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SECURITIES (Tables) | 3 Months Ended
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Mar. 31, 2016
SECURITIES |
Summary of amortized cost and fair value of the available for sale and held to maturity |
|  | March 31, 2016 |
|  |  |  |  | Gross |  |  | Gross |  |  | Estimated |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
(In thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. GSE securities |  | $ | 67,242 |  |  | $ | 82 |  |  | $ | (18 | ) |  | $ | 67,306 |
State and municipal obligations |  |  | 102,417 |  |  |  | 1,346 |  |  |  | (84 | ) |  |  | 103,679 |
U.S. GSE residential mortgage-backed securities |  |  | 214,827 |  |  |  | 1,775 |  |  |  | (78 | ) |  |  | 216,524 |
U.S. GSE residential collateralized mortgage obligations |  |  | 360,008 |  |  |  | 1,663 |  |  |  | (808 | ) |  |  | 360,863 |
U.S. GSE commercial mortgage-backed securities |  |  | 12,432 |  |  |  | 224 |  |  |  | - |  |  |  | 12,656 |
U.S. GSE commercial collateralized mortgage obligations |  |  | 68,741 |  |  |  | 449 |  |  |  | (129 | ) |  |  | 69,061 |
Other asset backed securities |  |  | 24,250 |  |  |  | - |  |  |  | (1,940 | ) |  |  | 22,310 |
Corporate bonds |  |  | 32,000 |  |  |  | 103 |  |  |  | (876 | ) |  |  | 31,227 |
Total available for sale |  |  | 881,917 |  |  |  | 5,642 |  |  |  | (3,933 | ) |  |  | 883,626 |
Held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. GSE securities |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
State and municipal obligations |  |  | 63,326 |  |  |  | 2,620 |  |  |  | - |  |  |  | 65,946 |
U.S. GSE residential mortgage-backed securities |  |  | 12,393 |  |  |  | 34 |  |  |  | (13 | ) |  |  | 12,414 |
U.S. GSE residential collateralized mortgage obligations |  |  | 63,969 |  |  |  | 1,544 |  |  |  | (66 | ) |  |  | 65,447 |
U.S. GSE commercial mortgage-backed securities |  |  | 29,291 |  |  |  | 512 |  |  |  | (81 | ) |  |  | 29,722 |
U.S. GSE commercial collateralized mortgage obligations |  |  | 38,299 |  |  |  | 821 |  |  |  | (147 | ) |  |  | 38,973 |
Corporate bonds |  |  | 11,000 |  |  |  | 33 |  |  |  | - |  |  |  | 11,033 |
Total held to maturity |  |  | 218,278 |  |  |  | 5,564 |  |  |  | (307 | ) |  |  | 223,535 |
Total securities |  | $ | 1,100,195 |  |  | $ | 11,206 |  |  | $ | (4,240 | ) |  | $ | 1,107,161 |
|  | December 31, 2015 |
|  |  |  |  | Gross |  |  | Gross |  |  | Estimated |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
(In thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. GSE securities |  | $ | 63,238 |  |  | $ | - |  |  | $ | (564 | ) |  | $ | 62,674 |
State and municipal obligations |  |  | 87,830 |  |  |  | 427 |  |  |  | (322 | ) |  |  | 87,935 |
U.S. GSE residential mortgage-backed securities |  |  | 201,297 |  |  |  | 237 |  |  |  | (1,270 | ) |  |  | 200,264 |
U.S. GSE residential collateralized mortgage obligations |  |  | 321,253 |  |  |  | 513 |  |  |  | (3,888 | ) |  |  | 317,878 |
U.S. GSE commercial mortgage-backed securities |  |  | 12,491 |  |  |  | 7 |  |  |  | (80 | ) |  |  | 12,418 |
U.S. GSE commercial collateralized mortgage obligations |  |  | 64,809 |  |  |  | 9 |  |  |  | (620 | ) |  |  | 64,198 |
Other asset backed securities |  |  | 24,250 |  |  |  | - |  |  |  | (1,879 | ) |  |  | 22,371 |
Corporate bonds |  |  | 33,000 |  |  |  | - |  |  |  | (535 | ) |  |  | 32,465 |
Total available for sale |  |  | 808,168 |  |  |  | 1,193 |  |  |  | (9,158 | ) |  |  | 800,203 |
Held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. GSE securities |  |  | 7,466 |  |  |  | 1 |  |  |  | - |  |  |  | 7,467 |
State and municipal obligations |  |  | 64,878 |  |  |  | 1,715 |  |  |  | (113 | ) |  |  | 66,480 |
U.S. GSE residential mortgage-backed securities |  |  | 7,609 |  |  |  | - |  |  |  | (106 | ) |  |  | 7,503 |
U.S. GSE residential collateralized mortgage obligations |  |  | 60,933 |  |  |  | 617 |  |  |  | (498 | ) |  |  | 61,052 |
U.S. GSE commercial mortgage-backed securities |  |  | 23,056 |  |  |  | 210 |  |  |  | (313 | ) |  |  | 22,953 |
U.S. GSE commercial collateralized mortgage obligations |  |  | 33,409 |  |  |  | 282 |  |  |  | (185 | ) |  |  | 33,506 |
Corporate bonds |  |  | 11,000 |  |  |  | 42 |  |  |  | - |  |  |  | 11,042 |
Total held to maturity |  |  | 208,351 |  |  |  | 2,867 |  |  |  | (1,215 | ) |  |  | 210,003 |
Total securities |  | $ | 1,016,519 |  |  | $ | 4,060 |  |  | $ | (10,373 | ) |  | $ | 1,010,206 |
Summary of amortized cost, fair value and maturities of the available for sale and held to maturity investment securities portfolio |
|  | March 31, 2016 |
|  | Amortized |  |  | Fair |
(In thousands) |  | Cost |  |  | Value |
Maturity |  |  |  |  |  |  |  |
Available for sale: |  |  |  |  |  |  |  |
Within one year |  | $ | 10,507 |  |  | $ | 10,521 |
One to five years |  |  | 90,049 |  |  |  | 90,378 |
Five to ten years |  |  | 128,043 |  |  |  | 128,594 |
Beyond ten years |  |  | 653,318 |  |  |  | 654,133 |
Total |  | $ | 881,917 |  |  | $ | 883,626 |
Held to maturity: |  |  |  |  |  |  |  |
Within one year |  | $ | 4,910 |  |  | $ | 4,926 |
One to five years |  |  | 31,088 |  |  |  | 31,457 |
Five to ten years |  |  | 62,414 |  |  |  | 65,077 |
Beyond ten years |  |  | 119,866 |  |  |  | 122,075 |
Total |  | $ | 218,278 |  |  | $ | 223,535 |
Securities having a continuous unrealized loss position aggregated by a period of time less than or greater than 12 months |
|  | Less than 12 months |  |  | Greater than 12 months |
March 31, 2016 |  |  |  |  | Unrealized |  |  |  |  |  | Unrealized |
(In thousands) |  | Fair Value |  |  | losses |  |  | Fair Value |  |  | losses |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. GSE securities |  | $ | 29,231 |  |  | $ | 18 |  |  | $ | - |  |  | $ | - |
State and municipal obligations |  |  | 16,528 |  |  |  | 81 |  |  |  | 4,586 |  |  |  | 3 |
U.S. GSE residential mortgage-backed securities |  |  | 26,843 |  |  |  | 53 |  |  |  | 10,494 |  |  |  | 25 |
U.S. GSE residential collateralized mortgage obligations |  |  | 58,730 |  |  |  | 85 |  |  |  | 64,799 |  |  |  | 723 |
U.S. GSE commercial mortgage-backed securities |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
U.S. GSE commercial collateralized mortgage obligations |  |  | 21,205 |  |  |  | 57 |  |  |  | 10,112 |  |  |  | 72 |
Other asset backed securities |  |  | - |  |  |  | - |  |  |  | 22,310 |  |  |  | 1,940 |
Corporate bonds |  |  | 17,249 |  |  |  | 751 |  |  |  | 4,875 |  |  |  | 125 |
Total available for sale |  |  | 169,786 |  |  |  | 1,045 |  |  |  | 117,176 |  |  |  | 2,888 |
Held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. GSE securities |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
State and municipal obligations |  |  | 586 |  |  |  | - |  |  |  | - |  |  |  | - |
U.S. GSE residential mortgage-backed securities |  |  | - |  |  |  | - |  |  |  | 5,251 |  |  |  | 13 |
U.S. GSE residential collateralized mortgage obligations |  |  | 2,472 |  |  |  | 4 |  |  |  | 4,737 |  |  |  | 62 |
U.S. GSE commercial mortgage-backed securities |  |  | 6,260 |  |  |  | 70 |  |  |  | 5,094 |  |  |  | 11 |
U.S. GSE commercial collateralized mortgage obligations |  |  | 4,846 |  |  |  | 80 |  |  |  | 3,923 |  |  |  | 67 |
Corporate bonds |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total held to maturity |  | $ | 14,164 |  |  | $ | 154 |  |  | $ | 19,005 |  |  | $ | 153 |
|  | Less than 12 months |  |  | Greater than 12 months |
December 31, 2015 |  |  |  |  | Unrealized |  |  |  |  |  | Unrealized |
(In thousands) |  | Fair Value |  |  | losses |  |  | Fair Value |  |  | losses |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. GSE securities |  | $ | 37,759 |  |  | $ | 235 |  |  | $ | 24,914 |  |  | $ | 329 |
State and municipal obligations |  |  | 39,621 |  |  |  | 298 |  |  |  | 5,118 |  |  |  | 24 |
U.S. GSE residential mortgage-backed securities |  |  | 136,025 |  |  |  | 1,224 |  |  |  | 1,510 |  |  |  | 46 |
U.S. GSE residential collateralized mortgage obligations |  |  | 187,543 |  |  |  | 1,781 |  |  |  | 66,830 |  |  |  | 2,107 |
U.S. GSE commercial mortgage-backed securities |  |  | 8,594 |  |  |  | 80 |  |  |  | - |  |  |  | - |
U.S. GSE commercial collateralized mortgage obligations |  |  | 51,178 |  |  |  | 503 |  |  |  | 10,034 |  |  |  | 117 |
Other Asset backed securities |  |  | - |  |  |  | - |  |  |  | 22,371 |  |  |  | 1,879 |
Corporate bonds |  |  | 27,640 |  |  |  | 360 |  |  |  | 4,825 |  |  |  | 175 |
Total available for sale |  |  | 488,360 |  |  |  | 4,481 |  |  |  | 135,602 |  |  |  | 4,677 |
Held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. GSE securities |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
State and municipal obligations |  |  | 18,375 |  |  |  | 113 |  |  |  | - |  |  |  | - |
U.S. GSE residential mortgage-backed securities |  |  | 7,503 |  |  |  | 106 |  |  |  | - |  |  |  | - |
U.S. GSE residential collateralized mortgage obligations |  |  | 15,918 |  |  |  | 149 |  |  |  | 15,679 |  |  |  | 349 |
U.S. GSE commercial mortgage-backed securities |  |  | 13,982 |  |  |  | 313 |  |  |  | - |  |  |  | - |
U.S. GSE commercial collateralized mortgage obligations |  |  | 7,912 |  |  |  | 8 |  |  |  | 3,813 |  |  |  | 177 |
Corporate bonds |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total held to maturity |  | $ | 63,690 |  |  | $ | 689 |  |  | $ | 19,492 |  |  | $ | 526 |

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