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SECURITIES | 12 Months Ended
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Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract] |
SECURITIES | SECURITIES The following is a summary of securities available for sale (“AFS”) and securities held to maturity (“HTM”):
(In thousands) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
December 31, 2016 |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale |  |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |
Municipal bonds and obligations |  | $ | 117,910 |  |  | $ | 2,955 |  |  | $ | (1,049 | ) |  | $ | 119,816 |
Agency collateralized mortgage obligations |  | 652,680 |  |  | 2,522 |  |  | (3,291 | ) |  | 651,911 |
Agency mortgage-backed securities |  | 230,308 |  |  | 557 |  |  | (2,181 | ) |  | 228,684 |
Agency commercial mortgage-backed securities |  | 65,673 |  |  | 229 |  |  | (1,368 | ) |  | 64,534 |
Corporate bonds |  | 56,320 |  |  | 408 |  |  | (722 | ) |  | 56,006 |
Trust preferred securities |  | 11,578 |  |  | 368 |  |  | (59 | ) |  | 11,887 |
Other bonds and obligations |  | 10,979 |  |  | 195 |  |  | (16 | ) |  | 11,158 |
Total debt securities |  | 1,145,448 |  |  | 7,234 |  |  | (8,686 | ) |  | 1,143,996 |
Marketable equity securities |  | 47,858 |  |  | 19,296 |  |  | (1,613 | ) |  | 65,541 |
Total securities available for sale |  | 1,193,306 |  |  | 26,530 |  |  | (10,299 | ) |  | 1,209,537 |
Securities held to maturity |  |  |  |  |  |  |  |  |  |  |  |
Municipal bonds and obligations |  | 203,463 |  |  | 3,939 |  |  | (2,416 | ) |  | 204,986 |
Agency collateralized mortgage obligations |  | 75,655 |  |  | 1,281 |  |  | (411 | ) |  | 76,525 |
Agency mortgage-backed securities |  | 9,102 |  |  | — |  |  | (243 | ) |  | 8,859 |
Agency commercial mortgage-backed securities |  | 10,545 |  |  | — |  |  | (434 | ) |  | 10,111 |
Tax advantaged economic development bonds |  | 35,278 |  |  | 1,596 |  |  | — |  |  | 36,874 |
Other bonds and obligations |  | 325 |  |  | — |  |  | — |  |  | 325 |
Total securities held to maturity |  | 334,368 |  |  | 6,816 |  |  | (3,504 | ) |  | 337,680 |
Total |  | $ | 1,527,674 |  |  | $ | 33,346 |  |  | $ | (13,803 | ) |  | $ | 1,547,217 |
December 31, 2015 |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale |  |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |
Municipal bonds and obligations |  | $ | 99,922 |  |  | $ | 4,763 |  |  | $ | (124 | ) |  | $ | 104,561 |
Agency collateralized mortgage obligations |  | 833,633 |  |  | 4,957 |  |  | (5,554 | ) |  | 833,036 |
Agency mortgage-backed securities |  | 127,274 |  |  | 542 |  |  | (987 | ) |  | 126,829 |
Agency commercial mortgage-backed securities |  | — |  |  | — |  |  | — |  |  | — |
Corporate bonds |  | 42,849 |  |  | — |  |  | (1,826 | ) |  | 41,023 |
Trust preferred securities |  | 11,719 |  |  | 182 |  |  | (1 | ) |  | 11,900 |
Other bonds and obligations |  | 3,175 |  |  | — |  |  | (34 | ) |  | 3,141 |
Total debt securities |  | 1,118,572 |  |  | 10,444 |  |  | (8,526 | ) |  | 1,120,490 |
Marketable equity securities |  | 30,522 |  |  | 5,331 |  |  | (1,886 | ) |  | 33,967 |
Total securities available for sale |  | 1,149,094 |  |  | 15,775 |  |  | (10,412 | ) |  | 1,154,457 |
Securities held to maturity |  |  |  |  |  |  |  |  |  |  |  |
Municipal bonds and obligations |  | 94,642 |  |  | 3,359 |  |  | (34 | ) |  | 97,967 |
Agency collateralized mortgage-backed securities |  | 68 |  |  | 3 |  |  | — |  |  | 71 |
Tax advantaged economic development bonds |  | 36,613 |  |  | 1,924 |  |  | — |  |  | 38,537 |
Other bonds and obligations |  | 329 |  |  | — |  |  | — |  |  | 329 |
Total securities held to maturity |  | 131,652 |  |  | 5,286 |  |  | (34 | ) |  | 136,904 |
Total |  | $ | 1,280,746 |  |  | $ | 21,061 |  |  | $ | (10,446 | ) |  | $ | 1,291,361 |
At year-end 2016 and 2015, accumulated net unrealized gains on AFS securities included in accumulated other comprehensive income were $16.2 million and $5.3 million, respectively. At year-end 2016 and 2015, accumulated net unrealized gains on HTM securities included in accumulated other comprehensive income were $9.0 million and $954 thousand respectively. The year-end 2016 and 2015 related income tax benefit of $9.6 million and $2.4 million, respectively, was also included in accumulated other comprehensive income. The amortized cost and estimated fair value of available for sale (AFS) and held to maturity (HTM) securities, segregated by contractual maturity at year-end 2016 are presented below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Mortgage-backed securities are shown in total, as their maturities are highly variable. Equity securities have no maturity and are also shown in total.
|  | Available for sale |  | Held to maturity
(In thousands) |  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Within 1 year |  | $ | — |  |  | $ | — |  |  | $ | 1,803 |  |  | $ | 1,806 |
Over 1 year to 5 years |  | 25,697 |  |  | 26,042 |  |  | 19,674 |  |  | 20,494 |
Over 5 years to 10 years |  | 48,637 |  |  | 49,397 |  |  | 17,502 |  |  | 17,968 |
Over 10 years |  | 122,453 |  |  | 123,428 |  |  | 200,087 |  |  | 201,917 |
Total bonds and obligations |  | 196,787 |  |  | 198,867 |  |  | 239,066 |  |  | 242,185 |
Marketable equity securities |  | 47,858 |  |  | 65,541 |  |  | — |  |  | — |
Mortgage-backed securities |  | 948,661 |  |  | 945,129 |  |  | 95,302 |  |  | 95,495 |
Total |  | $ | 1,193,306 |  |  | $ | 1,209,537 |  |  | $ | 334,368 |  |  | $ | 337,680 |
At year-end 2016 and 2015, the Company had pledged securities as collateral for certain municipal deposits and for interest rate swaps with certain counterparties. The total amortized cost and fair values of these pledged securities follows. Additionally, there is a blanket lien on certain securities to collateralize borrowings from the FHLBB, as discussed further in Note 12 - Borrowed Funds.
|  | 2016 |  | 2015
(In thousands) |  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Securities pledged to swap counterparties |  | $ | 51,292 |  |  | $ | 51,290 |  |  | $ | 27,687 |  |  | $ | 27,626 |
Securities pledged for municipal deposits |  | 147,950 |  |  | 148,435 |  |  | 134,865 |  |  | 135,755 |
Total |  | $ | 199,242 |  |  | $ | 199,725 |  |  | $ | 162,552 |  |  | $ | 163,381 |
Proceeds from the sale of AFS securities in 2016, 2015, and 2014 were $421.8 million, $41.2 million, and $143.5 million, respectively. The components of net realized gains and losses on the sale of AFS securities are as follows. These amounts were reclassified out of accumulated other comprehensive loss and into earnings:
(In thousands) |  | 2016 |  | 2015 |  | 2014
Gross realized gains |  | $ | 2,762 |  |  | $ | 4,567 |  |  | $ | 2,601 |
Gross realized losses |  | (3,313 | ) |  | (2,457 | ) |  | (2,119 | )
Net realized (losses)/gains |  | $ | (551 | ) |  | $ | 2,110 |  |  | $ | 482 |
Securities with unrealized losses, segregated by the duration of their continuous unrealized loss positions, are summarized as follows:
|  | Less Than Twelve Months |  | Over Twelve Months |  | Total
(In thousands) |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value
December 31, 2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal bonds and obligations |  | $ | 1,049 |  |  | $ | 13,839 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,049 |  |  | $ | 13,839 |
Agency collateralized mortgage obligations |  | 3,291 |  |  | 319,448 |  |  | — |  |  | — |  |  | 3,291 |  |  | 319,448 |
Agency mortgage-backed securities |  | 2,153 |  |  | 130,766 |  |  | 28 |  |  | 2,061 |  |  | 2,181 |  |  | 132,827 |
Agency commercial mortgage-back securities |  | 1,368 |  |  | 44,860 |  |  | — |  |  | — |  |  | 1,368 |  |  | 44,860 |
Corporate bonds |  | 11 |  |  | 4,780 |  |  | 711 |  |  | 19,655 |  |  | 722 |  |  | 24,435 |
Trust preferred securities |  | — |  |  | — |  |  | 59 |  |  | 1,204 |  |  | 59 |  |  | 1,204 |
Other bonds and obligations |  | 15 |  |  | 3,014 |  |  | 1 |  |  | 27 |  |  | 16 |  |  | 3,041 |
Total debt securities |  | 7,887 |  |  | 516,707 |  |  | 799 |  |  | 22,947 |  |  | 8,686 |  |  | 539,654 |
Marketable equity securities |  | 157 |  |  | 6,600 |  |  | 1,456 |  |  | 5,927 |  |  | 1,613 |  |  | 12,527 |
Total securities available for sale |  | $ | 8,044 |  |  | $ | 523,307 |  |  | $ | 2,255 |  |  | $ | 28,874 |  |  | $ | 10,299 |  |  | $ | 552,181 |
Securities held to maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal bonds and obligations |  | 2,416 |  |  | 69,308 |  |  | — |  |  | — |  |  | 2,416 |  |  | 69,308 |
Agency collateralized mortgage obligations |  | 411 |  |  | 14,724 |  |  | — |  |  | — |  |  | 411 |  |  | 14,724 |
Agency mortgage-backed securities |  | 243 |  |  | 8,859 |  |  | — |  |  | — |  |  | 243 |  |  | 8,859 |
Agency commercial mortgage-back securities |  | 434 |  |  | 10,111 |  |  | — |  |  | — |  |  | 434 |  |  | 10,111 |
Total securities held to maturity |  | 3,504 |  |  | 103,002 |  |  | — |  |  | — |  |  | 3,504 |  |  | 103,002 |
Total |  | $ | 11,548 |  |  | $ | 626,309 |  |  | $ | 2,255 |  |  | $ | 28,874 |  |  | $ | 13,803 |  |  | $ | 655,183 |
December 31, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal bonds and obligations |  | $ | 9 |  |  | $ | 1,587 |  |  | $ | 115 |  |  | $ | 3,400 |  |  | $ | 124 |  |  | $ | 4,987 |
Agency collateralized mortgage obligations |  | 2,958 |  |  | 304,907 |  |  | 2,596 |  |  | 136,988 |  |  | 5,554 |  |  | 441,895 |
Agency mortgage-backed securities |  | 306 |  |  | 34,543 |  |  | 681 |  |  | 35,522 |  |  | 987 |  |  | 70,065 |
Corporate bonds |  | 30 |  |  | 6,934 |  |  | 1,796 |  |  | 21,587 |  |  | 1,826 |  |  | 28,521 |
Trust preferred securities |  | 1 |  |  | 1,269 |  |  | — |  |  | — |  |  | 1 |  |  | 1,269 |
Other bonds and obligations |  | — |  |  | 108 |  |  | 34 |  |  | 3,032 |  |  | 34 |  |  | 3,140 |
Total debt securities |  | 3,304 |  |  | 349,348 |  |  | 5,222 |  |  | 200,529 |  |  | 8,526 |  |  | 549,877 |
Marketable equity securities |  | 534 |  |  | 2,908 |  |  | 1,352 |  |  | 5,729 |  |  | 1,886 |  |  | 8,637 |
Total securities available for sale |  | $ | 3,838 |  |  | $ | 352,256 |  |  | $ | 6,574 |  |  | $ | 206,258 |  |  | $ | 10,412 |  |  | $ | 558,514 |
Securities held to maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal bonds and obligations |  | — |  |  | — |  |  | 34 |  |  | 2,143 |  |  | 34 |  |  | 2,143 |
Total securities held to maturity |  | — |  |  | — |  |  | 34 |  |  | 2,143 |  |  | 34 |  |  | 2,143 |
Total |  | $ | 3,838 |  |  | $ | 352,256 |  |  | $ | 6,608 |  |  | $ | 208,401 |  |  | $ | 10,446 |  |  | $ | 560,657 |
Debt Securities The Company expects to recover its amortized cost basis on all debt securities in its AFS and HTM portfolios. Furthermore, the Company does not intend to sell nor does it anticipate that it will be required to sell any of its securities in an unrealized loss position as of December 31, 2016, prior to this recovery. The Company’s ability and intent to hold these securities until recovery is supported by the Company’s strong capital and liquidity positions as well as its historical low portfolio turnover. The following summarizes, by investment security type, the basis for the conclusion that the debt securities in an unrealized loss position within the Company’s AFS and HTM portfolios did not maintain other-than-temporary impairment ("OTTI") at year-end 2016: AFS municipal bonds and obligations At year-end 2016, 16 of the 271 securities in the Company’s portfolio of AFS municipal bonds and obligations were in unrealized loss positions. Aggregate unrealized losses represented 7.1% of the amortized cost of securities in unrealized loss positions. The Company continually monitors the municipal bond sector of the market carefully and periodically evaluates the appropriate level of exposure to the market. At this time, the Company feels that the bonds in this portfolio carry minimal risk of default and that the Company is appropriately compensated for that risk. The bonds are investment grade rated, and there were no material underlying credit downgrades during 2016. All securities are performing. AFS collateralized mortgage obligations At year-end 2016, 71 of the 218 securities in the Company’s portfolio of AFS collateralized mortgage obligations were in unrealized loss positions. Aggregate unrealized losses represented 1.0% of the amortized cost of securities in unrealized loss positions. The Federal National Mortgage Association ("FNMA"), Federal Home Loan Mortgage Corporation ("FHLMC"), and Government National Mortgage Association ("GNMA") guarantee the contractual cash flows of all of the Company's collateralized residential mortgage obligations. The securities are investment grade rated, and there were no material underlying credit downgrades during 2016. All securities are performing. AFS mortgage-backed securities At year-end 2016, 52 out of a total of 105 securities in the Company’s portfolio of AFS mortgage-backed securities were in unrealized loss positions. Aggregate unrealized losses represented 2.0% of the amortized cost of securities in unrealized loss positions. The Federal National Mortgage Association (“FNMA”), Federal Home Loan Mortgage Corporation (“FHLMC”), and Government National Mortgage Association (“GNMA”) guarantees the contractual cash flows of the Company’s residential mortgage-backed securities. The securities are investment grade rated and there were no material underlying credit downgrades during 2016. All securities are performing. AFS corporate bonds At year-end 2016, 3 out of 11 securities in the Company’s portfolio of AFS corporate bonds were in an unrealized loss position. The aggregate unrealized loss represents 2.9% of the amortized cost of bonds in unrealized loss positions. The Company reviews the financial strength of these bonds and concluded that the amortized cost remains supported by the expected future cash flows of these securities. At year-end 2016, $0.7 million of the total unrealized losses were attributable to a $17.5 million investment. The Company evaluated these securities, with a Level 2 fair value of $16.8 million, for potential OTTI at December 31, 2016 and determined that OTTI was not evident based on both the Company’s ability and intent to hold the security until the recovery of its remaining amortized cost. AFS trust preferred securities At year-end 2016, 1 out of the 3 securities in the Company’s portfolio of AFS trust preferred securities was in an unrealized loss position. Aggregate unrealized losses represented 4.6% of the amortized cost of the security in an unrealized loss position. The Company’s evaluation of the present value of expected cash flows on this security supports its conclusions about the recoverability of the securities’ amortized cost basis. This security is investment grade rated. The Company reviews the financial strength of all of the single issue trust issuers and has concluded that the amortized cost remains supported by the market value of these securities and they are performing. AFS other bonds and obligations At year-end 2016, 5 of the 9 securities in the Company’s portfolio of other bonds and obligations were in unrealized loss positions. Aggregate unrealized losses represented 0.5% of the amortized cost of securities in unrealized loss positions. The securities are all investment grade rated, and there were no material underlying credit downgrades during 2016. All securities are performing. HTM Municipal bonds and obligations At year-end 2016, 53 of the 199 securities in the Company’s portfolio of other bonds and obligations were in unrealized loss positions. Aggregate unrealized losses represented 3.4% of the amortized cost of securities in unrealized loss positions. The securities are investment grade rated and there were no material underlying credit downgrades during the quarter. All securities are performing. HTM collateralized mortgage obligations At year-end 2016, 1 of the 9 securities in the Company’s portfolio of HTM collateralized mortgage obligations was in an unrealized loss position. Aggregate unrealized losses represented 2.7% of the amortized cost of securities in unrealized loss positions. The Federal National Mortgage Association ("FNMA"). Federal Home Loan Mortgage Corporation ("FHLMC"), and Government National Mortgage Association ("GNMA") guarantee the contractual cash flows of all of the Company's collateralized residential mortgage obligations. The securities are investment grade rated, and there were no material underlying credit downgrades during 2016. All securities are performing. HTM mortgage-backed securities At year-end 2016, 2 out of a total of 2 securities in the Company’s portfolio of HTM mortgage-backed securities were in unrealized loss positions. Aggregate unrealized losses represented 3.5% of the amortized cost of securities in unrealized loss positions. The Federal National Mortgage Association (“FNMA”), Federal Home Loan Mortgage Corporation (“FHLMC”), and Government National Mortgage Association (“GNMA”) guarantees the contractual cash flows of the Company’s residential mortgage-backed securities. The securities are investment grade rated and there were no material underlying credit downgrades during 2016. All securities are performing. Marketable Equity Securities In evaluating its marketable equity securities portfolio for OTTI, the Company considers its ability to more likely than not hold an equity security to recovery. The Company additionally considers other various factors including the length of time and the extent to which the fair value has been less than cost and the financial condition and near term prospects of the issuer. Any OTTI is recognized immediately through earnings. At year-end 2016, 7 out of a total of 27 securities in the Company’s portfolio of marketable equity securities were in an unrealized loss position. The unrealized loss represented 11.4% of the amortized cost of the securities. The Company has the ability and intent to hold the securities until a recovery of their cost basis and does not consider the securities other-than-temporarily impaired at year-end 2016. As new information becomes available in future periods, changes to the Company’s assumptions may be warranted and could lead to a different conclusion regarding the OTTI of these securities.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -Glossary Debt Security -URI http://asc.fasb.org/extlink&oid=6509901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=73527792&loc=d3e27290-111563 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6379141&loc=d3e15032-111544 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=73527792&loc=d3e27232-111563 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -Glossary Equity Security -URI http://asc.fasb.org/extlink&oid=6511694 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=73527792&loc=d3e27161-111563 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=73527792&loc=d3e27357-111563 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=73527792&loc=d3e27405-111563 + Details
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