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Securities (Tables) | 3 Months Ended
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Mar. 31, 2018
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 (losses) of available for sale ("AFS") securities are as follows:
(In thousands) |  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Estimated Fair Value |
As of March 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |
Federal agency |  | $ | 139,775 |  |  | $ | - |  |  | $ | 1,316 |  |  | $ | 138,459 |
State & municipal |  |  | 39,700 |  |  |  | 31 |  |  |  | 345 |  |  |  | 39,386 |
Mortgage-backed: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprises |  |  | 524,468 |  |  |  | 523 |  |  |  | 11,155 |  |  |  | 513,836 |
U.S. government agency securities |  |  | 30,473 |  |  |  | 267 |  |  |  | 545 |  |  |  | 30,195 |
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprises |  |  | 511,727 |  |  |  | 243 |  |  |  | 15,541 |  |  |  | 496,429 |
U.S. government agency securities |  |  | 48,944 |  |  |  | 151 |  |  |  | 1,488 |  |  |  | 47,607 |
Total AFS securities |  | $ | 1,295,087 |  |  | $ | 1,215 |  |  | $ | 30,390 |  |  | $ | 1,265,912 |
As of December 31, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal agency |  | $ | 109,862 |  |  | $ | - |  |  | $ | 963 |  |  | $ | 108,899 |
State & municipal |  |  | 42,171 |  |  |  | 62 |  |  |  | 277 |  |  |  | 41,956 |
Mortgage-backed: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprises |  |  | 530,392 |  |  |  | 1,406 |  |  |  | 3,345 |  |  |  | 528,453 |
U.S. government agency securities |  |  | 26,363 |  |  |  | 334 |  |  |  | 223 |  |  |  | 26,474 |
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprises |  |  | 496,033 |  |  |  | 254 |  |  |  | 10,114 |  |  |  | 486,173 |
U.S. government agency securities |  |  | 50,721 |  |  |  | 165 |  |  |  | 1,065 |  |  |  | 49,821 |
Equity securities |  |  | 10,623 |  |  |  | 3,672 |  |  |  | 146 |  |  |  | 14,149 |
Total AFS securities |  | $ | 1,266,165 |  |  | $ | 5,893 |  |  | $ | 16,133 |  |  | $ | 1,255,925 |
Amortized Cost, Estimated Fair Value, and Unrealized Gains and Losses of Securities Held to Maturity | The amortized cost, estimated fair value and unrealized gains (losses) of securities held to maturity ("HTM") are as follows:
(In thousands) |  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Estimated Fair Value |
As of March 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed: |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprises |  | $ | 93,769 |  |  | $ | - |  |  | $ | 2,749 |  |  | $ | 91,020 |
U.S. government agency securities |  |  | 389 |  |  |  | 47 |  |  |  | - |  |  |  | 436 |
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprises |  |  | 188,260 |  |  |  | - |  |  |  | 5,004 |  |  |  | 183,256 |
State & municipal |  |  | 204,708 |  |  |  | 292 |  |  |  | 2,303 |  |  |  | 202,697 |
Total HTM securities |  | $ | 487,126 |  |  | $ | 339 |  |  | $ | 10,056 |  |  | $ | 477,409 |
As of December 31, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprises |  | $ | 96,357 |  |  | $ | 85 |  |  | $ | 810 |  |  | $ | 95,632 |
U.S. government agency securities |  |  | 418 |  |  |  | 57 |  |  |  | - |  |  |  | 475 |
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprises |  |  | 186,327 |  |  |  | 224 |  |  |  | 2,577 |  |  |  | 183,974 |
State & municipal |  |  | 200,971 |  |  |  | 1,439 |  |  |  | 620 |  |  |  | 201,790 |
Total HTM securities |  | $ | 484,073 |  |  | $ | 1,805 |  |  | $ | 4,007 |  |  | $ | 481,871 |
Investment Securities with Unrealized Losses | The following table sets forth information with regard to investment securities with unrealized losses segregated according to the length of time the securities had been in a continuous unrealized loss position:
|  | Less than 12 months |  |  | 12 months or longer |  |  | Total |
(In thousands) |  | Fair Value |  |  | Unrealized Losses |  |  | Number of Positions |  |  | Fair Value |  |  | Unrealized Losses |  |  | Number of Positions |  |  | Fair Value |  |  | Unrealized Losses |  |  | Number of Positions |
As of March 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AFS securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal agency |  | $ | 74,268 |  |  | $ | (459 | ) |  |  | 6 |  |  | $ | 64,191 |  |  | $ | (857 | ) |  |  | 6 |  |  | $ | 138,459 |  |  | $ | (1,316 | ) |  |  | 12 |
State & municipal |  |  | 25,927 |  |  |  | (271 | ) |  |  | 44 |  |  |  | 4,979 |  |  |  | (74 | ) |  |  | 7 |  |  |  | 30,906 |  |  |  | (345 | ) |  |  | 51 |
Mortgage-backed |  |  | 440,714 |  |  |  | (9,582 | ) |  |  | 90 |  |  |  | 55,185 |  |  |  | (2,118 | ) |  |  | 25 |  |  |  | 495,899 |  |  |  | (11,700 | ) |  |  | 115 |
Collateralized mortgage obligations |  |  | 249,512 |  |  |  | (5,330 | ) |  |  | 38 |  |  |  | 259,488 |  |  |  | (11,699 | ) |  |  | 43 |  |  |  | 509,000 |  |  |  | (17,029 | ) |  |  | 81 |
Total securities with unrealized losses |  | $ | 790,421 |  |  | $ | (15,642 | ) |  |  | 178 |  |  | $ | 383,843 |  |  | $ | (14,748 | ) |  |  | 81 |  |  | $ | 1,174,264 |  |  | $ | (30,390 | ) |  |  | 259 |
HTM securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgaged-backed |  | $ | 59,070 |  |  | $ | (1,344 | ) |  |  | 4 |  |  | $ | 31,950 |  |  | $ | (1,405 | ) |  |  | 2 |  |  | $ | 91,020 |  |  | $ | (2,749 | ) |  |  | 6 |
Collateralized mortgage obligations |  |  | 147,877 |  |  |  | (2,864 | ) |  |  | 23 |  |  |  | 35,379 |  |  |  | (2,140 | ) |  |  | 6 |  |  |  | 183,256 |  |  |  | (5,004 | ) |  |  | 29 |
State & municipal |  |  | 74,241 |  |  |  | (1,299 | ) |  |  | 118 |  |  |  | 15,177 |  |  |  | (1,004 | ) |  |  | 24 |  |  |  | 89,418 |  |  |  | (2,303 | ) |  |  | 142 |
Total securities with unrealized losses |  | $ | 281,188 |  |  | $ | (5,507 | ) |  |  | 145 |  |  | $ | 82,506 |  |  | $ | (4,549 | ) |  |  | 32 |  |  | $ | 363,694 |  |  | $ | (10,056 | ) |  |  | 177 |
As of December 31, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AFS securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal agency |  | $ | 64,653 |  |  | $ | (242 | ) |  |  | 5 |  |  | $ | 44,246 |  |  | $ | (721 | ) |  |  | 4 |  |  | $ | 108,899 |  |  | $ | (963 | ) |  |  | 9 |
State & municipal |  |  | 23,566 |  |  |  | (200 | ) |  |  | 39 |  |  |  | 5,994 |  |  |  | (77 | ) |  |  | 8 |  |  |  | 29,560 |  |  |  | (277 | ) |  |  | 47 |
Mortgage-backed |  |  | 317,630 |  |  |  | (2,381 | ) |  |  | 55 |  |  |  | 58,316 |  |  |  | (1,187 | ) |  |  | 24 |  |  |  | 375,946 |  |  |  | (3,568 | ) |  |  | 79 |
Collateralized mortgage obligations |  |  | 227,917 |  |  |  | (2,658 | ) |  |  | 35 |  |  |  | 275,303 |  |  |  | (8,521 | ) |  |  | 42 |  |  |  | 503,220 |  |  |  | (11,179 | ) |  |  | 77 |
Equity securities |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,959 |  |  |  | (146 | ) |  |  | 1 |  |  |  | 2,959 |  |  |  | (146 | ) |  |  | 1 |
Total securities with unrealized losses |  | $ | 633,766 |  |  | $ | (5,481 | ) |  |  | 134 |  |  | $ | 386,818 |  |  | $ | (10,652 | ) |  |  | 79 |  |  | $ | 1,020,584 |  |  | $ | (16,133 | ) |  |  | 213 |
HTM securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage -backed |  | $ | 15,477 |  |  | $ | (140 | ) |  |  | 2 |  |  | $ | 33,703 |  |  | $ | (670 | ) |  |  | 2 |  |  | $ | 49,180 |  |  | $ | (810 | ) |  |  | 4 |
Collateralized mortgage obligations |  |  | 118,476 |  |  |  | (1,064 | ) |  |  | 17 |  |  |  | 37,614 |  |  |  | (1,513 | ) |  |  | 6 |  |  |  | 156,090 |  |  |  | (2,577 | ) |  |  | 23 |
State & municipal |  |  | 22,387 |  |  |  | (132 | ) |  |  | 40 |  |  |  | 15,720 |  |  |  | (488 | ) |  |  | 24 |  |  |  | 38,107 |  |  |  | (620 | ) |  |  | 64 |
Total securities with unrealized losses |  | $ | 156,340 |  |  | $ | (1,336 | ) |  |  | 59 |  |  | $ | 87,037 |  |  | $ | (2,671 | ) |  |  | 32 |  |  | $ | 243,377 |  |  | $ | (4,007 | ) |  |  | 91 |
Contractual Maturities of Debt Securities | The following tables set forth information with regard to contractual maturities of debt securities at March 31, 2018:
(In thousands) |  | Amortized Cost |  |  | Estimated Fair Value |
AFS debt securities: |  |  |  |  |  |
Within one year |  | $ | 99,647 |  |  | $ | 99,288 |
From one to five years |  |  | 82,353 |  |  |  | 81,136 |
From five to ten years |  |  | 175,040 |  |  |  | 172,862 |
After ten years |  |  | 938,047 |  |  |  | 912,626 |
Total AFS debt securities |  | $ | 1,295,087 |  |  | $ | 1,265,912 |
HTM debt securities: |  |  |  |  |  |  |  |
Within one year |  | $ | 37,885 |  |  | $ | 37,885 |
From one to five years |  |  | 43,089 |  |  |  | 43,159 |
From five to ten years |  |  | 208,715 |  |  |  | 204,710 |
After ten years |  |  | 197,437 |  |  |  | 191,655 |
Total HTM debt securities |  | $ | 487,126 |  |  | $ | 477,409 |
Gains and Losses on Equity Securities | The following tables set forth information with regard to gains and losses on equity securities for the quarter ended March 31, 2018:
(In thousands) |  |  |
Net gains and losses recognized on equity securities |  | $ | 72 |
Less: Net gains and losses recognized during the period on equity securities sold during the period |  |  | 44 |
Unrealized gains and losses recognized on equity securities still held at March 31, 2018 |  | $ | 28 |

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