Securities (Tables)

12 Months Ended

Dec. 31, 2017

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, 2017 and December 31, 2016 are summarized as follows:

	December 31, 2017
			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	$	9,475	$	274	$	(5)	$	9,744
Mortgage-backed securities of U.S. Government Sponsored Entities		318,771		891		(3,306)		316,356
Collateralized mortgage obligations of U.S. Government Sponsored Entities		235,466		272		(4,694)		231,044
Commercial mortgage backed securities of U.S. Government Sponsored Entities		16,210		165		(34)		16,341
Private mortgage backed securities		18,056		384		0		18,440
Private collateralized mortgage obligations		47,045		605		(285)		47,365
Collateralized loan obligations		263,579		798		(68)		264,309
Obligations of state and political subdivisions		45,118		813		(70)		45,861
Corporate and other debt securities		6,500		0		(156)		6,344
	$	960,220	$	4,202	$	(8,618)	$	955,804
SECURITIES HELD TO MATURITY
Mortgage-backed securities of U.S. Government Sponsored Entities	$	172,261	$	746	$	(1,392)	$	171,615
Collateralized mortgage obligations of U.S. Government Sponsored Entities		181,280		56		(2,767)		178,569
Commercial mortgage backed securities of U.S. Government Sponsored Entities		17,462		705		0		18,167
Collateralized loan obligations		40,523		303		0		40,826
Private mortgage backed securities		5,337		9		(53)		5,293
	$	416,863	$	1,819	$	(4,212)	$	414,470

	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

Amortized Cost and Fair Value of Securities by Contractual Maturity

The amortized cost and fair value of securities at December 31, 2017, 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	$	6,248	$	6,473
Due after one year through five years		3,600		3,607		42,448		42,616
Due after five years through ten years		36,923		37,219		256,306		257,449
Due after ten years		0		0		13,170		13,376
		40,523		40,826		318,172		319,914
Mortgage-backed securities of U.S. Government Sponsored Entities		172,261		171,616		318,771		316,356
Collateralized mortgage obligations of U.S. Government Sponsored Entities		181,279		178,567		235,466		231,044
Commercial mortgage backed securities of U.S. Government Sponsored Entities		17,463		18,168		16,210		16,341
Private mortgage-backed securities		0		0		18,056		18,440
Private collateralized mortgage obligations		5,337		5,293		47,045		47,365
Corporate and other debt securities		0		0		6,500		6,344
	$	416,863	$	414,470	$	960,220	$	955,804

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, 2017 and December 31, 2016, respectively.

	December 31, 2017
	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	$	1,107	$	(5)	$	0	$	0	$	1,107	$	(5)
Mortgage-backed securities of U.S. Government Sponsored Entities		123,195		(515)		213,590		(4,183)		336,785		(4,698)
Collateralized mortgage obligations of U.S. Government Sponsored Entities		176,452		(1,507)		199,086		(5,955)		375,538		(7,462)
Commercial mortgage backed securities of U.S. Government Sponsored Entities		5,076		(25)		1,049		(9)		6,125		(34)
Private mortgage backed securities		0		0		0		0		0		0
Private collateralized mortgage obligations		0		0		20,744		(338)		20,744		(338)
Collateralized loan obligations		14,933		(68)		0		0		14,933		(68)
Obligations of state and political subdivisions		5,414		(14)		5,864		(56)		11,278		(70)
Corporate and other debt securities		6,500		(156)		0		0		6,500		(156)
Total temporarily impaired securities	$	332,677	$	(2,290)	$	440,333	$	(10,541)	$	773,010	$	(12,831)

	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)