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Securities (Tables) | 3 Months Ended
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Mar. 31, 2019
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, 2019 |  |  |  |  |  |  |  |  |  |  |  |
Federal agency |  | $ | 29,990 |  |  | $ | 10 |  |  | $ | 364 |  |  | $ | 29,636 |
State & municipal |  |  | 598 |  |  |  | - |  |  |  | - |  |  |  | 598 |
Mortgage-backed: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprises |  |  | 482,357 |  |  |  | 1,155 |  |  |  | 4,022 |  |  |  | 479,490 |
U.S. government agency securities |  |  | 36,601 |  |  |  | 384 |  |  |  | 308 |  |  |  | 36,677 |
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprises |  |  | 333,838 |  |  |  | 623 |  |  |  | 4,568 |  |  |  | 329,893 |
U.S. government agency securities |  |  | 76,469 |  |  |  | 166 |  |  |  | 1,070 |  |  |  | 75,565 |
Total AFS securities |  | $ | 959,853 |  |  | $ | 2,338 |  |  | $ | 10,332 |  |  | $ | 951,859 |
As of December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal agency |  | $ | 84,982 |  |  | $ | 10 |  |  | $ | 693 |  |  | $ | 84,299 |
State & municipal |  |  | 30,136 |  |  |  | 16 |  |  |  | 237 |  |  |  | 29,915 |
Mortgage-backed: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprises |  |  | 493,225 |  |  |  | 439 |  |  |  | 10,354 |  |  |  | 483,310 |
U.S. government agency securities |  |  | 29,190 |  |  |  | 270 |  |  |  | 475 |  |  |  | 28,985 |
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprises |  |  | 332,409 |  |  |  | 344 |  |  |  | 7,211 |  |  |  | 325,542 |
U.S. government agency securities |  |  | 47,684 |  |  |  | 137 |  |  |  | 1,376 |  |  |  | 46,445 |
Total AFS securities |  | $ | 1,017,626 |  |  | $ | 1,216 |  |  | $ | 20,346 |  |  | $ | 998,496 |
Sales Transactions of Securities Available for Sale | The components of net realized gains (losses) on the sale of AFS securities are as follows. These amounts were reclassified out of AOCI and into earnings:
|  | Three Months Ended March 31, |
(In thousands) |  | 2019 |  |  | 2018 |
Gross realized gains |  | $ | 53 |  |  | $ | - |
Gross realized (losses) |  |  | (152 | ) |  |  | - |
Net AFS realized (losses) |  | $ | (99 | ) |  | $ | - |
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, 2019 |  |  |  |  |  |  |  |  |  |  |  |
Federal agency |  | $ | 19,995 |  |  | $ | 55 |  |  | $ | - |  |  | $ | 20,050 |
Mortgage-backed: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprises |  |  | 160,566 |  |  |  | 1,281 |  |  |  | 981 |  |  |  | 160,866 |
U.S. government agency securities |  |  | 14,545 |  |  |  | 460 |  |  |  | - |  |  |  | 15,005 |
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprises |  |  | 247,418 |  |  |  | 1,388 |  |  |  | 2,230 |  |  |  | 246,576 |
U.S. government agency securities |  |  | 103,741 |  |  |  | 1,329 |  |  |  | - |  |  |  | 105,070 |
State & municipal |  |  | 234,300 |  |  |  | 1,254 |  |  |  | 360 |  |  |  | 235,194 |
Total HTM securities |  | $ | 780,565 |  |  | $ | 5,767 |  |  | $ | 3,571 |  |  | $ | 782,761 |
As of December 31,2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal agency |  | $ | 19,995 |  |  | $ | 52 |  |  | $ | - |  |  | $ | 20,047 |
Mortgage-backed: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprises |  |  | 164,618 |  |  |  | 712 |  |  |  | 2,773 |  |  |  | 162,557 |
U.S. government agency securities |  |  | 15,230 |  |  |  | 403 |  |  |  | - |  |  |  | 15,633 |
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprises |  |  | 257,475 |  |  |  | 1,097 |  |  |  | 3,897 |  |  |  | 254,675 |
U.S. government agency securities |  |  | 83,148 |  |  |  | 767 |  |  |  | - |  |  |  | 83,915 |
State & municipal |  |  | 243,133 |  |  |  | 331 |  |  |  | 1,616 |  |  |  | 241,848 |
Total HTM securities |  | $ | 783,599 |  |  | $ | 3,362 |  |  | $ | 8,286 |  |  | $ | 778,675 |
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, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AFS securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal agency |  | $ | - |  |  | $ | - |  |  |  | - |  |  | $ | 9,636 |  |  | $ | (364 | ) |  |  | 1 |  |  | $ | 9,636 |  |  | $ | (364 | ) |  |  | 1 |
Mortgage-backed |  |  | 234 |  |  |  | (2 | ) |  |  | 2 |  |  |  | 352,339 |  |  |  | (4,328 | ) |  |  | 90 |  |  |  | 352,573 |  |  |  | (4,330 | ) |  |  | 92 |
Collateralized mortgage obligations |  |  | 36,739 |  |  |  | (166 | ) |  |  | 5 |  |  |  | 311,623 |  |  |  | (5,472 | ) |  |  | 64 |  |  |  | 348,362 |  |  |  | (5,638 | ) |  |  | 69 |
Total securities with unrealized losses |  | $ | 36,973 |  |  | $ | (168 | ) |  |  | 7 |  |  | $ | 673,598 |  |  | $ | (10,164 | ) |  |  | 155 |  |  | $ | 710,571 |  |  | $ | (10,332 | ) |  |  | 162 |
HTM securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgaged-backed |  | $ | - |  |  | $ | - |  |  |  | - |  |  | $ | 82,204 |  |  | $ | (981 | ) |  |  | 6 |  |  | $ | 82,204 |  |  | $ | (981 | ) |  |  | 6 |
Collateralized mortgage obligations |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 125,486 |  |  |  | (2,230 | ) |  |  | 24 |  |  |  | 125,486 |  |  |  | (2,230 | ) |  |  | 24 |
State & municipal |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 19,302 |  |  |  | (360 | ) |  |  | 30 |  |  |  | 19,302 |  |  |  | (360 | ) |  |  | 30 |
Total securities with unrealized losses |  | $ | - |  |  | $ | - |  |  |  | - |  |  | $ | 226,992 |  |  | $ | (3,571 | ) |  |  | 60 |  |  | $ | 226,992 |  |  | $ | (3,571 | ) |  |  | 60 |
As of December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AFS securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal agency |  | $ | - |  |  | $ | - |  |  |  | - |  |  | $ | 64,294 |  |  | $ | (693 | ) |  |  | 6 |  |  | $ | 64,294 |  |  | $ | (693 | ) |  |  | 6 |
State & municipal |  |  | 1,715 |  |  |  | (3 | ) |  |  | 3 |  |  |  | 22,324 |  |  |  | (234 | ) |  |  | 35 |  |  |  | 24,039 |  |  |  | (237 | ) |  |  | 38 |
Mortgage-backed |  |  | 18,462 |  |  |  | (65 | ) |  |  | 12 |  |  |  | 428,440 |  |  |  | (10,764 | ) |  |  | 101 |  |  |  | 446,902 |  |  |  | (10,829 | ) |  |  | 113 |
Collateralized mortgage obligations |  |  | 12,118 |  |  |  | (69 | ) |  |  | 5 |  |  |  | 320,908 |  |  |  | (8,518 | ) |  |  | 62 |  |  |  | 333,026 |  |  |  | (8,587 | ) |  |  | 67 |
Total securities with unrealized losses |  | $ | 32,295 |  |  | $ | (137 | ) |  |  | 20 |  |  | $ | 835,966 |  |  | $ | (20,209 | ) |  |  | 204 |  |  | $ | 868,261 |  |  | $ | (20,346 | ) |  |  | 224 |
HTM securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage -backed |  | $ | - |  |  | $ | - |  |  |  | - |  |  | $ | 82,579 |  |  | $ | (2,773 | ) |  |  | 6 |  |  | $ | 82,579 |  |  | $ | (2,773 | ) |  |  | 6 |
Collateralized mortgage obligations |  |  | 4,386 |  |  |  | (7 | ) |  |  | 2 |  |  |  | 145,396 |  |  |  | (3,890 | ) |  |  | 26 |  |  |  | 149,782 |  |  |  | (3,897 | ) |  |  | 28 |
State & municipal |  |  | 18,907 |  |  |  | (84 | ) |  |  | 30 |  |  |  | 58,258 |  |  |  | (1,532 | ) |  |  | 86 |  |  |  | 77,165 |  |  |  | (1,616 | ) |  |  | 116 |
Total securities with unrealized losses |  | $ | 23,293 |  |  | $ | (91 | ) |  |  | 32 |  |  | $ | 286,233 |  |  | $ | (8,195 | ) |  |  | 118 |  |  | $ | 309,526 |  |  | $ | (8,286 | ) |  |  | 150 |
Gains and Losses on Equity Securities | The following table sets forth information with regard to gains and losses on equity securities:
|  | Three Months Ended March 31, |
(In thousands) |  | 2019 |  |  | 2018 |
Net gains and losses recognized on equity securities |  | $ | 156 |  |  | $ | 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 |  | $ | 156 |  |  | $ | 28 |
Contractual Maturities of Debt Securities | The following table sets forth information with regard to contractual maturities of debt securities at March 31, 2019:
(In thousands) |  | Amortized Cost |  |  | Estimated Fair Value |
AFS debt securities: |  |  |  |  |  |
Within one year |  | $ | 610 |  |  | $ | 610 |
From one to five years |  |  | 51,922 |  |  |  | 51,573 |
From five to ten years |  |  | 161,292 |  |  |  | 160,434 |
After ten years |  |  | 746,029 |  |  |  | 739,242 |
Total AFS debt securities |  | $ | 959,853 |  |  | $ | 951,859 |
HTM debt securities: |  |  |  |  |  |  |  |
Within one year |  | $ | 78,118 |  |  | $ | 78,118 |
From one to five years |  |  | 64,632 |  |  |  | 64,930 |
From five to ten years |  |  | 204,726 |  |  |  | 204,881 |
After ten years |  |  | 433,089 |  |  |  | 434,832 |
Total HTM debt securities |  | $ | 780,565 |  |  | $ | 782,761 |

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