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Held to Maturity Debt Securities (Tables)

12 Months Ended

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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