Securities (Tables)

12 Months Ended

Dec. 31, 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 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

Schedule of sales transactions of securities available for sale

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

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 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

Investment securities with unrealized losses

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

Contractual maturities of debt securities

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