SECURITIES (Tables)

3 Months Ended

Mar. 31, 2016

SECURITIES

Summary of amortized cost and fair value of the available for sale and held to maturity

	March 31, 2016
			Gross		Gross			Estimated
	Amortized		Unrealized		Unrealized			Fair
(In thousands)	Cost		Gains		Losses			Value
Available for sale:
U.S. GSE securities	$	67,242	$	82	$	(18	)	$	67,306
State and municipal obligations		102,417		1,346		(84	)		103,679
U.S. GSE residential mortgage-backed securities		214,827		1,775		(78	)		216,524
U.S. GSE residential collateralized mortgage obligations		360,008		1,663		(808	)		360,863
U.S. GSE commercial mortgage-backed securities		12,432		224		-			12,656
U.S. GSE commercial collateralized mortgage obligations		68,741		449		(129	)		69,061
Other asset backed securities		24,250		-		(1,940	)		22,310
Corporate bonds		32,000		103		(876	)		31,227
Total available for sale		881,917		5,642		(3,933	)		883,626
Held to maturity:
U.S. GSE securities		-		-		-			-
State and municipal obligations		63,326		2,620		-			65,946
U.S. GSE residential mortgage-backed securities		12,393		34		(13	)		12,414
U.S. GSE residential collateralized mortgage obligations		63,969		1,544		(66	)		65,447
U.S. GSE commercial mortgage-backed securities		29,291		512		(81	)		29,722
U.S. GSE commercial collateralized mortgage obligations		38,299		821		(147	)		38,973
Corporate bonds		11,000		33		-			11,033
Total held to maturity		218,278		5,564		(307	)		223,535
Total securities	$	1,100,195	$	11,206	$	(4,240	)	$	1,107,161

	December 31, 2015
			Gross		Gross			Estimated
	Amortized		Unrealized		Unrealized			Fair
(In thousands)	Cost		Gains		Losses			Value
Available for sale:
U.S. GSE securities	$	63,238	$	-	$	(564	)	$	62,674
State and municipal obligations		87,830		427		(322	)		87,935
U.S. GSE residential mortgage-backed securities		201,297		237		(1,270	)		200,264
U.S. GSE residential collateralized mortgage obligations		321,253		513		(3,888	)		317,878
U.S. GSE commercial mortgage-backed securities		12,491		7		(80	)		12,418
U.S. GSE commercial collateralized mortgage obligations		64,809		9		(620	)		64,198
Other asset backed securities		24,250		-		(1,879	)		22,371
Corporate bonds		33,000		-		(535	)		32,465
Total available for sale		808,168		1,193		(9,158	)		800,203
Held to maturity:
U.S. GSE securities		7,466		1		-			7,467
State and municipal obligations		64,878		1,715		(113	)		66,480
U.S. GSE residential mortgage-backed securities		7,609		-		(106	)		7,503
U.S. GSE residential collateralized mortgage obligations		60,933		617		(498	)		61,052
U.S. GSE commercial mortgage-backed securities		23,056		210		(313	)		22,953
U.S. GSE commercial collateralized mortgage obligations		33,409		282		(185	)		33,506
Corporate bonds		11,000		42		-			11,042
Total held to maturity		208,351		2,867		(1,215	)		210,003
Total securities	$	1,016,519	$	4,060	$	(10,373	)	$	1,010,206

Summary of amortized cost, fair value and maturities of the available for sale and held to maturity investment securities portfolio

	March 31, 2016
	Amortized		Fair
(In thousands)	Cost		Value
Maturity
Available for sale:
Within one year	$	10,507	$	10,521
One to five years		90,049		90,378
Five to ten years		128,043		128,594
Beyond ten years		653,318		654,133
Total	$	881,917	$	883,626
Held to maturity:
Within one year	$	4,910	$	4,926
One to five years		31,088		31,457
Five to ten years		62,414		65,077
Beyond ten years		119,866		122,075
Total	$	218,278	$	223,535

Securities having a continuous unrealized loss position aggregated by a period of time less than or greater than 12 months

	Less than 12 months				Greater than 12 months
March 31, 2016			Unrealized				Unrealized
(In thousands)	Fair Value		losses		Fair Value		losses
Available for sale:
U.S. GSE securities	$	29,231	$	18	$	-	$	-
State and municipal obligations		16,528		81		4,586		3
U.S. GSE residential mortgage-backed securities		26,843		53		10,494		25
U.S. GSE residential collateralized mortgage obligations		58,730		85		64,799		723
U.S. GSE commercial mortgage-backed securities		-		-		-		-
U.S. GSE commercial collateralized mortgage obligations		21,205		57		10,112		72
Other asset backed securities		-		-		22,310		1,940
Corporate bonds		17,249		751		4,875		125
Total available for sale		169,786		1,045		117,176		2,888
Held to maturity:
U.S. GSE securities		-		-		-		-
State and municipal obligations		586		-		-		-
U.S. GSE residential mortgage-backed securities		-		-		5,251		13
U.S. GSE residential collateralized mortgage obligations		2,472		4		4,737		62
U.S. GSE commercial mortgage-backed securities		6,260		70		5,094		11
U.S. GSE commercial collateralized mortgage obligations		4,846		80		3,923		67
Corporate bonds		-		-		-		-
Total held to maturity	$	14,164	$	154	$	19,005	$	153

	Less than 12 months				Greater than 12 months
December 31, 2015			Unrealized				Unrealized
(In thousands)	Fair Value		losses		Fair Value		losses
Available for sale:
U.S. GSE securities	$	37,759	$	235	$	24,914	$	329
State and municipal obligations		39,621		298		5,118		24
U.S. GSE residential mortgage-backed securities		136,025		1,224		1,510		46
U.S. GSE residential collateralized mortgage obligations		187,543		1,781		66,830		2,107
U.S. GSE commercial mortgage-backed securities		8,594		80		-		-
U.S. GSE commercial collateralized mortgage obligations		51,178		503		10,034		117
Other Asset backed securities		-		-		22,371		1,879
Corporate bonds		27,640		360		4,825		175
Total available for sale		488,360		4,481		135,602		4,677
Held to maturity:
U.S. GSE securities		-		-		-		-
State and municipal obligations		18,375		113		-		-
U.S. GSE residential mortgage-backed securities		7,503		106		-		-
U.S. GSE residential collateralized mortgage obligations		15,918		149		15,679		349
U.S. GSE commercial mortgage-backed securities		13,982		313		-		-
U.S. GSE commercial collateralized mortgage obligations		7,912		8		3,813		177
Corporate bonds		-		-		-		-
Total held to maturity	$	63,690	$	689	$	19,492	$	526