Securities (Tables)

3 Months Ended

Mar. 31, 2017

Investments, Debt and Equity Securities [Abstract]

Schedule of available for sale securities

The following table summarizes available-for-sale securities held by the Company at March 31, 2017:

	Available-for-Sale Securities
March 31, 2017	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
(in thousands)
Obligations of U.S. Government sponsored entities	$	527,190	$	2,756	$	1,971	$	527,975
Obligations of U.S. states and political subdivisions	92,877		424		744		92,557
Mortgage-backed securities – residential, issued by
U.S. Government agencies	155,224		1,069		2,160		154,133
U.S. Government sponsored entities	659,819		1,802		11,948		649,673
Non-U.S. Government agencies or sponsored entities	106		0		0		106
U.S. corporate debt securities	2,500		0		338		2,162
Total debt securities	1,437,716		6,051		17,161		1,426,606
Equity securities	1,000		0		83		917
Total available-for-sale securities	$	1,438,716	$	6,051	$	17,244	$	1,427,523

The following table summarizes available-for-sale securities held by the Company at December 31, 2016:

	Available-for-Sale Securities
December 31, 2016	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
(in thousands)
Obligations of U.S. Government sponsored entities	$	527,057	$	2,873	$	2,303	$	527,627
Obligations of U.S. states and political subdivisions	89,910		286		1,140		89,056
Mortgage-backed securities – residential, issued by
U.S. Government agencies	159,417		1,081		2,272		158,226
U.S. Government sponsored entities	662,724		1,993		13,287		651,430
Non-U.S. Government agencies or sponsored entities	116		0		0		116
U.S. corporate debt securities	2,500		0		338		2,162
Total debt securities	1,441,724		6,233		19,340		1,428,617
Equity securities	1,000		0		79		921
Total available-for-sale securities	$	1,442,724	$	6,233	$	19,419	$	1,429,538

Schedule of held to maturity securities

The following table summarizes held-to-maturity securities held by the Company at March 31, 2017:

	Held-to-Maturity Securities
March 31, 2017	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
(in thousands)
Obligations of U.S. Government sponsored entities	$	132,001	$	961	$	206	$	132,756
Obligations of U.S. states and political subdivisions	9,544		148		3		9,689
Total held-to-maturity debt securities	$	141,545	$	1,109	$	209	$	142,445

The following table summarizes held-to-maturity securities held by the Company at December 31, 2016:

	Held-to-Maturity Securities
December 31, 2016	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
(in thousands)
Obligations of U.S. Government sponsored entities	$	132,098	$	804	$	283	$	132,619
Obligations of U.S. states and political subdivisions	10,021		195		3		10,213
Total held-to-maturity debt securities	$	142,119	$	999	$	286	$	142,832

Schedule of available for sale securities with unrealized losses

The following table summarizes available-for-sale securities that had unrealized losses at March 31, 2017:

	Less than 12 Months				12 Months or Longer				Total
(in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Obligations of U.S. Government sponsored entities	$	201,138	$	1,971	$	0	$	0	$	201,138	$	1,971
Obligations of U.S. states and political subdivisions	47,383		744		0		0		47,383		744
Mortgage-backed securities – residential, issued by
U.S. Government agencies	102,556		1,485		21,325		675		123,881		2,160
U.S. Government sponsored entities	462,178		7,591		121,805		4,357		583,983		11,948
U.S. corporate debt securities	0		0		2,163		338		2,163		338
Equity securities	0		0		917		83		917		83
Total available-for-sale securities	$	813,255	$	11,791	$	146,210	$	5,453	$	959,465	$	17,244

The following table summarizes available-for-sale securities that had unrealized losses at December 31, 2016:

	Less than 12 Months				12 Months or Longer				Total
(in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Obligations of U.S. Government sponsored entities	$	208,940	$	2,303	$	0	$	0	$	208,940	$	2,303
Obligations of U.S. states and political subdivisions	58,852		1,139		751		1		59,603		1,140
Mortgage-backed securities – residential, issued by
U.S. Government agencies	98,307		1,570		22,376		702		120,683		2,272
U.S. Government sponsored entities	463,009		8,933		123,915		4,354		586,924		13,287
U.S. corporate debt securities	0		0		2,162		338		2,162		338
Equity securities	0		0		921		79		921		79
Total available-for-sale securities	$	829,108	$	13,945	$	150,125	$	5,474	$	979,233	$	19,419

Schedule Held-to-maturity Securities With Unrealized Losses

The following table summarizes held-to-maturity securities that had unrealized losses at March 31, 2017.

	Less than 12 Months				12 Months or Longer				Total
(in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Obligations of U.S. Government sponsored entities	$	30,118	$	206	$	0	$	0	$	30,118	$	206
Obligations of U.S. states and political subdivisions	2,445		3		0		0		2,445		3
Total held-to-maturity securities	$	32,563	$	209	$	0	$	0	$	32,563	$	209

The following table summarizes held-to-maturity securities that had unrealized losses at December 31, 2016.

	Less than 12 Months				12 Months or Longer				Total
(in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Obligations of U.S. Government sponsored entities	$	40,802	$	283	$	0	$	0	$	40,802	$	283
Obligations of U.S. states and political subdivisions	2,567		3		0		0		2,567		3
Total held-to-maturity securities	$	43,369	$	286	$	0	$	0	$	43,369	$	286

Schedule of amortized cost and estimated fair value of debt securities by contractual maturity

The amortized cost and estimated fair value of debt securities by contractual maturity are shown in the following table. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Mortgage-backed securities are shown separately since they are not due at a single maturity date.

March 31, 2017
(in thousands)	Amortized Cost		Fair Value
Available-for-sale securities:
Due in one year or less	$	22,622	$	22,756
Due after one year through five years	406,443		408,420
Due after five years through ten years	178,452		177,032
Due after ten years	15,050		14,486
Total	622,567		622,694
Mortgage-backed securities	815,149		803,912
Total available-for-sale debt securities	$	1,437,716	$	1,426,606

December 31, 2016
(in thousands)	Amortized Cost		Fair Value
Available-for-sale securities:
Due in one year or less	$	17,878	$	18,034
Due after one year through five years	376,777		378,631
Due after five years through ten years	210,985		208,999
Due after ten years	13,827		13,181
Total	619,467		618,845
Mortgage-backed securities	822,257		809,772
Total available-for-sale debt securities	$	1,441,724	$	1,428,617

March 31, 2017
(in thousands)	Amortized Cost		Fair Value
Held-to-maturity securities:
Due in one year or less	$	7,562	$	7,582
Due after one year through five years	32,048		32,543
Due after five years through ten years	101,935		102,320
Total held-to-maturity debt securities	$	141,545	$	142,445

December 31, 2016
(in thousands)	Amortized Cost		Fair Value
Held-to-maturity securities:
Due in one year or less	$	7,452	$	7,469
Due after one year through five years	27,480		27,866
Due after five years through ten years	107,187		107,497
Due after ten years	0		0
Total held-to-maturity debt securities	$	142,119	$	142,832