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Securities
 6 Months Ended
Jun. 30, 2016
Securities [Abstract]  
Securities
Note 3.Securities
 
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, 2016
            
Federal Agency
 
$
265,194
  
$
1,641
  
$
-
  
$
266,835
 
State & municipal
  
37,105
   
537
   
(12
)
  
37,630
 
Mortgage-backed:
                
Government-sponsored enterprises
  
379,583
   
9,683
   
(1
)
  
389,265
 
U.S. government agency securities
  
6,886
   
547
   
(13
)
  
7,420
 
Collateralized mortgage obligations:
                
Government-sponsored enterprises
  
492,466
   
6,942
   
(5
)
  
499,403
 
U.S. government agency securities
  
51,571
   
668
   
(4
)
  
52,235
 
Other securities
  
16,673
   
3,744
   
(1,609
)
  
18,808
 
Total securities available for sale
 
$
1,249,478
  
$
23,762
  
$
(1,644
)
 
$
1,271,596
 
December 31, 2015
                
Federal Agency
 
$
312,580
  
$
203
  
$
(1,511
)
 
$
311,272
 
State & municipal
  
31,208
   
446
   
(17
)
  
31,637
 
Mortgage-backed:
                
Government-sponsored enterprises
  
398,086
   
4,141
   
(1,068
)
  
401,159
 
U.S. government agency securities
  
8,191
   
560
   
(14
)
  
8,737
 
Collateralized mortgage obligations:
                
Government-sponsored enterprises
  
364,936
   
931
   
(1,828
)
  
364,039
 
U.S. government agency securities
  
40,699
   
348
   
(115
)
  
40,932
 
Other securities
  
13,637
   
3,249
   
(118
)
  
16,768
 
Total securities available for sale
 
$
1,169,337
  
$
9,878
  
$
(4,671
)
 
$
1,174,544
 
 
Other securities primarily represent marketable equity securities.
 
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, 2016
            
Mortgage-backed:
            
     Government-sponsored enterprises
 
$
51,206
  
$
505
  
$
-
  
$
51,711
 
     U.S. government agency securities
  
566
   
105
   
-
   
671
 
Collateralized mortgage obligations:
                
     Government-sponsored enterprises
  
251,069
   
6,259
   
(256
)
  
257,072
 
State & municipal
  
197,999
   
4,908
   
(12
)
  
202,895
 
Total securities held to maturity
 
$
500,840
  
$
11,777
  
$
(268
)
 
$
512,349
 
December 31, 2015
                
Mortgage-backed:
                
     Government-sponsored enterprises
 
$
9,432
  
$
-
  
$
(107
)
 
$
9,325
 
     U.S. government agency securities
  
611
   
95
   
-
   
706
 
Collateralized mortgage obligations:
                
     Government-sponsored enterprises
  
272,550
   
1,411
   
(1,560
)
  
272,401
 
State & municipal
  
188,438
   
2,288
   
(18
)
  
190,708
 
Total securities held to maturity
 
$
471,031
  
$
3,794
  
$
(1,685
)
 
$
473,140
 
 
Securities with amortized costs totaling $1.6 billion at June 30, 2016 and $1.4 billion at December 31, 2015 were pledged to secure public deposits and for other purposes required or permitted by law.  At June 30, 2016 and December 31, 2015, securities with an amortized cost of $193.9 million and $205.9 million, respectively, were pledged as collateral for securities sold under repurchase agreements.
 
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, 2016
                           
Investment securities available for sale:
                           
State & municipal
 $
2,664
  $
(10
)
  
6
  $
493
  $
(2
)
  
1
  $
3,157
  $
(12
)
  
7
 
Mortgage-backed
  
145
   
(1
)
  
2
   
1,010
   
(13
)
  
5
   
1,155
   
(14
)
  
7
 
Collateralized mortgage obligations
  
11,020
   
(9
)
  
2
   
-
   
-
   
-
   
11,020
   
(9
)
  
2
 
Other securities
  
-
   
-
   
-
   
4,506
   
(1,609
)
  
3
   
4,506
   
(1,609
)
  
3
 
Total securities with unrealized losses
 
$
13,829
  
$
(20
)
  
10
  
$
6,009
  
$
(1,624
)
  
9
  
$
19,838
  
$
(1,644
)
  
19
 
 
                                    
                                    
Investment securities held to maturity:
                                    
Collateralized mortgage obligations
 
$
-
  
$
-
   
-
  
$
39,767
  
$
(256
)
  
4
  
$
39,767
  
$
(256
)
  
4
 
  State & municipal
  
918
   
(12
)
  
2
   
-
   
-
   
-
   
918
   
(12
)
  
2
 
Total securities with unrealized losses
 
$
918
  
$
(12
)  
2
  
$
39,767
  
$
(256
)  
4
  
$
40,685
  
$
(268
)  
6
 
                                     
December 31, 2015
                                    
Investment securities available for sale:
                                    
Federal agency
 
$
186,685
  
$
(1,312
)
  
15
  
$
19,801
  
$
(199
)
  
2
  
$
206,486
  
$
(1,511
)
  
17
 
State & municipal
  
4,599
   
(14
)
  
7
   
502
   
(3
)
  
1
   
5,101
   
(17
)
  
8
 
Mortgage-backed
  
177,270
   
(1,068
)
  
33
   
1,066
   
(14
)
  
5
   
178,336
   
(1,082
)
  
38
 
Collateralized mortgage obligations
  
256,265
   
(1,889
)
  
24
   
5,218
   
(54
)
  
2
   
261,483
   
(1,943
)
  
26
 
Other securities
  
-
   
-
   
-
   
3,235
   
(118
)
  
2
   
3,235
   
(118
)
  
2
 
Total securities with unrealized losses
 
$
624,819
  
$
(4,283
)
  
79
  
$
29,822
  
$
(388
)
  
12
  
$
654,641
  
$
(4,671
)
  
91
 
 
                                    
                                    
Investment securities held to maturity:
                                    
Mortgage-backed
 
$
9,325
  
$
(107
)
  
1
  
$
-
  
$
-
   
-
  
$
9,325
  
$
(107
)
  
1
 
Collateralized mortgage obligations
  
105,604
   
(281
)
  
12
   
41,523
   
(1,279
)
  
4
   
147,127
   
(1,560
)
  
16
 
State & municipal
  
2,200
   
(18
)
  
3
   
-
   
-
   
-
   
2,200
   
(18
)
  
3
 
Total securities with unrealized losses
 
$
117,129
  
$
(406
)
  
16
  
$
41,523
  
$
(1,279
)
  
4
  
$
158,652
  
$
(1,685
)
  
20
 
 
Declines in the fair value of held to maturity and available for sale securities below their cost that are deemed to be other than temporary are reflected in earnings as realized losses or in other comprehensive income, depending on whether the Company intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis less any current-period credit loss, the other-than-temporary impairment shall be recognized in earnings equal to the entire difference between the investment's amortized cost basis and its fair value at the balance sheet date. If the Company does not intend to sell the security and it is not more likely than not that the entity will be required to sell the security before recovery of its amortized cost basis less any current-period credit loss, the other-than-temporary impairment shall be separated into (a) the amount representing the credit loss and (b) the amount related to all other factors. The amount of the total other-than-temporary impairment related to the credit loss shall be recognized in earnings. The amount of the total other-than-temporary impairment related to other factors shall be recognized in other comprehensive income, net of applicable taxes.

In estimating other-than-temporary impairment losses, management considers, among other things, (i) the length of time and the extent to which the fair value has been less than cost, (ii) the financial condition and near-term prospects of the issuer, and (iii) the historical and implied volatility of the fair value of the security.

Management has the intent to hold the securities classified as held to maturity until they mature, at which time it is believed the Company will receive full value for the securities. Furthermore, as of June 30, 2016, management also has the intent to hold, and will not be required to sell, the securities classified as available for sale for a period of time sufficient for a recovery of cost, which may be until maturity.  The unrealized losses are due to increases in market interest rates over the yields available at the time the underlying securities were purchased. When necessary, the Company has performed a discounted cash flow analysis to determine whether or not it will receive the contractual principal and interest on certain securities.  The fair value is expected to recover as the bonds approach their maturity date or repricing date or if market yields for such investments decline.  As of June 30, 2016, management believes the impairments detailed in the table above are temporary and no other-than-temporary impairment losses have been realized in the Company’s consolidated statements of income.
 
The following tables set forth information with regard to contractual maturities of debt securities at June 30, 2016:
 
(In thousands)
 
Amortized cost
  
Estimated fair value
 
Debt securities classified as available for sale
      
Within one year
 
$
28,638
  
$
28,768
 
From one to five years
  
278,354
   
281,204
 
From five to ten years
  
154,190
   
157,898
 
After ten years
  
771,623
   
784,918
 
 
 
$
1,232,805
  
$
1,252,788
 
Debt securities classified as held to maturity
        
Within one year
 
$
39,152
  
$
39,185
 
From one to five years
  
23,575
   
23,863
 
From five to ten years
  
118,985
   
122,641
 
After ten years
  
319,128
   
326,660
 
 
 
$
500,840
  
$
512,349
 
 
Maturities of mortgage-backed and collateralized mortgage obligations are stated based on their estimated average lives.  Actual maturities may differ from estimated average lives or contractual maturities because, in certain cases, borrowers have the right to call or prepay obligations with or without call or prepayment penalties.
 
Except for U.S. Government securities, there were no holdings, when taken in the aggregate, of any single issuer that exceeded 10% of consolidated stockholders’ equity at June 30, 2016.