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Investment Securities (Tables)

12 Months Ended

Dec. 31, 2015

Amortized Cost and Aggregate Fair Value of Available-for-Sale Securities, Including Gross Unrealized Gains and Losses

The following tables present the amortized cost and aggregate fair value of available-for-sale securities, including gross unrealized gains and losses, as of the dates indicated:

		December 31, 2015
(Amounts in thousands)		Amortized Cost				Unrealized Gains				Unrealized Losses				Fair Value
U.S. Agency securities		$	31,414			$	39			$	(751	)		$	30,702
Municipal securities			124,880				4,155				(357	)			128,678
Single issue trust preferred securities			55,882				—				(8,050	)			47,832
Corporate securities			70,571				—				(238	)			70,333
Certificates of deposit			5,000				—				—				5,000
Mortgage-backed Agency securities			84,576				155				(1,175	)			83,556
Equity securities			66				6				—				72
Total		$	372,389			$	4,355			$	(10,571	)		$	366,173
		December 31, 2014
(Amounts in thousands)		Amortized Cost				Unrealized Gains				Unrealized Losses				Fair Value
U.S. Agency securities		$	34,604			$	11			$	(1,017	)		$	33,598
Municipal securities			134,784				4,823				(692	)			138,915
Single issue trust preferred securities			55,822				—				(9,685	)			46,137
Corporate securities			5,000				109				—				5,109
Mortgage-backed Agency securities			102,506				470				(857	)			102,119
Equity securities			226				19				(6	)			239
Total		$	332,942			$	5,432			$	(12,257	)		$	326,117

Amortized Cost, Fair Value, and Weighted-Average Yield of Securities by Contractual Maturity

The following table presents the amortized cost and fair value of held-to-maturity securities, by contractual maturity, as of December 31, 2015. Actual maturities could differ from contractual maturities because issuers may have the right to call or prepay obligations with or without penalties.

(Amounts in thousands)		U.S. Agency Securities				Municipal Securities				Corporate Notes				Total
Amortized cost maturity:
One year or less		$	25,058			$	190			$	—			$	25,248
After one year through five years			36,805				—				10,488				47,293
After five years through ten years			—				—				—				—
After ten years			—				—				—				—
Total amortized cost		$	61,863			$	190			$	10,488			$	72,541
Fair value maturity:
One year or less		$	25,007			$	193			$	—			$	25,200
After one year through five years			36,825				—				10,465				47,290
After five years through ten years			—				—				—				—
After ten years			—				—				—				—
Total fair value		$	61,832			$	193			$	10,465			$	72,490

Amortized Cost and Aggregate Fair Value of Held-to-Maturity Securities, Including Gross Unrealized Gains and Losses

The following tables present the amortized cost and aggregate fair value of held-to-maturity securities, including gross unrealized gains and losses, as of the dates indicated:

		December 31, 2015
(Amounts in thousands)		Amortized Cost				Unrealized Gains				Unrealized Losses				Fair Value
U.S. Agency securities		$	61,863			$	75			$	(106	)		$	61,832
Municipal securities			190				3				—				193
Corporate securities			10,488				—				(23	)			10,465
Total		$	72,541			$	78			$	(129	)		$	72,490

		December 31, 2014
(Amounts in thousands)		Amortized Cost				Unrealized Gains				Unrealized Losses				Fair Value
U.S. Agency securities		$	46,987			$	22			$	(54	)		$	46,955
Municipal securities			379				7				—				386
Corporate securities			10,582				—				(34	)			10,548
Total		$	57,948			$	29			$	(88	)		$	57,889

Amortized Cost and Fair Value of Municipal Securities by State, Including Gross Unrealized Gains and Losses

The following tables present municipal securities, by state, for the states where the largest volume of these securities are held in the Company’s portfolio. The tables also present the amortized cost and fair value of the municipal securities, including gross unrealized gains and losses, as of the dates indicated.

		December 31, 2015
(Amounts in thousands)		Percent of Municipal Portfolio				Amortized Cost				Unrealized Gains				Unrealized Losses				Fair Value
New York			11.38	%		$	14,062			$	602			$	—			$	14,664
Ohio			8.72	%			11,011				283				(64	)			11,230
Minnesota			8.69	%			10,797				420				(14	)			11,203
New Jersey			8.38	%			10,416				388				—				10,804
Wisconsin			7.76	%			9,786				217				(5	)			9,998
Massachusetts			7.69	%			9,554				378				(22	)			9,910
Connecticut			7.60	%			9,479				315				—				9,794
Texas			6.04	%			7,651				208				(75	)			7,784
Iowa			5.03	%			6,471				75				(60	)			6,486
Other			28.71	%			35,843				1,272				(117	)			36,998
Total			100.00	%		$	125,070			$	4,158			$	(357	)		$	128,871

		December 31, 2014
(Amounts in thousands)		Percent of Municipal Portfolio				Amortized Cost				Unrealized Gains				Unrealized Losses				Fair Value
New York			11.48	%		$	14,064			$	730			$	—			$	14,794
Minnesota			9.02	%			11,188				463				(30	)			11,621
Wisconsin			8.98	%			11,340				244				(16	)			11,568
Ohio			8.79	%			11,145				337				(148	)			11,334
Connecticut			8.67	%			10,775				393				—				11,168
New Jersey			8.60	%			10,567				515				—				11,082
Massachusetts			7.77	%			9,653				393				(38	)			10,008
Texas			6.87	%			8,770				214				(133	)			8,851
Other			37.93	%			47,661				1,541				(327	)			48,875
Total			108.09	%		$	135,163			$	4,830			$	(692	)		$	139,301

Available-For-Sale Securities in Continuous Unrealized Loss Position

The following tables present the fair values and unrealized losses for available-for-sale securities in a continuous unrealized loss position for less than 12 months and for 12 months or longer as of the dates indicated:

		December 31, 2015
		Less than 12 Months								12 Months or longer								Total
(Amounts in thousands)		Fair Value				Unrealized Losses				Fair Value				Unrealized Losses				Fair Value				Unrealized Losses
U.S. Agency securities		$	4,441			$	(5	)		$	23,922			$	(746	)		$	28,363			$	(751	)
Municipal securities			8,126				(48	)			10,393				(309	)			18,519				(357	)
Single issue trust preferred securities			—				—				47,832				(8,050	)			47,832				(8,050	)
Corporate securities			70,333				(238	)			—				—				70,333				(238	)
Mortgage-backed Agency securities			27,050				(253	)			37,291				(922	)			64,341				(1,175	)
Total		$	109,950			$	(544	)		$	119,438			$	(10,027	)		$	229,388			$	(10,571	)

		December 31, 2014
		Less than 12 Months								12 Months or longer								Total
(Amounts in thousands)		Fair Value				Unrealized Losses				Fair Value				Unrealized Losses				Fair Value				Unrealized Losses
U.S. Agency securities		$	—			$	—			$	29,448			$	(1,017	)		$	29,448			$	(1,017	)
Municipal securities			1,112				(8	)			25,007				(684	)			26,119				(692	)
Single issue trust preferred securities			—				—				46,137				(9,685	)			46,137				(9,685	)
Mortgage-backed Agency securities			2,778				(3	)			45,790				(854	)			48,568				(857	)
Equity securities			150				(6	)			—				—				150				(6	)
Total		$	4,040			$	(17	)		$	146,382			$	(12,240	)		$	150,422			$	(12,257	)

Held to Maturity Securities in Continuous Unrealized Loss Position

The following tables present the fair values and unrealized losses for held-to-maturity securities in a continuous unrealized loss position for less than 12 months and for 12 months or longer as of the date indicated.

		December 31, 2015
		Less than 12 Months								12 Months or longer								Total
(Amounts in thousands)		Fair Value				Unrealized Losses				Fair Value				Unrealized Losses				Fair Value				Unrealized Losses
U.S. Agency securities		$	43,723			$	(106	)		$	—			$	—			$	43,723			$	(106	)
Corporate securities			6,851				(23	)			—				—				6,851				(23	)
Total		$	50,574			$	(129	)		$	—			$	—			$	50,574			$	(129	)

		December 31, 2014
		Less than 12 Months								12 Months or longer								Total
(Amounts in thousands)		Fair Value				Unrealized Losses				Fair Value				Unrealized Losses				Fair Value				Unrealized Losses
U.S. Agency securities		$	28,188			$	(54	)		$	—			$	—			$	28,188			$	(54	)
Corporate securities			10,548				(34	)			—				—				10,548				(34	)
Total		$	38,736			$	(88	)		$	—			$	—			$	38,736			$	(88	)

Net Loss or Gain from Sale of Securities

The following table presents the proceeds from sales of available-for-sale securities and the gross realized gains and losses on those sales in the periods indicated:

		Year Ended December 31,
(Amounts in thousands)		2015				2014				2013
Gross realized gains		$	363			$	2,257			$	553
Gross realized losses			(219	)			(3,642	)			(154	)
Net gain (loss) on sale of securities		$	144			$	(1,385	)		$	399

Credit Losses Recognized in Earnings for Debt Securities Where Portion of OTTI Recognized in OCI

The following table presents the activity for credit-related losses recognized in earnings on debt securities where a portion of an OTTI was recognized in OCI for the periods indicated:

		Year Ended December 31,
(Amounts in thousands)		2015				2014				2013
Beginning balance (1)		$	—			$	7,798			$	7,478
Additions for credit losses on securities previously recognized			—				705				320
Reduction for securities sold/realized losses			—				(8,503	)			—
Ending balance		$	—			$	—			$	7,798

(1) The beginning balance includes credit related losses included in OTTI charges recognized on debt securities in prior periods.

Held-to-maturity Securities

Amortized Cost, Fair Value, and Weighted-Average Yield of Securities by Contractual Maturity

The following table presents the amortized cost and fair value of available-for-sale securities, by contractual maturity, as of December 31, 2015. Actual maturities could differ from contractual maturities because issuers may have the right to call or prepay obligations with or without penalties.

(Amounts in thousands)		U.S. Agency Securities				Municipal Securities				Corporate Notes				Certificates of Deposit				Total
Amortized cost maturity:
One year or less		$	—			$	1,100			$	70,571			$	5,000			$	76,671
After one year through five years			2				2,567				—				—				2,569
After five years through ten years			2,997				80,882				—				—				83,879
After ten years			28,415				40,331				55,882				—				124,628
Amortized cost		$	31,414			$	124,880			$	126,453			$	5,000				287,747
Mortgage-backed securities																			84,576
Equity securities																			66
Total amortized cost																		$	372,389
Fair value maturity:
One year or less		$	—			$	1,123			$	70,333			$	5,000			$	76,456
After one year through five years			2				2,602				—				—				2,604
After five years through ten years			2,995				84,322				—				—				87,317
After ten years			27,705				40,631				47,832				—				116,168
Fair value		$	30,702			$	128,678			$	118,165			$	5,000				282,545
Mortgage-backed securities																			83,556
Equity securities																			72
Total fair value																		$	366,173

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