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Held to Maturity Debt Securities (Tables) | 12 Months Ended
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Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract] |
Investment Securities Held to Maturity | Held to maturity debt securities at December 31, 2020 and 2019 are summarized as follows (in thousands):
| 2020
| Amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Allowance for credit losses |  | Fair value
Agency obligations | $ | 7,600 |  |  | 6 |  |  | (5) |  |  | — |  |  | 7,601 |
Mortgage-backed securities | 62 |  |  | 2 |  |  | — |  |  | — |  |  | 64 |
State and municipal obligations | 433,655 |  |  | 21,442 |  |  | (58) |  |  | (66) |  |  | 454,973 |
Corporate obligations | 9,726 |  |  | 101 |  |  | (2) |  |  | (12) |  |  | 9,813 |
| $ | 451,043 |  |  | 21,551 |  |  | (65) |  |  | (78) |  |  | 472,451 |
At December 31, 2020, total amortized cost, net of allowance for credit losses totaled $451.0 million.
| 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 |
Securities Held to Maturity by Contractual Maturity | The amortized cost and fair value of held to maturity debt securities at December 31, 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.
| 2020
| Amortized cost |  | Fair value
Due in one year or less | $ | 21,623 |  |  | 21,736 |
Due after one year through five years | 133,869 |  |  | 137,978 |
Due after five years through ten years | 216,671 |  |  | 229,902 |
Due after ten years | 78,818 |  |  | 82,849 |
| $ | 450,981 |  |  | 472,465 |
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 tables represent the Company's disclosure on The following table illustrates the impact of the January 1, 2020 adoption of CECL on the allowance for credit losses related to the loan portfolio (in thousands):
|  | January 1, 2020
|  | As reported under CECL |  | Prior to CECL |  | Impact of CECL adoption
Loans |  |  |  |  |  |
Residential |  | $ | 8,950 |  |  | 3,414 |  |  | 5,536 |
Commercial |  | 17,118 |  |  | 12,831 |  |  | 4,287 |
Multi-family |  | 9,519 |  |  | 3,374 |  |  | 6,145 |
Construction |  | 4,152 |  |  | 5,892 |  |  | (1,740) |
Total mortgage loans |  | 39,739 |  |  | 25,511 |  |  | 14,228 |
Commercial loans |  | 18,254 |  |  | 28,263 |  |  | (10,009) |
Consumer loans |  | 5,452 |  |  | 1,751 |  |  | 3,701 |
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 (dollars in thousands):
|  | 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 |
Disclosure Regarding Length of Time on Investment Securities with Temporary Impairment | (in thousands):
| December 31, 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 | $ | 1,995 |  |  | (5) |  |  | — |  |  | — |  |  | 1,995 |  |  | (5) |
State and municipal obligations | 4,846 |  |  | (41) |  |  | 406 |  |  | (17) |  |  | 5,252 |  |  | (58) |
Corporate obligations | 786 |  |  | (2) |  |  | — |  |  | — |  |  | 786 |  |  | (2) |
| $ | 7,627 |  |  | (48) |  |  | 406 |  |  | (17) |  |  | 8,033 |  |  | (65) |
| 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) |
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 December 31, 2020 (in thousands):
|  | December 31, 2020
Total Portfolio |  | AAA |  | AA |  | A |  | BBB |  | Not Rated |  | Total
Agency obligations |  | $ | 7,600 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7,600 |
Mortgage-backed securities |  | 62 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 62 |
State and municipal obligations |  | 57,830 |  |  | 311,155 |  |  | 53,302 |  |  | 1,115 |  |  | 10,253 |  |  | 433,655 |
Corporate obligations |  | — |  |  | 3,255 |  |  | 6,446 |  |  | — |  |  | 25 |  |  | 9,726 |
|  | $ | 65,492 |  |  | 314,410 |  |  | 59,748 |  |  | 1,115 |  |  | 10,278 |  |  | 451,043 |
|  | 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 |

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