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Investments
 6 Months Ended
Jun. 30, 2018
Investments [Abstract]  
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]
Investments
The following tables present a summary of investment securities:
 
Amortized
Cost
 
Unrealized
 
Fair
Value
Gains
 
Losses
 
(In thousands)
At June 30, 2018
 
 
 
 
 
 
 
Available-for-sale securities at fair value:
 
 
 
 
 
 
 
U.S. government and agencies
$
35,061

 
$
—

 
$
(1,361
)
 
$
33,700

Government-sponsored entities
275,881

 
—

 
(6,277
)
 
269,604

Municipal bonds
297,257

 
1,722

 
(3,790
)
 
295,189

Mortgage-backed securities (1)
493,644

 
260

 
(23,372
)
 
470,532

Other
7,942

 
—

 
—

 
7,942

Total
$
1,109,785

 
$
1,982

 
$
(34,800
)
 
$
1,076,967

 
 
 
 
 
 
 
 
Held-to-maturity securities at amortized cost:
 
 
 
 
 
 
 
U.S. government and agencies
$
11,902

 
$
2

 
$
—

 
$
11,904

Mortgage-backed securities (1)
67,053

 
—

 
(2,210
)
 
64,843

Total
$
78,955

 
$
2

 
$
(2,210
)
 
$
76,747

 
 
 
 
 
 
 
 
At December 31, 2017
 
 
 
 
 
 
 
Available-for-sale securities at fair value:
 
 
 
 
 
 
 
U.S. government and agencies
$
35,132

 
$
—

 
$
(833
)
 
$
34,299

Government-sponsored entities
305,101

 
22

 
(2,622
)
 
302,501

Municipal bonds
299,647

 
4,559

 
(1,148
)
 
303,058

Mortgage-backed securities (1)
521,753

 
491

 
(12,568
)
 
509,676

Other
20,794

 
—

 
—

 
20,794

Total
$
1,182,427

 
$
5,072

 
$
(17,171
)
 
$
1,170,328

 
 
 
 
 
 
 
 
Held-to-maturity securities at amortized cost:
 
 
 
 
 
 
 
Mortgage-backed securities (1)
$
74,576

 
$
—

 
$
(795
)
 
$
73,781

Total
$
74,576

 
$
—

 
$
(795
)
 
$
73,781

_____________________
(1)
 All mortgage-backed securities are guaranteed by the U.S. government, 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 June 30, 2018. 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
$
75,733

 
$
75,473

After one, but within five years
313,162

 
306,903

After five, but within ten years
312,887

 
298,202

Greater than ten years
408,003

 
396,389

Total
$
1,109,785

 
$
1,076,967


The following table presents the maturities of held-to-maturity investment securities, based on contractual maturity, as of June 30, 2018.
 
Held-to-maturity Securities
Amortized
cost
 
Fair
value
(In thousands)
Within one year
$
11,902

 
$
11,904

After one, but within five years
—

 
—

After five, but within ten years
33,063

 
32,020

Greater than ten years
33,990

 
32,823

Total
$
78,955

 
$
76,747


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 as well as changes in the fair value of equity securities as prescribed by ASC 321, Investment - Equity Securities. ASU 2016-01, Recognition and Measurements of Financial Assets and Financial Liabilities was adopted on January 1, 2018, at which time a cumulative effect adjustment of $339 thousand was recorded to reclassify the amount of accumulated unrealized gains related to equity securities from accumulated other comprehensive income to retained earnings.
 
Three months ended June 30,
 
Six months ended June 30,
2018
 
2017
 
2018
 
2017
(In thousands)
Proceeds from sales and calls
$
19,673

 
$
70,314

 
$
35,550

 
$
103,031

Realized gains
—

 
255

 
7

 
274

Realized losses
—

 
(18
)
 
(1
)
 
(18
)
Change in unrealized gain/ (loss) on equity securities reflected in the consolidated statement of operations
7

 
n/a

 
(23
)
 
n/a


The following tables present information regarding securities at June 30, 2018 and December 31, 2017 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
 
(In thousands, except number of securities)
June 30, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
Available-for-sale securities
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government and agencies
$
9,861

 
$
(114
)
 
$
23,839

 
$
(1,247
)
 
$
33,700

 
$
(1,361
)
 
6

Government-sponsored entities
212,331

 
(4,038
)
 
57,273

 
(2,239
)
 
269,604

 
(6,277
)
 
40

Municipal bonds
132,307

 
(1,526
)
 
49,256

 
(2,264
)
 
181,563

 
(3,790
)
 
95

Mortgage-backed securities (1)
98,941

 
(3,400
)
 
358,348

 
(19,972
)
 
457,289

 
(23,372
)
 
112

Total
$
453,440

 
$
(9,078
)
 
$
488,716

 
$
(25,722
)
 
$
942,156

 
$
(34,800
)
 
253

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Held-to-maturity securities
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage-backed securities (1)
$
48,598

 
$
(1,643
)
 
$
16,245

 
$
(567
)
 
$
64,843

 
$
(2,210
)
 
16

Total
$
48,598

 
$
(1,643
)
 
$
16,245

 
$
(567
)
 
$
64,843

 
$
(2,210
)
 
16


 
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, 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
Available-for-sale securities
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government and agencies
$
14,902

 
$
(79
)
 
$
19,397

 
$
(754
)
 
$
34,299

 
$
(833
)
 
6

Government-sponsored entities
220,275

 
(1,350
)
 
38,273

 
(1,272
)
 
258,548

 
(2,622
)
 
36

Municipal bonds
46,112

 
(131
)
 
50,842

 
(1,017
)
 
96,954

 
(1,148
)
 
63

Mortgage-backed securities (1)
97,117

 
(903
)
 
386,785

 
(11,665
)
 
483,902

 
(12,568
)
 
103

Total
$
378,406

 
$
(2,463
)
 
$
495,297

 
$
(14,708
)
 
$
873,703

 
$
(17,171
)
 
208

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Held-to-maturity securities
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage-backed securities (1)
$
59,218

 
$
(534
)
 
$
14,563

 
$
(261
)
 
$
73,781

 
$
(795
)
 
16

Total
$
59,218

 
$
(534
)
 
$
14,563

 
$
(261
)
 
$
73,781

 
$
(795
)
 
16

_____________________
(1)
 All mortgage-backed securities are guaranteed by the U.S. government, U.S. government agencies, or government-sponsored entities.
As of June 30, 2018, the U.S. government and agencies securities, government-sponsored entities securities and mortgage-backed securities in the first table above had current Standard and Poor’s credit ratings of AAA. The municipal bonds in the first table above had a current Standard and Poor’s credit rating of at least AA-. At June 30, 2018, 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 June 30, 2018 and December 31, 2017, 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 and not credit quality. As of June 30, 2018, 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 June 30, 2018 or December 31, 2017. 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 $46.0 million and $39.4 million in cost method investments included in other assets as of June 30, 2018 and December 31, 2017, respectively.