Investment Securities (Tables)

3 Months Ended

Mar. 31, 2017

Investments, Debt and Equity Securities [Abstract]

Investment securities at March 31, 2017, were as follows:



Securities Available-for-Sale (In thousands)	Amortized Cost		Gross Unrecognized Holding Gains		Gross Unrecognized Holding Losses		Estimated Fair Value
Obligations of U.S. Treasury and other U.S. Government sponsored entities	$	270,000	$	—	$	1,579	$	268,421
U.S. Government sponsored entities' asset-backed securities	951,328		6,044		9,793		947,579
Other equity securities	1,119		2,278		—		3,397
Total	$	1,222,447	$	8,322	$	11,372	$	1,219,397



Securities Held-to-Maturity (In thousands)	Amortized Cost		Gross Unrecognized Holding Gains		Gross Unrecognized Holding Losses		Estimated Fair Value
U.S. Government sponsored entities' asset-backed securities	$	65,221	$	1,019	$	77	$	66,163
Obligations of states and political subdivisions	219,239		1,698		$	3,945	216,992
Total	$	284,460	$	2,717	$	4,022	$	283,155

Investment securities at December 31, 2016, were as follows:



Securities Available-for-Sale (In thousands)	Amortized Cost		Gross Unrecognized Holding Gains		Gross Unrecognized Holding Losses		Estimated Fair Value
Obligations of U.S. Treasury and other U.S. Government sponsored entities	$	270,000	$	—	$	2,467	$	267,533
U.S. Government sponsored entities' asset-backed securities	991,642		5,372		9,842		987,172
Other equity securities	1,119		2,315		—		3,434
Total	$	1,262,761	$	7,687	$	12,309	$	1,258,139



Securities Held-to-Maturity (In thousands)	Amortized Cost		Gross Unrecognized Holding Gains		Gross Unrecognized Holding Losses		Estimated Fair Value
Obligations of states and political subdivision	$	188,622	$	977	$	5,148	$	184,451
U.S. Government sponsored entities' asset-backed securities	71,211		1,097		87		72,221
Total	$	259,833	$	2,074	$	5,235	$	256,672

Schedule Of Unrealized Loss On Securities

ecurities with unrecognized losses at March 31, 2017, were as follows:



	Unrecognized loss position for less than 12 months				Unrecognized loss position for 12 months or longer				Total
(In thousands)	Fair value		Unrecognized losses		Fair value		Unrecognized losses		Fair value		Unrecognized losses
Securities Available-for-Sale
Obligations of U.S. Treasury and other U.S. Government sponsored entities	$	248,525	$	1,475	$	19,896	$	104	$	268,421	$	1,579
U.S. Government sponsored entities' asset-backed securities	576,446		9,488		$	26,282	305		$	602,728	9,793
Total	$	824,971	$	10,963	$	46,178	$	409	$	871,149	$	11,372
Securities Held-to-Maturity
U.S. Government sponsored entities' asset-backed securities	$	—	$	—	$	7,509	$	77	$	7,509	$	77
Obligations of states and political subdivisions	118,439		$	3,945	—		—		$	118,439	3,945
Total	$	118,439	$	3,945	$	7,509	$	77	$	125,948	$	4,022

ecurities with unrecognized losses at December 31, 2016, were as follows:



	Unrecognized loss position for less than 12 months				Unrecognized loss position for 12 months or longer				Total
(In thousands)	Fair value		Unrecognized losses		Fair value		Unrecognized losses		Fair value		Unrecognized losses
Securities Available-for-Sale
Obligations of U.S. Treasury and other U.S. Government sponsored entities	$	247,695	$	2,305	$	19,838	$	162	$	267,533	$	2,467
U.S. Government sponsored entities' asset-backed securities	612,321		9,473		27,325		369		639,646		9,842
Total	$	860,016	$	11,778	$	47,163	$	531	$	907,179	$	12,309
Securities Held-to-Maturity
Obligations of states and political subdivision	$	134,909	$	5,148	$	—	$	—	$	134,909	$	5,148
U.S. Government sponsored entities' asset-backed securities	—		—		7,564		87		7,564		87
Total	$	134,909	$	5,148	$	7,564	$	87	$	142,473	$	5,235

Amortized Cost And Estimated Fair Value Of Investments In Debt Securities By Contractual Maturity

The amortized cost and estimated fair value of investments in debt securities at March 31, 2017, are shown in the following table by contractual maturity, except for asset-backed securities, which are shown as a single total, due to the unpredictability of the timing of principal repayments.



Securities Available-for-Sale (In thousands)	Amortized cost		Fair value		Tax equivalent yield
Obligations of U.S. Treasury and other U.S. Government sponsored entities' obligations:
Due less than one year	$	50,000	$	49,927	0.96	%
Due one through five years	220,000		218,494		1.24	%
Total	$	270,000	$	268,421	1.18	%


U.S. Government sponsored entities' asset-backed securities:	$	951,328	$	947,579	2.10	%



Securities Held-to-Maturity (In thousands)	Amortized cost		Fair value		Tax equivalent yield⁽¹⁾
Obligations of state and political subdivisions:
Due over ten years	$	219,239	$	216,992	4.52	%
Total ⁽¹⁾	$	219,239	$	216,992	4.52	%

U.S. Government sponsored entities' asset-backed securities	$	65,221	$	66,163	3.28	%