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Investment Securities (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value, Option, Quantitative Disclosures [Line Items]

Securities Available for Sale

The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the fair value for available for sale debt securities at September 30, 2020 and December 31, 2019 (in thousands):

						September 30, 2020
						Amortized cost						Gross unrealized gains						Gross unrealized losses						Fair value
Agency obligations						$	1,081					4						(1)						1,084
Mortgage-backed securities						903,628						31,407						(864)						934,171
Asset-backed securities						53,018						877						(27)						53,868
State and municipal obligations						69,931						918						(331)						70,518
Corporate obligations						40,216						589						(55)						40,750
						$	1,067,874					33,795						(1,278)						1,100,391

						December 31, 2019
						Amortized cost						Gross unrealized gains						Gross unrealized losses						Fair value
Mortgage-backed securities						$	936,196					12,367						(1,133)						947,430
State and municipal obligations						3,907						172						—						4,079
Corporate obligations						25,032						393						(15)						25,410
						$	965,135					12,932						(1,148)						976,919

Available for sale Debt Securities with Temporary Impairment

The following tables present the fair values and gross unrealized losses for available for sale debt securities in an unrealized loss position at September 30, 2020 and December 31, 2019 (in thousands):

						September 30, 2020
						Less than 12 months												12 months or longer												Total
						Fair value						Gross unrealized losses						Fair value						Gross unrealized losses						Fair value						Gross unrealized losses
Agency obligations						$	478					(1)						—						—						478						(1)
Mortgage-backed securities						84,276						(835)						8,489						(29)						92,765						(864)
Asset-backed securities						7,624						(27)						—						—						7,624						(27)
State and municipal obligations						34,033						(331)						—						—						34,033						(331)
Corporate obligations						6,938						(11)						1,981						(44)						8,919						(55)
						$	133,349					(1,205)						10,470						(73)						143,819						(1,278)

						December 31, 2019
						Less than 12 months												12 months or longer												Total
						Fair value						Gross unrealized losses						Fair value						Gross unrealized losses						Fair value						Gross unrealized losses
Mortgage-backed securities						$	136,270					(629)						46,819						(504)						183,089						(1,133)
Corporate obligations						2,013						(15)						—						—						2,013						(15)
						$	138,283					(644)						46,819						(504)						185,102						(1,148)

Investment Securities Held to Maturity

The following tables present the amortized cost, gross unrealized gains, gross unrealized losses, allowance for credit losses and the estimated fair value for held to maturity debt securities at September 30, 2020 and December 31, 2019 (in thousands):

						September 30, 2020
						Amortized cost						Gross unrealized gains						Gross unrealized losses						Allowance for credit losses						Fair value
Agency obligations						$	9,100					4						(16)						—						9,088
Mortgage-backed securities						75						2						—						—						77
State and municipal obligations						428,532						21,018						(35)						(67)						449,448
Corporate obligations						8,960						133						(4)						(9)						9,080
						$	446,667					21,157						(55)						(76)						467,693

At September 30, 2020, total amortized cost, net of allowance for credit losses totaled $446.6 million.

						December 31, 2019
						Amortized cost						Gross unrealized gains						Gross unrealized losses						Allowance for credit losses						Fair value
Agency obligations						$	6,599					11						(9)						—						6,601
Mortgage-backed securities						118						4						—						—						122
State and municipal obligations						437,074						14,394						(115)						—						451,353
Corporate obligations						9,838						58						(6)						—						9,890
						$	453,629					14,467						(130)						—						467,966

Schedule of Unrealized Loss on Investments

The following tables present the fair values and gross unrealized losses for held to maturity debt securities in an unrealized loss position at September 30, 2020 and December 31, 2019 (in thousands):

						September 30, 2020 Unrealized Losses
						Less than 12 months												12 months or longer												Total
						Fair value						Gross unrealized losses						Fair value						Gross unrealized losses						Fair value						Gross unrealized losses
Agency obligations						$	3,985					(16)						—						—						3,985						(16)
State and municipal obligations						3,552						(18)						406						(17)						3,958						(35)
Corporate obligations						1,577						(4)						—						—						1,577						(4)
						$	9,114					(38)						406						(17)						9,520						(55)

						December 31, 2019 Unrealized Losses
						Less than 12 months												12 months or longer												Total
						Fair value						Gross unrealized losses						Fair value						Gross unrealized losses						Fair value						Gross unrealized losses
Agency obligations						$	3,601					(9)						—						—						3,601						(9)
State and municipal obligations						7,675						(42)						2,093						(73)						9,768						(115)
Corporate obligations						3,254						(6)						—						—						3,254						(6)
						$	14,530					(57)						2,093						(73)						16,623						(130)

Schedule of Impact of ASC 326

The following table illustrates the impact of the January 1, 2020 adoption of CECL on held to maturity debt securities (in thousands):

						January 1, 2020
						As reported under CECL						Prior to CECL						Impact of CECL adoption
Held to Maturity Debt Securities
Allowance for credit losses on corporate securities						$	6					—						6
Allowance for credit losses on municipal securities						64						—						64
Allowance for credit losses on held to maturity debt securities						$	70					—						70

The following table illustrates the impact of the January 1, 2020 adoption of CECL on the allowance for credits for the loan portfolio (in thousands):

						January 1, 2020
						As reported under CECL						Prior to CECL						Impact of CECL adoption
Loans
Residential						$	8,950					3,411						5,539
Commercial						17,118						12,885						4,233
Multi-family						9,519						3,370						6,149
Construction						4,152						5,885						(1,733)
Total mortgage loans						39,739						25,551						14,188
Commercial loans						18,254						28,228						(9,974)
Consumer loans						5,452						1,746						3,706
Allowance for credit losses on loans						$	63,445					55,525						7,920

The following table illustrates the impact of the January 1, 2020 adoption of CECL on off-balance sheet credit exposures:

						January 1, 2020
						As reported under CECL						Prior to CECL						Impact of CECL adoption
Liabilities
Allowance for credit losses on off-balance sheet credit exposure						$	3,206					—						3,206

Amortized Cost of held To Maturity Debt Securities by Year of Originations and Credit Rating

Credit Quality Indicators. The following table provides the amortized cost of held to maturity debt securities by credit rating as of September 30, 2020 (in thousands):

						September 30, 2020
Total Portfolio						AAA						AA						A						BBB						Not Rated						Total
Agency obligations						$	9,100					—						—						—						—						9,100
Mortgage-backed securities						75						—						—						—						—						75
State and municipal obligations						50,128						313,053						54,217						1,115						10,019						428,532
Corporate obligations						—						2,719						5,816						400						25						8,960
						$	59,303					315,772						60,033						1,515						10,044						446,667
						December 31, 2019
Total Portfolio						AAA						AA						A						BBB						Not Rated						Total
Agency obligations						$	6,599					—						—						—						—						6,599
Mortgage-backed securities						118						—						—						—						—						118
State and municipal obligations						49,316						330,322						56,317						1,119						—						437,074
Corporate obligations						—						3,128						6,335						350						25						9,838
						$	56,033					333,450						62,652						1,469						25						453,629

Available-for-sale Securities

Fair Value, Option, Quantitative Disclosures [Line Items]

Investment Securities Classified by Contractual Maturity

The amortized cost and fair value of available for sale debt securities at September 30, 2020, by contractual maturity, are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer.

						September 30, 2020
						Amortized cost						Fair value
Due in one year or less						$	—					—
Due after one year through five years						5,679						5,792
Due after five years through ten years						38,089						38,737
Due after ten years						66,379						66,739
						$	110,147					111,268

Held-to-maturity Securities

Fair Value, Option, Quantitative Disclosures [Line Items]

Investment Securities Classified by Contractual Maturity

The amortized cost and fair value of investment securities in the held to maturity debt securities portfolio at September 30, 2020 by contractual maturity are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer.

						September 30, 2020
						Amortized cost						Fair value
Due in one year or less						$	22,685					22,792
Due after one year through five years						130,032						134,202
Due after five years through ten years						221,305						234,041
Due after ten years						72,569						76,658
						$	446,591					467,693

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