Securities (Tables)

6 Months Ended

Jun. 30, 2016

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, 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

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, 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

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, 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

Contractual Maturities of Debt Securities

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