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SECURITIES (Tables) | 9 Months Ended
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Sep. 30, 2017
SECURITIES |
Schedule of amortized cost and fair value of the available for sale and held to maturity |
|  | September 30, 2017 |
|  |  |  |  | Gross |  |  | Gross |  |  | Estimated |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
(In thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. GSE securities |  | $ | 64,994 |  |  | $ | - |  |  | $ | (766 | ) |  | $ | 64,228 |
State and municipal obligations |  |  | 91,359 |  |  |  | 430 |  |  |  | (469 | ) |  |  | 91,320 |
U.S. GSE residential mortgage-backed securities |  |  | 195,062 |  |  |  | 112 |  |  |  | (1,770 | ) |  |  | 193,404 |
U.S. GSE residential collateralized mortgage obligations |  |  | 323,427 |  |  |  | 75 |  |  |  | (4,300 | ) |  |  | 319,202 |
U.S. GSE commercial mortgage-backed securities |  |  | 6,129 |  |  |  | 41 |  |  |  | (17 | ) |  |  | 6,153 |
U.S. GSE commercial collateralized mortgage obligations |  |  | 51,211 |  |  |  | - |  |  |  | (825 | ) |  |  | 50,386 |
Other asset backed securities |  |  | 24,250 |  |  |  | - |  |  |  | (1,213 | ) |  |  | 23,037 |
Corporate bonds |  |  | 46,000 |  |  |  | - |  |  |  | (1,672 | ) |  |  | 44,328 |
Total available for sale |  |  | 802,432 |  |  |  | 658 |  |  |  | (11,032 | ) |  |  | 792,058 |
Held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State and municipal obligations |  |  | 60,616 |  |  |  | 1,446 |  |  |  | (36 | ) |  |  | 62,026 |
U.S. GSE residential mortgage-backed securities |  |  | 11,905 |  |  |  | - |  |  |  | (175 | ) |  |  | 11,730 |
U.S. GSE residential collateralized mortgage obligations |  |  | 55,871 |  |  |  | 389 |  |  |  | (348 | ) |  |  | 55,912 |
U.S. GSE commercial mortgage-backed securities |  |  | 28,202 |  |  |  | 158 |  |  |  | (350 | ) |  |  | 28,010 |
U.S. GSE commercial collateralized mortgage obligations |  |  | 33,009 |  |  |  | 13 |  |  |  | (595 | ) |  |  | 32,427 |
Total held to maturity |  |  | 189,603 |  |  |  | 2,006 |  |  |  | (1,504 | ) |  |  | 190,105 |
Total securities |  | $ | 992,035 |  |  | $ | 2,664 |  |  | $ | (12,536 | ) |  | $ | 982,163 |
|  | 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 |
|  | September 30, 2017 |
|  |  |  |  | Estimated |
(In thousands) |  | Amortized Cost |  |  | Fair Value |
Maturity |  |  |  |  |  |  |  |
Available for sale: |  |  |  |  |  |  |  |
Within one year |  | $ | 8,897 |  |  | $ | 8,900 |
One to five years |  |  | 97,886 |  |  |  | 97,300 |
Five to ten years |  |  | 130,905 |  |  |  | 128,893 |
Beyond ten years |  |  | 564,744 |  |  |  | 556,965 |
Total |  | $ | 802,432 |  |  | $ | 792,058 |
Held to maturity: |  |  |  |  |  |  |  |
Within one year |  | $ | 3,537 |  |  | $ | 3,534 |
One to five years |  |  | 36,367 |  |  |  | 36,634 |
Five to ten years |  |  | 55,308 |  |  |  | 56,280 |
Beyond ten years |  |  | 94,391 |  |  |  | 93,657 |
Total |  | $ | 189,603 |  |  | $ | 190,105 |
Schedule of securities having a continuous unrealized loss position aggregated by a period of time less than or greater than 12 months |
|  | September 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 |  | $ | 37,659 |  |  | $ | (334 | ) |  | $ | 26,568 |  |  | $ | (432 | )
State and municipal obligations |  |  | 27,585 |  |  |  | (146 | ) |  |  | 25,204 |  |  |  | (323 | )
U.S. GSE residential mortgage-backed securities |  |  | 129,703 |  |  |  | (1,162 | ) |  |  | 25,682 |  |  |  | (608 | )
U.S. GSE residential collateralized mortgage obligations |  |  | 178,035 |  |  |  | (2,174 | ) |  |  | 114,900 |  |  |  | (2,126 | )
U.S. GSE commercial mortgage-backed securities |  |  | 2,455 |  |  |  | (17 | ) |  |  | - |  |  |  | - |
U.S. GSE commercial collateralized mortgage obligations |  |  | 25,236 |  |  |  | (364 | ) |  |  | 25,151 |  |  |  | (461 | )
Other asset backed securities |  |  | - |  |  |  | - |  |  |  | 23,037 |  |  |  | (1,213 | )
Corporate bonds |  |  | - |  |  |  | - |  |  |  | 30,328 |  |  |  | (1,672 | )
Total available for sale |  |  | 400,673 |  |  |  | (4,197 | ) |  |  | 270,870 |  |  |  | (6,835 | )
Held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State and municipal obligations |  |  | 2,828 |  |  |  | (29 | ) |  |  | 1,015 |  |  |  | (7 | )
U.S. GSE residential mortgage-backed securities |  |  | 5,326 |  |  |  | (57 | ) |  |  | 6,404 |  |  |  | (118 | )
U.S. GSE residential collateralized mortgage obligations |  |  | 14,488 |  |  |  | (183 | ) |  |  | 8,941 |  |  |  | (165 | )
U.S. GSE commercial mortgage-backed securities |  |  | 12,806 |  |  |  | (166 | ) |  |  | 5,679 |  |  |  | (184 | )
U.S. GSE commercial collateralized mortgage obligations |  |  | 13,785 |  |  |  | (109 | ) |  |  | 12,955 |  |  |  | (486 | )
Total held to maturity |  | $ | 49,233 |  |  | $ | (544 | ) |  | $ | 34,994 |  |  | $ | (960 | )
|  | 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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