Securities (Tables)

3 Months Ended

Mar. 31, 2018

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 (losses) of available for sale ("AFS") securities are as follows:

(In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
As of March 31, 2018
Federal agency	$	139,775	$	-	$	1,316	$	138,459
State & municipal		39,700		31		345		39,386
Mortgage-backed:
Government-sponsored enterprises		524,468		523		11,155		513,836
U.S. government agency securities		30,473		267		545		30,195
Collateralized mortgage obligations:
Government-sponsored enterprises		511,727		243		15,541		496,429
U.S. government agency securities		48,944		151		1,488		47,607
Total AFS securities	$	1,295,087	$	1,215	$	30,390	$	1,265,912
As of December 31, 2017
Federal agency	$	109,862	$	-	$	963	$	108,899
State & municipal		42,171		62		277		41,956
Mortgage-backed:
Government-sponsored enterprises		530,392		1,406		3,345		528,453
U.S. government agency securities		26,363		334		223		26,474
Collateralized mortgage obligations:
Government-sponsored enterprises		496,033		254		10,114		486,173
U.S. government agency securities		50,721		165		1,065		49,821
Equity securities		10,623		3,672		146		14,149
Total AFS securities	$	1,266,165	$	5,893	$	16,133	$	1,255,925

Amortized Cost, Estimated Fair Value, and Unrealized Gains and Losses of Securities Held to Maturity

The amortized cost, estimated fair value and unrealized gains (losses) of securities held to maturity ("HTM") are as follows:

(In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
As of March 31, 2018
Mortgage-backed:
Government-sponsored enterprises	$	93,769	$	-	$	2,749	$	91,020
U.S. government agency securities		389		47		-		436
Collateralized mortgage obligations:
Government-sponsored enterprises		188,260		-		5,004		183,256
State & municipal		204,708		292		2,303		202,697
Total HTM securities	$	487,126	$	339	$	10,056	$	477,409
As of December 31, 2017
Mortgage-backed:
Government-sponsored enterprises	$	96,357	$	85	$	810	$	95,632
U.S. government agency securities		418		57		-		475
Collateralized mortgage obligations:
Government-sponsored enterprises		186,327		224		2,577		183,974
State & municipal		200,971		1,439		620		201,790
Total HTM securities	$	484,073	$	1,805	$	4,007	$	481,871

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:

	Less than 12 months							12 months or longer							Total
(In thousands)	Fair Value		Unrealized Losses			Number of Positions		Fair Value		Unrealized Losses			Number of Positions		Fair Value		Unrealized Losses			Number of Positions
As of March 31, 2018
AFS securities:
Federal agency	$	74,268	$	(459	)		6	$	64,191	$	(857	)		6	$	138,459	$	(1,316	)		12
State & municipal		25,927		(271	)		44		4,979		(74	)		7		30,906		(345	)		51
Mortgage-backed		440,714		(9,582	)		90		55,185		(2,118	)		25		495,899		(11,700	)		115
Collateralized mortgage obligations		249,512		(5,330	)		38		259,488		(11,699	)		43		509,000		(17,029	)		81
Total securities with unrealized losses	$	790,421	$	(15,642	)		178	$	383,843	$	(14,748	)		81	$	1,174,264	$	(30,390	)		259
HTM securities:
Mortgaged-backed	$	59,070	$	(1,344	)		4	$	31,950	$	(1,405	)		2	$	91,020	$	(2,749	)		6
Collateralized mortgage obligations		147,877		(2,864	)		23		35,379		(2,140	)		6		183,256		(5,004	)		29
State & municipal		74,241		(1,299	)		118		15,177		(1,004	)		24		89,418		(2,303	)		142
Total securities with unrealized losses	$	281,188	$	(5,507	)		145	$	82,506	$	(4,549	)		32	$	363,694	$	(10,056	)		177
As of December 31, 2017
AFS securities:
Federal agency	$	64,653	$	(242	)		5	$	44,246	$	(721	)		4	$	108,899	$	(963	)		9
State & municipal		23,566		(200	)		39		5,994		(77	)		8		29,560		(277	)		47
Mortgage-backed		317,630		(2,381	)		55		58,316		(1,187	)		24		375,946		(3,568	)		79
Collateralized mortgage obligations		227,917		(2,658	)		35		275,303		(8,521	)		42		503,220		(11,179	)		77
Equity securities		-		-			-		2,959		(146	)		1		2,959		(146	)		1
Total securities with unrealized losses	$	633,766	$	(5,481	)		134	$	386,818	$	(10,652	)		79	$	1,020,584	$	(16,133	)		213
HTM securities:
Mortgage -backed	$	15,477	$	(140	)		2	$	33,703	$	(670	)		2	$	49,180	$	(810	)		4
Collateralized mortgage obligations		118,476		(1,064	)		17		37,614		(1,513	)		6		156,090		(2,577	)		23
State & municipal		22,387		(132	)		40		15,720		(488	)		24		38,107		(620	)		64
Total securities with unrealized losses	$	156,340	$	(1,336	)		59	$	87,037	$	(2,671	)		32	$	243,377	$	(4,007	)		91

Contractual Maturities of Debt Securities

The following tables set forth information with regard to contractual maturities of debt securities at March 31, 2018:

(In thousands)	Amortized Cost		Estimated Fair Value
AFS debt securities:
Within one year	$	99,647	$	99,288
From one to five years		82,353		81,136
From five to ten years		175,040		172,862
After ten years		938,047		912,626
Total AFS debt securities	$	1,295,087	$	1,265,912
HTM debt securities:
Within one year	$	37,885	$	37,885
From one to five years		43,089		43,159
From five to ten years		208,715		204,710
After ten years		197,437		191,655
Total HTM debt securities	$	487,126	$	477,409

Gains and Losses on Equity Securities

The following tables set forth information with regard to gains and losses on equity securities for the quarter ended March 31, 2018:

(In thousands)
Net gains and losses recognized on equity securities	$	72
Less: Net gains and losses recognized during the period on equity securities sold during the period		44
Unrealized gains and losses recognized on equity securities still held at March 31, 2018	$	28