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SECURITIES AVAILABLE FOR SALE, HELD TO MATURITY, AND MARKETABLE EQUITY SECURITIES (Tables)

6 Months Ended

Jun. 30, 2019

Investments, Debt and Equity Securities [Abstract]

Summary of Securities Available for Sale, Held to Maturity, and Marketable Equity Securities

The following is a summary of securities available for sale, held to maturity, and marketable equity securities:

(In thousands)		Amortized  Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
June 30, 2019
Securities available for sale
Municipal bonds and obligations		$	114,401			$	5,477			$	(5	)		$	119,873
Agency collateralized mortgage obligations		882,124				7,419				(581		)		888,962
Agency mortgage-backed securities		182,598				739				(1,079		)		182,258
Agency commercial mortgage-backed securities		61,275				465				(1,089		)		60,651
Corporate bonds		119,917				880				(1,054		)		119,743
Trust preferred securities		8,323				231				(4		)		8,550
Other bonds and obligations		29,084				963				(6		)		30,041
Total securities available for sale		1,397,722				16,174				(3,818		)		1,410,078
Securities held to maturity
Municipal bonds and obligations		257,232				10,835				—				268,067
Agency collateralized mortgage obligations		70,726				2,975				(115		)		73,586
Agency mortgage-backed securities		6,758				—				(57		)		6,701
Agency commercial mortgage-backed securities		10,385				46				—				10,431
Tax advantaged economic development bonds		19,063				172				(1,263		)		17,972
Other bonds and obligations		299				—				—				299
Total securities held to maturity		364,463				14,028				(1,435		)		377,056
Marketable equity securities		55,831				4,820				(1,073		)		59,578
Total		$	1,818,016			$	35,022			$	(6,326	)		$	1,846,712

(In thousands)		Amortized  Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
December 31, 2018
Securities available for sale
Municipal bonds and obligations		$	109,648			$	2,272			$	(713	)		$	111,207
Agency collateralized mortgage obligations		944,946				1,130				(15,192		)		930,884
Agency mortgage-backed securities		175,406				36				(5,121		)		170,321
Agency commercial mortgage-backed securities		62,200				—				(3,275		)		58,925
Corporate bonds		112,404				342				(1,256		)		111,490
Trust preferred securities		8,314				251				(99		)		8,466
Other bonds and obligations		8,355				34				(35		)		8,354
Total securities available for sale		1,421,273				4,065				(25,691		)		1,399,647
Securities held to maturity
Municipal bonds and obligations		264,524				3,569				(3,601		)		264,492
Agency collateralized mortgage obligations		71,637				533				(778		)		71,392
Agency mortgage-backed securities		7,219				—				(297		)		6,922
Agency commercial mortgage-backed securities		10,417				—				(289		)		10,128
Tax advantaged economic development bonds		19,718				22				(1,698		)		18,042
Other bonds and obligations		248				—				—				248
Total securities held to maturity		373,763				4,124				(6,663		)		371,224
Marketable equity securities		55,471				4,370				(3,203		)		56,638
Total		$	1,850,507			$	12,559			$	(35,557	)		$	1,827,509

Schedule of 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 June 30, 2019 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		$	15,204			$	15,245			$	2,875			$	2,875
Over 1 year to 5 years		31,179				31,213				14,729				14,844
Over 5 years to 10 years		71,721				72,831				15,086				15,180
Over 10 years		153,621				158,918				243,904				253,439
Total bonds and obligations		271,725				278,207				276,594				286,338
Mortgage-backed securities		1,125,997				1,131,871				87,869				90,718
Total		$	1,397,722			$	1,410,078			$	364,463			$	377,056

Schedule of Securities Available for Sale and Held to Maturity with Unrealized Losses, Segregated by Duration

Securities available for sale and held to maturity 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
June 30, 2019
Securities available for sale
Municipal bonds and obligations		$	—			$	—			$	5			$	1,319			$	5			$	1,319
Agency collateralized mortgage obligations		72				43,755				509				103,929				581				147,684
Agency mortgage-backed securities		5				2,191				1,074				93,990				1,079				96,181
Agency commercial mortgage-backed securities		—				—				1,089				55,319				1,089				55,319
Corporate bonds		434				37,147				620				30,036				1,054				67,183
Trust preferred securities		4				7,163				—				—				4				7,163
Other bonds and obligations		—				—				6				3,052				6				3,052
Total securities available for sale		515				90,256				3,303				287,645				3,818				377,901
Securities held to maturity
Agency collateralized mortgage obligations		—				—				115				10,648				115				10,648
Agency mortgage-backed securities		—				—				57				6,701				57				6,701
Tax advantaged economic development bonds		—				—				1,263				6,729				1,263				6,729
Total securities held to maturity		—				—				1,435				24,078				1,435				24,078
Total		$	515			$	90,256			$	4,738			$	311,723			$	5,253			$	401,979
December 31, 2018
Securities available for sale
Municipal bonds and obligations		$	55			$	3,186			$	658			$	11,787			$	713			$	14,973
Agency collateralized mortgage obligations		76				39,114				15,116				755,528				15,192				794,642
Agency mortgage-backed securities		53				5,500				5,068				162,439				5,121				167,939
Agency commercial mortgage-backed securities		44				1,503				3,231				57,422				3,275				58,925
Corporate bonds		1,249				74,434				7				2,561				1,256				76,995
Trust preferred securities		99				7,068				—				—				99				7,068
Other bonds and obligations		—				—				35				3,030				35				3,030
Total securities available for sale		1,576				130,805				24,115				992,767				25,691				1,123,572
Securities held to maturity
Municipal bonds and obligations		127				17,596				3,474				103,759				3,601				121,355
Agency collateralized mortgage obligations		—				—				778				43,138				778				43,138
Agency mortgage-backed securities		—				—				297				6,922				297				6,922
Agency commercial mortgage-backed securities		—				—				289				10,128				289				10,128
Tax advantaged economic development bonds		65				8,078				1,633				6,512				1,698				14,590
Total securities held to maturity		192				25,674				6,471				170,459				6,663				196,133
Total		$	1,768			$	156,479			$	30,586			$	1,163,226			$	32,354			$	1,319,705

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- Definition

Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

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Tabular disclosure of marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets.

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For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
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