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Investments
 3 Months Ended
Mar. 31, 2017
Investments [Abstract]  
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]
    Investments
The following table presents a summary of investment securities:
 
Amortized
Cost
 
Unrealized
 
Fair
Value
Gains
 
Losses
 
(In thousands)
As of March 31, 2017
 
 
 
 
 
 
 
Available-for-sale securities at fair value:
 
 
 
 
 
 
 
U.S. government and agencies
$
45,344

 
$
70

 
$
(746
)
 
$
44,668

Government-sponsored entities
346,363

 
949

 
(1,965
)
 
345,347

Municipal bonds
298,751

 
3,089

 
(3,911
)
 
297,929

Mortgage-backed securities (1)
573,879

 
753

 
(14,225
)
 
560,407

Other
7,423

 
436

 
(2
)
 
7,857

Total
$
1,271,760

 
$
5,297

 
$
(20,849
)
 
$
1,256,208

 
 
 
 
 
 
 
 
Held-to-maturity securities at amortized cost:
 
 
 
 
 
 
 
U.S. government and agencies
$
9,977

 
$
—

 
(7
)
 
$
9,970

Mortgage-backed securities (1)
$
88,447

 
$
72

 
$
(445
)
 
$
88,074

Total
$
98,424

 
$
72

 
$
(452
)
 
$
98,044

 
 
 
 
 
 
 
 
As of December 31, 2016
 
 
 
 
 
 
 
Available-for-sale securities at fair value:
 
 
 
 
 
 
 
U.S. government and agencies
$
40,704

 
$
86

 
$
(854
)
 
$
39,936

Government-sponsored entities
337,865

 
1,058

 
(2,259
)
 
336,664

Municipal bonds
296,271

 
2,116

 
(4,990
)
 
293,397

Mortgage-backed securities (1)
584,960

 
928

 
(15,561
)
 
570,327

Other
23,361

 
447

 
—

 
23,808

Total
$
1,283,161

 
$
4,635

 
$
(23,664
)
 
$
1,264,132

 
 
 
 
 
 
 
 
Held-to-maturity securities at amortized cost:
 
 
 
 
 
 
 
Mortgage-backed securities (1)
$
93,079

 
$
1

 
$
(476
)
 
$
92,604

Total
$
93,079

 
$
1

 
$
(476
)
 
$
92,604

_____________________
(1)
 All mortgage-backed securities are guaranteed by U.S. government agencies or government-sponsored entities.
The following table presents the maturities of available-for-sale investment securities, based on contractual maturity, as of March 31, 2017. Certain securities are callable before their final maturity. Additionally, certain securities (such as mortgage-backed securities) are shown within the table below based on their final (contractual) maturity, but due to prepayments and amortization are expected to have shorter lives.
 
Available-for-sale Securities
Amortized
cost
 
Fair
value
(In thousands)
Within one year
$
49,047

 
$
49,545

After one, but within five years
378,158

 
379,294

After five, but within ten years
346,856

 
337,295

Greater than ten years
497,699

 
490,074

Total
$
1,271,760

 
$
1,256,208


The following table presents the maturities of held-to-maturity investment securities, based on contractual maturity, as of March 31, 2017.
 
Held-to-maturity Securities
Amortized
cost
 
Fair
value
(In thousands)
Within one year
$
9,977

 
$
9,970

After one, but within five years
—

 
—

After five, but within ten years
10,098

 
10,075

Greater than ten years
78,349

 
77,999

Total
$
98,424

 
$
98,044


The following table presents the proceeds from sales, gross realized gains and gross realized losses for available-for-sale securities that were sold or called during the following periods:
 
Three months ended March 31,
2017
 
2016
(In thousands)
Proceeds from sales and calls
$
32,717

 
$
15,292

Realized gains
19

 
2

Realized losses
—

 
(1
)

The following table presents information regarding securities as of March 31, 2017 and December 31, 2016 having temporary impairment, due to the fair values having declined below the amortized cost of the individual securities, and the time period that the investments have been temporarily impaired.
 
Less than 12 months
 
12 months or longer
 
Total
 
Fair
value
 
Unrealized
losses
 
Fair
value
 
Unrealized
losses
 
Fair
value
 
Unrealized
losses
 
# of
securities
March 31, 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
Available-for-sale securities
(In thousands)
U.S. government and agencies
$
19,194

 
$
(740
)
 
$
293

 
$
(6
)
 
$
19,487

 
$
(746
)
 
3

Government-sponsored entities
156,195

 
(1,965
)
 
—

 
—

 
156,195

 
(1,965
)
 
21

Municipal bonds
111,601

 
(3,900
)
 
1,218

 
(11
)
 
112,819

 
(3,911
)
 
66

Mortgage-backed securities (1)
484,350

 
(12,662
)
 
44,271

 
(1,563
)
 
528,621

 
(14,225
)
 
104

Other
18

 
(2
)
 
—

 
—

 
18

 
(2
)
 
2

Total
$
771,358

 
$
(19,269
)
 
$
45,782

 
$
(1,580
)
 
$
817,140

 
$
(20,849
)
 
196

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Held-to-maturity securities
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government and agencies
9,970

 
(7
)
 
—

 
—

 
9,970

 
(7
)
 
2

Mortgage-backed securities (1)
$
70,807

 
$
(445
)
 
$
—

 
$
—

 
$
70,807

 
$
(445
)
 
13

Total
$
80,777

 
$
(452
)
 
$
—

 
$
—

 
$
80,777

 
$
(452
)
 
15


 
Less than 12 months
 
12 months or longer
 
Total
 
Fair
value
 
Unrealized
losses
 
Fair
value
 
Unrealized
losses
 
Fair
value
 
Unrealized
losses
 
# of
securities
 
(In thousands, except number of securities)
December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
Available-for-sale securities
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government and agencies
$
19,094

 
$
(838
)
 
$
643

 
$
(16
)
 
$
19,737

 
$
(854
)
 
4

Government-sponsored entities
125,412

 
(2,259
)
 
—

 
—

 
125,412

 
(2,259
)
 
18

Municipal bonds
182,395

 
(4,957
)
 
2,720

 
(33
)
 
185,115

 
(4,990
)
 
109

Mortgage-backed securities (1)
492,008

 
(13,988
)
 
41,544

 
(1,573
)
 
533,552

 
(15,561
)
 
99

Other
—

 
—

 
—

 
—

 
—

 
—

 
—

Total
$
818,909

 
$
(22,042
)
 
$
44,907

 
$
(1,622
)
 
$
863,816

 
$
(23,664
)
 
230

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Held-to-maturity securities
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage-backed securities (1)
$
87,483

 
$
(476
)
 
$
—

 
$
—

 
$
87,483

 
$
(476
)
 
15

Total
$
87,483

 
$
(476
)
 
$
—

 
$
—

 
$
87,483

 
$
(476
)
 
15

_____________________
(1)
 All mortgage-backed securities are guaranteed by U.S. government agencies or government-sponsored entities.
The U.S. government and agencies securities and mortgage-backed securities in the table above had current Standard and Poor’s credit ratings of AA. The municipal bonds in the table above had a current Standard and Poor’s credit rating of at least AA-. The other securities consisted of equity securities. At March 31, 2017, the Company does not consider these investments other-than-temporarily impaired because the decline in fair value on investments is primarily attributed to changes in interest rates and not credit quality.
At March 31, 2017 and December 31, 2016, the amount of investment securities in an unrealized loss position greater than 12 months, as well as in total, was primarily due to changes in interest rates. As of March 31, 2017, the Company had no intent to sell any securities in an unrealized loss position and it is not more likely than not that the Company would be forced to sell any of these securities prior to the full recovery of all unrealized loss amounts.
Cost method investments, which are included in other assets, can be temporarily impaired when the fair values decline below the amortized costs of the individual investments. There were no cost method investments with unrealized losses as of March 31, 2017 or December 31, 2016. The Company’s cost method investments primarily include low income housing partnerships which generate tax credits. The Company also holds partnership interests in venture capital funds formed to provide financing to small businesses and to promote community development. The Company had $34.7 million and $34.2 million in cost method investments included in other assets as of March 31, 2017 and December 31, 2016, respectively.