Securities (Tables)

12 Months Ended

Dec. 31, 2015

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 securities available for sale and held for investment at December 31, 2015 and December 31, 2014 are summarized as follows:

	December 31, 2015
	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	$	3,833	$	78	$	0	$	3,911
Mortgage-backed securities of U.S. Government Sponsored Entities		192,224		847		(1,322)		191,749
Collateralized mortgage obligations of U.S. Government Sponsored Entities		242,620		470		(4,900)		238,190
Private mortgage-backed securities		32,558		0		(766)		31,792
Private collateralized mortgage obligations		77,965		700		(708)		77,957
Collateralized loan obligations		124,477		0		(1,894)		122,583
Obligations of state and political subdivisions		39,119		882		(110)		39,891
Corporate and other debt securities		44,652		37		(416)		44,273
Private commercial mortgage backed securities		41,127		13		(720)		40,420
	$	798,575	$	3,027	$	(10,836)	$	790,766
SECURITIES HELD FOR INVESTMENT
Mortgage-backed securities of U.S. Government Sponsored Entities	$	64,993	$	574	$	(16)	$	65,551
Collateralized mortgage obligations of U.S. Government Sponsored Entities		89,265		581		(406)		89,440
Collateralized loan obligations		41,300		0		(1,360)		39,940
Private collateralized mortgage obligations		7,967		0		(85)		7,882
	$	203,525	$	1,155	$	(1,867)	$	202,813

	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

Amortized Cost and Fair Value of Securities by Contractual Maturity

The amortized cost and fair value of securities at December 31, 2015, 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)
Due in less than one year	$	0	$	0	$	225	$	225
Due after one year through five years		0		0		71,031		70,387
Due after five years through ten years		41,300		39,940		118,429		117,480
Due after ten years		0		0		13,632		13,826
		41,300		39,940		203,317		201,918
Mortgage-backed securities of U.S. Government Sponsored Entities		64,993		65,551		192,224		191,749
Collateralized mortgage obligations of U.S. Government Sponsored Entities		89,265		89,440		242,620		238,190
Private mortgage-backed securities		0		0		32,558		31,792
Private collateralized mortgage obligations		7,967		7,882		77,965		77,957
Other debt securities		0		0		8,764		8,740
Private commercial mortgage backed securities		0		0		41,127		40,420
	$	203,525	$	202,813	$	798,575	$	790,766

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, 2015 and December 31, 2014, respectively.

	December 31, 2015
	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	$	112,236	$	(1,082)	$	14,508	$	(256)	$	126,744	$	(1,338)
Collateralized mortgage obligations of U.S. Government Sponsored Entities		97,512		(973)		147,266		(4,333)		244,778		(5,306)
Private mortgage-backed securities		31,792		(766)		0		0		31,792		(766)
Private collateralized mortgage obligations		19,939		(321)		31,533		(472)		51,472		(793)
Collateralized loan obligations		101,601		(1,642)		60,922		(1,612)		162,523		(3,254)
Obligations of state and political subdivisions		11,570		(110)		0		0		11,570		(110)
Corporate and other debt securities		31,342		(416)		0		0		31,342		(416)
Private commercical mortgage-backed securities		37,838		(720)		0		0		37,838		(720)
Total temporarily impaired securities	$	443,830	$	(6,030)	$	254,229	$	(6,673)	$	698,059	$	(12,703)

	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)