Securities (Tables)

9 Months Ended

Sep. 30, 2017

Securities [Abstract]

Amortized Cost, Estimated Fair Value, and Unrealized Gains and Losses of Securities Available for Sale

The amortized cost, estimated fair value and unrealized gains and losses of available for sale (“AFS”) securities are as follows:

(In thousands)	Amortized cost		Unrealized gains		Unrealized losses		Estimated fair value
September 30, 2017
Federal agency	$	139,935	$	27	$	544	$	139,418
State & municipal		42,880		127		88		42,919
Mortgage-backed:
Government-sponsored enterprises		554,466		3,879		1,115		557,230
U.S. government agency securities		26,760		404		168		26,996
Collateralized mortgage obligations:
Government-sponsored enterprises		523,682		626		5,592		518,716
U.S. government agency securities		53,089		169		662		52,596
Other securities		13,537		6,332		130		19,739
Total securities AFS	$	1,354,349	$	11,564	$	8,299	$	1,357,614
December 31, 2016
Federal agency	$	175,135	$	78	$	805	$	174,408
State & municipal		47,053		153		480		46,726
Mortgage-backed:
Government-sponsored enterprises		513,814		3,345		2,492		514,667
U.S. government agency securities		14,955		411		189		15,177
Collateralized mortgage obligations:
Government-sponsored enterprises		513,431		532		7,688		506,275
U.S. government agency securities		60,822		184		708		60,298
Other securities		15,849		6,394		1,504		20,739
Total securities AFS	$	1,341,059	$	11,097	$	13,866	$	1,338,290

Amortized Cost, Estimated Fair Value, and Unrealized Gains and Losses of Securities Held to Maturity

The amortized cost, estimated fair value and unrealized gains and losses of held to maturity (“HTM”) securities are as follows:

(In thousands)	Amortized cost		Unrealized gains		Unrealized losses		Estimated fair value
September 30, 2017
Mortgage-backed:
Government-sponsored enterprises	$	99,502	$	239	$	685	$	99,056
U.S. government agency securities		447		67		-		514
Collateralized mortgage obligations:
Government-sponsored enterprises		195,388		1,135		1,103		195,420
State & municipal		198,972		1,983		534		200,421
Total securities HTM	$	494,309	$	3,424	$	2,322	$	495,411
December 31, 2016
Mortgage-backed:
Government-sponsored enterprises	$	96,668	$	-	$	1,176	$	95,492
U.S. government agency securities		533		87		-		620
Collateralized mortgage obligations:
Government-sponsored enterprises		225,213		1,060		1,508		224,765
State & municipal		205,534		434		1,795		204,173
Total securities HTM	$	527,948	$	1,581	$	4,479	$	525,050

Investment Securities with Unrealized Losses

The following table sets forth information with regard to investment securities with unrealized losses, segregated according to the length of time the securities had been in a continuous unrealized loss position:

(Dollars in thousands)	Less than 12 months							12 months or longer							Total
Security Type:	Fair Value		Unrealized losses			Number of Positions		Fair Value		Unrealized losses			Number of Positions		Fair Value		Unrealized losses			Number of Positions
September 30, 2017
AFS securities:
Federal agency	$	45,209	$	(49	)		3	$	54,465	$	(495	)		5	$	99,674	$	(544	)		8
State & municipal		14,720		(39	)		24		6,015		(49	)		8		20,735		(88	)		32
Mortgage-backed		181,600		(1,176	)		42		6,577		(107	)		5		188,177		(1,283	)		47
Collateralized mortgage obligations		339,415		(3,175	)		50		119,108		(3,079	)		16		458,523		(6,254	)		66
Other securities		1,997		(3	)		1		2,979		(127	)		1		4,976		(130	)		2
Total securities with unrealized losses	$	582,941	$	(4,442	)		120	$	189,144	$	(3,857	)		35	$	772,085	$	(8,299	)		155
HTM securities:
Mortgage-backed	$	51,166	$	(685	)		4	$	-	$	-			-	$	51,166	$	(685	)		4
Collateralized mortgage obligations		49,394		(160	)		7		31,627		(943	)		4		81,021		(1,103	)		11
State & municipal		16,811		(188	)		21		12,591		(346	)		21		29,402		(534	)		42
Total securities with unrealized losses	$	117,371	$	(1,033	)		32	$	44,218	$	(1,289	)		25	$	161,589	$	(2,322	)		57
December 31, 2016
AFS securities:
Federal agency	$	119,363	$	(805	)		10	$	-	$	-			-	$	119,363	$	(805	)		10
State & municipal		31,873		(478	)		55		483		(2	)		1		32,356		(480	)		56
Mortgage-backed		277,524		(2,668	)		49		985		(13	)		4		278,509		(2,681	)		53
Collateralized mortgage obligations		473,746		(8,396	)		57		-		-			-		473,746		(8,396	)		57
Other securities		-		-			-		4,363		(1,504	)		2		4,363		(1,504	)		2
Total securities with unrealized losses	$	902,506	$	(12,347	)		171	$	5,831	$	(1,519	)		7	$	908,337	$	(13,866	)		178
HTM securities:
Mortgage-backed	$	95,492	$	(1,176	)		5	$	-	$	-			-	$	95,492	$	(1,176	)		5
Collateralized mortgage obligations		108,587		(319	)		12		35,209		(1,189	)		4		143,796		(1,508	)		16
State & municipal		81,984		(1,795	)		155		-		-			-		81,984		(1,795	)		155
Total securities with unrealized losses	$	286,063	$	(3,290	)		172	$	35,209	$	(1,189	)		4	$	321,272	$	(4,479	)		176

Contractual Maturities of Debt Securities

The following tables set forth information with regard to contractual maturities of debt securities at September 30, 2017:

(In thousands)	Amortized cost		Estimated fair value
AFS debt securities:
Within one year	$	92,405	$	92,429
From one to five years		84,442		84,598
From five to ten years		179,854		180,667
After ten years		984,111		980,181
	$	1,340,812	$	1,337,875
HTM debt securities:
Within one year	$	28,489	$	28,493
From one to five years		38,321		38,702
From five to ten years		144,621		145,547
After ten years		282,878		282,669
	$	494,309	$	495,411