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Securities | 12 Months Ended
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Dec. 31, 2014
Securities [Abstract] |
Securities | (3) Securities The amortized cost, estimated fair value, and unrealized gains and losses of securities available for sale are as follows:
(In thousands) |  | Amortized cost |  |  | Unrealized gains |  |  | Unrealized losses |  |  | Estimated fair value |
December 31, 2014 |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  | $ | 23,041 |  |  | $ | 70 |  |  | $ | - |  |  | $ | 23,111 |
Federal agency |  |  | 332,193 |  |  |  | 327 |  |  |  | 2,606 |  |  |  | 329,914 |
State & municipal |  |  | 37,035 |  |  |  | 587 |  |  |  | 52 |  |  |  | 37,570 |
Mortgage-backed: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprises |  |  | 339,190 |  |  |  | 7,597 |  |  |  | 224 |  |  |  | 346,563 |
U.S. government agency securities |  |  | 17,367 |  |  |  | 863 |  |  |  | 66 |  |  |  | 18,164 |
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprises |  |  | 199,837 |  |  |  | 1,828 |  |  |  | 234 |  |  |  | 201,431 |
U.S. government agency securities |  |  | 40,237 |  |  |  | 497 |  |  |  | 36 |  |  |  | 40,698 |
Other securities |  |  | 12,818 |  |  |  | 3,054 |  |  |  | 152 |  |  |  | 15,720 |
Total securities available for sale |  | $ | 1,001,718 |  |  | $ | 14,823 |  |  | $ | 3,370 |  |  | $ | 1,013,171 |
December 31, 2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  | $ | 43,279 |  |  | $ | 337 |  |  | $ | - |  |  | $ | 43,616 |
Federal agency |  |  | 285,880 |  |  |  | 343 |  |  |  | 7,308 |  |  |  | 278,915 |
State & municipal |  |  | 113,435 |  |  |  | 1,842 |  |  |  | 1,612 |  |  |  | 113,665 |
Mortgage-backed: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprises |  |  | 337,666 |  |  |  | 5,788 |  |  |  | 2,131 |  |  |  | 341,323 |
U.S. government securities |  |  | 21,924 |  |  |  | 1,002 |  |  |  | 85 |  |  |  | 22,841 |
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprises |  |  | 521,257 |  |  |  | 1,777 |  |  |  | 18,141 |  |  |  | 504,893 |
U.S. government securities |  |  | 43,943 |  |  |  | 794 |  |  |  | 102 |  |  |  | 44,635 |
Other securities |  |  | 12,367 |  |  |  | 2,854 |  |  |  | 228 |  |  |  | 14,993 |
Total securities available for sale |  | $ | 1,379,751 |  |  | $ | 14,737 |  |  | $ | 29,607 |  |  | $ | 1,364,881 |
The following table sets forth information with regard to sales transactions of securities available for sale:
|  | Years ended December 31 |
(In thousands) |  | 2014 |  |  | 2013 |  |  | 2012 |
Proceeds from sales |  | $ | 189 |  |  | $ | 27,593 |  |  | $ | 1,790 |
Gross realized gains |  | $ | 49 |  |  | $ | 1,283 |  |  | $ | 442 |
Gross realized losses |  |  | - |  |  |  | - |  |  |  | - |
Net securities gains |  | $ | 49 |  |  | $ | 1,283 |  |  | $ | 442 |
In addition to gains (losses) from sales transactions, the Company also recorded gains from calls on securities available for sale of approximately $0.1 million for the year ended December 31, 2014, $0.1 million for the year ended December 31, 2013, and $0.2 million for the year ended December 31, 2012. At December 31, 2014 and 2013, securities available for sale and held to maturity with amortized costs totaling $1.4 billion and $1.4 billion, respectively, were pledged to secure public deposits and for other purposes required or permitted by law. Additionally, at December 31, 2014, securities available for sale and held to maturity with an amortized cost of $208.8 million were pledged as collateral for securities sold under the repurchase agreements. The amortized cost, estimated fair value, and unrealized gains and losses of securities held to maturity are as follows:
(In thousands) |  | Amortized cost |  |  | Unrealized gains |  |  | Unrealized losses |  |  | Estimated fair value |
December 31, 2014 |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed |  | $ | 755 |  |  | $ | 113 |  |  | $ | - |  |  | $ | 868 |
Collateralized mortgage obligations |  |  | 317,628 |  |  |  | 1,934 |  |  |  | 1,965 |  |  |  | 317,597 |
State & municipal |  |  | 135,978 |  |  |  | 674 |  |  |  | 123 |  |  |  | 136,529 |
Total securities held to maturity |  | $ | 454,361 |  |  | $ | 2,721 |  |  | $ | 2,088 |  |  | $ | 454,994 |
December 31, 2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed |  | $ | 953 |  |  | $ | 128 |  |  | $ | - |  |  | $ | 1,081 |
Collateralized mortgage obligations |  |  | 62,025 |  |  |  | - |  |  |  | 4,569 |  |  |  | 57,456 |
State & municipal |  |  | 54,305 |  |  |  | 442 |  |  |  | 8 |  |  |  | 54,739 |
Total securities held to maturity |  | $ | 117,283 |  |  | $ | 570 |  |  | $ | 4,577 |  |  | $ | 113,276 |
At December 31, 2014 and 2013, all of the mortgaged-backed securities held to maturity were comprised of U.S. government agency securities. The following table sets forth information with regard to investment securities with unrealized losses at December 31, 2014 and 2013, segregated according to the length of time the securities had been in a continuous unrealized loss position:
|  | Less than 12 months |  |  | 12 months or longer |  |  | Total |
Security Type: |  | Fair Value |  |  | Unrealized losses |  |  | Number of Positions |  |  | Fair Value |  |  | Unrealized losses |  |  | Number of Positions |  |  | Fair Value |  |  | Unrealized losses |  |  | Number of Positions |
December 31, 2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal agency |  | $ | 66,528 |  |  | $ | (226 | ) |  |  | 8 |  |  | $ | 198,151 |  |  | $ | (2,380 | ) |  |  | 16 |  |  | $ | 264,679 |  |  | $ | (2,606 | ) |  |  | 24 |
State & municipal |  |  | 8,818 |  |  |  | (42 | ) |  |  | 33 |  |  |  | 1,321 |  |  |  | (10 | ) |  |  | 5 |  |  |  | 10,139 |  |  |  | (52 | ) |  |  | 38 |
Mortgage-backed |  |  | 10,400 |  |  |  | (36 | ) |  |  | 10 |  |  |  | 35,565 |  |  |  | (254 | ) |  |  | 31 |  |  |  | 45,965 |  |  |  | (290 | ) |  |  | 41 |
Collateralized mortgage obligations |  |  | 57,682 |  |  |  | (196 | ) |  |  | 8 |  |  |  | 6,598 |  |  |  | (74 | ) |  |  | 4 |  |  |  | 64,280 |  |  |  | (270 | ) |  |  | 12 |
Other securities |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3,201 |  |  |  | (152 | ) |  |  | 2 |  |  |  | 3,201 |  |  |  | (152 | ) |  |  | 2 |
Total securities with unrealized losses |  | $ | 143,428 |  |  | $ | (500 | ) |  |  | 59 |  |  | $ | 244,836 |  |  | $ | (2,870 | ) |  |  | 58 |  |  | $ | 388,264 |  |  | $ | (3,370 | ) |  |  | 117 |
December 31, 2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateralized mortgage obligations |  | $ | 26,052 |  |  | $ | (49 | ) |  |  | 2 |  |  | $ | 46,415 |  |  | $ | (1,916 | ) |  |  | 4 |  |  | $ | 72,467 |  |  | $ | (1,965 | ) |  |  | 6 |
State & municipal |  |  | 43,514 |  |  |  | (116 | ) |  |  | 110 |  |  |  | 1,619 |  |  |  | (7 | ) |  |  | 6 |  |  |  | 45,133 |  |  |  | (123 | ) |  |  | 116 |
Total securities with unrealized losses |  | $ | 69,566 |  |  | $ | (165 | ) |  |  | 112 |  |  | $ | 48,034 |  |  | $ | (1,923 | ) |  |  | 10 |  |  | $ | 117,600 |  |  | $ | (2,088 | ) |  |  | 122 |
December 31, 2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal agency |  | $ | 233,935 |  |  | $ | (6,927 | ) |  |  | 20 |  |  | $ | 9,619 |  |  | $ | (381 | ) |  |  | 1 |  |  | $ | 243,554 |  |  | $ | (7,308 | ) |  |  | 21 |
State & municipal |  |  | 50,328 |  |  |  | (1,612 | ) |  |  | 177 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 50,328 |  |  |  | (1,612 | ) |  |  | 177 |
Mortgage-backed |  |  | 143,080 |  |  |  | (2,216 | ) |  |  | 79 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 143,080 |  |  |  | (2,216 | ) |  |  | 79 |
Collateralized mortgage obligations |  |  | 379,273 |  |  |  | (18,243 | ) |  |  | 36 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 379,273 |  |  |  | (18,243 | ) |  |  | 36 |
Other securities |  |  | 5,490 |  |  |  | (203 | ) |  |  | 2 |  |  |  | 223 |  |  |  | (25 | ) |  |  | 1 |  |  |  | 5,713 |  |  |  | (228 | ) |  |  | 3 |
Total securities with unrealized losses |  | $ | 812,106 |  |  | $ | (29,201 | ) |  |  | 314 |  |  | $ | 9,842 |  |  | $ | (406 | ) |  |  | 2 |  |  | $ | 821,948 |  |  | $ | (29,607 | ) |  |  | 316 |
December 31, 2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateralized mortgage obligations |  | $ | 57,456 |  |  | $ | (4,569 | ) |  |  | 5 |  |  | $ | - |  |  | $ | - |  |  |  | - |  |  | $ | 57,456 |  |  | $ | (4,569 | ) |  |  | 5 |
State & municipal |  |  | 1,012 |  |  |  | (8 | ) |  |  | 1 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,012 |  |  |  | (8 | ) |  |  | 1 |
Total securities with unrealized losses |  | $ | 58,468 |  |  | $ | (4,577 | ) |  |  | 6 |  |  | $ | - |  |  | $ | - |  |  |  | - |  |  | $ | 58,468 |  |  | $ | (4,577 | ) |  |  | 6 |
Management has the intent to hold the securities classified as held to maturity until they mature, at which time it is believed the Company will receive full value for the securities. Furthermore, as of December 31, 2014, management also had intent to hold, and will not be required to sell, the securities classified as available for sale for a period of time sufficient for a recovery of cost, which may be until maturity. The unrealized losses are due to increases in market interest rates over the yields available at the time the underlying securities were purchased. When necessary, the Company has performed a discounted cash flow analysis to determine whether or not it will receive the contractual principal and interest on certain securities. The fair value is expected to recover as the bonds approach their maturity date or repricing date or if market yields for such investments decline. As of December 31, 2014, management believes the impairments detailed in the table above are temporary and no other-than-temporary impairment losses have been realized in the Company’s consolidated statements of income. During 2014, the Company transferred approximately $340 million in securities from the available for sale portfolio to the held to maturity portfolio, which had unrealized losses at the time of transfer of approximately $8.3 million. This unrealized loss is amortized into interest income over the lives of the transferred securities. The following tables set forth information with regard to contractual maturities of debt securities at December 31, 2014:
(In thousands) |  | Amortized cost |  |  | Estimated fair value |
Debt securities classified as available for sale |  |  |  |  |  |
Within one year |  | $ | 28,193 |  |  | $ | 28,310 |
From one to five years |  |  | 356,696 |  |  |  | 356,107 |
From five to ten years |  |  | 160,816 |  |  |  | 163,924 |
After ten years |  |  | 443,195 |  |  |  | 449,110 |
|  | $ | 988,900 |  |  | $ | 997,451 |
Debt securities classified as held to maturity |  |  |  |  |  |  |  |
Within one year |  | $ | 22,999 |  |  | $ | 23,075 |
From one to five years |  |  | 15,506 |  |  |  | 15,606 |
From five to ten years |  |  | 87,326 |  |  |  | 87,640 |
After ten years |  |  | 328,530 |  |  |  | 328,673 |
|  | $ | 454,361 |  |  | $ | 454,994 |
Maturities of mortgage-backed, CMOs and asset-backed securities are stated based on their estimated average lives. Actual maturities may differ from estimated average lives or contractual maturities because, in certain cases, borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Except for U.S. Government securities, there were no holdings, when taken in the aggregate, of any single issuer that exceeded 10% of consolidated stockholders’ equity at December 31, 2014 and December 31, 2013.

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