Securities (Tables)

3 Months Ended

Mar. 31, 2017

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 available for sale (“AFS”) securities are as follows:

(In thousands)	Amortized cost		Unrealized gains		Unrealized losses		Estimated fair value
March 31, 2017
Federal agency	$	160,064	$	80	$	563	$	159,581
State & municipal		47,910		161		227		47,844
Mortgage-backed:
Government-sponsored enterprises		559,228		3,156		2,280		560,104
U.S. government agency securities		17,566		397		40		17,923
Collateralized mortgage obligations:
Government-sponsored enterprises		511,651		562		6,910		505,303
U.S. government agency securities		58,239		180		741		57,678
Other securities		13,537		5,767		163		19,141
Total securities AFS	$	1,368,195	$	10,303	$	10,924	$	1,367,574
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

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 (“HTM”) are as follows:

(In thousands)	Amortized cost		Unrealized gains		Unrealized losses		Estimated fair value
March 31, 2017
Mortgage-backed:
Government-sponsored enterprises	$	94,849	$	-	$	1,227	$	93,622
U.S. government agency securities		491		76		-		567
Collateralized mortgage obligations:
Government-sponsored enterprises		215,639		959		1,637		214,961
State & municipal		204,814		972		1,282		204,504
Total securities HTM	$	515,793	$	2,007	$	4,146	$	513,654
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 securities HTM	$	527,948	$	1,581	$	4,479	$	525,050

Investment Securities with Unrealized Losses

The following table sets forth information with regard to investment securities with unrealized losses at March 31, 2017 and December 31, 2016, 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
Security Type:	Fair value		Unrealized losses			Number of positions		Fair value		Unrealized losses			Number of positions		Fair value		Unrealized losses			Number of positions
March 31, 2017
AFS Securities:
Federal agency	$	94,535	$	(563	)		9	$	-	$	-			-	$	94,535	$	(563	)		9
State & municipal		24,235		(200	)		37		1,528		(27	)		2		25,763		(227	)		39
Mortgage-backed		265,960		(2,307	)		46		974		(13	)		4		266,934		(2,320	)		50
Collateralized mortgage obligations		442,362		(7,651	)		57		-		-			-		442,362		(7,651	)		57
Other securities		1,983		(17	)		1		2,959		(146	)		1		4,942		(163	)		2
Total securities with unrealized losses	$	829,075	$	(10,738	)		150	$	5,461	$	(186	)		7	$	834,536	$	(10,924	)		157
March 31, 2017
HTM securities:
Mortgaged-backed	$	93,622	$	(1,227	)		5	$	-	$	-			-	$	93,622	$	(1,227	)		5
Collateralized mortgage obligations		103,287		(360	)		12		33,841		(1,277	)		4		137,128		(1,637	)		16
State & municipal		48,303		(1,282	)		75		-		-			-		48,303		(1,282	)		75
Total securities with unrealized losses	$	245,212	$	(2,869	)		92	$	33,841	$	(1,277	)		4	$	279,053	$	(4,146	)		96
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
December 31, 2016
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

Contractual Maturities of Debt Securities

The following tables set forth information with regard to contractual maturities of debt securities at March 31, 2017:

(In thousands)	Amortized cost		Estimated fair value
AFS debt securities:
Within one year	$	43,247	$	43,292
From one to five years		163,135		163,417
From five to ten years		162,510		163,494
After ten years		985,766		978,230
	$	1,354,658	$	1,348,433
HTM debt securities:
Within one year	$	38,266	$	38,275
From one to five years		30,155		30,330
From five to ten years		126,026		126,080
After ten years		321,346		318,969
	$	515,793	$	513,654