Securities (Tables)

3 Months Ended

Mar. 31, 2018

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 March 31, 2018 and December 31, 2017 are summarized as follows:

	March 31, 2018
	Gross		Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In thousands)
Debt securities available for sale
U.S. Treasury securities and obligations of U.S. Government Entities	$	8,697	$	214	$	(14)	$	8,897
Mortgage-backed securities of U.S. Government Sponsored Entities		328,521		225		(8,861)		319,885
Collateralized mortgage obligations of U.S. Government Sponsored Entities		281,335		70		(8,127)		273,278
Commercial mortgage backed securities of U.S. Government Sponsored Entities		16,183		8		(150)		16,041
Private mortgage backed securities		18,070		379		0		18,449
Private collateralized mortgage obligations		44,374		608		(266)		44,716
Collateralized loan obligations		256,058		731		(3)		256,786
Obligations of state and political subdivisions		45,003		384		(481)		44,906
Totals	$	998,241	$	2,619	$	(17,902)	$	982,958
Debt securities held to maturity
Mortgage-backed securities of U.S. Government Sponsored Entities	$	168,462	$	0	$	(3,524)	$	164,938
Collateralized mortgage obligations of U.S. Government Sponsored Entities		174,080		0		(5,841)		168,239
Commercial mortgage backed securities of U.S. Government Sponsored Entities		17,487		412		0		17,899
Collateralized loan obligations		35,600		211		0		35,811
Private collateralized mortgage obligations		5,018		9		(47)		4,980
Totals	$	400,647	$	632	$	(9,412)	$	391,867

	December 31, 2017
	Gross		Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In thousands)
Debt securities available for sale
U.S. Treasury securities and obligations of U.S. Government 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
Totals	$	953,720	$	4,202	$	(8,462)	$	949,460
Debt 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 collateralized mortgage obligations		5,337		9		(53)		5,293
Totals	$	416,863	$	1,819	$	(4,212)	$	414,470

Amortized Cost and Fair Value of Securities by Contractual Maturity

The amortized cost and fair value of debt securities at March 31, 2018, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because prepayments of the underlying collateral for these securities may occur, due to the right to call or repay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.

	Held to Maturity				Available for Sale
	Amortized		Fair		Amortized		Fair
	Cost		Value		Cost		Value
	(In thousands)
Due in less than one year	$	0	$	0	$	7,635	$	7,849
Due after one year through five years		3,600		3,602		34,651		34,673
Due after five years through ten years		32,000		32,209		254,328		255,151
Due after ten years		0		0		13,144		12,916
		35,600		35,811		309,758		310,589
Mortgage-backed securities of U.S. Government Sponsored Entities		168,462		164,938		328,521		319,885
Collateralized mortgage obligations of U.S. Government Sponsored Entities		174,080		168,239		281,335		273,278
Commercial mortgage backed securities of U.S. Government Sponsored Entities		17,487		17,899		16,183		16,041
Private mortgage-backed securities		0		0		18,070		18,449
Private collateralized mortgage obligations		5,018		4,980		44,374		44,716
	$	400,647	$	391,867	$	998,241	$	982,958

Schedule of Unrealized Loss and Fair Value on Investments

The tables below indicate the amount of debt securities with unrealized losses and the period of time for which these losses were outstanding at March 31, 2018 and December 31, 2017, respectively.

	March 31, 2018
	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 Entities	$	895	$	(14)	$	0	$	0	$	895	$	(14)
Mortgage-backed securities of U.S. Government Sponsored Entities		257,394		(4,629)		214,042		(7,756)		471,436		(12,385)
Collateralized mortgage obligations of U.S. Government Sponsored Entities		242,193		(5,403)		188,936		(8,565)		431,129		(13,968)
Commercial mortgage backed securities of U.S. Government Sponsored Entities		7,925		(78)		3,032		(72)		10,957		(150)
Private collateralized mortgage obligations		762		(1)		19,586		(312)		20,348		(313)
Collateralized loan obligations		12,747		(3)		0		0		12,747		(3)
Obligations of state and political subdivisions		18,722		(227)		12,488		(254)		31,210		(481)
Total temporarily impaired securities	$	540,638	$	(10,355)	$	438,084	$	(16,959)	$	978,722	$	(27,314)

	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 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		(5,954)		375,538		(7,461)
Commercial mortgage backed securities of U.S. Government Sponsored Entities		5,076		(25)		1,049		(9)		6,125		(34)
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)
Total temporarily impaired securities	$	326,177	$	(2,134)	$	440,333	$	(10,540)	$	766,510	$	(12,674)