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Securities (Tables)
 9 Months Ended
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