SECURITIES (Tables)

3 Months Ended

Mar. 31, 2017

SECURITIES

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

	March 31, 2017
			Gross		Gross			Estimated
	Amortized		Unrealized		Unrealized			Fair
(In thousands)	Cost		Gains		Losses			Value
Available for sale:
U.S. GSE securities	$	64,993	$	-	$	(1,160	)	$	63,833
State and municipal obligations		116,222		469		(960	)		115,731
U.S. GSE residential mortgage-backed securities		182,139		41		(2,358	)		179,822
U.S. GSE residential collateralized mortgage obligations		356,471		217		(5,200	)		351,488
U.S. GSE commercial mortgage-backed securities		6,296		25		(37	)		6,284
U.S. GSE commercial collateralized mortgage obligations		54,370		3		(1,028	)		53,345
Other asset backed securities		24,250		-		(1,455	)		22,795
Corporate bonds		32,000		-		(1,783	)		30,217
Total available for sale		836,741		755		(13,981	)		823,515
Held to maturity:
State and municipal obligations		65,064		1,274		(87	)		66,251
U.S. GSE residential mortgage-backed securities		12,973		-		(285	)		12,688
U.S. GSE residential collateralized mortgage obligations		59,590		338		(586	)		59,342
U.S. GSE commercial mortgage-backed securities		28,595		98		(495	)		28,198
U.S. GSE commercial collateralized mortgage obligations		37,739		30		(659	)		37,110
Corporate bonds		11,000		33		-			11,033
Total held to maturity		214,961		1,773		(2,112	)		214,622
Total securities	$	1,051,702	$	2,528	$	(16,093	)	$	1,038,137

	December 31, 2016
			Gross		Gross			Estimated
	Amortized		Unrealized		Unrealized			Fair
(In thousands)	Cost		Gains		Losses			Value
Available for sale:
U.S. GSE securities	$	64,993	$	-	$	(1,344	)	$	63,649
State and municipal obligations		117,292		212		(1,339	)		116,165
U.S. GSE residential mortgage-backed securities		160,446		16		(2,414	)		158,048
U.S. GSE residential collateralized mortgage obligations		373,098		149		(5,736	)		367,511
U.S. GSE commercial mortgage-backed securities		6,337		6		(36	)		6,307
U.S. GSE commercial collateralized mortgage obligations		56,148		-		(956	)		55,192
Other asset backed securities		24,250		-		(1,697	)		22,553
Corporate bonds		32,000		-		(1,703	)		30,297
Total available for sale		834,564		383		(15,225	)		819,722
Held to maturity:
State and municipal obligations		66,666		1,085		(130	)		67,621
U.S. GSE residential mortgage-backed securities		13,443		-		(287	)		13,156
U.S. GSE residential collateralized mortgage obligations		61,639		352		(552	)		61,439
U.S. GSE commercial mortgage-backed securities		28,772		136		(509	)		28,399
U.S. GSE commercial collateralized mortgage obligations		41,717		93		(573	)		41,237
Corporate bonds		11,000		26		-			11,026
Total held to maturity		223,237		1,692		(2,051	)		222,878
Total securities	$	1,057,801	$	2,075	$	(17,276	)	$	1,042,600

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

	March 31, 2017
			Estimated
(In thousands)	Amortized Cost		Fair Value
Maturity
Available for sale:
Within one year	$	10,591	$	10,591
One to five years		86,316		85,639
Five to ten years		147,617		144,678
Beyond ten years		592,217		582,607
Total	$	836,741	$	823,515
Held to maturity:
Within one year	$	19,276	$	19,307
One to five years		36,138		36,210
Five to ten years		56,800		57,517
Beyond ten years		102,747		101,588
Total	$	214,961	$	214,622

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

	March 31, 2017
	Less than 12 months					Greater than 12 months
	Estimated		Gross			Estimated		Gross
	Fair		Unrealized			Fair		Unrealized
(In thousands)	Value		Losses			Value		Losses
Available for sale:
U.S. GSE securities	$	63,833	$	(1,160	)	$	-	$	-
State and municipal obligations		67,719		(945	)		751		(15	)
U.S. GSE residential mortgage-backed securities		153,469		(2,352	)		238		(6	)
U.S. GSE residential collateralized mortgage obligations		284,303		(4,556	)		23,390		(644	)
U.S. GSE commercial mortgage-backed securities		2,556		(37	)		-		-
U.S. GSE commercial collateralized mortgage obligations		41,896		(790	)		9,341		(238	)
Other asset backed securities		-		-			22,795		(1,455	)
Corporate bonds		8,432		(568	)		21,785		(1,215	)
Total available for sale		622,208		(10,408	)		78,300		(3,573	)
Held to maturity:
State and municipal obligations		20,480		(87	)		-		-
U.S. GSE residential mortgage-backed securities		12,688		(285	)		-		-
U.S. GSE residential collateralized mortgage obligations		39,134		(500	)		3,733		(86	)
U.S. GSE commercial mortgage-backed securities		12,847		(255	)		5,782		(240	)
U.S. GSE commercial collateralized mortgage obligations		17,447		(307	)		8,579		(352	)
Corporate bonds		-		-			-		-
Total held to maturity	$	102,596	$	(1,434	)	$	18,094	$	(678	)

	December 31, 2016
	Less than 12 months					Greater than 12 months
	Estimated		Gross			Estimated		Gross
	Fair		Unrealized			Fair		Unrealized
(In thousands)	Value		Losses			Value		Losses
Available for sale:
U.S. GSE securities	$	63,649	$	(1,344	)	$	-	$	-
State and municipal obligations		78,883		(1,338	)		240		(1	)
U.S. GSE residential mortgage-backed securities		140,514		(2,409	)		241		(5	)
U.S. GSE residential collateralized mortgage obligations		319,197		(5,221	)		15,627		(515	)
U.S. GSE commercial mortgage-backed securities		2,573		(36	)		-		-
U.S. GSE commercial collateralized mortgage obligations		48,901		(886	)		6,292		(70	)
Other asset backed securities		-		-			22,552		(1,697	)
Corporate bonds		17,834		(1,166	)		12,463		(537	)
Total available for sale		671,551		(12,400	)		57,415		(2,825	)
Held to maturity:
State and municipal obligations		21,867		(130	)		-		-
U.S. GSE residential mortgage-backed securities		13,156		(287	)		-		-
U.S. GSE residential collateralized mortgage obligations		31,297		(455	)		3,873		(97	)
U.S. GSE commercial mortgage-backed securities		12,860		(286	)		5,877		(223	)
U.S. GSE commercial collateralized mortgage obligations		22,666		(372	)		3,790		(201	)
Corporate bonds		-		-			-		-
Total held to maturity	$	101,846	$	(1,530	)	$	13,540	$	(521	)