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Securities (Tables)
 3 Months Ended
Mar. 31, 2015
Securities [Abstract]  
Amortized cost, estimated fair value, and unrealized gains and losses of securities available for sale
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
 
March 31, 2015
 
  
  
  
 
U.S. Treasury
 
$
13,019
  
$
37
  
$
-
  
$
13,056
 
Federal Agency
  
402,255
   
1,080
   
584
   
402,751
 
State & municipal
  
37,807
   
621
   
5
   
38,423
 
Mortgage-backed:
                
Government-sponsored enterprises
  
321,746
   
8,838
   
16
   
330,568
 
U.S. government agency securities
  
16,406
   
893
   
64
   
17,235
 
Collateralized mortgage obligations:
                
Government-sponsored enterprises
  
213,999
   
2,336
   
54
   
216,281
 
U.S. government agency securities
  
37,268
   
554
   
29
   
37,793
 
Other securities
  
12,872
   
2,799
   
124
   
15,547
 
Total securities available for sale
 
$
1,055,372
  
$
17,158
  
$
876
  
$
1,071,654
 
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
 
Amortized cost, estimated fair value, and unrealized gains and losses of securities held to maturity
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
 
March 31, 2015
 
  
  
  
 
Mortgage-backed:
        
     Government-sponsored enterprises
 
$
10,260
  
$
25
  
$
-
  
$
10,285
 
     U.S. government agency securities
  
727
   
122
   
-
   
849
 
Collateralized mortgage obligations:
                
     Government-sponsored enterprises
  
307,647
   
4,279
   
1,313
   
310,613
 
State & municipal
  
138,139
   
1,370
   
32
   
139,477
 
Total securities held to maturity
 
$
456,773
  
$
5,796
  
$
1,345
  
$
461,224
 
December 31, 2014
                
Mortgage-backed:
                
     Government-sponsored enterprises
 
$
755
  
$
113
  
$
-
  
$
868
 
Collateralized mortgage obligations:
                
     Government-sponsored enterprises
  
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
 
Investment securities with unrealized losses
The following table sets forth information with regard to investment securities with unrealized losses for the periods presented:
 
 
 
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
 
 
 
  
  
  
  
  
  
  
  
 
March 31, 2015
 
  
  
  
  
  
  
  
  
 
Investment securities available for sale:
 
  
  
  
  
  
  
  
  
 
Federal agency
 
$
159,455
  
$
(331
)
  
13
  
$
39,721
  
$
(253
)
  
4
  
$
199,176
  
$
(584
)
  
17
 
State & municipal
  
1,939
   
(5
)
  
4
   
-
   
-
   
-
   
1,939
   
(5
)
  
4
 
Mortgage-backed
  
11,159
   
(20
)
  
16
   
4,759
   
(60
)
  
14
   
15,918
   
(80
)
  
30
 
Collateralized mortgage obligations
  
17,116
   
(60
)
  
12
   
5,169
   
(23
)
  
3
   
22,285
   
(83
)
  
15
 
Other securities
  
642
   
(8
)
  
1
   
3,237
   
(116
)
  
2
   
3,879
   
(124
)
  
3
 
Total securities with unrealized losses
 
$
190,311
  
$
(424
)
  
46
  
$
52,886
  
$
(452
)
  
23
  
$
243,197
  
$
(876
)
  
69
 
 
                                    
March 31, 2015
                                    
Investment securities held to maturity:
                                    
Collateralized mortgage obligations
 
$
13,031
  
$
(19
)
  
11
  
$
45,860
  
$
(1,294
)
  
4
  
$
58,891
  
$
(1,313
)
  
15
 
  State & municipal
  
7,482
   
(32
)
  
102
   
-
   
-
   
-
   
7,482
   
(32
)
  
102
 
Total securities with unrealized losses
 
$
20,513
  
$
(51
)
  
113
  
$
45,860
  
$
(1,294
)
  
4
   
66,373
  
$
(1,345
)
  
117
 
                                     
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
 
Contractual maturities of debt securities
The following tables set forth information with regard to contractual maturities of debt securities at March 31, 2015:
 
(In thousands)
 
Amortized cost
  
Estimated fair value
 
Debt securities classified as available for sale
 
  
 
Within one year
 
$
19,250
  
$
19,312
 
From one to five years
  
414,712
   
416,598
 
From five to ten years
  
170,168
   
173,750
 
After ten years
  
438,370
   
446,447
 
 
 
$
1,042,500
  
$
1,056,107
 
Debt securities classified as held to maturity
        
Within one year
 
$
24,182
  
$
24,260
 
From one to five years
  
16,047
   
16,137
 
From five to ten years
  
90,418
   
91,502
 
After ten years
  
326,126
   
329,325
 
 
 
$
456,773
  
$
461,224