Securities (Tables)

6 Months Ended

Jun. 30, 2014

Securities [Abstract]

Amortized cost, estimated fair value, and unrealized gains and losses of securities available for sale

The amortized cost, estimated fair value, and unrealized gains and losses of securities available for sale are as follows:

(In thousands)	Amortized cost		Unrealized gains		Unrealized losses		Estimated fair value
June 30, 2014
U.S. Treasury	$	33,129	$	195	$	-	$	33,324
Federal Agency		310,181		478		3,518		307,141
State & municipal		103,253		2,267		172		105,348
Mortgage-backed:
Government-sponsored enterprises		368,988		8,473		428		377,033
U.S. government agency securities		19,527		921		94		20,354
Collateralized mortgage obligations:
Government-sponsored enterprises		480,694		2,315		11,816		471,193
U.S. government agency securities		48,065		610		59		48,616
Other securities		12,962		3,025		197		15,790
Total securities available for sale	$	1,376,799	$	18,284	$	16,284	$	1,378,799
December 31, 2013
U.S. Treasury	$	43,279	$	337	$	-	$	43,616
Federal Agency		285,880		343		7,308		278,915
State & municipal		113,435		1,842		1,612		113,665
Mortgage-backed:
Government-sponsored enterprises		337,666		5,788		2,131		341,323
U.S. government agency securities		21,924		1,002		85		22,841
Collateralized mortgage obligations:
Government-sponsored enterprises		521,257		1,777		18,141		504,893
U.S. government agency securities		43,943		794		102		44,635
Other securities		12,367		2,854		228		14,993
Total securities available for sale	$	1,379,751	$	14,737	$	29,607	$	1,364,881

Amortized cost, estimated fair value, and unrealized gains and losses of securities held to maturity

The amortized cost, estimated fair value, and unrealized gains and losses of securities held to maturity are as follows:

	Amortized		Unrealized		Unrealized		Estimated
(In thousands)	cost		gains		losses		fair value
June 30, 2014
Mortgage-backed	$	853	$	125	$	-	$	978
Collateralized mortgage obligations		59,792		-		3,139		56,653
State & municipal		65,320		425		-		65,745
Total securities held to maturity	$	125,965	$	550	$	3,139	$	123,376
December 31, 2013
Mortgage-backed	$	953	$	128	$	-	$	1,081
Collateralized mortgage obligations		62,025		-		4,569		57,456
State & municipal		54,305		442		8		54,739
Total securities held to maturity	$	117,283	$	570	$	4,577	$	113,276

Investment securities with unrealized losses

The following table sets forth information with regard to investment securities with unrealized losses at June 30, 2014 and December 31, 2013:

	Less than 12 months							12 months or longer							Total
Security Type:	Fair Value		Unrealized losses			Number of Positions		Fair Value		Unrealized losses			Number of Positions		Fair Value		Unrealized losses			Number of Positions
June 30, 2014
Investment securities available for sale:
Federal agency	$	14,584		(17	)		2	$	227,183	$	(3,501	)		19	$	241,767	$	(3,518	)		21
State & municipal		8,256		(22	)		28		20,416		(150	)		70		28,672		(172	)		98
Mortgage-backed		1,523		(6	)		12		49,695		(516	)		36		51,218		(522	)		48
Collateralized mortgage obligations		89,915		(542	)		12		269,579		(11,333	)		23		359,494		(11,875	)		35
Other securities		2,553		(34	)		1		3,191		(163	)		2		5,744		(197	)		3
Total securities with unrealized losses	$	116,831	$	(621	)		55	$	570,064	$	(15,663	)		150	$	686,895	$	(16,284	)		205
June 30, 2014
Investment securities held to maturity:
Collateralized mortgage obligations		56,653		(3,139	)		5		-		-			-	$	56,653		(3,139	)		5
December 31, 2013
Investment securities available for sale:
Federal agency	$	233,935	$	(6,927	)		20	$	9,619	$	(381	)		1	$	243,554	$	(7,308	)		21
State & municipal		50,328		(1,612	)		177		-		-			-		50,328		(1,612	)		177
Mortgage-backed		143,080		(2,216	)		79		-		-			-		143,080		(2,216	)		79
Collateralized mortgage obligations		379,273		(18,243	)		36		-		-			-		379,273		(18,243	)		36
Other securities		5,490		(203	)		2		223		(25	)		1		5,713		(228	)		3
Total securities with unrealized losses	$	812,106	$	(29,201	)		314	$	9,842	$	(406	)		2	$	821,948	$	(29,607	)		316
December 31, 2013
Investment securities held to maturity:
Collateralized mortgage obligations	$	57,456	$	(4,569	)		5	$	-	$	-			-	$	57,456	$	(4,569	)		5
State & municipal		1,012		(8	)		1		-		-			-		1,012		(8	)		1
Total securities with unrealized losses	$	58,468	$	(4,577	)		6	$	-	$	-			-	$	58,468	$	(4,577	)		6

Contractual maturities of debt securities

The following tables set forth information with regard to contractual maturities of debt securities at June 30, 2014:

(In thousands)	Amortized cost		Estimated fair value
Debt securities classified as available for sale
Within one year	$	29,964	$	30,109
From one to five years		359,226		358,895
From five to ten years		215,602		220,020
After ten years		759,045		753,985
	$	1,363,837	$	1,363,009
Debt securities classified as held to maturity
Within one year	$	30,983	$	31,083
From one to five years		17,462		17,651
From five to ten years		15,636		15,772
After ten years		61,884		58,870
	$	125,965	$	123,376