Securities (Tables)

3 Months Ended

Mar. 31, 2016

Securities available for sale consist of the following:

	Amortized		Unrealized
	Cost		Gains		Losses		Fair Value
	(In thousands)
March 31, 2016
U.S. agency	$	35,016	$	431	$	62	$	35,385
U.S. agency residential mortgage-backed		196,017		1,635		273		197,379
U.S. agency commercial mortgage-backed		8,382		112		2		8,492
Private label mortgage-backed		18,569		154		348		18,375
Other asset backed		128,431		124		483		128,072
Obligations of states and political subdivisions		147,411		1,644		710		148,345
Corporate		49,565		162		217		49,510
Trust preferred		2,918		-		615		2,303
Foreign government		1,654		-		15		1,639
Total	$	587,963	$	4,262	$	2,725	$	589,500

December 31, 2015
U.S. agency	$	47,283	$	309	$	80	$	47,512
U.S. agency residential mortgage-backed		195,055		1,584		583		196,056
U.S. agency commercial mortgage-backed		34,017		94		83		34,028
Private label mortgage-backed		5,061		161		319		4,903
Other asset backed		117,431		54		581		116,904
Obligations of states and political subdivisions		145,193		941		1,150		144,984
Corporate		38,895		9		290		38,614
Trust preferred		2,916		-		433		2,483
Total	$	585,851	$	3,152	$	3,519	$	585,484

Investments in a continuous unrealized loss position

Our investments’ gross unrealized losses and fair values aggregated by investment type and length of time that individual securities have been at a continuous unrealized loss position follows:

	Less Than Twelve Months				Twelve Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(In thousands)

March 31, 2016
U.S. agency	$	7,168	$	20	$	6,360	$	42	$	13,528	$	62
U.S. agency residential mortgage-backed		26,856		130		16,325		143		43,181		273
U.S. agency commercial mortgage-backed		1,236		1		202		1		1,438		2
Private label mortgage- backed		5,645		17		3,093		331		8,738		348
Other asset backed		82,903		280		9,804		203		92,707		483
Obligations of states and political subdivisions		22,296		282		9,737		428		32,033		710
Corporate		28,299		208		991		9		29,290		217
Trust preferred		-		-		2,303		615		2,303		615
Foreign government		1,639		15		-		-		1,639		15
Total	$	176,042	$	953	$	48,815	$	1,772	$	224,857	$	2,725

December 31, 2015
U.S. agency	$	12,164	$	47	$	6,746	$	33	$	18,910	$	80
U.S. agency residential mortgage-backed		57,538		316		23,340		267		80,878		583
U.S. agency commercial mortgage-backed		16,747		60		2,247		23		18,994		83
Private label mortgage- backed		-		-		3,393		319		3,393		319
Other asset backed		102,660		434		5,189		147		107,849		581
Obligations of states and political subdivisions		52,493		597		12,240		553		64,733		1,150
Corporate		30,550		290		-		-		30,550		290
Trust preferred		-		-		2,483		433		2,483		433
Total	$	272,152	$	1,744	$	55,638	$	1,775	$	327,790	$	3,519

Trust preferred securities

The following table breaks out our trust preferred securities in further detail as of March 31, 2016 and December 31, 2015:

	March 31, 2016					December 31, 2015
	Fair Value		Net Unrealized Loss			Fair Value		Net Unrealized Loss
	(In thousands)

Trust preferred securities
Rated issues	$	1,550	$	(368	)	$	1,690	$	(226	)
Unrated issues		753		(247	)		793		(207	)

Private label mortgage backed securities below investment grade

At March 31, 2016, three private label mortgage-backed securities had credit related OTTI and are summarized as follows:

	Senior Security		Super Senior Security		Senior Support Security		Total
	(In thousands)

As of March 31, 2016
Fair value	$	1,546	$	1,250	$	75	$	2,871
Amortized cost		1,575		1,188		-		2,763
Non-credit unrealized loss		29		-		-		29
Unrealized gain		-		62		75		137
Cumulative credit related OTTI		757		457		380		1,594

Credit related OTTI recognized in our Condensed
Consolidated Statements of Operations
For the three months ended March 31,
2016	$	-	$	-	$	-	$	-
2015		-		-		-		-

Credit losses recognized in earnings on securities available for sale

A roll forward of credit losses recognized in earnings on securities available for sale for the three month periods ending March 31, follows:

	Three months ended March 31,
	2016		2015
	(In thousands)
Balance at beginning of period	$	1,844	$	1,844
Additions to credit losses on securities for which no previous OTTI was recognized		-		-
Increases to credit losses on securities for which OTTI was previously recognized		-		-
Balance at end of period	$	1,844	$	1,844

Amortized cost and fair value of securities available for sale by contractual maturity

The amortized cost and fair value of securities available for sale at March 31, 2016, by contractual maturity, follow:

	Amortized Cost		Fair Value
	(In thousands)
Maturing within one year	$	30,411	$	30,453
Maturing after one year but within five years		74,249		74,472
Maturing after five years but within ten years		62,664		63,236
Maturing after ten years		69,240		69,021
		236,564		237,182
U.S. agency residential mortgage-backed		196,017		197,379
U.S. agency commercial mortgage-backed		8,382		8,492
Private label residential mortgage-backed		18,569		18,375
Other asset backed		128,431		128,072
Total	$	587,963	$	589,500

Gains and losses realized on sale of securities available for sale

A summary of proceeds from the sale of securities available for sale and gains and losses for the three month periods ending March 31, follows:

	Proceeds		Realized Gains		Losses
	(In thousands)
2016	$	42,391	$	226	$	52
2015		11,786		75		-