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SECURITIES AVAILABLE FOR SALE, HELD TO MATURITY, AND OTHER | 3 Months Ended
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Mar. 31, 2018
Investments, Debt and Equity Securities [Abstract] |
SECURITIES AVAILABLE FOR SALE, HELD TO MATURITY, AND OTHER | SECURITIES AVAILABLE FOR SALE, HELD TO MATURITY, AND OTHER As the Company adopted ASU-2016-01 "Recognition and Measurement of Financial Assets and Financial Liabilities" during the current period, all changes in the fair value of marketable equity securities, including other-than-temporary impairment, are immediately recognized in earnings. The following is a summary of securities available for sale, held to maturity, and other:
(In thousands) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
March 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale and other |  |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |
Municipal bonds and obligations |  | $ | 112,857 |  |  | $ | 2,784 |  |  | $ | (721 | ) |  | $ | 114,920 |
Agency collateralized mortgage obligations |  | 932,723 |  |  | 29 |  |  | (19,816 | ) |  | 912,936 |
Agency mortgage-backed securities |  | 195,526 |  |  | 95 |  |  | (5,523 | ) |  | 190,098 |
Agency commercial mortgage-backed securities |  | 63,561 |  |  | — |  |  | (3,003 | ) |  | 60,558 |
Corporate bonds |  | 100,963 |  |  | 861 |  |  | (32 | ) |  | 101,792 |
Trust preferred securities |  | 11,297 |  |  | 266 |  |  | — |  |  | 11,563 |
Other bonds and obligations |  | 9,473 |  |  | 104 |  |  | (45 | ) |  | 9,532 |
Total debt securities |  | 1,426,400 |  |  | 4,139 |  |  | (29,140 | ) |  | 1,401,399 |
Other securities: |  |  |  |  |  |  |  |
Marketable equity securities |  | 59,261 |  |  | — |  |  | — |  |  | 59,261 |
Total securities available for sale and other |  | 1,485,661 |  |  | 4,139 |  |  | (29,140 | ) |  | 1,460,660 |
Securities held to maturity |  |  |  |  |  |  |  |  |  |  |  |
Municipal bonds and obligations |  | 269,636 |  |  | 4,251 |  |  | (2,980 | ) |  | 270,907 |
Agency collateralized mortgage obligations |  | 73,207 |  |  | 433 |  |  | (1,078 | ) |  | 72,562 |
Agency mortgage-backed securities |  | 7,712 |  |  | — |  |  | (316 | ) |  | 7,396 |
Agency commercial mortgage-backed securities |  | 10,465 |  |  | — |  |  | (509 | ) |  | 9,956 |
Tax advantaged economic development bonds |  | 33,996 |  |  | 361 |  |  | (1,203 | ) |  | 33,154 |
Other bonds and obligations |  | 321 |  |  | — |  |  | — |  |  | 321 |
Total securities held to maturity |  | 395,337 |  |  | 5,045 |  |  | (6,086 | ) |  | 394,296 |
Total |  | $ | 1,880,998 |  |  | $ | 9,184 |  |  | $ | (35,226 | ) |  | $ | 1,854,956 |
(In thousands) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
December 31, 2017 |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale and other |  |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |
Municipal bonds and obligations |  | $ | 113,427 |  |  | $ | 5,012 |  |  | $ | (206 | ) |  | $ | 118,233 |
Agency collateralized mortgage obligations |  | 859,705 |  |  | 397 |  |  | (8,944 | ) |  | 851,158 |
Agency mortgage-backed securities |  | 218,926 |  |  | 279 |  |  | (2,265 | ) |  | 216,940 |
Agency commercial mortgage-backed securities |  | 64,025 |  |  | 41 |  |  | (1,761 | ) |  | 62,305 |
Corporate bonds |  | 110,076 |  |  | 882 |  |  | (237 | ) |  | 110,721 |
Trust preferred securities |  | 11,334 |  |  | 343 |  |  | — |  |  | 11,677 |
Other bonds and obligations |  | 9,757 |  |  | 154 |  |  | (31 | ) |  | 9,880 |
Total debt securities |  | 1,387,250 |  |  | 7,108 |  |  | (13,444 | ) |  | 1,380,914 |
Other securities: |  |  |  |  |  |  |  |
Marketable equity securities |  | 36,483 |  |  | 9,211 |  |  | (509 | ) |  | 45,185 |
Total securities available for sale and other |  | 1,423,733 |  |  | 16,319 |  |  | (13,953 | ) |  | 1,426,099 |
Securities held to maturity |  |  |  |  |  |  |  |  |  |  |  |
Municipal bonds and obligations |  | 270,310 |  |  | 8,675 |  |  | (90 | ) |  | 278,895 |
Agency collateralized mortgage obligations |  | 73,742 |  |  | 1,045 |  |  | (486 | ) |  | 74,301 |
Agency mortgage-backed securities |  | 7,892 |  |  | — |  |  | (164 | ) |  | 7,728 |
Agency commercial mortgage-backed securities |  | 10,481 |  |  | — |  |  | (268 | ) |  | 10,213 |
Tax advantaged economic development bonds |  | 34,357 |  |  | 596 |  |  | (1,135 | ) |  | 33,818 |
Other bonds and obligations |  | 321 |  |  | — |  |  | — |  |  | 321 |
Total securities held to maturity |  | 397,103 |  |  | 10,316 |  |  | (2,143 | ) |  | 405,276 |
Total |  | $ | 1,820,836 |  |  | $ | 26,635 |  |  | $ | (16,096 | ) |  | $ | 1,831,375 |
The amortized cost and estimated fair value of available for sale (“AFS”) and held to maturity (“HTM”) securities segregated by contractual maturity at March 31, 2018 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.
|  | Available for sale |  | Held to maturity
|  | Amortized |  | Fair |  | Amortized |  | Fair
(In thousands) |  | Cost |  | Value |  | Cost |  | Value
Within 1 year |  | $ | 387 |  |  | $ | 388 |  |  | $ | 15,013 |  |  | $ | 15,336 |
Over 1 year to 5 years |  | 33,130 |  |  | 33,297 |  |  | 13,189 |  |  | 13,174 |
Over 5 years to 10 years |  | 75,568 |  |  | 76,746 |  |  | 7,999 |  |  | 8,079 |
Over 10 years |  | 125,505 |  |  | 127,376 |  |  | 267,752 |  |  | 267,793 |
Total bonds and obligations |  | 234,590 |  |  | 237,807 |  |  | 303,953 |  |  | 304,382 |
Mortgage-backed securities |  | 1,191,810 |  |  | 1,163,592 |  |  | 91,384 |  |  | 89,914 |
Total |  | $ | 1,426,400 |  |  | $ | 1,401,399 |  |  | $ | 395,337 |  |  | $ | 394,296 |
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
|  | Gross |  |  |  | Gross |  |  |  | Gross |  |
|  | Unrealized |  | Fair |  | Unrealized |  | Fair |  | Unrealized |  | Fair
(In thousands) |  | Losses |  | Value |  | Losses |  | Value |  | Losses |  | Value
March 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal bonds and obligations |  | $ | 128 |  |  | $ | 4,399 |  |  | $ | 593 |  |  | $ | 8,582 |  |  | $ | 721 |  |  | $ | 12,981 |
Agency collateralized mortgage obligations |  | 16,667 |  |  | 816,169 |  |  | 3,149 |  |  | 78,858 |  |  | 19,816 |  |  | 895,027 |
Agency mortgage-backed securities |  | 2,715 |  |  | 123,776 |  |  | 2,808 |  |  | 62,093 |  |  | 5,523 |  |  | 185,869 |
Agency commercial mortgage-backed securities |  | 268 |  |  | 13,647 |  |  | 2,735 |  |  | 46,911 |  |  | 3,003 |  |  | 60,558 |
Corporate bonds |  | 32 |  |  | 7,544 |  |  | — |  |  | — |  |  | 32 |  |  | 7,544 |
Other bonds and obligations |  | 18 |  |  | 1,084 |  |  | 27 |  |  | 1,997 |  |  | 45 |  |  | 3,081 |
Total securities available for sale |  | 19,828 |  |  | 966,619 |  |  | 9,312 |  |  | 198,441 |  |  | 29,140 |  |  | 1,165,060 |
Securities held to maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal bonds and obligations |  | 2,779 |  |  | 112,585 |  |  | 201 |  |  | 1,915 |  |  | 2,980 |  |  | 114,500 |
Agency collateralized mortgage obligations |  | 444 |  |  | 32,112 |  |  | 634 |  |  | 12,317 |  |  | 1,078 |  |  | 44,429 |
Agency mortgage-backed securities |  | — |  |  | — |  |  | 316 |  |  | 7,397 |  |  | 316 |  |  | 7,397 |
Agency commercial mortgage-backed securities |  | — |  |  | — |  |  | 509 |  |  | 9,956 |  |  | 509 |  |  | 9,956 |
Tax advantaged economic development bonds |  | 1,203 |  |  | 15,712 |  |  | — |  |  | — |  |  | 1,203 |  |  | 15,712 |
Total securities held to maturity |  | 4,426 |  |  | 160,409 |  |  | 1,660 |  |  | 31,585 |  |  | 6,086 |  |  | 191,994 |
Total |  | $ | 24,254 |  |  | $ | 1,127,028 |  |  | $ | 10,972 |  |  | $ | 230,026 |  |  | $ | 35,226 |  |  | $ | 1,357,054 |
December 31, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal bonds and obligations |  | $ | — |  |  | $ | — |  |  | $ | 206 |  |  | $ | 8,985 |  |  | $ | 206 |  |  | $ | 8,985 |
Agency collateralized mortgage obligations |  | 6,849 |  |  | 655,479 |  |  | 2,095 |  |  | 80,401 |  |  | 8,944 |  |  | 735,880 |
Agency mortgage-backed securities |  | 765 |  |  | 95,800 |  |  | 1,500 |  |  | 65,323 |  |  | 2,265 |  |  | 161,123 |
Agency commercial mortgage-backed securities |  | 334 |  |  | 17,379 |  |  | 1,427 |  |  | 39,268 |  |  | 1,761 |  |  | 56,647 |
Corporate bonds |  | 1 |  |  | 328 |  |  | 236 |  |  | 15,769 |  |  | 237 |  |  | 16,097 |
Trust preferred securities |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other bonds and obligations |  | 11 |  |  | 1,096 |  |  | 20 |  |  | 2,004 |  |  | 31 |  |  | 3,100 |
Total securities available for sale |  | 7,960 |  |  | 770,082 |  |  | 5,484 |  |  | 211,750 |  |  | 13,444 |  |  | 981,832 |
Securities held to maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal bonds and obligations |  | 35 |  |  | 10,213 |  |  | 55 |  |  | 2,059 |  |  | 90 |  |  | 12,272 |
Agency collateralized mortgage obligations |  | — |  |  | — |  |  | 486 |  |  | 12,946 |  |  | 486 |  |  | 12,946 |
Agency mortgage-backed securities |  | — |  |  | — |  |  | 164 |  |  | 7,728 |  |  | 164 |  |  | 7,728 |
Agency commercial mortgage-backed securities |  | — |  |  | — |  |  | 268 |  |  | 10,213 |  |  | 268 |  |  | 10,213 |
Tax advantaged economic development bonds |  | 1,135 |  |  | 7,305 |  |  | — |  |  | — |  |  | 1,135 |  |  | 7,305 |
Total securities held to maturity |  | 1,170 |  |  | 17,518 |  |  | 973 |  |  | 32,946 |  |  | 2,143 |  |  | 50,464 |
Total |  | $ | 9,130 |  |  | $ | 787,600 |  |  | $ | 6,457 |  |  | $ | 244,696 |  |  | $ | 15,587 |  |  | $ | 1,032,296 |
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 March 31, 2018, 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 historically 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 were not other-than-temporarily impaired at March 31, 2018: AFS municipal bonds and obligations At March 31, 2018, 13 of the total 258 securities in the Company’s portfolio of AFS municipal bonds and obligations were in unrealized loss positions. Aggregate unrealized losses represented 5.3% 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 the bonds in this portfolio carry minimal risk of default and the Company is appropriately compensated for that risk. There were no material underlying credit downgrades during the quarter. All securities are performing. AFS collateralized mortgage obligations At March 31, 2018, 229 out of the total 243 securities in the Company’s portfolio of AFS collateralized mortgage obligations were in unrealized loss positions. Aggregate unrealized losses represented 2.2% 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 mortgage obligations. The securities are investment grade rated and there were no material underlying credit downgrades during the quarter. All securities are performing. AFS commercial and residential mortgage-backed securities At March 31, 2018, 73 out of the total 101 securities in the Company’s portfolio of AFS mortgage-backed securities were in unrealized loss positions. Aggregate unrealized losses represented 3.3% of the amortized cost of securities in unrealized loss positions. The FNMA, FHLMC, and GNMA guarantee the contractual cash flows of all of the Company’s mortgage-backed securities. The securities are investment grade rated and there were no material underlying credit downgrades during the quarter. All securities are performing. AFS corporate bonds At March 31, 2018, 4 out of the total 20 securities in the Company’s portfolio of AFS corporate bonds were in an unrealized loss position. The aggregate unrealized loss represents 0.2% of the amortized cost of bonds in unrealized loss positions. The Company reviews the financial strength of all of these bonds and has concluded that the amortized cost remains supported by the expected future cash flows of these securities. AFS other bonds and obligations At March 31, 2018, 6 out of the total 9 securities in the Company’s portfolio of other bonds and obligations were in unrealized loss positions. Aggregate unrealized losses represented 1.5% 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 the quarter. All securities are performing. HTM Municipal bonds and obligations At March 31, 2018, 73 of the 227 securities in the Company’s portfolio of municipal bonds and obligations were in unrealized loss positions. Aggregate unrealized losses represented 2.5% 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 the bonds in this portfolio carry minimal risk of default and the Company is appropriately compensated for that risk. There were no material underlying credit downgrades during the quarter. All securities are performing. HTM collateralized mortgage obligations At March 31, 2018, 4 of the 9 securities in the Company’s portfolio of HTM collateralized mortgage obligations were in unrealized loss positions. Aggregate unrealized losses represented 4.1% of the amortized cost of securities in unrealized loss positions. The FNMA, FHLMC, and 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 the quarter. All securities are performing. HTM commercial and residential mortgage-backed securities At March 31, 2018, 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 4.5% of the amortized cost of securities in unrealized loss positions. The FNMA, FHLMC, and GNMA guarantee 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 the quarter. All securities are performing. HTM tax-advantaged economic development bonds At March 31, 2018, 3 out of the total 7 securities in the Company’s portfolio of tax advantaged economic development bonds were in an unrealized loss position. Aggregate unrealized losses represented 7.1% of the amortized cost of the security in an unrealized loss position. One of the above mentioned tax advantaged economic bond was downgraded to special mention during 2017. The Company believes that more likely than not all the principal outstanding will be collected. All securities are performing.

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