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SECURITIES (Tables) | 6 Months Ended
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Jun. 30, 2016
SECURITIES |
Summary of amortized cost and fair value of the available for sale and held to maturity |
|  | June 30, 2016 |
|  |  |  |  | Gross |  |  | Gross |  |  | Estimated |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
(In thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. GSE securities |  | $ | 58,242 |  |  | $ | 84 |  |  | $ | (1 | ) |  | $ | 58,325 |
State and municipal obligations |  |  | 108,184 |  |  |  | 2,400 |  |  |  | (28 | ) |  |  | 110,556 |
U.S. GSE residential mortgage-backed securities |  |  | 100,685 |  |  |  | 1,393 |  |  |  | (4 | ) |  |  | 102,074 |
U.S. GSE residential collateralized mortgage obligations |  |  | 236,771 |  |  |  | 1,962 |  |  |  | (135 | ) |  |  | 238,598 |
U.S. GSE commercial mortgage-backed securities |  |  | 6,488 |  |  |  | 213 |  |  |  | - |  |  |  | 6,701 |
U.S. GSE commercial collateralized mortgage obligations |  |  | 56,412 |  |  |  | 546 |  |  |  | (47 | ) |  |  | 56,911 |
Other asset backed securities |  |  | 24,250 |  |  |  | - |  |  |  | (1,940 | ) |  |  | 22,310 |
Corporate bonds |  |  | 32,000 |  |  |  | 285 |  |  |  | (677 | ) |  |  | 31,608 |
Total available for sale |  |  | 623,032 |  |  |  | 6,883 |  |  |  | (2,832 | ) |  |  | 627,083 |
Held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. GSE securities |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
State and municipal obligations |  |  | 61,159 |  |  |  | 3,294 |  |  |  | - |  |  |  | 64,453 |
U.S. GSE residential mortgage-backed securities |  |  | 11,837 |  |  |  | 107 |  |  |  | - |  |  |  | 11,944 |
U.S. GSE residential collateralized mortgage obligations |  |  | 66,219 |  |  |  | 1,937 |  |  |  | (33 | ) |  |  | 68,123 |
U.S. GSE commercial mortgage-backed securities |  |  | 29,119 |  |  |  | 912 |  |  |  | (53 | ) |  |  | 29,978 |
U.S. GSE commercial collateralized mortgage obligations |  |  | 42,724 |  |  |  | 974 |  |  |  | (51 | ) |  |  | 43,647 |
Corporate bonds |  |  | 11,000 |  |  |  | 29 |  |  |  | - |  |  |  | 11,029 |
Total held to maturity |  |  | 222,058 |  |  |  | 7,253 |  |  |  | (137 | ) |  |  | 229,174 |
Total securities |  | $ | 845,090 |  |  | $ | 14,136 |  |  | $ | (2,969 | ) |  | $ | 856,257 |
|  | 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 |
|  | June 30, 2016 |
|  | Amortized |  |  | Fair |
(In thousands) |  | Cost |  |  | Value |
Maturity |  |  |  |  |  |  |  |
Available for sale: |  |  |  |  |  |  |  |
Within one year |  | $ | 14,277 |  |  | $ | 14,315 |
One to five years |  |  | 74,503 |  |  |  | 75,060 |
Five to ten years |  |  | 116,129 |  |  |  | 117,641 |
Beyond ten years |  |  | 418,123 |  |  |  | 420,067 |
Total |  | $ | 623,032 |  |  | $ | 627,083 |
Held to maturity: |  |  |  |  |  |  |  |
Within one year |  | $ | 3,644 |  |  | $ | 3,665 |
One to five years |  |  | 31,697 |  |  |  | 32,326 |
Five to ten years |  |  | 67,599 |  |  |  | 71,025 |
Beyond ten years |  |  | 119,118 |  |  |  | 122,158 |
Total |  | $ | 222,058 |  |  | $ | 229,174 |
Securities having a continuous unrealized loss position aggregated by a period of time less than or greater than 12 months |
|  | June 30, 2016 |
|  | Less than 12 months |  |  | Greater than 12 months |
|  |  |  |  | Unrealized |  |  |  |  |  | Unrealized |
(In thousands) |  | Fair Value |  |  | Losses |  |  | Fair Value |  |  | Losses |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. GSE securities |  | $ | 7,999 |  |  | $ | (1 | ) |  | $ | - |  |  | $ | - |
State and municipal obligations |  |  | 9,853 |  |  |  | (27 | ) |  |  | 243 |  |  |  | (1 | )
U.S. GSE residential mortgage-backed securities |  |  | - |  |  |  | - |  |  |  | 1,782 |  |  |  | (4 | )
U.S. GSE residential collateralized mortgage obligations |  |  | 10,183 |  |  |  | (48 | ) |  |  | 17,812 |  |  |  | (87 | )
U.S. GSE commercial mortgage-backed securities |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
U.S. GSE commercial collateralized mortgage obligations |  |  | 8,644 |  |  |  | (22 | ) |  |  | 5,706 |  |  |  | (25 | )
Other asset backed securities |  |  | - |  |  |  | - |  |  |  | 22,310 |  |  |  | (1,940 | )
Corporate bonds |  |  | 17,406 |  |  |  | (594 | ) |  |  | 4,918 |  |  |  | (83 | )
Total available for sale |  | $ | 54,085 |  |  | $ | (692 | ) |  | $ | 52,771 |  |  | $ | (2,140 | )
Held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. GSE securities |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
State and municipal obligations |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
U.S. GSE residential mortgage-backed securities |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
U.S. GSE residential collateralized mortgage obligations |  |  | 218 |  |  |  | - |  |  |  | 4,457 |  |  |  | (33 | )
U.S. GSE commercial mortgage-backed securities |  |  | 6,201 |  |  |  | (53 | ) |  |  | - |  |  |  | - |
U.S. GSE commercial collateralized mortgage obligations |  |  | 4,899 |  |  |  | (30 | ) |  |  | 3,969 |  |  |  | (21 | )
Corporate bonds |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total held to maturity |  | $ | 11,318 |  |  | $ | (83 | ) |  | $ | 8,426 |  |  | $ | (54 | )
|  | December 31, 2015 |
|  | Less than 12 months |  |  | Greater than 12 months |
|  |  |  |  | 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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