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Securities | 9 Months Ended
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Sep. 30, 2016
Securities [Abstract] |
Securities |
Note 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 |
September 30, 2016 |  |  |  |  |  |  |  |  |  |  |  |
Federal Agency |  | $ | 255,115 |  |  | $ | 1,006 |  |  | $ | (28 | ) |  | $ | 256,093 |
State & municipal |  |  | 38,327 |  |  |  | 357 |  |  |  | (30 | ) |  |  | 38,654 |
Mortgage-backed: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprises |  |  | 356,484 |  |  |  | 8,969 |  |  |  | - |  |  |  | 365,453 |
U.S. government agency securities |  |  | 6,418 |  |  |  | 506 |  |  |  | (13 | ) |  |  | 6,911 |
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprises |  |  | 536,694 |  |  |  | 4,580 |  |  |  | (189 | ) |  |  | 541,085 |
U.S. government agency securities |  |  | 59,931 |  |  |  | 478 |  |  |  | (24 | ) |  |  | 60,385 |
Other securities |  |  | 16,744 |  |  |  | 4,720 |  |  |  | (1,146 | ) |  |  | 20,318 |
Total securities available for sale |  | $ | 1,269,713 |  |  | $ | 20,616 |  |  | $ | (1,430 | ) |  | $ | 1,288,899 |
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 |
Other securities primarily represent marketable equity securities. 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 |
September 30, 2016 |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed: |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprises |  | $ | 49,229 |  |  | $ | 617 |  |  | $ | - |  |  | $ | 49,846 |
U.S. government agency securities |  |  | 549 |  |  |  | 101 |  |  |  | - |  |  |  | 650 |
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprises |  |  | 237,819 |  |  |  | 5,314 |  |  |  | (386 | ) |  |  | 242,747 |
State & municipal |  |  | 198,280 |  |  |  | 4,130 |  |  |  | (57 | ) |  |  | 202,353 |
Total securities held to maturity |  | $ | 485,877 |  |  | $ | 10,162 |  |  | $ | (443 | ) |  | $ | 495,596 |
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 |
Securities with amortized costs totaling $1.6 billion at September 30, 2016 and $1.4 billion at December 31, 2015 were pledged to secure public deposits and for other purposes required or permitted by law. At September 30, 2016 and December 31, 2015, securities with an amortized cost of $223.8 million and $205.9 million, respectively, were pledged as collateral for securities sold under repurchase agreements. The following table sets forth information with regard to investment securities with unrealized losses for the periods presented (dollars in thousands):
|  | 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 |
September 30, 2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal agency |  | $ | 9,955 |  |  | $ | (28 | ) |  |  | 1 |  |  | $ | - |  |  | $ | - |  |  |  | - |  |  | $ | 9,955 |  |  | $ | (28 | ) |  |  | 1 |
State & municipal |  |  | 7,659 |  |  |  | (28 | ) |  |  | 12 |  |  |  | 488 |  |  |  | (2 | ) |  |  | 1 |  |  |  | 8,147 |  |  |  | (30 | ) |  |  | 13 |
Mortgage-backed |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 996 |  |  |  | (13 | ) |  |  | 4 |  |  |  | 996 |  |  |  | (13 | ) |  |  | 4 |
Collateralized mortgage obligations |  |  | 56,083 |  |  |  | (213 | ) |  |  | 8 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 56,083 |  |  |  | (213 | ) |  |  | 8 |
Other securities |  |  | 174 |  |  |  | (26 | ) |  |  | 1 |  |  |  | 4,746 |  |  |  | (1,120 | ) |  |  | 2 |  |  |  | 4,920 |  |  |  | (1,146 | ) |  |  | 3 |
Total securities with unrealized losses |  | $ | 73,871 |  |  | $ | (295 | ) |  |  | 22 |  |  | $ | 6,230 |  |  | $ | (1,135 | ) |  |  | 7 |  |  | $ | 80,101 |  |  | $ | (1,430 | ) |  |  | 29 |
Investment securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateralized mortgage obligations |  | $ | - |  |  | $ | - |  |  |  | - |  |  | $ | 37,888 |  |  | $ | (386 | ) |  |  | 4 |  |  | $ | 37,888 |  |  | $ | (386 | ) |  |  | 4 |
State & municipal |  |  | 5,501 |  |  |  | (57 | ) |  |  | 9 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 5,501 |  |  |  | (57 | ) |  |  | 9 |
Total securities with unrealized losses |  | $ | 5,501 |  |  | $ | (57 | ) |  |  | 9 |  |  | $ | 37,888 |  |  | $ | (386 | ) |  |  | 4 |  |  | $ | 43,389 |  |  | $ | (443 | ) |  |  | 13 |
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 |
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 |
Declines in the fair value of held to maturity and available for sale securities below their cost that are deemed to be other than temporary are reflected in earnings as realized losses or in other comprehensive income, depending on whether the Company intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis less any current-period credit loss, the other-than-temporary impairment shall be recognized in earnings equal to the entire difference between the investment's amortized cost basis and its fair value at the balance sheet date. If the Company does not intend to sell the security and it is not more likely than not that the entity will be required to sell the security before recovery of its amortized cost basis less any current-period credit loss, the other-than-temporary impairment shall be separated into (a) the amount representing the credit loss and (b) the amount related to all other factors. The amount of the total other-than-temporary impairment related to the credit loss shall be recognized in earnings. The amount of the total other-than-temporary impairment related to other factors shall be recognized in other comprehensive income, net of applicable taxes. As of September 30, 2016 and December 31, 2015, 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. In estimating other-than-temporary impairment losses, management considers, among other things, (i) the length of time and the extent to which the fair value has been less than cost, (ii) the financial condition and near-term prospects of the issuer and (iii) the historical and implied volatility of the fair value of the security. 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 September 30, 2016, management also has the 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 September 30, 2016 and December 31, 2015, 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. The following tables set forth information with regard to contractual maturities of debt securities at September 30, 2016:
(In thousands) |  | Amortized cost |  |  | Estimated fair value |
Debt securities classified as available for sale |  |  |  |  |  |
Within one year |  | $ | 39,403 |  |  | $ | 39,495 |
From one to five years |  |  | 245,571 |  |  |  | 247,544 |
From five to ten years |  |  | 153,633 |  |  |  | 156,600 |
After ten years |  |  | 814,362 |  |  |  | 824,942 |
|  | $ | 1,252,969 |  |  | $ | 1,268,581 |
Debt securities classified as held to maturity |  |  |  |  |  |  |  |
Within one year |  | $ | 34,787 |  |  | $ | 34,790 |
From one to five years |  |  | 25,392 |  |  |  | 25,639 |
From five to ten years |  |  | 123,615 |  |  |  | 126,865 |
After ten years |  |  | 302,083 |  |  |  | 308,302 |
|  | $ | 485,877 |  |  | $ | 495,596 |
Maturities of mortgage-backed and collateralized mortgage obligations 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 September 30, 2016 and December 31, 2015.

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