Securities (Tables)

6 Months Ended

Jun. 30, 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
June 30, 2017
Federal agency	$	159,999	$	46	$	525	$	159,520
State & municipal		44,023		136		139		44,020
Mortgage-backed:
Government-sponsored enterprises		544,616		3,503		1,414		546,705
U.S. government agency securities		17,167		406		217		17,356
Collateralized mortgage obligations:
Government-sponsored enterprises		528,561		622		5,551		523,632
U.S. government agency securities		55,713		191		628		55,276
Other securities		13,537		5,614		139		19,012
Total securities AFS	$	1,363,616	$	10,518	$	8,613	$	1,365,521
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 held to maturity ("HTM") securities are as follows:

(In thousands)	Amortized cost		Unrealized gains		Unrealized losses		Estimated fair value
June 30, 2017
Mortgage-backed:
Government-sponsored enterprises	$	102,651	$	61	$	878	$	101,834
U.S. government agency securities		474		69		-		543
Collateralized mortgage obligations:
Government-sponsored enterprises		205,806		1,280		1,068		206,018
State & municipal		206,697		2,097		533		208,261
Total securities HTM	$	515,628	$	3,507	$	2,479	$	516,656
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 segregated according to the length of time the securities had been in a continuous unrealized loss position:

(Dollars in thousands)	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, 2017
AFS securities:
Federal agency	$	109,778	$	(525	)		9	$	-	$	-			-	$	109,778	$	(525	)		9
State & municipal		23,771		(120	)		36		1,052		(19	)		1		24,823		(139	)		37
Mortgage-backed		210,648		(1,618	)		46		963		(13	)		4		211,611		(1,631	)		50
Collateralized mortgage obligations		452,830		(6,091	)		61		6,347		(88	)		2		459,177		(6,179	)		63
Other securities		1,990		(10	)		1		2,976		(129	)		1		4,966		(139	)		2
Total securities with unrealized losses	$	799,017	$	(8,364	)		153	$	11,338	$	(249	)		8	$	810,355	$	(8,613	)		161
HTM securities:
Mortgage-backed	$	52,892	$	(878	)		4	$	-	$	-			-	$	52,892	$	(878	)		4
Collateralized mortgage obligations		40,458		(148	)		6		32,969		(920	)		4		73,427		(1,068	)		10
State & municipal		24,400		(397	)		36		2,688		(136	)		5		27,088		(533	)		41
Total securities with unrealized losses	$	117,750	$	(1,423	)		46	$	35,657	$	(1,056	)		9	$	153,407	$	(2,479	)		55
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

Contractual Maturities of Debt Securities

The following tables set forth information with regard to contractual maturities of debt securities at June 30, 2017:

(In thousands)	Amortized cost		Estimated fair value
AFS debt securities:
Within one year	$	63,613	$	63,631
From one to five years		136,121		136,321
From five to ten years		163,507		164,061
After ten years		986,838		982,496
	$	1,350,079	$	1,346,509
HTM debt securities:
Within one year	$	34,486	$	34,493
From one to five years		38,026		38,392
From five to ten years		122,400		123,545
After ten years		320,716		320,226
	$	515,628	$	516,656