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Investment Securities
 9 Months Ended
Sep. 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 September 30, 2018 and December 31, 2017:
 
September 30, 2018
 
Amortized cost

Gross unrealized gains

Gross unrealized (losses)

Fair value
 
 
 
(In thousands)
 
 
 
 
 
 
 
 
 
 
U.S. government and agency obligations
$
54,813

 
—

 
(1,650
)
 
$
53,163

Mortgage-backed securities and collateralized mortgage obligations
902,572

 
321

 
(30,207
)
 
872,686

Municipal obligations
1,587

 
—

 
—

 
1,587

Corporate debt securities
54,492

 
13

 
(1,113
)
 
53,392

Trust preferred securities
5,000

 
—

 
(407
)
 
4,593

Equity securities
783

 
872

 
—

 
1,655

 
$
1,019,247

 
1,206

 
(33,377
)
 
$
987,076

    
 
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 September 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.

September 30, 2018

Amortized cost

Fair value

(In thousands)
 
 
 
 
One year or less
$
1,397

 
$
1,397

More than one year to five years
50,124

 
49,004

More than five years to ten years
59,371

 
57,890

More than ten years
5,000

 
4,444


$
115,892

 
$
112,735

Mortgage-backed securities and collateralized mortgage obligations
902,572

 
872,686


$
1,018,464

 
$
985,421


    
Mortgage-backed securities and collateralized mortgage obligations totaling $902.6 million at amortized cost and $872.7 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.

For the three months ended September 30, 2018, proceeds from a called security in the available-for-sale portfolio was $1.5 million. No gross gains or losses were recognized on the security called during the quarter. For the nine months ended September 30, 2018, proceeds from called securities in the available-for-sale portfolio totaled $11.5 million, resulting in $116 thousand of gross gains and zero gross losses.

For the three and nine months ended September 30, 2017, proceeds from investment securities sold in the available-for-sale portfolio totaled $129.3 million, resulting in $325 thousand of gross gains and $2.4 million of gross losses.

Securities available-for-sale with a fair value of $129.5 million and $204.3 million at September 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 September 30, 2018 and December 31, 2017 and if the unrealized loss position was continuous for the twelve months prior to September 30, 2018 and December 31, 2017:
 
September 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
$
38,696

 
(1,169
)
 
14,467

 
(481
)
 
53,163

 
$
(1,650
)
Mortgage-backed securities and collateralized mortgage obligations
419,490

 
(8,722
)
 
383,623

 
(21,485
)
 
803,113

 
(30,207
)
Corporate debt securities
39,107

 
(384
)
 
9,271

 
(729
)
 
48,378

 
(1,113
)
Trust preferred securities
4,593

 
(407
)
 
—

 
—

 
4,593

 
(407
)
 
$
501,886

 
(10,682
)
 
407,361

 
(22,695
)
 
909,247

 
$
(33,377
)

 
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 and changes in credit spreads. The Company does not have the intent to sell securities in a temporary loss position at September 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 nine months ended September 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 September 30, 2018 and December 31, 2017:

 
September 30, 2018
 
Amortized cost
 
Gross unrealized gains
 
Gross unrealized (losses)
 
Fair value
 
(In thousands)
 
 
 
 
 
 
 
 
U.S. government and agency obligations
$
23,404

 
—

 
(547
)
 
$
22,857

Mortgage-backed securities and collateralized mortgage obligations
240,780

 
344

 
(12,564
)
 
228,560

 
$
264,184

 
344

 
(13,111
)
 
$
251,417


 
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 September 30, 2018 by contractual maturity. Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer.
 
September 30, 2018
 
Amortized cost

Fair value
 
(In Thousands)
 
 
 
 
More than one year to five years
$
5,000

 
$
4,915

More than five years to ten years
8,404

 
7,997

More than ten years
10,000

 
9,945

 
23,404

 
22,857

Mortgage-backed securities and collateralized mortgage obligations
240,780

 
228,560

 
$
264,184

 
$
251,417



Mortgage-backed securities and collateralized mortgage obligations totaling $240.8 million at amortized cost and $228.6 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 $95.4 million and $78.2 million at September 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 nine months ended September 30, 2018 and 2017.

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

 
September 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
$
19,634

 
(362
)
 
3,223

 
(185
)
 
22,857

 
$
(547
)
Mortgage-backed securities and collateralized mortgage obligations
72,294

 
(2,835
)
 
145,768

 
(9,729
)
 
218,062

 
(12,564
)
 
$
91,928

 
(3,197
)
 
148,991

 
(9,914
)
 
240,919

 
$
(13,111
)

 
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 and changes in credit spreads. The Company does not have the intent to sell securities in a temporary loss position at September 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 nine months ended September 30, 2018 and 2017.