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SECURITIES AVAILABLE FOR SALE AND HELD TO MATURITY (Tables)

9 Months Ended

Sep. 30, 2014

SECURITIES AVAILABLE FOR SALE AND HELD TO MATURITY

Summary of securities available for sale and held to maturity

(In thousands)		Amortized Cost			Gross Unrealized Gains			Gross Unrealized Losses			Fair Value
September 30, 2014
Securities available for sale
Debt securities:
Municipal bonds and obligations		$	129,981		$	5,781		$	(238	)	$	135,524
Government-guaranteed residential mortgage-backed securities		74,127			490			(335		)	74,282
Government-sponsored residential mortgage-backed securities		780,475			3,401			(6,305		)	777,571
Corporate bonds		2,556			—			—			2,556
Trust preferred securities		15,620			874			(1,096		)	15,398
Other bonds and obligations		3,232			—			(78		)	3,154
Total debt securities		1,005,991			10,546			(8,052		)	1,008,485
Marketable equity securities		48,993			3,684			(2,197		)	50,480
Total securities available for sale		1,054,984			14,230			(10,249		)	1,058,965
Securities held to maturity
Municipal bonds and obligations		4,004			—			—			4,004
Government-sponsored residential mortgage-backed securities		71			3			—			74
Tax advantaged economic development bonds		38,189			1,385			(213		)	39,361
Other bonds and obligations		332			—			—			332
Total securities held to maturity		42,596			1,388			(213		)	43,771
Total		$	1,097,580		$	15,618		$	(10,462	)	$	1,102,736
December 31, 2013
Securities available for sale
Debt securities:
Municipal bonds and obligations		$	77,852		$	1,789		$	(1,970	)	$	77,671
Government-guaranteed residential mortgage-backed securities		78,885			544			(658		)	78,771
Government-sponsored residential mortgage-backed securities		531,441			2,000			(10,783		)	522,658
Corporate bonds		40,945			157			(1,822		)	39,280
Trust preferred securities		16,927			1,249			(1,565		)	16,611
Other bonds and obligations		3,250			—			(166		)	3,084
Total debt securities		749,300			5,739			(16,964		)	738,075
Marketable equity securities		20,042			2,266			(335		)	21,973
Total securities available for sale		769,342			8,005			(17,299		)	760,048
Securities held to maturity
Municipal bonds and obligations		4,244			—			—			4,244
Government-sponsored residential mortgage-backed securities		73			2			—			75
Tax advantaged economic development bonds		40,260			1,255			(414		)	41,101
Other bonds and obligations		344			—			—			344
Total securities held to maturity		44,921			1,257			(414		)	45,764
Total		$	814,263		$	9,262		$	(17,713	)	$	805,812

Schedule of amortized cost and estimated fair value of available for sale (AFS) and held to maturity (HTM) securities, segregated by contractual maturity

		Available for sale						Held to maturity
		Amortized			Fair			Amortized			Fair
(In thousands)		Cost			Value			Cost			Value
Within 1 year		$	2,556		$	2,556		$	1,356		$	1,356
Over 1 year to 5 years		1,257			1,268			16,980			17,860
Over 5 years to 10 years		15,586			15,879			11,446			11,410
Over 10 years		131,990			136,929			12,743			13,071
Total bonds and obligations		151,389			156,632			42,525			43,697
Marketable equity securities		48,993			50,480			—			—
Residential mortgage-backed securities		854,602			851,853			71			74
Total		$	1,054,984		$	1,058,965		$	42,596		$	43,771

Schedule of securities with unrealized losses, segregated by the duration of their continuous unrealized loss positions

		Less Than Twelve Months						Over Twelve Months						Total
		Gross						Gross						Gross
		Unrealized			Fair			Unrealized			Fair			Unrealized			Fair
(In thousands)		Losses			Value			Losses			Value			Losses			Value
September 30, 2014
Securities available for sale
Debt securities:
Municipal bonds and obligations		$	6		$	995		$	232		$	9,971		$	238		$	10,966
Government-guaranteed residential mortgage-backed securities		163			29,109			172			7,520			335			36,629
Government-sponsored residential mortgage-backed securities		1,373			222,117			4,932			158,167			6,305			380,284
Trust preferred securities		—			—			1,096			2,458			1,096			2,458
Other bonds and obligations		—			—			78			2,983			78			2,983
Total debt securities		1,542			252,221			6,510			181,099			8,052			433,320
Marketable equity securities		1,694			20,165			503			4,587			2,197			24,752
Total securities available for sale		3,236			272,386			7,013			185,686			10,249			458,072
Securities held to maturity
Tax advantaged economic development bonds		—			—			213			7,856			213			7,856
Total securities held to maturity		—			—			213			7,856			213			7,856
Total		$	3,236		$	272,386		$	7,226		$	193,542		$	10,462		$	465,928
December 31, 2013
Securities available for sale
Debt securities:
Municipal bonds and obligations		$	1,657		$	17,776		$	313		$	1,854		$	1,970		$	19,630
Government guaranteed residential mortgage-backed securities		658			35,631			—			—			658			35,631
Government-sponsored residential mortgage-backed securities		10,783			423,203			—			—			10,783			423,203
Corporate bonds		1,822			29,124			—			—			1,822			29,124
Trust preferred securities		—			—			1,565			2,039			1,565			2,039
Other bonds and obligations		166			3,082			—			—			166			3,082
Total debt securities		15,086			508,816			1,878			3,893			16,964			512,709
Marketable equity securities		117			1,653			218			1,782			335			3,435
Total securities available for sale		15,203			510,469			2,096			5,675			17,299			516,144
Securities held to maturity
Tax advantaged economic development bonds		57			9,429			357			7,901			414			17,330
Total securities held to maturity		57			9,429			357			7,901			414			17,330
Total		$	15,260		$	519,898		$	2,453		$	13,576		$	17,713		$	533,474

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