
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 December 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 December 31, 2017 and December 31, 2016. These securities have fluctuated in value since their purchase dates as market interest rates have fluctuated. FASB ASC 320 requires other-than-temporarily impaired securities to be written down when fair value is below amortized cost in circumstances where: (1) an entity has the intent to sell a security; (2) it is more likely than not that an entity will be required to sell the security before recovery of its amortized cost basis; or (3) an entity does not expect to recover the entire amortized cost basis of the security. If an entity intends to sell a security or if it is more likely than not the entity will be required to sell the security before recovery, an OTTI write-down is recognized in earnings equal to the entire difference between the security’s amortized cost basis and its fair value. If an entity does not intend to sell the security or it is not more likely than not that it will be required to sell the security before recovery, the OTTI write-down is separated into an amount representing credit loss, which is recognized in earnings, and the amount related to all other factors, which is recognized in other comprehensive income. 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 investments before the recovery of its amortized cost basis. In addition, the unrealized losses on municipal and corporate bonds are not considered other-than-temporarily impaired, as the bonds are rated investment grade and there are no credit quality concerns with the issuers. 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 December 31, 2017 and December 31, 2016 were not other-than-temporarily impaired, and therefore, no impairment charges as of December 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:
| Year Ended December 31,
| 2017 |  | 2016 |  | 2015
| (In thousands)
Gross realized gains on sales of securities | $ | 1,891 |  |  | $ | 396 |  |  | $ | 6,776 |
Gross realized losses on sales of securities | (143 | ) |  | (350 | ) |  | (165 | )
Net realized gains on sales of securities | $ | 1,748 |  |  | $ | 46 |  |  | $ | 6,611 |
Proceeds from sales of securities | $ | 97,271 |  |  | $ | 78,282 |  |  | $ | 456,098 |
For the year ended December 31, 2017, there was a $1.7 million net gain in earnings resulting from the sale of securities that had previously been recognized as net unrealized losses of $1.3 million in comprehensive income. For the year ended December 31, 2016, there was a $46 thousand net gain in earnings resulting from the redemption and sale of securities that had previously been recorded as net unrealized gains of $314 thousand in comprehensive income. Securities available for sale with market values of $130.1 million and $133.0 million as of December 31, 2017 and 2016, respectively, were pledged to secure public deposits and for the FRB Discount Window 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 -URI http://asc.fasb.org/topic&trid=2196928 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=4738149 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 954 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2289146 + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration