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SECURITIES (Tables) | 6 Months Ended
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Jun. 30, 2017
SECURITIES |
Schedule of amortized cost and fair value of the available for sale and held to maturity |
|  | June 30, 2017 |
|  |  |  |  | Gross |  |  | Gross |  |  | Estimated |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
(In thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. GSE securities |  | $ | 64,993 |  |  | $ | - |  |  | $ | (880 | ) |  | $ | 64,113 |
State and municipal obligations |  |  | 120,835 |  |  |  | 761 |  |  |  | (566 | ) |  |  | 121,030 |
U.S. GSE residential mortgage-backed securities |  |  | 204,903 |  |  |  | 47 |  |  |  | (2,110 | ) |  |  | 202,840 |
U.S. GSE residential collateralized mortgage obligations |  |  | 340,752 |  |  |  | 113 |  |  |  | (4,369 | ) |  |  | 336,496 |
U.S. GSE commercial mortgage-backed securities |  |  | 6,256 |  |  |  | 51 |  |  |  | (15 | ) |  |  | 6,292 |
U.S. GSE commercial collateralized mortgage obligations |  |  | 52,634 |  |  |  | - |  |  |  | (720 | ) |  |  | 51,914 |
Other asset backed securities |  |  | 24,250 |  |  |  | - |  |  |  | (1,273 | ) |  |  | 22,977 |
Corporate bonds |  |  | 32,000 |  |  |  | - |  |  |  | (1,670 | ) |  |  | 30,330 |
Total available for sale |  |  | 846,623 |  |  |  | 972 |  |  |  | (11,603 | ) |  |  | 835,992 |
Held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State and municipal obligations |  |  | 59,864 |  |  |  | 1,590 |  |  |  | (24 | ) |  |  | 61,430 |
U.S. GSE residential mortgage-backed securities |  |  | 12,485 |  |  |  | - |  |  |  | (242 | ) |  |  | 12,243 |
U.S. GSE residential collateralized mortgage obligations |  |  | 57,770 |  |  |  | 376 |  |  |  | (366 | ) |  |  | 57,780 |
U.S. GSE commercial mortgage-backed securities |  |  | 28,403 |  |  |  | 186 |  |  |  | (339 | ) |  |  | 28,250 |
U.S. GSE commercial collateralized mortgage obligations |  |  | 34,385 |  |  |  | 23 |  |  |  | (552 | ) |  |  | 33,856 |
Corporate bonds |  |  | 11,000 |  |  |  | 17 |  |  |  | - |  |  |  | 11,017 |
Total held to maturity |  |  | 203,907 |  |  |  | 2,192 |  |  |  | (1,523 | ) |  |  | 204,576 |
Total securities |  | $ | 1,050,530 |  |  | $ | 3,164 |  |  | $ | (13,126 | ) |  | $ | 1,040,568 |
|  | 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 |
Schedule of amortized cost, fair value and maturities of the available for sale and held to maturity investment securities portfolio |
|  | June 30, 2017 |
|  |  |  |  | Estimated |
(In thousands) |  | Amortized Cost |  |  | Fair Value |
Maturity |  |  |  |  |  |
Available for sale: |  |  |  |  |  |  |  |
Within one year |  | $ | 7,873 |  |  | $ | 7,871 |
One to five years |  |  | 102,207 |  |  |  | 101,662 |
Five to ten years |  |  | 137,268 |  |  |  | 135,246 |
Beyond ten years |  |  | 599,275 |  |  |  | 591,213 |
Total |  | $ | 846,623 |  |  | $ | 835,992 |
Held to maturity: |  |  |  |  |  |  |  |
Within one year |  | $ | 13,832 |  |  | $ | 13,852 |
One to five years |  |  | 37,901 |  |  |  | 38,225 |
Five to ten years |  |  | 50,367 |  |  |  | 51,496 |
Beyond ten years |  |  | 101,807 |  |  |  | 101,003 |
Total |  | $ | 203,907 |  |  | $ | 204,576 |
Schedule of securities having a continuous unrealized loss position aggregated by a period of time less than or greater than 12 months |
|  | June 30, 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 |  | $ | 64,113 |  |  | $ | (880 | ) |  | $ | - |  |  | $ | - |
State and municipal obligations |  |  | 57,088 |  |  |  | (475 | ) |  |  | 4,499 |  |  |  | (91 | )
U.S. GSE residential mortgage-backed securities |  |  | 181,303 |  |  |  | (2,105 | ) |  |  | 176 |  |  |  | (5 | )
U.S. GSE residential collateralized mortgage obligations |  |  | 265,581 |  |  |  | (3,547 | ) |  |  | 40,814 |  |  |  | (822 | )
U.S. GSE commercial mortgage-backed securities |  |  | 2,561 |  |  |  | (15 | ) |  |  | - |  |  |  | - |
U.S. GSE commercial collateralized mortgage obligations |  |  | 42,555 |  |  |  | (567 | ) |  |  | 9,358 |  |  |  | (153 | )
Other asset backed securities |  |  | - |  |  |  | - |  |  |  | 22,977 |  |  |  | (1,273 | )
Corporate bonds |  |  | 8,356 |  |  |  | (644 | ) |  |  | 21,974 |  |  |  | (1,026 | )
Total available for sale |  |  | 621,557 |  |  |  | (8,233 | ) |  |  | 99,798 |  |  |  | (3,370 | )
Held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State and municipal obligations |  |  | 1,994 |  |  |  | (16 | ) |  |  | 1,020 |  |  |  | (8 | )
U.S. GSE residential mortgage-backed securities |  |  | 12,244 |  |  |  | (242 | ) |  |  | - |  |  |  | - |
U.S. GSE residential collateralized mortgage obligations |  |  | 19,630 |  |  |  | (298 | ) |  |  | 3,616 |  |  |  | (68 | )
U.S. GSE commercial mortgage-backed securities |  |  | 12,884 |  |  |  | (157 | ) |  |  | 5,761 |  |  |  | (182 | )
U.S. GSE commercial collateralized mortgage obligations |  |  | 14,722 |  |  |  | (229 | ) |  |  | 8,611 |  |  |  | (323 | )
Total held to maturity |  | $ | 61,474 |  |  | $ | (942 | ) |  | $ | 19,008 |  |  | $ | (581 | )
|  | 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 | )
Total held to maturity |  | $ | 101,846 |  |  | $ | (1,530 | ) |  | $ | 13,540 |  |  | $ | (521 | )

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