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Securities
 12 Months Ended
Dec. 31, 2016
Securities [Abstract]  
Securities
3.          Securities
          
The amortized cost, estimated fair value, and unrealized gains and losses of AFS securities are as follows:
 
(In thousands)
 
Amortized cost
  
Unrealized gains
  
Unrealized losses
  
Estimated fair value
 
December 31, 2016
            
Federal agency
 
$
175,135
  
$
78
  
$
805
  
$
174,408
 
State & municipal
  
47,053
   
153
   
480
   
46,726
 
Mortgage-backed:
                
Government-sponsored enterprises
  
513,814
   
3,345
   
2,492
   
514,667
 
U.S. government agency securities
  
14,955
   
411
   
189
   
15,177
 
Collateralized mortgage obligations:
                
Government-sponsored enterprises
  
513,431
   
532
   
7,688
   
506,275
 
U.S. government agency securities
  
60,822
   
184
   
708
   
60,298
 
Other securities
  
15,849
   
6,394
   
1,504
   
20,739
 
Total securities AFS
 
$
1,341,059
  
$
11,097
  
$
13,866
  
$
1,338,290
 
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 securities
  
8,191
   
560
   
14
   
8,737
 
Collateralized mortgage obligations:
                
Government-sponsored enterprises
  
364,936
   
931
   
1,828
   
364,039
 
U.S. government securities
  
40,699
   
348
   
115
   
40,932
 
Other securities
  
13,637
   
3,249
   
118
   
16,768
 
Total securities AFS
 
$
1,169,337
  
$
9,878
  
$
4,671
  
$
1,174,544
 

The components of net realized gains and losses on the sale of AFS securities are as follows. These amounts were reclassified out of accumulated other comprehensive income (loss) and into earnings:

 
 
Years ended December 31
 
(In thousands)
 
2016
  
2015
  
2014
 
Gross realized gains
 
$
683
  
$
3,099
  
$
49
 
Gross realized (losses)
  
(1,327
)
  
(12
)
  
-
 
Net AFS realized (losses) gains
 
$
(644
)
 
$
3,087
  
$
49
 
 
In addition to (losses) gains from sales transactions, the Company also recorded gains from calls on AFS securities of approximately $0.1 million for each of the years ended December 31, 2016, December 31, 2015,  December 31, 2014.
 
At December 31, 2016 and 2015, AFS and HTM securities with amortized costs totaling $1.5 billion and $1.4 billion, respectively, were pledged to secure public deposits and for other purposes required or permitted by law.  Additionally, at December 31, 2016, AFS and HTM securities with an amortized cost of $235.6 million were pledged as collateral for securities sold under the repurchase agreements.
 
The amortized cost, estimated fair value, and unrealized gains and losses of HTM securities are as follows:

(In thousands)
 
Amortized
cost
  
Unrealized
gains
  
Unrealized
losses
  
Estimated
fair value
 
December 31, 2016
            
Mortgage-backed:
            
     Government-sponsored enterprises
 
$
96,668
   
-
  
$
1,176
  
$
95,492
 
     U.S. government agency securities
  
533
   
87
   
-
   
620
 
Collateralized mortgage obligations:
                
     Government-sponsored enterprises
  
225,213
   
1,060
   
1,508
   
224,765
 
State & municipal
  
205,534
   
434
   
1,795
   
204,173
 
Total HTM securities
 
$
527,948
  
$
1,581
  
$
4,479
  
$
525,050
 
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 HTM securities
 
$
471,031
  
$
3,794
  
$
1,685
  
$
473,140
 
 
At December 31, 2016 and 2015, all of the mortgaged-backed HTM securities were comprised of U.S. government agency securities.
 
The following table sets forth information with regard to investment securities with unrealized losses at December 31, 2016 and 2015, 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
 
  
Fair
Value
  
Unrealized
losses
  
Number
of
Positions
  
Fair
Value
  
Unrealized
losses
  
Number
of
Positions
  
Fair
Value
  
Unrealized
losses
  
Number
of
Positions
 
 
                           
December 31, 2016
                           
AFS securities:
                      
Federal agency
 
$
119,363
  
$
(805
)
  
10
  
$
-
  
$
-
   
-
  
$
119,363
  
$
(805
)
  
10
 
State & municipal
  
31,873
   
(478
)
  
55
   
483
   
(2
)
  
1
   
32,356
   
(480
)
  
56
 
Mortgage-backed
  
277,524
   
(2,668
)
  
49
   
985
   
(13
)
  
4
   
278,509
   
(2,681
)
  
53
 
Collateralized mortgage obligations
  
473,746
   
(8,396
)
  
57
   
-
   
-
   
-
   
473,746
   
(8,396
)
  
57
 
Other securities
  
-
   
-
   
-
   
4,363
   
(1,504
)
  
2
   
4,363
   
(1,504
)
  
2
 
Total securities with unrealized losses
 
$
902,506
  
$
(12,347
)
  
171
  
$
5,831
  
$
(1,519
)
  
7
  
$
908,337
  
$
(13,866
)
  
178
 
 
                                    
HTM securities:
                                    
Mortgage-backed
 
$
95,492
  
$
(1,176
)
  
5
  
$
-
  
$
-
   
-
  
$
95,492
  
$
(1,176
)
  
5
 
Collateralized mortgage obligations
  
108,587
   
(319
)
  
12
   
35,209
   
(1,189
)
  
4
   
143,796
   
(1,508
)
  
16
 
State & municipal
  
81,984
   
(1,795
)
  
155
   
-
   
-
   
-
   
81,984
   
(1,795
)
  
155
 
Total securities with unrealized losses
 
$
286,063
  
$
(3,290
)
  
172
  
$
35,209
  
$
(1,189
)
  
4
  
$
321,272
  
$
(4,479
)
  
176
 
 
                                    
December 31, 2015
                                    
AFS securities:
                                    
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
 
                                     
HTM securities:
                                    
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 HTM and AFS 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 OTTI 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 OTTI 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 OTTI related to the credit loss shall be recognized in earnings. The amount of the total OTTI related to other factors shall be recognized in other comprehensive income, net of applicable taxes.
 
In estimating OTTI 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 HTM until they mature, at which time it is believed the Company will receive full value for the securities. The unrealized losses on HTM debt securities 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.

Management also has the intent to hold and will not be required to sell, the securities classified as AFS for a period of time sufficient for a recovery of cost, which may be until maturity.  The unrealized losses on AFS debt securities 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 unrealized losses on equity securities are due to declines in the fair value below the cost basis of the securities. For AFS debt and equity securities, the Company considers a decline in fair value to be other-than-temporary if it is probable that the Company will not recover its cost basis. For equity securities,  OTTI losses are recognized in earnings if the Company intends to sell the security. In other cases the Company considers the relevant factors noted above, as well as the Company's intent and ability to retain its investment for a period of time sufficient to allow for any anticipated recovery in market value, and whether evidence exists to support a realizable value equal to or greater than the cost basis. Any impairment loss on an equity security is equal to the full difference between the cost basis and the fair value of the security.

As of December 31, 2016 and 2015, management believes the impairments detailed in the table above are temporary and no OTTI 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 December 31, 2016:

(In thousands)
 
Amortized
cost
  
Estimated fair
value
 
AFS debt securities:
      
Within one year
 
$
67,803
  
$
67,877
 
From one to five years
  
162,913
   
162,754
 
From five to ten years
  
144,957
   
146,014
 
After ten years
  
949,537
   
940,906
 
 
 
$
1,325,210
  
$
1,317,551
 
HTM debt securities:
        
Within one year
 
$
37,187
  
$
37,199
 
From one to five years
  
27,956
   
28,019
 
From five to ten years
  
122,228
   
121,697
 
After ten years
  
340,577
   
338,135
 
 
 
$
527,948
  
$
525,050
 

Maturities of mortgage-backed, collateralized mortgage obligations and asset-backed securities 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 December 31, 2016 and December 31, 2015.