Securities (Tables)

3 Months Ended

Mar. 31, 2019

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