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Securities | 12 Months Ended
--- | ---
Dec. 31, 2019
Notes to Financial Statements |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 6. Securities The Company did not hold any trading securities at December 31, 2019 and 2018. Securities available for sale are recorded at fair value. Securities held-to-maturity are recorded at amortized cost. The following table summarizes the Company’s portfolio of securities held-to-maturity at December 31, 2019: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross
​ | ​ | Amortized | ​ | ​ | ​ | ​ | Unrealized | ​ | Unrealized
​ |  | Cost |  | Fair Value |  | Gains |  | Losses
​ | ​ | (In thousands)
Securities held-to-maturity: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Municipals | ​ | $ | 50,954 | ​ | $ | 53,998 | ​ | $ | 3,044 | ​ | $ | —
Total municipals | ​ |  | 50,954 | ​ |  | 53,998 | ​ |  | 3,044 | ​ |  | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
FNMA | ​ |  | 7,934 | ​ |  | 8,114 | ​ |  | 180 | ​ |  | —
Total mortgage-backed securities | ​ |  | 7,934 | ​ |  | 8,114 | ​ |  | 180 | ​ |  | —
Total | ​ | $ | 58,888 | ​ | $ | 62,112 | ​ | $ | 3,224 | ​ | $ | —
​ The following table summarizes the Company’s portfolio of securities held-to-maturity at December 31, 2018: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross
​ | ​ | Amortized | ​ | ​ | ​ | ​ | Unrealized | ​ | Unrealized
​ |  | Cost |  | Fair Value |  | Gains |  | Losses
​ | ​ | (In thousands)
Securities held-to-maturity: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Municipals | ​ | $ | 24,065 | ​ | $ | 22,508 | ​ | $ | — | ​ | $ | 1,557
Total municipals | ​ |  | 24,065 | ​ |  | 22,508 | ​ |  | — | ​ |  | 1,557
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
FNMA | ​ |  | 7,953 | ​ |  | 7,366 | ​ |  | — | ​ |  | 587
Total mortgage-backed securities | ​ |  | 7,953 | ​ |  | 7,366 | ​ |  | — | ​ |  | 587
Total | ​ | $ | 32,018 | ​ | $ | 29,874 | ​ | $ | — | ​ | $ | 2,144
​ The following table summarizes the Company’s portfolio of securities available for sale at December 31, 2019: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross
​ | ​ | Amortized | ​ | ​ | ​ | ​ | Unrealized | ​ | Unrealized
​ |  | Cost |  | Fair Value |  | Gains |  | Losses
​ | ​ | (In thousands)
Corporate | ​ | $ | 130,000 | ​ | $ | 123,050 | ​ | $ | — | ​ | $ | 6,950
Municipals | ​ |  | 12,797 | ​ |  | 12,916 | ​ |  | 119 | ​ |  | —
Mutual funds | ​ |  | 12,216 | ​ |  | 12,216 | ​ |  | — | ​ |  | —
Collateralized loan obligations | ​ |  | 100,349 | ​ |  | 99,137 | ​ |  | — | ​ |  | 1,212
Other | ​ |  | 1,332 | ​ |  | 1,332 | ​ |  | — | ​ |  | —
Total other securities | ​ |  | 256,694 | ​ |  | 248,651 | ​ |  | 119 | ​ |  | 8,162
REMIC and CMO | ​ |  | 348,236 | ​ |  | 348,989 | ​ |  | 2,193 | ​ |  | 1,440
GNMA | ​ |  | 653 | ​ |  | 704 | ​ |  | 51 | ​ |  | —
FNMA | ​ |  | 104,235 | ​ |  | 104,882 | ​ |  | 1,073 | ​ |  | 426
FHLMC | ​ |  | 68,476 | ​ |  | 69,274 | ​ |  | 871 | ​ |  | 73
Total mortgage-backed securities | ​ |  | 521,600 | ​ |  | 523,849 | ​ |  | 4,188 | ​ |  | 1,939
Total securities available for sale | ​ | $ | 778,294 | ​ | $ | 772,500 | ​ | $ | 4,307 | ​ | $ | 10,101
​ The following table summarizes the Company’s portfolio of securities available for sale at December 31, 2018: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross
​ | ​ | Amortized | ​ | ​ | ​ | ​ | Unrealized | ​ | Unrealized
​ |  | Cost |  | Fair Value |  | Gains |  | Losses
​ | ​ | (In thousands)
Corporate | ​ | $ | 130,000 | ​ | $ | 118,535 | ​ | $ | — | ​ | $ | 11,465
Municipals | ​ |  | 46,231 | ​ |  | 46,574 | ​ |  | 343 | ​ |  | —
Mutual funds | ​ |  | 11,586 | ​ |  | 11,586 | ​ |  | — | ​ |  | —
Collateralized loan obligations | ​ |  | 88,396 | ​ |  | 86,751 | ​ |  | — | ​ |  | 1,645
Other | ​ |  | 1,256 | ​ |  | 1,256 | ​ |  | — | ​ |  | —
Total other securities | ​ |  | 277,469 | ​ |  | 264,702 | ​ |  | 343 | ​ |  | 13,110
REMIC and CMO | ​ |  | 382,632 | ​ |  | 376,340 | ​ |  | 885 | ​ |  | 7,177
GNMA | ​ |  | 785 | ​ |  | 826 | ​ |  | 41 | ​ |  | —
FNMA | ​ |  | 94,069 | ​ |  | 91,693 | ​ |  | 72 | ​ |  | 2,448
FHLMC | ​ |  | 90,377 | ​ |  | 89,094 | ​ |  | 113 | ​ |  | 1,396
Total mortgage-backed securities | ​ |  | 567,863 | ​ |  | 557,953 | ​ |  | 1,111 | ​ |  | 11,021
Total securities available for sale | ​ | $ | 845,332 | ​ | $ | 822,655 | ​ | $ | 1,454 | ​ | $ | 24,131
​ We did not hold any private issue CMO’s that are collateralized by commercial real estate mortgages at December 31, 2019 and 2018. The corporate securities held by the Company at December 31, 2019 and 2018 are issued by U.S. banking institutions. The following table details the amortized cost and fair value of the Company’s securities classified as held-to-maturity at December 31, 2019, by contractual maturity. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Amortized | ​ | ​ | ​
​ |  | Cost |  | Fair Value
​ |  | (In thousands)
Due in one year or less |  | $ | 180 |  | $ | 180
Due after ten years | ​ | ​ | 50,774 | ​ | ​ | 53,818
Total other securities | ​ | ​ | 50,954 | ​ | ​ | 53,998
Mortgage-backed securities | ​ | ​ | 7,934 | ​ | ​ | 8,114
Total securities held-to-maturity |  | $ | 58,888 |  | $ | 62,112
​ The amortized cost and fair value of the Company’s securities, classified as available for sale at December 31, 2019, by contractual maturity, are shown below. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amortized | ​ | ​ | ​
​ |  | Cost |  | Fair Value
​ | ​ | (In thousands)
Due after one year through five years | ​ | $ | 10,000 | ​ | $ | 9,820
Due after five years through ten years | ​ |  | 137,918 | ​ |  | 131,051
Due after ten years | ​ | ​ | 96,560 | ​ | ​ | 95,564
Total other securities | ​ |  | 244,478 | ​ |  | 236,435
Mutual funds | ​ |  | 12,216 | ​ |  | 12,216
Mortgage-backed securities | ​ |  | 521,600 | ​ |  | 523,849
Total securities available for sale | ​ | $ | 778,294 | ​ | $ | 772,500
​ ​ ​ ​ The following table shows the Company’s securities with gross unrealized losses and their fair value, aggregated by category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2019. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Total | ​ | Less than 12 months | ​ | 12 months or more
​ | ​ | ​ | ​ | ​ | ​ | ​ | Unrealized | ​ | ​ | ​ | ​ | Unrealized | ​ | ​ | ​ | ​ | Unrealized
​ |  | Count |  | Fair Value |  | Losses |  | Fair Value |  | Losses |  | Fair Value |  | Losses
​ | ​ | (Dollars in thousands)
Available for sale securities |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Corporate |  | 16 | ​ | $ | 123,050 | ​ | $ | 6,950 | ​ | $ | — | ​ | $ | — | ​ | $ | 123,050 | ​ | $ | 6,950
CLO |  | 13 | ​ |  | 99,137 | ​ |  | 1,212 | ​ |  | 25,451 | ​ |  | 108 | ​ |  | 73,686 | ​ |  | 1,104
Total other securities |  | 29 | ​ |  | 222,187 | ​ |  | 8,162 | ​ |  | 25,451 | ​ |  | 108 | ​ |  | 196,736 | ​ |  | 8,054
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
REMIC and CMO |  | 23 | ​ |  | 120,989 | ​ |  | 1,440 | ​ |  | 102,384 | ​ |  | 1,117 | ​ |  | 18,605 | ​ |  | 323
GNMA |  | 1 | ​ |  | 49 | ​ |  | — | ​ |  | 49 | ​ |  | — | ​ |  | — | ​ |  | —
FNMA |  | 8 | ​ |  | 67,618 | ​ |  | 426 | ​ |  | 19,073 | ​ |  | 138 | ​ |  | 48,545 | ​ |  | 288
FHLMC |  | 1 | ​ |  | 30,200 | ​ |  | 73 | ​ |  | — | ​ |  | — | ​ |  | 30,200 | ​ |  | 73
Total mortgage-backed securities |  | 33 | ​ |  | 218,856 | ​ |  | 1,939 | ​ |  | 121,506 | ​ |  | 1,255 | ​ |  | 97,350 | ​ |  | 684
Total securities available for sale |  | 62 | ​ | $ | 441,043 | ​ | $ | 10,101 | ​ | $ | 146,957 | ​ | $ | 1,363 | ​ | $ | 294,086 | ​ | $ | 8,738
​ ​ The following table shows the Company’s available for sale securities with gross unrealized losses and their fair value, aggregated by category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2018. ​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Total | ​ | Less than 12 months | ​ | 12 months or more
​ | ​ | ​ | ​ | ​ | ​ | ​ | Unrealized | ​ | ​ | ​ | ​ | Unrealized | ​ | ​ | ​ | ​ | Unrealized
​ |  | Count |  | Fair Value |  | Losses |  | Fair Value |  | Losses |  | Fair Value |  | Losses
​ | ​ | (Dollars in thousands)
Held-to-maturity securities |  |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Municipals |  | 1 | ​ | $ | 19,940 | ​ | $ | 1,557 | ​ | $ | — | ​ | $ | — | ​ | $ | 19,940 | ​ | $ | 1,557
Total other securities |  | 1 | ​ |  | 19,940 | ​ |  | 1,557 | ​ |  | — | ​ |  | — | ​ |  | 19,940 | ​ |  | 1,557
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
FNMA |  | 1 | ​ |  | 7,366 | ​ |  | 587 | ​ |  | — | ​ |  | — | ​ |  | 7,366 | ​ |  | 587
Total mortgage-backed securities |  | 1 | ​ |  | 7,366 | ​ |  | 587 | ​ |  | — | ​ |  | — | ​ |  | 7,366 | ​ |  | 587
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total securities held-to-maturity |  | 2 | ​ | $ | 27,306 | ​ | $ | 2,144 | ​ | $ | — | ​ | $ | — | ​ | $ | 27,306 | ​ | $ | 2,144
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Available for sale securities |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Corporate |  | 16 | ​ | $ | 118,535 | ​ | $ | 11,465 | ​ | $ | 19,113 | ​ | $ | 888 | ​ | $ | 99,422 | ​ | $ | 10,577
Municipals |  | 3 | ​ |  | 4,220 | ​ |  | — | ​ |  | 4,220 | ​ |  | — | ​ |  | — | ​ |  | —
CLO |  | 11 | ​ |  | 86,752 | ​ |  | 1,645 | ​ |  | 86,752 | ​ |  | 1,645 | ​ |  | — | ​ |  | —
Total other securities |  | 30 | ​ |  | 209,507 | ​ |  | 13,110 | ​ |  | 110,085 | ​ |  | 2,533 | ​ |  | 99,422 | ​ |  | 10,577
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
REMIC and CMO |  | 39 | ​ |  | 243,756 | ​ |  | 7,177 | ​ |  | 17,308 | ​ |  | 200 | ​ |  | 226,448 | ​ |  | 6,977
GNMA |  | 1 | ​ |  | 51 | ​ |  | — | ​ |  | 51 | ​ |  | — | ​ |  | — | ​ |  | —
FNMA |  | 14 | ​ |  | 85,046 | ​ |  | 2,448 | ​ |  | 6,372 | ​ |  | 17 | ​ |  | 78,674 | ​ |  | 2,431
FHLMC |  | 3 | ​ |  | 51,288 | ​ |  | 1,396 | ​ |  | 10,116 | ​ |  | 95 | ​ |  | 41,172 | ​ |  | 1,301
Total mortgage-backed securities |  | 57 | ​ |  | 380,141 | ​ |  | 11,021 | ​ |  | 33,847 | ​ |  | 312 | ​ |  | 346,294 | ​ |  | 10,709
Total securities available for sale |  | 87 | ​ | $ | 589,648 | ​ | $ | 24,131 | ​ | $ | 143,932 | ​ | $ | 2,845 | ​ | $ | 445,716 | ​ | $ | 21,286
​ We recognize OTTI losses on impaired securities in earnings when we have the intent to sell the debt security or if it is more likely than not that we will be required to sell the debt security before recovery of its amortized cost. However, even if we do not expect to sell a debt security in an unrealized loss position, we must evaluate the expected cash flows to be received and determine if a credit loss has occurred. In the event that a credit loss has occurred, only the amount of impairment associated with the credit loss is recognized in earnings in the Consolidated Statements of Income. Amounts relating to factors other than credit losses are recorded in accumulated other comprehensive income (loss). Unrealized losses on available for sale securities, that are deemed to be temporary, are recorded in accumulated other comprehensive income (loss), net of tax. The Company reviewed each investment that had an unrealized loss at December 31, 2019 and 2018. The unrealized losses in held-to-maturity municipal securities at December 31, 2018 were caused by illiquidity in the market and movements in interest rates. The unrealized losses in held-to-maturity FNMA securities at December 31, 2018 were caused by movements in interest rates. The unrealized losses in securities available for sale at December 31, 2019 and 2018 were caused by movements in interest rates. It is not anticipated that these securities would be settled at a price that is less than the amortized cost of the Company’s investment. Each of these securities is performing according to its terms and, in the opinion of management, will continue to perform according to its terms. The Company does not have the intent to sell these securities and it is more likely than not the Company will not be required to sell the securities before recovery of the securities’ amortized cost basis. This conclusion is based upon considering the Company’s cash and working capital requirements and contractual and regulatory obligations, none of which the Company believes would cause the sale of the securities. Therefore, the Company did not consider these investments to be other-than-temporarily impaired at December 31, 2019 and 2018. The Company did not record any credit related OTTI charges during the years ended December 31, 2019, 2018 and 2017. The Company sold available for sale securities with carrying values at the time of sale totaling $26.4 million, $120.3 million and $112.4 million during the years ended December 31, 2019, 2018 and 2017, respectively. The following table represents the gross gains and gross losses realized from the sale of securities available for sale for the periods indicated: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the years ended
​ | ​ | December 31,
​ |  | 2019 |  | 2018 |  | 2017
​ | ​ | (In thousands)
Gross gains from the sale of securities | ​ | $ | 423 | ​ | $ | 105 | ​ | $ | 401
Gross losses from the sale of securities | ​ |  | (438) | ​ |  | (2,025) | ​ |  | (587)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net (losses) gains from the sale of securities | ​ | $ | (15) | ​ | $ | (1,920) | ​ | $ | (186)
​ Included in “Other assets” within our Consolidated Statements of Financial Condition are amounts held in a rabbi trust for certain non-qualified deferred compensation plans totaling $20.0 million and $17.3 million at December 31, 2019 and 2018, respectively.

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