Securities (Tables)

3 Months Ended

Mar. 31, 2016

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, 2016:

		Available-for-Sale Securities
March 31, 2016		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
(in thousands)
Obligations of U.S. Government sponsored entities	$	523,478	$	12,417	$	2	$	535,893
Obligations of U.S. states and political subdivisions		85,443		1,136		58		86,521
Mortgage-backed securities – residential, issued by
U.S. Government agencies		136,417		1,690		518		137,589
U.S. Government sponsored entities		666,575		4,902		3,022		668,455
Non-U.S. Government agencies or sponsored entities		144		1		0		145
U.S. corporate debt securities		2,500		0		338		2,162
Total debt securities		1,414,557		20,146		3,938		1,430,765
Equity securities		1,000		0		56		944
Total available-for-sale securities	$	1,415,557	$	20,146	$	3,994	$	1,431,709

 The following table summarizes available-for-sale securities held by the Company at December 31, 2015:

		Available-for-Sale Securities
December 31, 2015		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
(in thousands)
Obligations of U.S. Government sponsored entities	$	551,176	$	3,512	$	1,795	$	552,893
Obligations of U.S. states and political subdivisions		83,981		898		153		84,726
Mortgage-backed securities – residential, issued by
U.S. Government agencies		94,459		1,535		1,316		94,678
U.S. Government sponsored entities		656,947		3,599		10,449		650,097
Non-U.S. Government agencies or sponsored entities		192		2		0		194
U.S. corporate debt securities		2,500		0		338		2,162
Total debt securities		1,389,255		9,546		14,051		1,384,750
Equity securities		1,000		0		66		934
Total available-for-sale securities	$	1,390,255	$	9,546	$	14,117	$	1,385,684

Schedule of held to maturity securities

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

		Held-to-Maturity Securities
March 31, 2016		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
(in thousands)
Obligations of U.S. Government sponsored entities	$	132,387	$	4,723	$	0	$	137,110
Obligations of U.S. states and political subdivisions	$	12,623	$	409	$	3	$	13,029
Total held-to-maturity debt securities	$	145,010	$	5,132	$	3	$	150,139

The following table summarizes held-to-maturity securities held by the Company at December 31, 2015:

		Held-to-Maturity Securities
December 31, 2015		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
(in thousands)
Obligations of U.S. Government sponsored entities	$	132,482	$	649	$	444	$	132,687
Obligations of U.S. states and political subdivisions		13,589		414		4		13,999
Total held-to-maturity debt securities	$	146,071	$	1,063	$	448	$	146,686

Schedule of available for sale securities with unrealized losses

The following table summarizes available-for-sale securities that had unrealized losses at March 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	$	700	$	1	$	698	$	1	$	1,398	$	2
Obligations of U.S. states and political subdivisions		9,280		35		6,382		23		15,662		58
Mortgage-backed securities – issued by
U.S. Government agencies		31,122		77		26,216		441		57,338		518
U.S. Government sponsored entities		140,571		391		212,062		2,631		352,633		3,022
U.S. corporate debt securities		0		0		2,163		338		2,163		338
Equity securities		0		0		944		56		944		56
Total available-for-sale securities	$	181,673	$	504	$	248,465	$	3,490	$	430,138	$	3,994

The following table summarizes available-for-sale securities that had unrealized losses at December 31, 2015:

	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	$	183,697	$	1,618	$	5,844	$	177	$	189,541	$	1,795
Obligations of U.S. states and political subdivisions		25,402		141		3,408		12		28,810		153
Mortgage-backed securities – residential, issued by
U.S. Government agencies		32,636		350		30,244		966		62,880		1,316
U.S. Government sponsored entities		364,420		4,102		176,325		6,347		540,745		10,449
U.S. corporate debt securities		0		0		2,163		338		2,163		338
Equity securities		0		0		934		66		934		66
Total available-for-sale securities	$	606,155	$	6,211	$	218,918	$	7,906	$	825,073	$	14,117

Schedule held-to-maturity securities with unrealized losses

The following table summarizes held-to-maturity securities that had unrealized losses at March 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	$	802	$	3	$	0	$	0	$	802	$	3
Total held-to-maturity securities	$	802	$	3	$	0	$	0	$	802	$	3

The following table summarizes held-to-maturity securities that had unrealized losses at December 31, 2015.

	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	$	29,671	$	444	$	0	$	0	$	29,671	$	444
Obligations of U.S. sponsored entities	$	1,966	$	4	$	0	$	0	$	1,966	$	4
Total held-to-maturity securities	$	31,637	$	448	$	0	$	0	$	31,637	$	448

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, 2016
(in thousands)	Amortized Cost		Fair Value
Available-for-sale securities:
Due in one year or less	$	33,020	$	33,573
Due after one year through five years		338,449		345,970
Due after five years through ten years		227,723		233,085
Due after ten years		12,229		11,948
Total		611,421		624,576
Mortgage-backed securities		803,136		806,189
Total available-for-sale debt securities	$	1,414,557	$	1,430,765

December 31, 2015
(in thousands)	Amortized Cost		Fair Value
Available-for-sale securities:
Due in one year or less	$	53,936	$	54,735
Due after one year through five years		351,462		353,736
Due after five years through ten years		219,161		218,561
Due after ten years		13,098		12,749
Total		637,657		639,781
Mortgage-backed securities		751,598		744,969
Total available-for-sale debt securities	$	1,389,255	$	1,384,750

March 31, 2016
(in thousands)	Amortized Cost		Fair Value
Held-to-maturity securities:
Due in one year or less	$	8,430	$	8,478
Due after one year through five years		13,893		14,422
Due after five years through ten years		122,519		127,041
Due after ten years		168		198
Total held-to-maturity debt securities	$	145,010	$	150,139

December 31, 2015
(in thousands)	Amortized Cost		Fair Value
Held-to-maturity securities:
Due in one year or less	$	9,249	$	9,294
Due after one year through five years		14,069		14,341
Due after five years through ten years		122,585		122,853
Due after ten years		168		198
Total held-to-maturity debt securities	$	146,071	$	146,686

Schedule of trading securities at estimated fair value

The following summarizes trading securities, at estimated fair value, as of:
(in thousands)	03/31/2016		12/31/2015
Obligations of U.S. Government sponsored entities	$	6,421	$	6,601
Mortgage-backed securities – residential, issued by U.S. Government sponsored entities		602		767
Total	$	7,023	$	7,368