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SECURITIES (Tables)
 3 Months Ended
Mar. 31, 2016
Investments, Debt and Equity Securities [Abstract]  
Schedule of Securities
The amortized cost, gross unrealized gains and losses and estimated fair value of securities at March 31, 2016 and December 31, 2015 are summarized as follows (in thousands):
 
March 31, 2016
 
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair
Value
Trading:
 
 
 
 
 
 
 
U.S. Government and agency obligations
$
1,230

 
 
 
 
 
$
1,381

Municipal bonds
332

 
 
 
 
 
339

Corporate bonds
26,828

 
 
 
 
 
20,543

Mortgage-backed or related securities
10,751

 
 
 
 
 
11,650

Equity securities
14

 
 
 
 
 
81

 
$
39,155

 
 
 
 
 
$
33,994

Available-for-Sale:
 
 
 
 
 
 
 
U.S. Government and agency obligations
$
52,009

 
$
270

 
$
(51
)
 
$
52,228

Municipal bonds
148,358

 
2,884

 
(39
)
 
151,203

Corporate bonds
15,747

 
50

 
(804
)
 
14,993

Mortgage-backed or related securities
939,515

 
11,683

 
(1,235
)
 
949,963

Asset-backed securities
31,278

 
—

 
(484
)
 
30,794

Equity securities
88

 
10

 
—

 
98

 
$
1,186,995

 
$
14,897

 
$
(2,613
)
 
$
1,199,279

Held-to-Maturity:
 
 
 
 
 
 
 
U.S. Government and agency obligations
$
1,096

 
$
25

 
$
—

 
$
1,121

Municipal bonds:
172,968

 
8,169

 
(41
)
 
181,096

Corporate bonds
4,236

 
—

 
—

 
4,236

Mortgage-backed or related securities
68,020

 
1,396

 
(46
)
 
69,370

 
$
246,320

 
$
9,590

 
$
(87
)
 
$
255,823



 
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
Schedule of Securities with Continuous Loss Position
At March 31, 2016 and December 31, 2015, 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):
 
March 31, 2016
 
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
$
10,792

 
$
(42
)
 
$
10,439

 
$
(9
)
 
$
21,231

 
$
(51
)
Municipal bonds
6,892

 
(35
)
 
906

 
(4
)
 
7,798

 
(39
)
Corporate bonds
9,943

 
(804
)
 
—

 
—

 
9,943

 
(804
)
Mortgage-backed or related securities
119,249

 
(925
)
 
46,833

 
(310
)
 
166,082

 
(1,235
)
Asset-backed securities
30,794

 
(484
)
 
—

 
—

 
30,794

 
(484
)
 
$
177,670

 
$
(2,290
)
 
$
58,178

 
$
(323
)
 
$
235,848

 
$
(2,613
)
Held-to-Maturity
 
 
 
 
 
 
 
 
 
 
 
Municipal bonds
$
3,179

 
$
(30
)
 
$
1,229

 
$
(11
)
 
$
4,408

 
$
(41
)
Corporate bonds
—

 
—

 
—

 
—

 
—

 
—

Mortgage-backed or related securities
2,906

 
(46
)
 
229

 
—

 
3,135

 
(46
)
 
$
6,085

 
$
(76
)
 
$
1,458

 
$
(11
)
 
$
7,543

 
$
(87
)
 
 
 
 
 
 
 
 
 
 
 
 
 
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
)
Schedule of Securities by Contractual Maturity Date
The amortized cost and estimated fair value of securities at March 31, 2016, 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.
 
March 31, 2016
 
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
$
—

 
$
—

 
$
12,792

 
$
12,741

 
$
4,984

 
$
5,014

Maturing after one year through five years
7,004

 
7,476

 
241,156

 
241,714

 
14,600

 
14,846

Maturing after five years through ten years
3,401

 
3,786

 
242,007

 
243,516

 
98,569

 
101,401

Maturing after ten years through twenty years
1,908

 
2,109

 
327,867

 
333,014

 
106,288

 
112,487

Maturing after twenty years
26,828

 
20,542

 
363,085

 
368,196

 
21,879

 
22,075

 
39,141

 
33,913

 
1,186,907

 
1,199,181

 
246,320

 
255,823

Equity securities
14

 
81

 
88

 
98

 
—

 
—

 
$
39,155

 
$
33,994

 
$
1,186,995

 
$
1,199,279

 
$
246,320

 
$
255,823
Schedule of Pledged Securities
The following table presents, as of March 31, 2016, 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
$
183,462

 
$
182,730

 
$
191,364

Interest rate swap counterparties
29,303

 
28,980

 
29,736

Repurchase agreements
122,566

 
121,595

 
123,018

Other
1,865

 
1,786

 
1,865

Total pledged securities
$
337,196

 
$
335,091

 
$
345,983