Investment Securities (Tables)

9 Months Ended

Sep. 30, 2017

Investments, Debt and Equity Securities [Abstract]

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



Securities Available-for-Sale (In thousands)	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized 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

Investment securities at September 30, 2017, were as follows:



Securities Available-for-Sale (In thousands)	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Estimated Fair Value
Obligations of U.S. Treasury and other U.S. Government sponsored entities	$	270,000	$	—	$	1,159	$	268,841
U.S. Government sponsored entities' asset-backed securities	892,784		6,329		5,408		893,705
Other equity securities	1,109		2,907		—		4,016
Total	$	1,163,893	$	9,236	$	6,567	$	1,166,562



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	$	58,947	$	1,003	$	15	$	59,935
Obligations of states and political subdivisions	283,718		5,080		$	1,623	287,175
Total	$	342,665	$	6,083	$	1,638	$	347,110

Schedule Of Unrealized Loss On Securities

Investment securities with unrealized/unrecognized losses at December 31, 2016, were as follows:



	Unrealized/unrecognized loss position for less than 12 months				Unrealized/unrecognized loss position for 12 months or longer				Total
(In thousands)	Fair value		Unrealized/unrecognized losses		Fair value		Unrealized/unrecognized losses		Fair value		Unrealized/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

Investment securities with unrealized/unrecognized losses at September 30, 2017, were as follows:



	Unrealized/unrecognized loss position for less than 12 months				Unrealized/unrecognized loss position for 12 months or longer				Total
(In thousands)	Fair value		Unrealized/unrecognized losses		Fair value		Unrealized/unrecognized losses		Fair value		Unrealized/unrecognized losses
Securities Available-for-Sale
Obligations of U.S. Treasury and other U.S. Government sponsored entities	$	24,967	$	33	$	243,874	$	1,126	$	268,841	$	1,159
U.S. Government sponsored entities' asset-backed securities	519,984		4,815		$	63,505	593		$	583,489	5,408
Total	$	544,951	$	4,848	$	307,379	$	1,719	$	852,330	$	6,567
Securities Held-to-Maturity
U.S. Government sponsored entities' asset-backed securities	$	—	$	—	$	7,423	$	15	$	7,423	$	15
Obligations of states and political subdivisions	97,120		$	1,247	12,983		376		$	110,103	1,623
Total	$	97,120	$	1,247	$	20,406	$	391	$	117,526	$	1,638

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 September 30, 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	$	75,000	$	74,930	1.02	%
Due one through five years	195,000		193,911		1.25	%
Total	$	270,000	$	268,841	1.18	%


U.S. Government sponsored entities' asset-backed securities	$	892,784	$	893,705	2.09	%



Securities Held-to-Maturity (In thousands)	Amortized cost		Fair value		Tax equivalent yield⁽¹⁾
Obligations of state and political subdivisions:
Due over ten years	$	283,718	$	287,175	4.47	%
Total ⁽¹⁾	$	283,718	$	287,175	4.47	%

U.S. Government sponsored entities' asset-backed securities	$	58,947	$	59,935	3.20	%