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Securities (Tables)
 3 Months Ended
Mar. 31, 2016
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, 2016
            
Federal Agency
 
$
275,258
  
$
1,070
  
$
(26
)
 
$
276,302
 
State & municipal
  
39,909
   
490
   
(23
)
  
40,376
 
Mortgage-backed:
                
Government-sponsored enterprises
  
401,525
   
8,279
   
(25
)
  
409,779
 
U.S. government agency securities
  
7,484
   
551
   
(14
)
  
8,021
 
Collateralized mortgage obligations:
                
Government-sponsored enterprises
  
446,887
   
4,479
   
(67
)
  
451,299
 
U.S. government agency securities
  
53,748
   
645
   
(17
)
  
54,376
 
Other securities
  
16,674
   
3,708
   
(661
)
  
19,721
 
Total securities available for sale
 
$
1,241,485
  
$
19,222
  
$
(833
)
 
$
1,259,874
 
December 31, 2015
                
Federal Agency
 
$
312,580
  
$
203
  
$
(1,511
)
 
$
311,272
 
State & municipal
  
31,208
   
446
   
(17
)
  
31,637
 
Mortgage-backed:
                
Government-sponsored enterprises
  
398,086
   
4,141
   
(1,068
)
  
401,159
 
U.S. government agency securities
  
8,191
   
560
   
(14
)
  
8,737
 
Collateralized mortgage obligations:
                
Government-sponsored enterprises
  
364,936
   
931
   
(1,828
)
  
364,039
 
U.S. government agency securities
  
40,699
   
348
   
(115
)
  
40,932
 
Other securities
  
13,637
   
3,249
   
(118
)
  
16,768
 
Total securities available for sale
 
$
1,169,337
  
$
9,878
  
$
(4,671
)
 
$
1,174,544
 
 
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, 2016
            
Mortgage-backed:
            
     Government-sponsored enterprises
 
$
9,112
  
$
99
  
$
-
  
$
9,211
 
     U.S. government agency securities
  
588
   
104
   
-
   
692
 
Collateralized mortgage obligations:
                
     Government-sponsored enterprises
  
262,741
   
5,022
   
(604
)
  
267,159
 
State & municipal
  
194,473
   
3,592
   
(17
)
  
198,048
 
Total securities held to maturity
 
$
466,914
  
$
8,817
  
$
(621
)
 
$
475,110
 
December 31, 2015
                
Mortgage-backed:
                
     Government-sponsored enterprises
 
$
9,432
  
$
-
  
$
(107
)
 
$
9,325
 
      U.S. government agency securities
  
611
   
95
   
-
   
706
 
Collateralized mortgage obligations:
                
     Government-sponsored enterprises
  
272,550
   
1,411
   
(1,560
)
  
272,401
 
State & municipal
  
188,438
   
2,288
   
(18
)
  
190,708
 
Total securities held to maturity
 
$
471,031
  
$
3,794
  
$
(1,685
)
 
$
473,140
 
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, 2016
                           
Investment securities available for sale:
                           
Federal agency
 
$
34,920
  
$
(22
)
  
3
  
$
9,996
  
$
(4
)
  
1
  
$
44,916
  
$
(26
)
  
4
 
State & municipal
  
3,450
   
(21
)
  
5
   
498
   
(2
)
  
1
   
3,948
   
(23
)
  
6
 
Mortgage-backed
  
978
   
(1
)
  
3
   
10,146
   
(38
)
  
6
   
11,124
   
(39
)
  
9
 
Collateralized mortgage obligations
  
27,259
   
(71
)
  
4
   
5,785
   
(13
)
  
3
   
33,044
   
(84
)
  
7
 
Other securities
  
-
   
-
   
-
   
5,455
   
(661
)
  
3
   
5,455
   
(661
)
  
3
 
Total securities with unrealized losses
 
$
66,607
  
$
(115
)
  
15
  
$
31,880
  
$
(718
)
  
14
  
$
98,487
  
$
(833
)
  
29
 
 
                                    
March 31, 2016
                                    
Investment securities held to maturity:
                                    
Collateralized mortgage obligations
 
$
-
  
$
-
   
-
  
$
40,987
  
$
(604
)
  
4
  
$
40,987
  
$
(604
)
  
4
 
State & municipal
  
2,190
   
(17
)
  
4
   
-
   
-
   
-
   
2,190
   
(17
)
  
4
 
Total securities with unrealized losses
 
$
2,190
  
$
(17
)
  
4
  
$
40,987
  
$
(604
)
  
4
   
43,177
  
$
(621
)
  
8
 
                                     
December 31, 2015
                                    
Investment securities available for sale:
                                    
Federal agency
 
$
186,685
  
$
(1,312
)
  
15
  
$
19,801
  
$
(199
)
  
2
  
$
206,486
  
$
(1,511
)
  
17
 
State & municipal
  
4,599
   
(14
)
  
7
   
502
   
(3
)
  
1
   
5,101
   
(17
)
  
8
 
Mortgage-backed
  
177,270
   
(1,068
)
  
33
   
1,066
   
(14
)
  
5
   
178,336
   
(1,082
)
  
38
 
Collateralized mortgage obligations
  
256,265
   
(1,889
)
  
24
   
5,218
   
(54
)
  
2
   
261,483
   
(1,943
)
  
26
 
Other securities
  
-
   
-
   
-
   
3,235
   
(118
)
  
2
   
3,235
   
(118
)
  
2
 
Total securities with unrealized losses
 
$
624,819
  
$
(4,283
)
  
79
  
$
29,822
  
$
(388
)
  
12
  
$
654,641
  
$
(4,671
)
  
91
 
 
                                    
December 31, 2015
                                    
Investment securities held to maturity:
                                    
Mortgage -backed
 
$
9,325
  
$
(107
)
  
1
  
$
-
  
$
-
   
-
  
$
9,325
  
$
(107
)
  
1
 
Collateralized mortgage obligations
  
105,604
   
(281
)
  
12
   
41,523
   
(1,279
)
  
4
   
147,127
   
(1,560
)
  
16
 
State & municipal
  
2,200
   
(18
)
  
3
   
-
   
-
   
-
   
2,200
   
(18
)
  
3
 
Total securities with unrealized losses
 
$
117,129
  
$
(406
)
  
16
  
$
41,523
  
$
(1,279
)   
4
  
$
158,652
  
$
(1,685
)
  
20
 
 
Contractual Maturities of Debt Securities
The following tables set forth information with regard to contractual maturities of debt securities at March 31, 2016:
 
(In thousands)
 
Amortized cost
  
Estimated fair value
 
Debt securities classified as available for sale
      
Within one year
 
$
33,121
  
$
33,253
 
From one to five years
  
295,127
   
297,004
 
From five to ten years
  
158,231
   
162,243
 
After ten years
  
738,332
   
747,653
 
 
 
$
1,224,811
  
$
1,240,153
 
Debt securities classified as held to maturity
        
Within one year
 
$
43,553
  
$
43,582
 
From one to five years
  
18,837
   
18,973
 
From five to ten years
  
131,744
   
134,917
 
After ten years
  
272,780
   
277,638
 
 
 
$
466,914
  
$
475,110