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Investment Securities
 6 Months Ended
Jun. 30, 2018
Investments, Debt and Equity Securities [Abstract]  
Investments Securities
Investment Securities

Securities Available-for-Sale

The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the fair value for securities available-for-sale at June 30, 2018 and December 31, 2017:
 
June 30, 2018
 
Amortized cost

Gross unrealized gains

Gross unrealized (losses)

Fair value
 
 
 
(In thousands)
 
 
 
 
 
 
 
 
 
 
U.S. government and agency obligations
$
54,805


—


(1,243
)

$
53,562

Mortgage-backed securities and collateralized mortgage obligations
840,040


344


(24,852
)

815,532

Municipal obligations
1,586


—


—


1,586

Corporate debt securities
54,491


99


(1,023
)

53,567

Trust preferred securities
5,000


—


(370
)

4,630

Equity securities
2,331


862


—


3,193

 
$
958,253


1,305


(27,488
)

$
932,070

    
 
December 31, 2017
 
Amortized cost

Gross unrealized gains

Gross unrealized (losses)

Fair value
 
 
 
(In thousands)
 
 
 
 
 
 
 
 
 
 
U.S. government and agency obligations
$
39,909


17


(282
)

$
39,644

Mortgage-backed securities and collateralized mortgage obligations
615,924


383


(9,695
)

606,612

Municipal obligations
1,957


—


—


1,957

Corporate debt securities
54,489


536


(511
)

54,514

Trust preferred securities
5,000


—


(344
)

4,656

Equity securities
2,328


859


—


3,187

 
$
719,607


1,795


(10,832
)

$
710,570



The table below presents the amortized cost and fair value of debt securities available-for-sale at June 30, 2018 by contractual maturity excluding equity securities. Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer.

June 30, 2018

Amortized cost

Fair value

(In thousands)
 
 
 
 
One year or less
$
1,396


$
1,396

More than one year to five years
45,125


44,184

More than five years to ten years
64,361


63,388

More than ten years
5,000


4,377


$
115,882


$
113,345

Mortgage-backed securities and collateralized mortgage obligations
840,040


815,532


$
955,922


$
928,877


    
Mortgage-backed securities and collateralized mortgage obligations totaling $840.0 million at amortized cost and $815.5 million at fair value are excluded from the aggregated maturity balances above as their expected lives are likely to be shorter than the contractual maturity date due to principal prepayments.

There were no sales of securities from the available for sale investment portfolio for the three months ended June 30, 2018. For the six months ended June 30, 2018, proceeds from called securities in the available-for-sale portfolio totaled $10.0 million, resulting in $116 thousand of gross gains and zero gross losses.

There were no sales of securities from the available-for-sale investment portfolio for the three and six months ended June 30, 2017.

Securities available-for-sale with a fair value of $138.4 million and $204.3 million at June 30, 2018 and December 31, 2017 were sold under agreements to repurchase or were pledged as security for deposits of public funds as required and permitted by law.

The following tables summarize the fair value and gross unrealized losses of those securities that reported an unrealized loss at June 30, 2018 and December 31, 2017 and if the unrealized loss position was continuous for the twelve months prior to June 30, 2018 and December 31, 2017:

June 30, 2018

Less than 12 months

12 months or longer

Total

Fair Value

Gross unrealized (losses)

Fair value

Gross unrealized (losses)

Fair value

Gross unrealized (losses)

(In thousands)












U.S. government and agency obligations
$
48,812


(1,012
)

4,750


(231
)

53,562


$
(1,243
)
Mortgage-backed securities and collateralized mortgage obligations
580,116


(14,943
)

170,350


(9,909
)

750,466


(24,852
)
Corporate debt securities
19,764


(229
)

9,206


(794
)

28,970


(1,023
)
Trust preferred securities
—


—


4,630


(370
)

4,630


(370
)

$
648,692


(16,184
)

188,936


(11,304
)

837,628


$
(27,488
)


December 31, 2017

Less than 12 months

12 months or longer

Total

Fair Value

Gross unrealized (losses)

Fair value

Gross unrealized (losses)

Fair value

Gross unrealized (losses)

(In thousands)












U.S. government and agency obligations
$
29,654


(282
)

—


—


29,654


$
(282
)
Mortgage-backed securities and collateralized mortgage obligations
514,283


(8,037
)

48,788


(1,658
)

563,071


(9,695
)
Corporate debt securities
4,866


(135
)

4,624


(376
)

9,490


(511
)
Trust preferred securities
—


—


4,656


(344
)

4,656


(344
)

$
548,803


(8,454
)

58,068


(2,378
)

606,871


$
(10,832
)

The Company evaluates securities for other-than-temporary impairment at each reporting period and more frequently when economic or market conditions warrant such evaluation. The temporary loss position associated with securities available-for-sale was the result of changes in market interest rates relative to the coupon of the individual security. The Company does not have the intent to sell securities in a temporary loss position at June 30, 2018, nor is it more likely than not that the Company will be required to sell the securities before their prices recover which may be maturity.

The Company did not record an other-than-temporary impairment charge on securities in the available-for-sale portfolio for the three and six months ended June 30, 2018 and 2017.

Securities Held-to-Maturity

The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the fair value for securities held-to-maturity at June 30, 2018 and December 31, 2017:


June 30, 2018

Amortized cost

Gross unrealized gains

Gross unrealized (losses)

Fair value

(In thousands)








U.S. government and agency obligations
$
13,403


—


(346
)

$
13,057

Mortgage-backed securities and collateralized mortgage obligations
241,398


419


(10,635
)

231,182


$
254,801


419


(10,981
)

$
244,239



December 31, 2017

Amortized cost

Gross unrealized gains

Gross unrealized (losses)

Fair value

(In thousands)








U.S. government and agency obligations
$
8,402


—


(58
)

$
8,344

Mortgage-backed securities and collateralized mortgage obligations
231,216


—


(3,435
)

227,781


$
239,618


—


(3,493
)

$
236,125

    
The table below presents the amortized cost and fair value of debt securities held-to-maturity at June 30, 2018 by contractual maturity. Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer.

June 30, 2018

Amortized cost

Fair value

(In Thousands)




More than five years to ten years
$
13,403


$
13,057


13,403


13,057

Mortgage-backed securities and collateralized mortgage obligations
241,398


231,182


$
254,801


$
244,239



Mortgage-backed securities and collateralized mortgage obligations totaling $241.4 million at amortized cost and $231.2 million at fair value are excluded from the maturity table above as their expected lives are likely to be shorter than the contractual maturity date due to principal prepayments.

Securities held-to-maturity with a fair value of $108.3 million and $78.2 million at June 30, 2018 and December 31, 2017 were sold under agreements to repurchase or were pledged as security for deposits of public funds as required and permitted by law.

There were no sales of securities from the held-to-maturity investment portfolio for the three and six months ended June 30, 2018 and 2017.

The following tables summarize the fair value and gross unrealized losses of those securities that reported an unrealized loss at June 30, 2018 and December 31, 2017 and if the unrealized loss position was continuous for the twelve months prior to June 30, 2018 and December 31, 2017:


June 30, 2018

Less than 12 months

12 months or longer

Total

Fair Value

Gross unrealized (losses)

Fair value

Gross unrealized (losses)

Fair value

Gross unrealized (losses)

(In thousands)












U.S. government and agency obligations
$
13,057


(346
)

—


—


13,057


$
(346
)
Mortgage-backed securities and collateralized mortgage obligations
153,014


(5,515
)

67,295


(5,120
)

220,309


(10,635
)

$
166,071


(5,861
)

67,295


(5,120
)

233,366


$
(10,981
)


December 31, 2017

Less than 12 months

12 months or longer

Total

Fair Value

Gross unrealized (losses)

Fair value

Gross unrealized (losses)

Fair value

Gross unrealized (losses)

(In thousands)












U.S. government and agency obligations
$
8,344


(58
)

—


—


8,344


$
(58
)
Mortgage-backed securities and collateralized mortgage obligations
196,049


(2,920
)

30,046


(515
)

226,095


(3,435
)

$
204,393


(2,978
)

30,046


(515
)

234,439


$
(3,493
)

The Company evaluates securities for other-than-temporary impairment at each reporting period and more frequently when economic or market conditions warrant such evaluation. The temporary loss position associated with securities held-to-maturity was the result of changes in market interest rates relative to the coupon of the individual security. The Company does not have the intent to sell securities in a temporary loss position at June 30, 2018, nor is it more likely than not that the Company will be required to sell the securities before their prices recover which may be maturity.

The Company did not record an other-than-temporary impairment charge on securities in the held-to-maturity portfolio for the three and six months ended June 30, 2018 and 2017.