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SECURITIES (Tables)

12 Months Ended

Dec. 31, 2016

Investments, Debt and Equity Securities [Abstract]

Summary of securities available for sale ("AFS") and 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

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

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

Schedule of amortized cost and fair values of pledged securities

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

Schedule of components of net realized gains and losses on the sale of AFS securities

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

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

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

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