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Securities (Tables) | 6 Months Ended
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Jun. 30, 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 |
June 30, 2018 |  |  |  |  |  |  |  |  |  |  |  |
Federal agency |  | $ | 119,964 |  |  | $ | - |  |  | $ | 1,394 |  |  | $ | 118,570 |
State & municipal |  |  | 36,676 |  |  |  | 28 |  |  |  | 302 |  |  |  | 36,402 |
Mortgage-backed: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprises |  |  | 503,303 |  |  |  | 307 |  |  |  | 13,579 |  |  |  | 490,031 |
U.S. government agency securities |  |  | 30,232 |  |  |  | 225 |  |  |  | 843 |  |  |  | 29,614 |
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprises |  |  | 486,029 |  |  |  | 234 |  |  |  | 17,702 |  |  |  | 468,561 |
U.S. government agency securities |  |  | 51,309 |  |  |  | 132 |  |  |  | 1,680 |  |  |  | 49,761 |
Total AFS securities |  | $ | 1,227,513 |  |  | $ | 926 |  |  | $ | 35,500 |  |  | $ | 1,192,939 |
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 held to maturity ("HTM") securities are as follows:
(In thousands) |  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Estimated Fair Value |
June 30, 2018 |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed: |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprises |  | $ | 90,696 |  |  | $ | - |  |  | $ | 3,244 |  |  | $ | 87,452 |
U.S. government agency securities |  |  | 376 |  |  |  | 43 |  |  |  | - |  |  |  | 419 |
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprises |  |  | 229,353 |  |  |  | 92 |  |  |  | 5,989 |  |  |  | 223,456 |
U.S. government agency securities |  |  | 9,788 |  |  |  | 1 |  |  |  | - |  |  |  | 9,789 |
State & municipal |  |  | 213,950 |  |  |  | 265 |  |  |  | 2,352 |  |  |  | 211,863 |
Total HTM securities |  | $ | 544,163 |  |  | $ | 401 |  |  | $ | 11,585 |  |  | $ | 532,979 |
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 June 30, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AFS securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal agency |  | $ | 39,457 |  |  | $ | (526 | ) |  |  | 4 |  |  | $ | 79,113 |  |  | $ | (868 | ) |  |  | 6 |  |  | $ | 118,570 |  |  | $ | (1,394 | ) |  |  | 10 |
State & municipal |  |  | 23,273 |  |  |  | (232 | ) |  |  | 37 |  |  |  | 5,479 |  |  |  | (70 | ) |  |  | 8 |  |  |  | 28,752 |  |  |  | (302 | ) |  |  | 45 |
Mortgage-backed |  |  | 432,173 |  |  |  | (11,590 | ) |  |  | 93 |  |  |  | 60,657 |  |  |  | (2,832 | ) |  |  | 26 |  |  |  | 492,830 |  |  |  | (14,422 | ) |  |  | 119 |
Collateralized mortgage obligations |  |  | 233,086 |  |  |  | (6,076 | ) |  |  | 40 |  |  |  | 260,766 |  |  |  | (13,306 | ) |  |  | 46 |  |  |  | 493,852 |  |  |  | (19,382 | ) |  |  | 86 |
Total securities with unrealized losses |  | $ | 727,989 |  |  | $ | (18,424 | ) |  |  | 174 |  |  | $ | 406,015 |  |  | $ | (17,076 | ) |  |  | 86 |  |  | $ | 1,134,004 |  |  | $ | (35,500 | ) |  |  | 260 |
HTM securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed |  | $ | 56,920 |  |  | $ | (1,686 | ) |  |  | 4 |  |  | $ | 30,532 |  |  | $ | (1,558 | ) |  |  | 2 |  |  | $ | 87,452 |  |  | $ | (3,244 | ) |  |  | 6 |
Collateralized mortgage obligations |  |  | 149,776 |  |  |  | (3,693 | ) |  |  | 24 |  |  |  | 33,586 |  |  |  | (2,296 | ) |  |  | 6 |  |  |  | 183,362 |  |  |  | (5,989 | ) |  |  | 30 |
State & municipal |  |  | 73,496 |  |  |  | (1,310 | ) |  |  | 110 |  |  |  | 15,665 |  |  |  | (1,042 | ) |  |  | 25 |  |  |  | 89,161 |  |  |  | (2,352 | ) |  |  | 135 |
Total securities with unrealized losses |  | $ | 280,192 |  |  | $ | (6,689 | ) |  |  | 138 |  |  | $ | 79,783 |  |  | $ | (4,896 | ) |  |  | 33 |  |  | $ | 359,975 |  |  | $ | (11,585 | ) |  |  | 171 |
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 |
Gains and Losses on Equity Securities | The following tables set forth information with regard to gains and losses on equity securities:
(In thousands) |  | Three months ended June 30, 2018 |  |  | Six months ended June 30, 2018 |
Net gains and losses recognized on equity securities |  | $ | 91 |  |  | $ | 163 |
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 |  | $ | 91 |  |  | $ | 119 |
Contractual Maturities of Debt Securities | The following tables set forth information with regard to contractual maturities of debt securities at June 30, 2018:
(In thousands) |  | Amortized Cost |  |  | Estimated Fair Value |
AFS debt securities: |  |  |  |  |  |
Within one year |  | $ | 79,927 |  |  | $ | 79,698 |
From one to five years |  |  | 78,012 |  |  |  | 76,566 |
From five to ten years |  |  | 186,454 |  |  |  | 182,532 |
After ten years |  |  | 883,120 |  |  |  | 854,143 |
Total AFS debt securities |  | $ | 1,227,513 |  |  | $ | 1,192,939 |
HTM debt securities: |  |  |  |  |  |  |  |
Within one year |  | $ | 51,786 |  |  | $ | 51,786 |
From one to five years |  |  | 50,159 |  |  |  | 50,281 |
From five to ten years |  |  | 201,007 |  |  |  | 196,191 |
After ten years |  |  | 241,211 |  |  |  | 234,721 |
Total HTM debt securities |  | $ | 544,163 |  |  | $ | 532,979 |

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