Securities (Tables)

12 Months Ended

Dec. 31, 2016

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 to maturity at December 31, 2016 and December 31, 2015 are summarized as follows:

	December 31, 2016
			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	$	12,073	$	255	$	0	$	12,328
Mortgage-backed securities of U.S. Government Sponsored Entities		287,726		585		(4,823)		283,488
Collateralized mortgage obligations of U.S. Government Sponsored Entities		238,805		314		(5,065)		234,054
Commercial mortgage backed securities of U.S. Government Sponsored Entities		22,351		222		(28)		22,545
Private mortgage backed securities		32,780		0		(791)		31,989
Private collateralized mortgage obligations		67,542		563		(816)		67,289
Collateralized loan obligations		124,716		838		(665)		124,889
Obligations of state and political subdivisions		63,161		622		(895)		62,888
Corporate and other debt securities		74,121		257		(517)		73,861
Private commercial mortgage backed securities		37,534		111		(473)		37,172
	$	960,809	$	3,767	$	(14,073)	$	950,503
SECURITIES HELD TO MATURITY
Mortgage-backed securities of U.S. Government Sponsored Entities	$	159,941	$	704	$	(1,243)	$	159,402
Collateralized mortgage obligations of U.S. Government Sponsored Entities		147,208		386		(2,630)		144,964
Commercial mortgage backed securities of U.S. Government Sponsored Entities		17,375		233		(74)		17,534
Collateralized loan obligations		41,547		430		(314)		41,663
Private mortgage backed securities		6,427		0		(109)		6,318
	$	372,498	$	1,753	$	(4,370)	$	369,881

	December 31, 2015
			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 TO MATURITY
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 mortgage backed securities		7,967		0		(85)		7,882
	$	203,525	$	1,155	$	(1,867)	$	202,813

Amortized Cost and Fair Value of Securities by Contractual Maturity

The amortized cost and fair value of securities at December 31, 2016, 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 to Maturity				Available for Sale
	Amortized		Fair		Amortized		Fair
	Cost		Value		Cost		Value
	(In thousands)
Due in less than one year	$	0	$	0	$	8,848	$	9,044
Due after one year through five years		0		0		83,308		83,154
Due after five years through ten years		41,547		41,663		139,611		140,167
Due after ten years		0		0		31,415		30,709
		41,547		41,663		263,182		263,074
Mortgage-backed securities of U.S. Government Sponsored Entities		159,941		159,402		287,726		283,488
Collateralized mortgage obligations of U.S. Government Sponsored Entities		147,208		144,964		238,805		234,054
Commercial mortgage backed securities of U.S. Government Sponsored Entities		17,375		17,534		22,351		22,545
Private mortgage-backed securities		0		0		32,780		31,989
Private collateralized mortgage obligations		6,427		6,318		67,542		67,289
Other debt securities		0		0		10,889		10,892
Private commercial mortgage backed securities		0		0		37,534		37,172
	$	372,498	$	369,881	$	960,809	$	950,503

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, 2016 and December 31, 2015, respectively. 

	December 31, 2016
	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	$	327,759	$	(5,991)	$	5,387	$	(75)	$	333,146	$	(6,066)
Collateralized mortgage obligations of U.S. Government Sponsored Entities		234,175		(5,599)		58,912		(2,096)		293,087		(7,695)
Commercial mortgage backed securities of U.S. Government Sponsored Entities		7,934		(102)		0		0		7,934		(102)
Private mortgage backed securities		0		0		36,848		(900)		36,848		(900)
Private collateralized mortgage obligations		1,460		0		38,417		(816)		39,877		(816)
Collateralized loan obligations		8,152		(41)		51,694		(938)		59,846		(979)
Obligations of state and political subdivisions		39,321		(895)		0		0		39,321		(895)
Corporate and other debt securities		33,008		(517)		0		0		33,008		(517)
Private commercial mortgage backed securities		12,667		(306)		7,139		(167)		19,806		(473)
Total temporarily impaired securities	$	664,476	$	(13,451)	$	198,397	$	(4,992)	$	862,873	$	(18,443)

	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 commercial 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)