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SECURITIES (Tables) | 3 Months Ended
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Mar. 31, 2017
SECURITIES |
Summary of amortized cost and fair value of the available for sale and held to maturity |
|  | March 31, 2017 |
|  |  |  |  | Gross |  |  | Gross |  |  | Estimated |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
(In thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. GSE securities |  | $ | 64,993 |  |  | $ | - |  |  | $ | (1,160 | ) |  | $ | 63,833 |
State and municipal obligations |  |  | 116,222 |  |  |  | 469 |  |  |  | (960 | ) |  |  | 115,731 |
U.S. GSE residential mortgage-backed securities |  |  | 182,139 |  |  |  | 41 |  |  |  | (2,358 | ) |  |  | 179,822 |
U.S. GSE residential collateralized mortgage obligations |  |  | 356,471 |  |  |  | 217 |  |  |  | (5,200 | ) |  |  | 351,488 |
U.S. GSE commercial mortgage-backed securities |  |  | 6,296 |  |  |  | 25 |  |  |  | (37 | ) |  |  | 6,284 |
U.S. GSE commercial collateralized mortgage obligations |  |  | 54,370 |  |  |  | 3 |  |  |  | (1,028 | ) |  |  | 53,345 |
Other asset backed securities |  |  | 24,250 |  |  |  | - |  |  |  | (1,455 | ) |  |  | 22,795 |
Corporate bonds |  |  | 32,000 |  |  |  | - |  |  |  | (1,783 | ) |  |  | 30,217 |
Total available for sale |  |  | 836,741 |  |  |  | 755 |  |  |  | (13,981 | ) |  |  | 823,515 |
Held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State and municipal obligations |  |  | 65,064 |  |  |  | 1,274 |  |  |  | (87 | ) |  |  | 66,251 |
U.S. GSE residential mortgage-backed securities |  |  | 12,973 |  |  |  | - |  |  |  | (285 | ) |  |  | 12,688 |
U.S. GSE residential collateralized mortgage obligations |  |  | 59,590 |  |  |  | 338 |  |  |  | (586 | ) |  |  | 59,342 |
U.S. GSE commercial mortgage-backed securities |  |  | 28,595 |  |  |  | 98 |  |  |  | (495 | ) |  |  | 28,198 |
U.S. GSE commercial collateralized mortgage obligations |  |  | 37,739 |  |  |  | 30 |  |  |  | (659 | ) |  |  | 37,110 |
Corporate bonds |  |  | 11,000 |  |  |  | 33 |  |  |  | - |  |  |  | 11,033 |
Total held to maturity |  |  | 214,961 |  |  |  | 1,773 |  |  |  | (2,112 | ) |  |  | 214,622 |
Total securities |  | $ | 1,051,702 |  |  | $ | 2,528 |  |  | $ | (16,093 | ) |  | $ | 1,038,137 |
|  | December 31, 2016 |
|  |  |  |  | Gross |  |  | Gross |  |  | Estimated |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
(In thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. GSE securities |  | $ | 64,993 |  |  | $ | - |  |  | $ | (1,344 | ) |  | $ | 63,649 |
State and municipal obligations |  |  | 117,292 |  |  |  | 212 |  |  |  | (1,339 | ) |  |  | 116,165 |
U.S. GSE residential mortgage-backed securities |  |  | 160,446 |  |  |  | 16 |  |  |  | (2,414 | ) |  |  | 158,048 |
U.S. GSE residential collateralized mortgage obligations |  |  | 373,098 |  |  |  | 149 |  |  |  | (5,736 | ) |  |  | 367,511 |
U.S. GSE commercial mortgage-backed securities |  |  | 6,337 |  |  |  | 6 |  |  |  | (36 | ) |  |  | 6,307 |
U.S. GSE commercial collateralized mortgage obligations |  |  | 56,148 |  |  |  | - |  |  |  | (956 | ) |  |  | 55,192 |
Other asset backed securities |  |  | 24,250 |  |  |  | - |  |  |  | (1,697 | ) |  |  | 22,553 |
Corporate bonds |  |  | 32,000 |  |  |  | - |  |  |  | (1,703 | ) |  |  | 30,297 |
Total available for sale |  |  | 834,564 |  |  |  | 383 |  |  |  | (15,225 | ) |  |  | 819,722 |
Held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State and municipal obligations |  |  | 66,666 |  |  |  | 1,085 |  |  |  | (130 | ) |  |  | 67,621 |
U.S. GSE residential mortgage-backed securities |  |  | 13,443 |  |  |  | - |  |  |  | (287 | ) |  |  | 13,156 |
U.S. GSE residential collateralized mortgage obligations |  |  | 61,639 |  |  |  | 352 |  |  |  | (552 | ) |  |  | 61,439 |
U.S. GSE commercial mortgage-backed securities |  |  | 28,772 |  |  |  | 136 |  |  |  | (509 | ) |  |  | 28,399 |
U.S. GSE commercial collateralized mortgage obligations |  |  | 41,717 |  |  |  | 93 |  |  |  | (573 | ) |  |  | 41,237 |
Corporate bonds |  |  | 11,000 |  |  |  | 26 |  |  |  | - |  |  |  | 11,026 |
Total held to maturity |  |  | 223,237 |  |  |  | 1,692 |  |  |  | (2,051 | ) |  |  | 222,878 |
Total securities |  | $ | 1,057,801 |  |  | $ | 2,075 |  |  | $ | (17,276 | ) |  | $ | 1,042,600 |
Summary of amortized cost, fair value and maturities of the available for sale and held to maturity investment securities portfolio |
|  | March 31, 2017 |
|  |  |  |  | Estimated |
(In thousands) |  | Amortized Cost |  |  | Fair Value |
Maturity |  |  |  |  |  |  |  |
Available for sale: |  |  |  |  |  |  |  |
Within one year |  | $ | 10,591 |  |  | $ | 10,591 |
One to five years |  |  | 86,316 |  |  |  | 85,639 |
Five to ten years |  |  | 147,617 |  |  |  | 144,678 |
Beyond ten years |  |  | 592,217 |  |  |  | 582,607 |
Total |  | $ | 836,741 |  |  | $ | 823,515 |
Held to maturity: |  |  |  |  |  |  |  |
Within one year |  | $ | 19,276 |  |  | $ | 19,307 |
One to five years |  |  | 36,138 |  |  |  | 36,210 |
Five to ten years |  |  | 56,800 |  |  |  | 57,517 |
Beyond ten years |  |  | 102,747 |  |  |  | 101,588 |
Total |  | $ | 214,961 |  |  | $ | 214,622 |
Securities having a continuous unrealized loss position aggregated by a period of time less than or greater than 12 months |
|  | March 31, 2017 |
|  | Less than 12 months |  |  | Greater than 12 months |
|  | Estimated |  |  | Gross |  |  | Estimated |  |  | Gross |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
(In thousands) |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. GSE securities |  | $ | 63,833 |  |  | $ | (1,160 | ) |  | $ | - |  |  | $ | - |
State and municipal obligations |  |  | 67,719 |  |  |  | (945 | ) |  |  | 751 |  |  |  | (15 | )
U.S. GSE residential mortgage-backed securities |  |  | 153,469 |  |  |  | (2,352 | ) |  |  | 238 |  |  |  | (6 | )
U.S. GSE residential collateralized mortgage obligations |  |  | 284,303 |  |  |  | (4,556 | ) |  |  | 23,390 |  |  |  | (644 | )
U.S. GSE commercial mortgage-backed securities |  |  | 2,556 |  |  |  | (37 | ) |  |  | - |  |  |  | - |
U.S. GSE commercial collateralized mortgage obligations |  |  | 41,896 |  |  |  | (790 | ) |  |  | 9,341 |  |  |  | (238 | )
Other asset backed securities |  |  | - |  |  |  | - |  |  |  | 22,795 |  |  |  | (1,455 | )
Corporate bonds |  |  | 8,432 |  |  |  | (568 | ) |  |  | 21,785 |  |  |  | (1,215 | )
Total available for sale |  |  | 622,208 |  |  |  | (10,408 | ) |  |  | 78,300 |  |  |  | (3,573 | )
Held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State and municipal obligations |  |  | 20,480 |  |  |  | (87 | ) |  |  | - |  |  |  | - |
U.S. GSE residential mortgage-backed securities |  |  | 12,688 |  |  |  | (285 | ) |  |  | - |  |  |  | - |
U.S. GSE residential collateralized mortgage obligations |  |  | 39,134 |  |  |  | (500 | ) |  |  | 3,733 |  |  |  | (86 | )
U.S. GSE commercial mortgage-backed securities |  |  | 12,847 |  |  |  | (255 | ) |  |  | 5,782 |  |  |  | (240 | )
U.S. GSE commercial collateralized mortgage obligations |  |  | 17,447 |  |  |  | (307 | ) |  |  | 8,579 |  |  |  | (352 | )
Corporate bonds |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total held to maturity |  | $ | 102,596 |  |  | $ | (1,434 | ) |  | $ | 18,094 |  |  | $ | (678 | )
|  | December 31, 2016 |
|  | Less than 12 months |  |  | Greater than 12 months |
|  | Estimated |  |  | Gross |  |  | Estimated |  |  | Gross |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
(In thousands) |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. GSE securities |  | $ | 63,649 |  |  | $ | (1,344 | ) |  | $ | - |  |  | $ | - |
State and municipal obligations |  |  | 78,883 |  |  |  | (1,338 | ) |  |  | 240 |  |  |  | (1 | )
U.S. GSE residential mortgage-backed securities |  |  | 140,514 |  |  |  | (2,409 | ) |  |  | 241 |  |  |  | (5 | )
U.S. GSE residential collateralized mortgage obligations |  |  | 319,197 |  |  |  | (5,221 | ) |  |  | 15,627 |  |  |  | (515 | )
U.S. GSE commercial mortgage-backed securities |  |  | 2,573 |  |  |  | (36 | ) |  |  | - |  |  |  | - |
U.S. GSE commercial collateralized mortgage obligations |  |  | 48,901 |  |  |  | (886 | ) |  |  | 6,292 |  |  |  | (70 | )
Other asset backed securities |  |  | - |  |  |  | - |  |  |  | 22,552 |  |  |  | (1,697 | )
Corporate bonds |  |  | 17,834 |  |  |  | (1,166 | ) |  |  | 12,463 |  |  |  | (537 | )
Total available for sale |  |  | 671,551 |  |  |  | (12,400 | ) |  |  | 57,415 |  |  |  | (2,825 | )
Held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State and municipal obligations |  |  | 21,867 |  |  |  | (130 | ) |  |  | - |  |  |  | - |
U.S. GSE residential mortgage-backed securities |  |  | 13,156 |  |  |  | (287 | ) |  |  | - |  |  |  | - |
U.S. GSE residential collateralized mortgage obligations |  |  | 31,297 |  |  |  | (455 | ) |  |  | 3,873 |  |  |  | (97 | )
U.S. GSE commercial mortgage-backed securities |  |  | 12,860 |  |  |  | (286 | ) |  |  | 5,877 |  |  |  | (223 | )
U.S. GSE commercial collateralized mortgage obligations |  |  | 22,666 |  |  |  | (372 | ) |  |  | 3,790 |  |  |  | (201 | )
Corporate bonds |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total held to maturity |  | $ | 101,846 |  |  | $ | (1,530 | ) |  | $ | 13,540 |  |  | $ | (521 | )

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