Securities (Tables)
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9 Months Ended |
Sep. 30, 2018 |
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| Investments, Debt and Equity Securities [Abstract] |
|
| Summary of Amortized Cost and Fair Value of Securities Available for Sale |
The amortized cost, gross unrealized gains and losses and fair value of securities available for sale and held to maturity at September 30, 2018 and December 31, 2017(1) are summarized as follows: | | | | | | | | | | | | | | | | | | September 30, 2018 | (In thousands) | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | Debt securities available for sale | |
| | |
| | |
| | |
| U.S. Treasury securities and obligations of U.S. Government Entities | $ | 7,486 |
| | $ | 114 |
| | $ | (57 | ) | | $ | 7,543 |
| Mortgage-backed securities and collateralized mortgage obligations of U.S. Government Sponsored Entities | 597,689 |
| | 153 |
| | (24,660 | ) | | 573,182 |
| Private mortgage-backed securities and collateralized mortgage obligations | 75,485 |
| | 925 |
| | (318 | ) | | 76,092 |
| Collateralized loan obligations | 223,419 |
| | 137 |
| | (566 | ) | | 222,990 |
| Obligations of state and political subdivisions | 43,951 |
| | 261 |
| | (813 | ) | | 43,399 |
| Totals | $ | 948,030 |
| | $ | 1,590 |
|
| $ | (26,414 | ) |
| $ | 923,206 |
| | | | | | | | | Debt securities held to maturity | | | | | | | | Mortgage-backed securities and collateralized mortgage obligations of U.S. Government Sponsored Entities | $ | 313,667 |
| | $ | — |
| | $ | (13,557 | ) | | $ | 300,110 |
| Private mortgage-backed securities and collateralized mortgage obligations | 21,720 |
| | 181 |
| | (131 | ) | | 21,770 |
| Collateralized loan obligations | 32,000 |
| | 58 |
| | (19 | ) | | 32,039 |
| Totals | $ | 367,387 |
|
| $ | 239 |
|
| $ | (13,707 | ) |
| $ | 353,919 |
|
| | | | | | | | | | | | | | | | | | December 31, 2017 | (In thousands) | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | Debt securities available for sale | |
| | |
| | |
| | |
| U.S. Treasury securities and obligations of U.S. Government Entities | $ | 9,475 |
| | $ | 274 |
| | $ | (5 | ) | | $ | 9,744 |
| Mortgage-backed securities and collateralized mortgage obligations of U.S. Government Sponsored Entities | 560,396 |
| | 1,163 |
| | (8,034 | ) | | 553,525 |
| Private mortgage-backed securities and collateralized mortgage obligations | 75,152 |
| | 1,154 |
| | (285 | ) | | 76,021 |
| Collateralized loan obligations | 263,579 |
| | 798 |
| | (68 | ) | | 264,309 |
| Obligations of state and political subdivisions | 45,118 |
| | 813 |
| | (70 | ) | | 45,861 |
| Totals | $ | 953,720 |
| | $ | 4,202 |
| | $ | (8,462 | ) | | $ | 949,460 |
| | | | | | | | | Debt securities held to maturity | | | | | | | | Mortgage-backed securities and collateralized mortgage obligations of U.S. Government Sponsored Entities | $ | 353,541 |
| | $ | 802 |
| | $ | (4,159 | ) | | $ | 350,184 |
| Private mortgage-backed securities and collateralized mortgage obligations | 22,799 |
| | 714 |
| | (53 | ) | | 23,460 |
| Collateralized loan obligations | 40,523 |
| | 303 |
| | — |
| | 40,826 |
| Totals | $ | 416,863 |
| | $ | 1,819 |
| | $ | (4,212 | ) | | $ | 414,470 |
|
(1) December 31, 2017 balances in the tables above reflect certain reclassifications between categories. |
| Summary of Amortized Cost and Fair Value of Held-to-Maturity Securities |
The amortized cost, gross unrealized gains and losses and fair value of securities available for sale and held to maturity at September 30, 2018 and December 31, 2017(1) are summarized as follows: | | | | | | | | | | | | | | | | | | September 30, 2018 | (In thousands) | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | Debt securities available for sale | |
| | |
| | |
| | |
| U.S. Treasury securities and obligations of U.S. Government Entities | $ | 7,486 |
| | $ | 114 |
| | $ | (57 | ) | | $ | 7,543 |
| Mortgage-backed securities and collateralized mortgage obligations of U.S. Government Sponsored Entities | 597,689 |
| | 153 |
| | (24,660 | ) | | 573,182 |
| Private mortgage-backed securities and collateralized mortgage obligations | 75,485 |
| | 925 |
| | (318 | ) | | 76,092 |
| Collateralized loan obligations | 223,419 |
| | 137 |
| | (566 | ) | | 222,990 |
| Obligations of state and political subdivisions | 43,951 |
| | 261 |
| | (813 | ) | | 43,399 |
| Totals | $ | 948,030 |
| | $ | 1,590 |
|
| $ | (26,414 | ) |
| $ | 923,206 |
| | | | | | | | | Debt securities held to maturity | | | | | | | | Mortgage-backed securities and collateralized mortgage obligations of U.S. Government Sponsored Entities | $ | 313,667 |
| | $ | — |
| | $ | (13,557 | ) | | $ | 300,110 |
| Private mortgage-backed securities and collateralized mortgage obligations | 21,720 |
| | 181 |
| | (131 | ) | | 21,770 |
| Collateralized loan obligations | 32,000 |
| | 58 |
| | (19 | ) | | 32,039 |
| Totals | $ | 367,387 |
|
| $ | 239 |
|
| $ | (13,707 | ) |
| $ | 353,919 |
|
| | | | | | | | | | | | | | | | | | December 31, 2017 | (In thousands) | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | Debt securities available for sale | |
| | |
| | |
| | |
| U.S. Treasury securities and obligations of U.S. Government Entities | $ | 9,475 |
| | $ | 274 |
| | $ | (5 | ) | | $ | 9,744 |
| Mortgage-backed securities and collateralized mortgage obligations of U.S. Government Sponsored Entities | 560,396 |
| | 1,163 |
| | (8,034 | ) | | 553,525 |
| Private mortgage-backed securities and collateralized mortgage obligations | 75,152 |
| | 1,154 |
| | (285 | ) | | 76,021 |
| Collateralized loan obligations | 263,579 |
| | 798 |
| | (68 | ) | | 264,309 |
| Obligations of state and political subdivisions | 45,118 |
| | 813 |
| | (70 | ) | | 45,861 |
| Totals | $ | 953,720 |
| | $ | 4,202 |
| | $ | (8,462 | ) | | $ | 949,460 |
| | | | | | | | | Debt securities held to maturity | | | | | | | | Mortgage-backed securities and collateralized mortgage obligations of U.S. Government Sponsored Entities | $ | 353,541 |
| | $ | 802 |
| | $ | (4,159 | ) | | $ | 350,184 |
| Private mortgage-backed securities and collateralized mortgage obligations | 22,799 |
| | 714 |
| | (53 | ) | | 23,460 |
| Collateralized loan obligations | 40,523 |
| | 303 |
| | — |
| | 40,826 |
| Totals | $ | 416,863 |
| | $ | 1,819 |
| | $ | (4,212 | ) | | $ | 414,470 |
|
(1) December 31, 2017 balances in the tables above reflect certain reclassifications between categories. |
| Summary of Investments Classified by Contractual Maturity |
The amortized cost and fair value of debt securities available for sale and held to maturity at September 30, 2018, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because prepayments of the underlying collateral for these securities may occur, due to the right to call or repay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately. | | | | | | | | | | | | | | | | | | Held to Maturity | | Available for Sale | (In thousands)
| Amortized Cost | | Fair Value | | Amortized Cost | | Fair Value | Due in less than one year | $ | — |
| | $ | — |
| | $ | 13,832 |
| | $ | 13,781 |
| Due after one year through five years | — |
| | — |
| | 79,637 |
| | 79,582 |
| Due after five years through ten years | 32,000 |
| | 32,039 |
| | 177,911 |
| | 177,196 |
| Due after ten years | — |
| | — |
| | 3,476 |
| | 3,373 |
| | 32,000 |
| | 32,039 |
| | 274,856 |
| | 273,932 |
| Mortgage-backed securities and collateralized mortgage obligations of U.S. Government Sponsored Entities | 313,667 |
| | 300,110 |
| | 597,689 |
| | 573,182 |
| Private mortgage-backed securities and collateralized mortgage obligations | 21,720 |
| | 21,770 |
| | 75,485 |
| | 76,092 |
| Totals | $ | 367,387 |
| | $ | 353,919 |
| | $ | 948,030 |
| | $ | 923,206 |
|
|
| Schedule of Debt Securities in Unrealized Loss Position |
The tables below indicate the fair value of debt securities with unrealized losses and the period of time for which these losses were outstanding at September 30, 2018 and December 31, 2017, respectively. | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2018 | | Less than 12 months | | 12 months or longer | | Total | (In thousands) | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | U.S. Treasury securities and obligations of U.S. Government Entities | $ | 7,543 |
| | $ | (57 | ) | | $ | — |
| | $ | — |
| | $ | 7,543 |
| | $ | (57 | ) | Mortgage-backed securities and collateralized mortgage obligations of U.S. Government Sponsored Entities | 456,356 |
| | (15,703 | ) | | 416,936 |
| | (22,514 | ) | | 873,292 |
| | (38,217 | ) | Private mortgage-backed securities and collateralized mortgage obligations | 84,026 |
| | (251 | ) | | 13,836 |
| | (197 | ) | | 97,862 |
| | (448 | ) | Collateralized loan obligations | 255,030 |
| | (585 | ) | | — |
| | — |
| | 255,030 |
| | (585 | ) | Obligations of state and political subdivisions | 40,136 |
| | (672 | ) | | 3,262 |
| | (142 | ) | | 43,398 |
| | (814 | ) | Totals | $ | 843,091 |
| | $ | (17,268 | ) | | $ | 434,034 |
| | $ | (22,853 | ) | | $ | 1,277,125 |
| | $ | (40,121 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2017 | | Less than 12 months | | 12 months or longer | | Total | (In thousands) | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | U.S. Treasury securities and obligations of U.S. Government Entities | $ | 1,107 |
| | $ | (5 | ) | | $ | — |
| | $ | — |
| | $ | 1,107 |
| | $ | (5 | ) | Mortgage-backed securities and collateralized mortgage obligations of U.S. Government Sponsored Entities | 304,723 |
| | (2,047 | ) | | 413,725 |
| | (10,146 | ) | | 718,448 |
| | (12,193 | ) | Private mortgage-backed securities and collateralized mortgage obligations | — |
| | — |
| | 20,744 |
| | (338 | ) | | 20,744 |
| | (338 | ) | Collateralized loan obligations | 14,933 |
| | (68 | ) | | — |
| | — |
| | 14,933 |
| | (68 | ) | Obligations of state and political subdivisions | 5,414 |
| | (14 | ) | | 5,864 |
| | (56 | ) | | 11,278 |
| | (70 | ) | Totals | $ | 326,177 |
| | $ | (2,134 | ) | | $ | 440,333 |
| | $ | (10,540 | ) | | $ | 766,510 |
| | $ | (12,674 | ) |
|