Securities (Tables)

12 Months Ended

Dec. 31, 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
December 31, 2014
U.S. Treasury	$	23,041	$	70	$	-	$	23,111
Federal agency		332,193		327		2,606		329,914
State & municipal		37,035		587		52		37,570
Mortgage-backed:
Government-sponsored enterprises		339,190		7,597		224		346,563
U.S. government agency securities		17,367		863		66		18,164
Collateralized mortgage obligations:
Government-sponsored enterprises		199,837		1,828		234		201,431
U.S. government agency securities		40,237		497		36		40,698
Other securities		12,818		3,054		152		15,720
Total securities available for sale	$	1,001,718	$	14,823	$	3,370	$	1,013,171
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 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 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

Schedule of sales transactions of securities available for sale

The following table sets forth information with regard to sales transactions of securities available for sale:

	Years ended December 31
(In thousands)	2014		2013		2012
Proceeds from sales	$	189	$	27,593	$	1,790
Gross realized gains	$	49	$	1,283	$	442
Gross realized losses		-		-		-
Net securities gains	$	49	$	1,283	$	442

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:

(In thousands)	Amortized cost		Unrealized gains		Unrealized losses		Estimated fair value
December 31, 2014
Mortgage-backed	$	755	$	113	$	-	$	868
Collateralized mortgage obligations		317,628		1,934		1,965		317,597
State & municipal		135,978		674		123		136,529
Total securities held to maturity	$	454,361	$	2,721	$	2,088	$	454,994
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 December 31, 2014 and 2013, segregated according to the length of time the securities had been in a continuous unrealized loss position:

	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
December 31, 2014
Investment securities available for sale:
Federal agency	$	66,528	$	(226	)		8	$	198,151	$	(2,380	)		16	$	264,679	$	(2,606	)		24
State & municipal		8,818		(42	)		33		1,321		(10	)		5		10,139		(52	)		38
Mortgage-backed		10,400		(36	)		10		35,565		(254	)		31		45,965		(290	)		41
Collateralized mortgage obligations		57,682		(196	)		8		6,598		(74	)		4		64,280		(270	)		12
Other securities		-		-			-		3,201		(152	)		2		3,201		(152	)		2
Total securities with unrealized losses	$	143,428	$	(500	)		59	$	244,836	$	(2,870	)		58	$	388,264	$	(3,370	)		117
December 31, 2014
Investment securities held to maturity:
Collateralized mortgage obligations	$	26,052	$	(49	)		2	$	46,415	$	(1,916	)		4	$	72,467	$	(1,965	)		6
State & municipal		43,514		(116	)		110		1,619		(7	)		6		45,133		(123	)		116
Total securities with unrealized losses	$	69,566	$	(165	)		112	$	48,034	$	(1,923	)		10	$	117,600	$	(2,088	)		122
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 December 31, 2014:

(In thousands)	Amortized cost		Estimated fair value
Debt securities classified as available for sale
Within one year	$	28,193	$	28,310
From one to five years		356,696		356,107
From five to ten years		160,816		163,924
After ten years		443,195		449,110
	$	988,900	$	997,451
Debt securities classified as held to maturity
Within one year	$	22,999	$	23,075
From one to five years		15,506		15,606
From five to ten years		87,326		87,640
After ten years		328,530		328,673
	$	454,361	$	454,994