Securities (Tables)

12 Months Ended

Dec. 31, 2014

Investments, Debt and Equity Securities [Abstract]

Amortized Cost and Fair Value of Securities Available for Sale and Held for Investment

The amortized cost and fair value of secuities available for sale and held for investment at December 31, 2014 and December 31, 2013 are summarized as follows:

	December 31, 2014
	Gross		Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In thousands)
SECURITIES AVAILABLE FOR SALE
U.S. Treasury securities and obligations of U.S. Government Sponsored Entities	$	3,876	$	23	$	0	$	3,899
Mortgage-backed securities of U.S. Government Sponsored Entities		123,981		1,501		(423)		125,059
Collateralized mortgage obligations of U.S. Government Sponsored Entities		352,483		1,075		(6,077)		347,481
Private mortgage-backed securities		29,967		291		0		30,258
Private collateralized mortgage obligations		85,175		688		(728)		85,135
Collateralized loan obligations		127,397		0		(2,172)		125,225
Obligations of state and political subdivisions		23,511		810		(3)		24,318
	$	746,390	$	4,388	$	(9,403)	$	741,375
SECURITIES HELD FOR INVESTMENT
Mortgage-backed securities of U.S. Government Sponsored Entities	$	67,535	$	812	$	0	$	68,347
Collateralized mortgage obligations of U.S. Government Sponsored Entities		114,541		695		(280)		114,956
Collateralized loan obligations		25,828		0		(343)		25,485
	$	207,904	$	1,507	$	(623)	$	208,788

	December 31, 2013
	Gross		Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In thousands)
SECURITIES AVAILABLE FOR SALE
U.S. Treasury securities and obligations of U.S. Government Sponsored Entities	$	100	$	0	$	0	$	100
Mortgage-backed securities of U.S. Government Sponsored Entities		129,468		1,456		(4,189)		126,735
Collateralized mortgage obligations of U.S. Government Sponsored Entities		383,392		776		(14,747)		369,421
Private mortgage-backed securities		29,800		0		(226)		29,574
Private collateralized mortgage obligations		76,520		731		(413)		76,838
Collateralized loan obligations		32,592		0		(413)		32,179
Obligations of state and political subdivisions		6,586		193		(15)		6,764
	$	658,458	$	3,156	$	(20,003)	$	641,611
SECURITIES HELD FOR INVESTMENT
Mortgage-backed securities of U.S. Government Sponsored Entities	$	0	$	0	$	0	$	0
Collateralized mortgage obligations of U.S. Government Sponsored Entities		0		0		0		0
Collateralized loan obligations		0		0		0		0
	$	0	$	0	$	0	$	0

Amortized Cost and Fair Value of Securities by Contractual Maturity

The amortized cost and fair value of securities at December 31, 2014, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or repay obligations with or without call or prepayment penalties.

	Held for Investment				Available for Sale
	Amortized		Fair		Amortized		Fair
	Cost		Value		Cost		Value
	(In thousands)				(In thousands)
Due in less than one year	$	0	$	0	$	0	$	0
Due after one year through five years		0		0		842		847
Due after five years through ten years		0		0		24,239		24,178
Due after ten years		0		0		129,703		128,417
		0		0		154,784		153,442
Mortgage-backed securities of U.S. Government Sponsored Entities		67,535		68,347		123,981		125,059
Collateralized mortgage obligations of U.S. Government Sponsored Entities		114,541		114,956		352,483		347,481
Private mortgage-backed securities		0		0		29,967		30,258
Collateralized loan obligations		25,828		25,485		85,175		85,135
	$	207,904	$	208,788	$	746,390	$	741,375

Schedule of Unrealized Loss and Fair Value on Investments

The tables below indicate the amount of securities with unrealized losses and period of time for which these losses were outstanding at December 31, 2014 and December 31, 2013, respectively.

	December 31, 2014
	Less than 12 months				12 months or longer				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
	(In thousands)
U.S. Treasury securities and obligations of U.S. Government Sponsored Entities	$	100	$	0	$	0	$	0	$	100	$	0
Mortgage-backed securities of U.S. Government Sponsored Entities		36,890		(153)		21,640		(271)		58,530		(424)
Collateralized mortgage obligations of U.S. Government Sponsored Entities		100,148		(833)		170,400		(5,523)		270,548		(6,356)
Private collateralized mortgage obligations		61,554		(914)		10,091		(157)		71,645		(1,071)
Collateralized loan obligations		100,714		(1,769)		24,511		(403)		125,225		(2,172)
Obligations of state and political subdivisions		1,734		(3)		0		0		1,734		(3)
Total temporarily impaired securities	$	301,140	$	(3,672)	$	226,642	$	(6,354)	$	527,782	$	(10,026)

	December 31, 2013
	Less than 12 months				12 months or longer				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
	(In thousands)
Mortgage-backed securities of U.S. Government Sponsored Entities	$	33,425	$	(2,045)	$	35,043	$	(2,144)	$	68,468	$	(4,189)
Collateralized mortgage obligations of U.S. Government Sponsored Entities		287,312		(12,450)		45,657		(2,297)		332,969		(14,747)
Private mortgage-backed securities		29,574		(226)		0		0		29,574		(226)
Private collateralized mortgage obligations		47,653		(413)		0		0		47,653		(413)
Collateralized loan obligations		32,179		(413)		0		0		32,179		(413)
Obligations of state and political subdivisions		502		(14)		125		(1)		627		(15)
Total temporarily impaired securities	$	430,645	$	(15,561)	$	80,825	$	(4,442)	$	511,470	$	(20,003)