Investment Securities (Tables)

9 Months Ended

Sep. 30, 2016

Investments, Debt and Equity Securities [Abstract]

Schedule of securities available-for-sale securities

The following tables set forth investment securities available-for-sale and held-to-maturity at the dates indicated:

	At September 30, 2016
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(In Thousands)
Investment securities available-for-sale:
Debt securities:
GSE debentures	$	64,713	$	1,639	$	13	$	66,339
GSE CMOs	172,606		683		484		172,805
GSE MBSs	229,040		4,410		27		233,423
SBA commercial loan asset-backed securities	112		—		1		111
Corporate debt obligations	48,306		1,014		16		49,304
Trust preferred securities	1,468		—		155		1,313
Total debt securities	516,245		7,746		696		523,295
Marketable equity securities	964		36		—		1,000
Total investment securities available-for-sale	$	517,209	$	7,782	$	696	$	524,295
Investment securities held-to-maturity:
GSE debentures	$	14,734	$	3	$	32	$	14,705
GSEs MBSs	18,710		48		6		18,752
Municipal obligations	43,150		986		5		44,131
Foreign government obligations	500		—		9		491
Total investment securities held-to-maturity	$	77,094	$	1,037	$	52	$	78,079

	At December 31, 2015
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(In Thousands)
Investment securities available-for-sale:
Debt securities:
GSE debentures	$	40,658	$	141	$	172	$	40,627
GSE CMOs	198,000		45		4,229		193,816
GSE MBSs	230,213		1,098		1,430		229,881
SBA commercial loan asset-backed securities	148		—		1		147
Corporate debt obligations	46,160		344		18		46,486
Trust preferred securities	1,466		—		199		1,267
Total debt securities	516,645		1,628		6,049		512,224
Marketable equity securities	956		21		—		977
Total investment securities available-for-sale	$	517,601	$	1,649	$	6,049	$	513,201
Investment securities held-to-maturity:
GSE debentures	$	34,915	$	9	$	105	$	34,819
GSEs MBSs	19,291		—		305		18,986
Municipal obligations	39,051		364		25		39,390
Foreign government obligations	500		—		—		500
Total investment securities held-to-maturity	$	93,757	$	373	$	435	$	93,695

Investment securities in a continuous unrealized loss position

Investment securities at September 30, 2016 and December 31, 2015 that have been in a continuous unrealized loss position for less than twelve months or twelve months or longer are as follows:

	At September 30, 2016
	Less than Twelve Months				Twelve Months or Longer				Total
	Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
	(In Thousands)
Investment securities available-for-sale:
GSE debentures	$	6,126	$	13	$	—	$	—	$	6,126	$	13
GSE CMOs	19,232		88		42,424		$	396	61,656		484
GSE MBSs	6,142		23		246		4		6,388		27
SBA commercial loan asset-backed securities	29		—		74		1		103		1
Corporate debt obligations	2,492		16		—		—		2,492		16
Trust preferred securities	—		—		1,313		155		1,313		155
Temporarily impaired debt securities available-for-sale	34,021		140		44,057		556		78,078		696
Investment securities held-to-maturity:
GSE debentures	11,702		32		—		—		11,702		32
GSEs MBSs	4,462		6		—		—		4,462		6
Municipal obligations	2,445		5		—		—		2,445		5
Foreign government obligations	491		9		—		—		491		9
Temporarily impaired debt securities held-to-maturity	19,100		52		—		—		19,100		52
Total temporarily impaired investment securities	$	53,121	$	192	$	44,057	$	556	$	97,178	$	748

	At December 31, 2015
	Less than Twelve Months				Twelve Months or Longer				Total
	Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
	(In Thousands)
Investment securities available-for-sale:
GSE debentures	$	19,633	$	172	$	—	$	—	$	19,633	$	172
GSE CMOs	89,680		1,294		100,473		2,935		190,153		4,229
GSE MBSs	133,779		845		16,968		585		150,747		1,430
SBA commercial loan asset-backed securities	—		—		139		1		139		1
Corporate debt obligations	6,181		18		—		—		6,181		18
Trust preferred securities	—		—		1,267		199		1,267		199
Temporarily impaired debt securities available-for-sale	249,273		2,329		118,847		3,720		368,120		6,049
Investment securities held-to-maturity:
GSE debentures	25,837		105		—		—		25,837		105
GSEs MBSs	18,834		305		—		—		18,834		305
Municipal obligations	7,629		25		—		—		7,629		25
Temporarily impaired debt securities held-to-maturity	52,300		435		—		—		52,300		435
Total temporarily impaired investment securities	$	301,573	$	2,764	$	118,847	$	3,720	$	420,420	$	6,484

Schedule of maturities of debt securities

The final stated maturities of the debt securities are as follows at the dates indicated:

	At September 30, 2016						At December 31, 2015
	Amortized Cost		Estimated Fair Value		Weighted Average Rate		Amortized Cost		Estimated Fair Value		Weighted Average Rate
	(Dollars in Thousands)
Investment securities available-for-sale:
Within 1 year	$	9	$	10	0.13	%	$	2,999	$	3,003	2.09	%
After 1 year through 5 years	60,818		62,136		2.25	%	59,729		60,249		2.32	%
After 5 years through 10 years	116,308		119,089		2.02	%	100,658		100,833		2.05	%
Over 10 years	339,110		342,060		1.95	%	353,259		348,139		1.97	%
	$	516,245	$	523,295	2.00	%	$	516,645	$	512,224	2.03	%
Investment securities held-to-maturity:
Within 1 year	$	159	$	159	1.73	%	$	651	$	651	1.00	%
After 1 year through 5 years	20,836		21,034		1.28	%	23,888		23,866		1.52	%
After 5 years through 10 years	37,548		38,293		1.79	%	50,078		50,344		2.00	%
Over 10 years	18,551		18,593		1.74	%	19,140		18,834		1.82	%
	$	77,094	$	78,079	1.64	%	$	93,757	$	93,695	1.83	%