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Securities (Tables) | 9 Months Ended
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Sep. 30, 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 |
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 |
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 |
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 |
Investment Securities with Unrealized Losses | 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 |
Contractual Maturities of Debt Securities | 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 |

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