Investment Securities (Tables)

3 Months Ended

Mar. 31, 2014

Investments, Debt and Equity Securities [Abstract]

Available-for-sale Securities

The following is a summary of the amortized cost and fair value of investment securities available-for-sale and investment securities held-to-maturity at March 31, 2014, December 31, 2013 and March 31, 2013:

	Investment Securities Available-for-Sale
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
	(In thousands)
March 31, 2014
Government sponsored agencies	$	91,613	$	295	$	298	$	91,610
State and political subdivisions	42,369		1,408		—		43,777
Residential mortgage-backed securities	291,187		1,023		3,472		288,738
Collateralized mortgage obligations	167,622		393		1,296		166,719
Corporate bonds	65,003		505		93		65,415
Preferred stock	1,389		170		—		1,559
Total	$	659,183	$	3,794	$	5,159	$	657,818
December 31, 2013
Government sponsored agencies	$	93,895	$	250	$	382	$	93,763
State and political subdivisions	42,450		1,355		7		43,798
Residential mortgage-backed securities	303,495		968		5,097		299,366
Collateralized mortgage obligations	182,128		452		1,639		180,941
Corporate bonds	65,028		499		252		65,275
Preferred stock	1,389		63		25		1,427
Total	$	688,385	$	3,587	$	7,402	$	684,570
March 31, 2013
Government sponsored agencies	$	94,939	$	608	$	168	$	95,379
State and political subdivisions	47,043		2,206		—		49,249
Residential mortgage-backed securities	237,256		1,984		48		239,192
Collateralized mortgage obligations	246,751		1,087		170		247,668
Corporate bonds	65,114		783		349		65,548
Preferred stock	6,144		442		—		6,586
Total	$	697,247	$	7,110	$	735	$	703,622

Held-to-maturity Securities

	Investment Securities Held-to-Maturity
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
	(In thousands)
March 31, 2014
State and political subdivisions	$	267,599	$	5,331	$	6,983	$	265,947
Trust preferred securities	10,500		—		4,040		6,460
Total	$	278,099	$	5,331	$	11,023	$	272,407
December 31, 2013
State and political subdivisions	$	263,405	$	5,462	$	6,846	$	262,021
Trust preferred securities	10,500		—		4,250		6,250
Total	$	273,905	$	5,462	$	11,096	$	268,271
March 31, 2013
State and political subdivisions	$	247,249	$	10,002	$	1,886	$	255,365
Trust preferred securities	10,500		—		4,460		6,040
Total	$	257,749	$	10,002	$	6,346	$	261,405

Amortized cost and fair value of debt securities by contractual maturity

The following is a summary of the amortized cost and fair value of investment securities at March 31, 2014, by maturity, for both available-for-sale and held-to-maturity investment securities. The maturities of residential mortgage-backed securities and collateralized mortgage obligations are based on scheduled principal payments. The maturities of all other debt securities are based on final contractual maturity.

	March 31, 2014
	Amortized Cost		Fair Value
	(In thousands)
Investment Securities Available-for-Sale:
Due in one year or less	$	160,093	$	159,861
Due after one year through five years	403,039		402,251
Due after five years through ten years	90,096		89,721
Due after ten years	4,566		4,426
Preferred stock	1,389		1,559
Total	$	659,183	$	657,818
Investment Securities Held-to-Maturity:
Due in one year or less	$	38,060	$	38,096
Due after one year through five years	104,588		105,892
Due after five years through ten years	79,077		79,653
Due after ten years	56,374		48,766
Total	$	278,099	$	272,407

Summary of continuous unrealized loss position of securities

The following schedule summarizes information for both available-for-sale and held-to-maturity investment securities with gross unrealized losses at March 31, 2014, December 31, 2013 and March 31, 2013, aggregated by category and length of time that individual securities have been in a continuous unrealized loss position.

	Less Than 12 Months				12 Months or More				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(In thousands)
March 31, 2014
Government sponsored agencies	$	45,396	$	110	$	15,204	$	188	$	60,600	$	298
State and political subdivisions	79,787		4,942		56,180		2,041		135,967		6,983
Residential mortgage-backed securities	247,397		3,472		—		—		247,397		3,472
Collateralized mortgage obligations	76,900		885		12,833		411		89,733		1,296
Corporate bonds	—		—		14,907		93		14,907		93
Trust preferred securities	—		—		6,460		4,040		6,460		4,040
Total	$	449,480	$	9,409	$	105,584	$	6,773	$	555,064	$	16,182
December 31, 2013
Government sponsored agencies	$	47,352	$	205	$	14,031	$	177	$	61,383	$	382
State and political subdivisions	126,345		6,475		19,074		378		145,419		6,853
Residential mortgage-backed securities	274,076		5,097		—		—		274,076		5,097
Collateralized mortgage obligations	84,995		1,127		14,684		512		99,679		1,639
Corporate bonds	14,931		78		19,826		174		34,757		252
Trust preferred securities	—		—		6,250		4,250		6,250		4,250
Preferred stock	1,024		25		—		—		1,024		25
Total	$	548,723	$	13,007	$	73,865	$	5,491	$	622,588	$	18,498
March 31, 2013
Government sponsored agencies	$	17,281	$	168	$	—	$	—	$	17,281	$	168
State and political subdivisions	73,880		1,667		10,685		219		84,565		1,886
Residential mortgage-backed securities	86,179		45		374		3		86,553		48
Collateralized mortgage obligations	27,802		133		8,560		37		36,362		170
Corporate bonds	—		—		19,651		349		19,651		349
Trust preferred securities	—		—		6,040		4,460		6,040		4,460
Total	$	205,142	$	2,013	$	45,310	$	5,068	$	250,452	$	7,081