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Investment Securities (Tables)

12 Months Ended

Dec. 31, 2016

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

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

		December 31, 2016
(Amounts in thousands)		Amortized Cost				Unrealized Gains				Unrealized Losses				Fair Value
U.S. Agency securities		$	1,342			$	3			$	—			$	1,345
Municipal securities			111,659				2,258				(586	)			113,331
Single issue trust preferred securities			22,104				—				(2,165	)			19,939
Mortgage-backed Agency securities			31,290				66				(465	)			30,891
Equity securities			55				18				—				73
Total securities available for sale		$	166,450			$	2,345			$	(3,216	)		$	165,579
		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 securities available for sale		$	372,389			$	4,355			$	(10,571	)		$	366,173

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, 2016. 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				Corporate Notes				Total
Amortized cost maturity:
One year or less		$	18,756			$	3,095			$	21,851
After one year through five years			17,985				7,297				25,282
After five years through ten years			—				—				—
After ten years			—				—				—
Total amortized cost		$	36,741			$	10,392			$	47,133
Fair value maturity:
One year or less		$	18,768			$	3,096			$	21,864
After one year through five years			18,097				7,305				25,402
After five years through ten years			—				—				—
After ten years			—				—				—
Total fair value		$	36,865			$	10,401			$	47,266

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

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

		December 31, 2016
(Amounts in thousands)		Amortized Cost				Unrealized Gains				Unrealized Losses				Fair Value
U.S. Agency securities		$	36,741			$	124			$	—			$	36,865
Corporate securities			10,392				11				(2	)			10,401
Total securities held to maturity		$	47,133			$	135			$	(2	)		$	47,266
		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 securities held to maturity		$	72,541			$	78			$	(129	)		$	72,490

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, 2016
(Amounts in thousands)		Percent of Municipal Portfolio				Amortized Cost				Unrealized Gains				Unrealized Losses				Fair Value
New York			11.66	%		$	12,876			$	334			$	—			$	13,210
Minnesota			9.70	%			10,796				232				(40	)			10,988
Wisconsin			8.66	%			9,786				74				(42	)			9,818
Ohio			8.50	%			9,599				125				(88	)			9,636
Massachusetts			8.45	%			9,355				229				(10	)			9,574
New Jersey			7.14	%			7,891				202				—				8,093
Connecticut			6.90	%			7,628				190				—				7,818
Texas			6.55	%			7,397				130				(103	)			7,424
Iowa			5.66	%			6,467				36				(88	)			6,415
Other			26.78	%			29,864				706				(215	)			30,355
Total			100.00	%		$	111,659			$	2,258			$	(586	)		$	113,331
		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
Minnesota			8.72	%			11,011				283				(64	)			11,230
Wisconsin			8.69	%			10,797				420				(14	)			11,203
Ohio			8.38	%			10,416				388				—				10,804
Connecticut			7.76	%			9,786				217				(5	)			9,998
New Jersey			7.69	%			9,554				378				(22	)			9,910
Massachusetts			7.60	%			9,479				315				—				9,794
Texas			6.04	%			7,651				208				(75	)			7,784
Other			5.03	%			6,471				75				(60	)			6,486
Total			28.71	%			35,843				1,272				(117	)			36,998
			100.00	%		$	125,070			$	4,158			$	(357	)		$	128,871

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, 2016
		Less than 12 Months								12 Months or Longer								Total
		Fair				Unrealized				Fair				Unrealized				Fair				Unrealized
(Amounts in thousands)		Value				Losses				Value				Losses				Value				Losses
Municipal securities		$	24,252			$	(527	)		$	715			$	(59	)		$	24,967			$	(586	)
Single issue trust preferred securities			—				—				19,939				(2,165	)			19,939				(2,165	)
Mortgage-backed Agency securities			12,834				(166	)			11,851				(299	)			24,685				(465	)
Total		$	37,086			$	(693	)		$	32,505			$	(2,523	)		$	69,591			$	(3,216	)
		December 31, 2015
		Less than 12 Months								12 Months or Longer								Total
		Fair				Unrealized				Fair				Unrealized				Fair				Unrealized
(Amounts in thousands)		Value				Losses				Value				Losses				Value				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	)

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 dates indicated:

		December 31, 2016
		Less than 12 Months								12 Months or Longer								Total
		Fair				Unrealized				Fair				Unrealized				Fair				Unrealized
(Amounts in thousands)		Value				Losses				Value				Losses				Value				Losses
Corporate securities		$	3,533			$	(2	)		$	—			$	—			$	3,533			$	(2	)
Total		$	3,533			$	(2	)		$	—			$	—			$	3,533			$	(2	)

		December 31, 2015
		Less than 12 Months								12 Months or Longer								Total
		Fair				Unrealized				Fair				Unrealized				Fair				Unrealized
(Amounts in thousands)		Value				Losses				Value				Losses				Value				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	)

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

The following table presents the changes in credit-related losses recognized in earnings on debt securities where a portion of the impairment was recognized in OCI during the periods indicated:

		Year Ended December 31,
(Amounts in thousands)		2016				2015				2014
Beginning balance (1)		$	—			$	—			$	7,798
Additions for credit losses on securities not previously recognized			4,646				—				—
Additions for credit losses on securities previously recognized			—				—				705
Reduction for securities sold/realized losses			(4,646	)			—				(8,503	)
Ending balance		$	—			$	—			$	—

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

Net Loss or Gain from Sale of Securities

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

		Year Ended December 31,
(Amounts in thousands)		2016				2015				2014
Gross realized gains		$	757			$	363			$	2,257
Gross realized losses			(422	)			(219	)			(3,642	)
Net gain (loss) on sale of securities		$	335			$	144			$	(1,385	)

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, 2016. 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		$	—			$	1,135			$	—			$	1,135
After one year through five years			1				1,035				—				1,036
After five years through ten years			—				88,449				—				88,449
After ten years			1,341				21,040				22,104				44,485
Amortized cost		$	1,342			$	111,659			$	22,104				135,105
Mortgage-backed securities															31,290
Equity securities															55
Total amortized cost														$	166,450
Fair value maturity:
One year or less		$	—			$	1,141			$	—			$	1,141
After one year through five years			1				1,059				—				1,060
After five years through ten years			—				90,360				—				90,360
After ten years			1,344				20,771				19,939				42,054
Fair value		$	1,345			$	113,331			$	19,939				134,615
Mortgage-backed securities															30,891
Equity securities															73
Total fair value														$	165,579

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