Securities (Tables)

6 Months Ended

Jun. 30, 2015

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, 2015
U.S. Treasury	$	10,005	$	9	$	-		$	10,014
Federal Agency		397,197		759		(1,033	)		396,923
State & municipal		29,881		505		(26	)		30,360
Mortgage-backed:
Government-sponsored enterprises		333,292		5,914		(439	)		338,767
U.S. government agency securities		15,325		796		(59	)		16,062
Collateralized mortgage obligations:
Government-sponsored enterprises		285,733		1,966		(535	)		287,164
U.S. government agency securities		33,965		428		(34	)		34,359
Other securities		12,872		2,870		(142	)		15,600
Total securities available for sale	$	1,118,270	$	13,247	$	(2,268	)	$	1,129,249
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

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
June 30, 2015
Mortgage-backed:
Government-sponsored enterprises	$	10,049	$	-	$	(142	)	$	9,907
U.S. government agency securities		695		118		-			813
Collateralized mortgage obligations:
Government-sponsored enterprises		295,510		1,769		(1,826	)		295,453
State & municipal		148,058		466		(442	)		148,082
Total securities held to maturity	$	454,312	$	2,353	$	(2,410	)	$	454,255
December 31, 2014
Mortgage-backed:
Government-sponsored enterprises	$	755	$	113	$	-		$	868
Collateralized mortgage obligations:
Government-sponsored enterprises		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

Investment securities with unrealized losses

The following table sets forth information with regard to investment securities with unrealized losses for the periods presented:

	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, 2015
Investment securities available for sale:
Federal agency	$	146,403	$	(765	)		13	$	29,732	$	(268	)		3	$	176,135	$	(1,033	)		16
State & municipal		6,184		(26	)		14		-		-			-		6,184		(26	)		14
Mortgage-backed		57,745		(439	)		28		4,571		(59	)		17		62,316		(498	)		45
Collateralized mortgage obligations		87,849		(531	)		9		5,452		(38	)		4		93,301		(569	)		13
Other securities		-		-			-		3,211		(142	)		2		3,211		(142	)		2
Total securities with unrealized losses	$	298,181	$	(1,761	)		64	$	42,966	$	(507	)		26	$	341,147	$	(2,268	)		90
June 30, 2015
Investment securities held to maturity:
Mortgage-backed	$	9,907	$	(142	)		1	$	-	$	-			-	$	9,907	$	(142	)		1
Collateralized mortgage obligations		76,008		(306	)		8		44,136		(1,520	)		4		120,144		(1,826	)		12
State & municipal		43,095		(442	)		89		-		-			-		43,095		(442	)		89
Total securities with unrealized losses	$	129,010	$	(890	)		98	$	44,136	$	(1,520	)		4	$	173,146	$	(2,410	)		102
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

Contractual maturities of debt securities

The following tables set forth information with regard to contractual maturities of debt securities at June 30, 2015:

(In thousands)	Amortized cost		Estimated fair value
Debt securities classified as available for sale
Within one year	$	13,981	$	14,032
From one to five years		412,442		413,423
From five to ten years		150,200		152,606
After ten years		528,775		533,588
	$	1,105,398	$	1,113,649
Debt securities classified as held to maturity
Within one year	$	24,317	$	24,328
From one to five years		15,730		15,811
From five to ten years		99,778		99,818
After ten years		314,487		314,298
	$	454,312	$	454,255