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SECURITIES (Tables)
 3 Months Ended
Mar. 31, 2017
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, 2017 and December 31, 2016 are summarized as follows (in thousands):
 
March 31, 2017
 
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair
Value
Trading:
 
 
 
 
 
 
 
U.S. Government and agency obligations
$
1,230

 
 
 
 
 
$
1,322

Municipal bonds
331

 
 
 
 
 
334

Corporate bonds
27,002

 
 
 
 
 
21,361

Mortgage-backed or related securities
1,610

 
 
 
 
 
1,617

Equity securities
14

 
 
 
 
 
119

 
$
30,187

 
 
 
 
 
$
24,753

Available-for-Sale:
 
 
 
 
 
 
 
U.S. Government and agency obligations
$
90,843

 
$
236

 
$
(407
)
 
$
90,672

Municipal bonds
110,543

 
793

 
(791
)
 
110,545

Corporate bonds
10,535

 
70

 
(47
)
 
10,558

Mortgage-backed or related securities
986,010

 
2,961

 
(5,773
)
 
983,198

Asset-backed securities
28,728

 
37

 
(72
)
 
28,693

Equity securities
88

 
10

 
—

 
98

 
$
1,226,747

 
$
4,107

 
$
(7,090
)
 
$
1,223,764

Held-to-Maturity:
 
 
 
 
 
 
 
U.S. Government and agency obligations
$
1,055

 
$
—

 
$
(11
)
 
$
1,044

Municipal bonds:
196,224

 
4,483

 
(1,173
)
 
199,534

Corporate bonds
3,839

 
—

 
—

 
3,839

Mortgage-backed or related securities
65,273

 
201

 
(489
)
 
64,985

 
$
266,391

 
$
4,684

 
$
(1,673
)
 
$
269,402



 
December 31, 2016
 
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair
Value
Trading:
 
 
 
 
 
 
 
U.S. Government and agency obligations
$
1,230

 
 
 
 
 
$
1,326

Municipal bonds
331

 
 
 
 
 
335

Corporate bonds
26,959

 
 
 
 
 
21,143

Mortgage-backed or related securities
1,620

 
 
 
 
 
1,641

Equity securities
14

 
 
 
 
 
123

 
$
30,154

 
 
 
 
 
$
24,568

Available-for-Sale:
 
 
 
 
 
 
 
U.S. Government and agency obligations
$
57,288

 
$
146

 
$
(456
)
 
$
56,978

Municipal bonds
110,487

 
455

 
(1,089
)
 
109,853

Corporate bonds
10,255

 
77

 
(49
)
 
10,283

Mortgage-backed or related securities
598,899

 
2,064

 
(6,251
)
 
594,712

Asset-backed securities
29,319

 
—

 
(326
)
 
28,993

Equity securities
88

 
10

 
—

 
98

 
$
806,336

 
$
2,752

 
$
(8,171
)
 
$
800,917

Held-to-Maturity:
 
 
 
 
 
 
 
U.S. Government and agency obligations
$
1,065

 
$
—

 
$
(18
)
 
$
1,047

Municipal bonds:
196,989

 
4,173

 
(1,272
)
 
199,890

Corporate bonds
3,876

 
—

 
—

 
3,876

Mortgage-backed or related securities
65,943

 
309

 
(537
)
 
65,715

 
$
267,873

 
$
4,482

 
$
(1,827
)
 
$
270,528
Schedule of Securities with Continuous Loss Position
At March 31, 2017 and December 31, 2016, 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, 2017
 
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
$
38,922

 
$
(398
)
 
$
821

 
$
(9
)
 
$
39,743

 
$
(407
)
Municipal bonds
51,717

 
(790
)
 
301

 
(1
)
 
52,018

 
(791
)
Corporate bonds
—

 
—

 
5,076

 
(47
)
 
5,076

 
(47
)
Mortgage-backed or related securities
546,336

 
(4,996
)
 
54,221

 
(777
)
 
600,557

 
(5,773
)
Asset-backed securities
9,955

 
(72
)
 
—

 
—

 
9,955

 
(72
)
 
$
646,930

 
$
(6,256
)
 
$
60,419

 
$
(834
)
 
$
707,349

 
$
(7,090
)
Held-to-Maturity
 
 
 
 
 
 
 
 
 
 
 
U.S. Government and agency obligations
$
1,044

 
$
(11
)
 
$
—

 
$
—

 
$
1,044

 
$
(11
)
Municipal bonds
$
48,692

 
$
(1,169
)
 
$
203

 
$
(4
)
 
$
48,895

 
$
(1,173
)
Mortgage-backed or related securities
37,871

 
(489
)
 
—

 
—

 
37,871

 
(489
)
 
$
87,607

 
$
(1,669
)
 
$
203

 
$
(4
)
 
$
87,810

 
$
(1,673
)
 
 
 
 
 
 
 
 
 
 
 
 
 
December 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
$
39,043

 
$
(442
)
 
$
1,012

 
$
(14
)
 
$
40,055

 
$
(456
)
Municipal bonds
60,765

 
(1,087
)
 
556

 
(2
)
 
61,321

 
(1,089
)
Corporate bonds
5,206

 
(49
)
 
—

 
—

 
5,206

 
(49
)
Mortgage-backed or related securities
403,431

 
(5,604
)
 
47,467

 
(647
)
 
450,898

 
(6,251
)
Asset-backed securities
9,928

 
(101
)
 
19,064

 
(225
)
 
28,992

 
(326
)
 
$
518,373

 
$
(7,283
)
 
$
68,099

 
$
(888
)
 
$
586,472

 
$
(8,171
)
Held-to-Maturity
 
 
 
 
 
 
 
 
 
 
 
U.S. Government and agency obligations
$
1,047

 
$
(18
)
 
$
—

 
$
—

 
$
1,047

 
$
(18
)
Municipal bonds
$
64,802

 
$
(1,267
)
 
$
204

 
$
(5
)
 
$
65,006

 
$
(1,272
)
Mortgage-backed or related securities
42,245

 
(537
)
 
—

 
—

 
42,245

 
(537
)
 
$
108,094

 
$
(1,822
)
 
$
204

 
$
(5
)
 
$
108,298

 
$
(1,827
)
Schedule of Securities by Contractual Maturity Date
The amortized cost and estimated fair value of securities at March 31, 2017, 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, 2017
 
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
$
1,741

 
$
1,750

 
$
23,099

 
$
23,082

 
$
1,957

 
$
1,964

Maturing after one year through five years
230

 
231

 
115,084

 
115,031

 
19,868

 
19,989

Maturing after five years through ten years
1,200

 
1,291

 
215,933

 
214,541

 
112,229

 
113,151

Maturing after ten years through twenty years
8,262

 
7,974

 
293,580

 
293,840

 
88,077

 
90,802

Maturing after twenty years
18,740

 
13,388

 
578,963

 
577,172

 
44,260

 
43,496

 
30,173

 
24,634

 
1,226,659

 
1,223,666

 
266,391

 
269,402

Equity securities
14

 
119

 
88

 
98

 
—

 
—

 
$
30,187

 
$
24,753

 
$
1,226,747

 
$
1,223,764

 
$
266,391

 
$
269,402
Schedule of Pledged Securities
The following table presents, as of March 31, 2017, investment securities which were pledged to secure borrowings, public deposits or other obligations as permitted or required by law (in thousands):
 
March 31, 2017
 
Carrying Value
 
Amortized Cost
 
Fair
Value
Purpose or beneficiary:
 
 
 
 
 
State and local governments public deposits
$
145,600

 
$
145,472

 
$
147,942

Interest rate swap counterparties
24,233

 
24,280

 
24,138

Repurchase agreements
136,835

 
137,045

 
136,799

Other
1,673

 
1,681

 
1,673

Total pledged securities
$
308,341

 
$
308,478

 
$
310,552