SECURITIES (Tables)

6 Months Ended

Jun. 30, 2016

SECURITIES

Summary of amortized cost and fair value of the available for sale and held to maturity

	June 30, 2016
			Gross		Gross			Estimated
	Amortized		Unrealized		Unrealized			Fair
(In thousands)	Cost		Gains		Losses			Value
Available for sale:
U.S. GSE securities	$	58,242	$	84	$	(1	)	$	58,325
State and municipal obligations		108,184		2,400		(28	)		110,556
U.S. GSE residential mortgage-backed securities		100,685		1,393		(4	)		102,074
U.S. GSE residential collateralized mortgage obligations		236,771		1,962		(135	)		238,598
U.S. GSE commercial mortgage-backed securities		6,488		213		-			6,701
U.S. GSE commercial collateralized mortgage obligations		56,412		546		(47	)		56,911
Other asset backed securities		24,250		-		(1,940	)		22,310
Corporate bonds		32,000		285		(677	)		31,608
Total available for sale		623,032		6,883		(2,832	)		627,083
Held to maturity:
U.S. GSE securities		-		-		-			-
State and municipal obligations		61,159		3,294		-			64,453
U.S. GSE residential mortgage-backed securities		11,837		107		-			11,944
U.S. GSE residential collateralized mortgage obligations		66,219		1,937		(33	)		68,123
U.S. GSE commercial mortgage-backed securities		29,119		912		(53	)		29,978
U.S. GSE commercial collateralized mortgage obligations		42,724		974		(51	)		43,647
Corporate bonds		11,000		29		-			11,029
Total held to maturity		222,058		7,253		(137	)		229,174
Total securities	$	845,090	$	14,136	$	(2,969	)	$	856,257

	December 31, 2015
			Gross		Gross			Estimated
	Amortized		Unrealized		Unrealized			Fair
(In thousands)	Cost		Gains		Losses			Value
Available for sale:
U.S. GSE securities	$	63,238	$	-	$	(564	)	$	62,674
State and municipal obligations		87,830		427		(322	)		87,935
U.S. GSE residential mortgage-backed securities		201,297		237		(1,270	)		200,264
U.S. GSE residential collateralized mortgage obligations		321,253		513		(3,888	)		317,878
U.S. GSE commercial mortgage-backed securities		12,491		7		(80	)		12,418
U.S. GSE commercial collateralized mortgage obligations		64,809		9		(620	)		64,198
Other asset backed securities		24,250		-		(1,879	)		22,371
Corporate bonds		33,000		-		(535	)		32,465
Total available for sale		808,168		1,193		(9,158	)		800,203
Held to maturity:
U.S. GSE securities	$	7,466	$	1	$	-		$	7,467
State and municipal obligations		64,878		1,715		(113	)		66,480
U.S. GSE residential mortgage-backed securities		7,609		-		(106	)		7,503
U.S. GSE residential collateralized mortgage obligations		60,933		617		(498	)		61,052
U.S. GSE commercial mortgage-backed securities		23,056		210		(313	)		22,953
U.S. GSE commercial collateralized mortgage obligations		33,409		282		(185	)		33,506
Corporate bonds		11,000		42		-			11,042
Total held to maturity		208,351		2,867		(1,215	)		210,003
Total securities	$	1,016,519	$	4,060	$	(10,373	)	$	1,010,206

Summary of amortized cost, fair value and maturities of the available for sale and held to maturity investment securities portfolio

	June 30, 2016
	Amortized		Fair
(In thousands)	Cost		Value
Maturity
Available for sale:
Within one year	$	14,277	$	14,315
One to five years		74,503		75,060
Five to ten years		116,129		117,641
Beyond ten years		418,123		420,067
Total	$	623,032	$	627,083
Held to maturity:
Within one year	$	3,644	$	3,665
One to five years		31,697		32,326
Five to ten years		67,599		71,025
Beyond ten years		119,118		122,158
Total	$	222,058	$	229,174

Securities having a continuous unrealized loss position aggregated by a period of time less than or greater than 12 months

	June 30, 2016
	Less than 12 months					Greater than 12 months
			Unrealized					Unrealized
(In thousands)	Fair Value		Losses			Fair Value		Losses
Available for sale:
U.S. GSE securities	$	7,999	$	(1	)	$	-	$	-
State and municipal obligations		9,853		(27	)		243		(1	)
U.S. GSE residential mortgage-backed securities		-		-			1,782		(4	)
U.S. GSE residential collateralized mortgage obligations		10,183		(48	)		17,812		(87	)
U.S. GSE commercial mortgage-backed securities		-		-			-		-
U.S. GSE commercial collateralized mortgage obligations		8,644		(22	)		5,706		(25	)
Other asset backed securities		-		-			22,310		(1,940	)
Corporate bonds		17,406		(594	)		4,918		(83	)
Total available for sale	$	54,085	$	(692	)	$	52,771	$	(2,140	)
Held to maturity:
U.S. GSE securities		-		-			-		-
State and municipal obligations		-		-			-		-
U.S. GSE residential mortgage-backed securities		-		-			-		-
U.S. GSE residential collateralized mortgage obligations		218		-			4,457		(33	)
U.S. GSE commercial mortgage-backed securities		6,201		(53	)		-		-
U.S. GSE commercial collateralized mortgage obligations		4,899		(30	)		3,969		(21	)
Corporate bonds		-		-			-		-
Total held to maturity	$	11,318	$	(83	)	$	8,426	$	(54	)

	December 31, 2015
	Less than 12 months					Greater than 12 months
			Unrealized					Unrealized
(In thousands)	Fair Value		Losses			Fair Value		Losses
Available for sale:
U.S. GSE securities	$	37,759	$	(235	)	$	24,914	$	(329	)
State and municipal obligations		39,621		(298	)		5,118		(24	)
U.S. GSE residential mortgage-backed securities		136,025		(1,224	)		1,510		(46	)
U.S. GSE residential collateralized mortgage obligations		187,543		(1,781	)		66,830		(2,107	)
U.S. GSE commercial mortgage-backed securities		8,594		(80	)		-		-
U.S. GSE commercial collateralized mortgage obligations		51,178		(503	)		10,034		(117	)
Other asset backed securities		-		-			22,371		(1,879	)
Corporate bonds		27,640		(360	)		4,825		(175	)
Total available for sale	$	488,360	$	(4,481	)	$	135,602	$	(4,677	)
Held to maturity:
U.S. GSE securities	$	-	$	-		$	-	$	-
State and municipal obligations		18,375		(113	)		-		-
U.S. GSE residential mortgage-backed securities		7,503		(106	)		-		-
U.S. GSE residential collateralized mortgage obligations		15,918		(149	)		15,679		(349	)
U.S. GSE commercial mortgage-backed securities		13,982		(313	)		-		-
U.S. GSE commercial collateralized mortgage obligations		7,912		(8	)		3,813		(177	)
Corporate bonds		-		-			-		-
Total held to maturity	$	63,690	$	(689	)	$	19,492	$	(526	)