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Investment Securities (Tables) | 9 Months Ended
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Sep. 30, 2019
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | The amortized cost and fair value of investment securities that are classified as held-to-maturity (“HTM”) and available-for-sale (“AFS”) are as follows:
| September 30, 2019 |  | December 31, 2018
(In thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized (Losses) |  | Estimated Fair Value |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized (Losses) |  | Estimated Fair Value
Held-to-Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 16,990 |  |  | $ | — |  |  | $ | (49 | ) |  | $ | 16,941 |
Mortgage-backed securities | 11,549 |  |  | 93 |  |  | (42 | ) |  | 11,600 |  |  | 13,346 |  |  | 5 |  |  | (412 | ) |  | 12,939 |
State and political subdivisions | 28,692 |  |  | 931 |  |  | — |  |  | 29,623 |  |  | 256,863 |  |  | 3,029 |  |  | (954 | ) |  | 258,938 |
Other securities | 1,996 |  |  | 83 |  |  | — |  |  | 2,079 |  |  | 1,995 |  |  | 17 |  |  | — |  |  | 2,012 |
Total HTM | $ | 42,237 |  |  | $ | 1,107 |  |  | $ | (42 | ) |  | $ | 43,302 |  |  | $ | 289,194 |  |  | $ | 3,051 |  |  | $ | (1,415 | ) |  | $ | 290,830 |
Available-for-Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies | $ | 177,712 |  |  | $ | 1,629 |  |  | $ | (1,202 | ) |  | $ | 178,139 |  |  | $ | 157,523 |  |  | $ | 518 |  |  | $ | (3,740 | ) |  | $ | 154,301 |
Mortgage-backed securities | 1,332,130 |  |  | 9,405 |  |  | (3,741 | ) |  | 1,337,794 |  |  | 1,552,487 |  |  | 3,097 |  |  | (32,684 | ) |  | 1,522,900 |
State and political subdivisions | 658,984 |  |  | 22,290 |  |  | (72 | ) |  | 681,202 |  |  | 320,142 |  |  | 171 |  |  | (5,470 | ) |  | 314,843 |
Other securities | 158,280 |  |  | 719 |  |  | — |  |  | 158,999 |  |  | 157,471 |  |  | 2,251 |  |  | (14 | ) |  | 159,708 |
Total AFS | $ | 2,327,106 |  |  | $ | 34,043 |  |  | $ | (5,015 | ) |  | $ | 2,356,134 |  |  | $ | 2,187,623 |  |  | $ | 6,037 |  |  | $ | (41,908 | ) |  | $ | 2,151,752 |
Gross Unrealized Losses and Fair Value of Investments | The following table shows the gross unrealized losses and fair value of the Company’s investments with unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2019:
| Less Than 12 Months |  | 12 Months or More |  | Total
(In thousands) | Estimated Fair Value |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Gross Unrealized Losses
Held-to-Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities | $ | 3,408 |  |  | $ | (15 | ) |  | $ | 2,575 |  |  | $ | (27 | ) |  | $ | 5,983 |  |  | $ | (42 | )
State and political subdivisions | 635 |  |  | — |  |  | 15 |  |  | — |  |  | 650 |  |  | — |
Total HTM | $ | 4,043 |  |  | $ | (15 | ) |  | $ | 2,590 |  |  | $ | (27 | ) |  | $ | 6,633 |  |  | $ | (42 | )
Available-for-Sale |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies | $ | 16,662 |  |  | $ | (36 | ) |  | $ | 90,974 |  |  | $ | (1,166 | ) |  | $ | 107,636 |  |  | $ | (1,202 | )
Mortgage-backed securities | 133,538 |  |  | (528 | ) |  | 435,207 |  |  | (3,213 | ) |  | 568,745 |  |  | (3,741 | )
State and political subdivisions | 24,278 |  |  | (41 | ) |  | 3,297 |  |  | (31 | ) |  | 27,575 |  |  | (72 | )
Total AFS | $ | 174,478 |  |  | $ | (605 | ) |  | $ | 529,478 |  |  | $ | (4,410 | ) |  | $ | 703,956 |  |  | $ | (5,015 | )
Income Earned on Securities | Income earned on securities for the three and nine months ended September 30, 2019 and 2018, is as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands) | 2019 |  | 2018 |  | 2019 |  | 2018
Taxable: |  |  |  |  |  |  |  |  |
Held-to-maturity | $ | 248 |  |  | $ | 528 |  |  | $ | 975 |  |  | $ | 1,641 |
Available-for-sale | 10,166 |  |  | 10,364 |  |  | 34,422 |  |  | 29,614 |
Non-taxable: |  |  |  |  |  |  |
Held-to-maturity | 83 |  |  | 1,828 |  |  | 1,334 |  |  | 5,661 |
Available-for-sale | 4,870 |  |  | 1,920 |  |  | 12,542 |  |  | 4,642 |
Total | $ | 15,367 |  |  | $ | 14,640 |  |  | $ | 49,273 |  |  | $ | 41,558 |
Amortized Cost and Estimated Fair Value by Maturity of Securities | The amortized cost and estimated fair value by maturity of securities are shown in the following table. Securities are classified according to their contractual maturities without consideration of principal amortization, potential prepayments or call options. Accordingly, actual maturities may differ from contractual maturities.
| Held-to-Maturity |  | Available-for-Sale
(In thousands) | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
One year or less | $ | 5,039 |  |  | $ | 5,057 |  |  | $ | 7,599 |  |  | $ | 7,605 |
After one through five years | 17,346 |  |  | 17,703 |  |  | 70,442 |  |  | 70,750 |
After five through ten years | 5,561 |  |  | 5,858 |  |  | 139,421 |  |  | 142,101 |
After ten years | 2,742 |  |  | 3,084 |  |  | 632,504 |  |  | 652,404 |
Securities not due on a single maturity date | 11,549 |  |  | 11,600 |  |  | 1,332,130 |  |  | 1,337,794 |
Other securities (no maturity) | — |  |  | — |  |  | 145,010 |  |  | 145,480 |
Total | $ | 42,237 |  |  | $ | 43,302 |  |  | $ | 2,327,106 |  |  | $ | 2,356,134 |

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- Definition Tabular disclosure of investment income, including, but not limited to, interest and dividend income and amortization of discount (premium) derived from debt and equity securities. Excludes realized and unrealized gain (loss) on investments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.9) -URI http://asc.fasb.org/extlink&oid=116634182&loc=SL114868664-224227 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 220 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04.2) -URI http://asc.fasb.org/extlink&oid=116637232&loc=SL114874131-224263 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.7(a),(b)) -URI http://asc.fasb.org/extlink&oid=116634182&loc=SL114868664-224227 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.8) -URI http://asc.fasb.org/extlink&oid=116634182&loc=SL114868664-224227 + Details
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- Definition Tabular disclosure of investment. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 325 -URI http://asc.fasb.org/topic&trid=2197064 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 321 -URI http://asc.fasb.org/topic&trid=75115024 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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- Definition Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. + References No definition available. + Details
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- Definition For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=118939692&loc=d3e27290-111563 + Details
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