SECURITIES (Tables)
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12 Months Ended |
Dec. 31, 2015 |
Investments, Debt and Equity Securities [Abstract] |
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Schedule of Securities |
The amortized cost, gross unrealized losses and gains and estimated fair value of securities at December 31, 2015 and 2014 are summarized as follows (in thousands): | | | | | | | | | | | | | | | | | | December 31, 2015 | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | Trading: | | | | | | | | U.S. Government and agency obligations | $ | 1,230 |
| | | | | | $ | 1,368 |
| Municipal bonds | 332 |
| | | | | | 341 |
| Corporate bonds | 25,063 |
| | | | | | 18,699 |
| Mortgage-backed or related securities | 12,705 |
| | | | | | 13,663 |
| Equity securities | 14 |
| | | | | | 63 |
| | $ | 39,344 |
| | | | | | $ | 34,134 |
| Available-for-Sale: | | | | | | | | U.S. Government and agency obligations | $ | 30,211 |
| | $ | 213 |
| | $ | (193 | ) | | $ | 30,231 |
| Municipal bonds | 142,898 |
| | 853 |
| | (432 | ) | | 143,319 |
| Corporate bonds | 15,937 |
| | 56 |
| | (12 | ) | | 15,981 |
| Mortgage-backed or related securities | 919,318 |
| | 4,056 |
| | (5,115 | ) | | 918,259 |
| Asset-backed securities | 31,288 |
| | — |
| | (603 | ) | | 30,685 |
| Equity securities | 88 |
| | 10 |
| | — |
| | 98 |
| | $ | 1,139,740 |
| | $ | 5,188 |
| | $ | (6,355 | ) | | $ | 1,138,573 |
| Held-to-Maturity: | | | | | | | | U.S. Government and agency obligations | $ | 1,106 |
| | $ | 5 |
| | $ | — |
| | $ | 1,111 |
| Municipal bonds: | 162,778 |
| | 6,219 |
| | (191 | ) | | 168,806 |
| Corporate bonds | 4,273 |
| | — |
| | — |
| | 4,273 |
| Mortgage-backed or related securities | 52,509 |
| | 253 |
| | (325 | ) | | 52,437 |
| | $ | 220,666 |
| | $ | 6,477 |
| | $ | (516 | ) | | $ | 226,627 |
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| | | | | | | | | | | | | | | | | | December 31, 2014 | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | Trading: | | | | | | | | U.S. Government and agency obligations | $ | 1,340 |
| | | | | | $ | 1,505 |
| Municipal bonds | 1,405 |
| | | | | | 1,440 |
| Corporate bonds | 27,995 |
| | | | | | 19,118 |
| Mortgage-backed or related securities | 16,726 |
| | | | | | 18,136 |
| Equity securities | 14 |
| | | | | | 59 |
| | $ | 47,480 |
| | | | | | $ | 40,258 |
| Available-for-Sale: | | | | | | | | U.S. Government and agency obligations | $ | 29,973 |
| | $ | 8 |
| | $ | (211 | ) | | $ | 29,770 |
| Municipal bonds | 49,959 |
| | 190 |
| | (121 | ) | | 50,028 |
| Corporate bonds | 5,000 |
| | 18 |
| | — |
| | 5,018 |
| Mortgage-backed or related securities | 300,979 |
| | 1,429 |
| | (1,598 | ) | | 300,810 |
| Asset-backed securities | 25,513 |
| | 167 |
| | (285 | ) | | 25,395 |
| | $ | 411,424 |
| | $ | 1,812 |
| | $ | (2,215 | ) | | $ | 411,021 |
| Held-to-Maturity: | | | | | | | | U.S. Government and agency obligations | $ | 2,146 |
| | $ | — |
| | $ | (19 | ) | | $ | 2,127 |
| Municipal bonds: | 119,951 |
| | 6,319 |
| | (48 | ) | | 126,222 |
| Corporate bonds | 1,800 |
| | — |
| | — |
| | 1,800 |
| Mortgage-backed or related securities | 7,361 |
| | 105 |
| | (7 | ) | | 7,459 |
| | $ | 131,258 |
| | $ | 6,424 |
| | $ | (74 | ) | | $ | 137,608 |
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Schedule of Securities with Continuous Loss Position |
At December 31, 2015 and 2014, the gross unrealized losses and the fair value for securities available-for-sale and held-to-maturity aggregated by the length of time that individual securities have been in a continuous unrealized loss position was as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2015 | | Less Than 12 Months | | 12 Months or More | | Total | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | Available-for-Sale: | | | | | | | | | | | | U.S. Government and agency obligations | $ | 8,707 |
| | $ | (97 | ) | | $ | 10,489 |
| | $ | (96 | ) | | $ | 19,196 |
| | $ | (193 | ) | Municipal bonds | 69,848 |
| | (426 | ) | | 905 |
| | (6 | ) | | 70,753 |
| | (432 | ) | Corporate bonds | 5,153 |
| | (12 | ) | | — |
| | — |
| | 5,153 |
| | (12 | ) | Mortgage-backed or related securities | 533,143 |
| | (4,380 | ) | | 68,562 |
| | (735 | ) | | 601,705 |
| | (5,115 | ) | Asset-backed securities | 20,893 |
| | (355 | ) | | 9,792 |
| | (248 | ) | | 30,685 |
| | (603 | ) | | $ | 637,744 |
| | $ | (5,270 | ) | | $ | 89,748 |
| | $ | (1,085 | ) | | $ | 727,492 |
| | $ | (6,355 | ) | Held-to-Maturity: | | | | | | | | | | | | Municipal bonds | $ | 28,545 |
| | $ | (188 | ) | | $ | 254 |
| | $ | (3 | ) | | $ | 28,799 |
| | $ | (191 | ) | Corporate bonds | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| Mortgage-backed or related securities | 34,493 |
| | (323 | ) | | 255 |
| | (2 | ) | | 34,748 |
| | (325 | ) | | $ | 63,038 |
| | $ | (511 | ) | | $ | 509 |
| | $ | (5 | ) | | $ | 63,547 |
| | $ | (516 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2014 | | Less Than 12 Months | | 12 Months or More | | Total | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | Available-for-Sale: | | | | | | | | | | | | U.S. Government and agency obligations | $ | 15,983 |
| | $ | (58 | ) | | $ | 9,847 |
| | $ | (153 | ) | | $ | 25,830 |
| | $ | (211 | ) | Municipal bonds | 16,322 |
| | (61 | ) | | 7,129 |
| | (60 | ) | | 23,451 |
| | (121 | ) | Mortgage-backed or related securities | 91,046 |
| | (236 | ) | | 107,266 |
| | (1,362 | ) | | 198,312 |
| | (1,598 | ) | Asset-backed securities | — |
| | — |
| | 9,765 |
| | (285 | ) | | 9,765 |
| | (285 | ) | | $ | 123,351 |
| | $ | (355 | ) | | $ | 134,007 |
| | $ | (1,860 | ) | | $ | 257,358 |
| | $ | (2,215 | ) | Held-to-Maturity: | | | | | | | | | | | | U.S. Government and agency obligations | $ | — |
| | $ | — |
| | $ | 1,127 |
| | $ | (19 | ) | | $ | 1,127 |
| | $ | (19 | ) | Municipal bonds | 9,821 |
| | (44 | ) | | 592 |
| | (4 | ) | | 10,413 |
| | (48 | ) | Mortgage-backed or related securities | 1,018 |
| | (7 | ) | | — |
| | — |
| | 1,018 |
| | (7 | ) | | $ | 10,839 |
| | $ | (51 | ) | | $ | 1,719 |
| | $ | (23 | ) | | $ | 12,558 |
| | $ | (74 | ) |
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Schedule of Securities by Contractual Maturity Date |
The amortized cost and estimated fair value of securities at December 31, 2015, by contractual maturity, are shown below (in thousands). Expected maturities will differ from contractual maturities because some securities may be called or prepaid with or without call or prepayment penalties. | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2015 | | Trading | | Available-for-Sale | | Held-to-Maturity | | Amortized Cost | | Fair Value | | Amortized Cost | | Fair Value | | Amortized Cost | | Fair Value | Maturing in one year or less | $ | — |
| | $ | — |
| | $ | 12,522 |
| | $ | 12,477 |
| | $ | 4,986 |
| | $ | 5,035 |
| Maturing after one year through five years | 8,790 |
| | 9,361 |
| | 278,205 |
| | 277,056 |
| | 13,707 |
| | 13,810 |
| Maturing after five years through ten years | 3,480 |
| | 3,823 |
| | 185,919 |
| | 184,948 |
| | 83,478 |
| | 84,158 |
| Maturing after ten years through twenty years | 1,997 |
| | 2,188 |
| | 338,069 |
| | 338,362 |
| | 99,614 |
| | 104,460 |
| Maturing after twenty years | 25,063 |
| | 18,699 |
| | 324,937 |
| | 325,632 |
| | 18,881 |
| | 19,164 |
| | 39,330 |
| | 34,071 |
| | 1,139,652 |
| | 1,138,475 |
| | 220,666 |
| | 226,627 |
| Equity securities | 14 |
| | 63 |
| | 88 |
| | 98 |
| | | | | | $ | 39,344 |
| | $ | 34,134 |
| | $ | 1,139,740 |
| | $ | 1,138,573 |
| | $ | 220,666 |
| | $ | 226,627 |
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Schedule of Pledged Securities |
The following table presents, as of December 31, 2015, investment securities which were pledged to secure borrowings, public deposits or other obligations as permitted or required by law (in thousands): | | | | | | | | | | | | | | Carrying Value | | Amortized Cost | | Fair Value | Purpose or beneficiary: | | | | | | State and local governments public deposits | $ | 204,894 |
| | $ | 201,149 |
| | $ | 210,422 |
| Interest rate swap counterparties | 13,687 |
| | 13,284 |
| | 13,687 |
| Repurchase transaction accounts | 110,140 |
| | 109,956 |
| | 110,146 |
| Other | 1,970 |
| | 1,895 |
| | 1,970 |
| Total pledged securities | $ | 330,691 |
| | $ | 326,284 |
| | $ | 336,225 |
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