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SECURITIES | 3 Months Ended
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Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract] |
SECURITIES | SECURITIES The amortized cost, gross unrealized gains and losses and estimated fair value of securities at March 31, 2021 and December 31, 2020 are summarized as follows (in thousands):
| March 31, 2021
| Amortized Cost |  |  |  |  |  | Fair Value
Trading: |  |  |  |  |  |  |
Corporate bonds | $ | 27,203 |  |  |  |  |  |  | $ | 25,039 |
| $ | 27,203 |  |  |  |  |  |  | $ | 25,039 |
| March 31, 2021
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Allowance for Credit Losses |  | Fair Value
Available-for-Sale: |  |  |  |  |  |  |  |  |
U.S. Government and agency obligations | $ | 62,922 |  |  | $ | 740 |  |  | $ | (816) |  |  | $ | — |  |  | $ | 62,846 |
Municipal bonds | 287,685 |  |  | 14,378 |  |  | (1,328) |  |  | — |  |  | 300,735 |
Corporate bonds | 243,428 |  |  | 2,290 |  |  | (290) |  |  | — |  |  | 245,428 |
Mortgage-backed or related securities | 2,399,117 |  |  | 28,710 |  |  | (50,824) |  |  | — |  |  | 2,377,003 |
Asset-backed securities | 3,750 |  |  | — |  |  | (2) |  |  | — |  |  | 3,748 |
| $ | 2,996,902 |  |  | $ | 46,118 |  |  | $ | (53,260) |  |  | $ | — |  |  | $ | 2,989,760 |
| March 31, 2021
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Allowance for Credit Losses
Held-to-Maturity: |  |  |  |  |  |  |  |  |
U.S. Government and agency obligations | $ | 339 |  |  | $ | 6 |  |  | $ | — |  |  | $ | 345 |  |  | $ | — |
Municipal bonds | 381,136 |  |  | 17,740 |  |  | (1,481) |  |  | 397,395 |  |  | (61) |
Corporate bonds | 3,190 |  |  | — |  |  | (7) |  |  | 3,183 |  |  | (37) |
Mortgage-backed or related securities | 57,290 |  |  | 1,668 |  |  | (286) |  |  | 58,672 |  |  | — |
| $ | 441,955 |  |  | $ | 19,414 |  |  | $ | (1,774) |  |  | $ | 459,595 |  |  | $ | (98) |
| December 31, 2020
| Amortized Cost |  |  |  |  |  | Fair Value
Trading: |  |  |  |  |  |  |
Corporate bonds | $ | 27,203 |  |  |  |  |  |  | $ | 24,980 |
| $ | 27,203 |  |  |  |  |  |  | $ | 24,980 |
| December 31, 2020
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Allowance for Credit Losses |  | Fair Value
Available-for-Sale: |  |  |  |  |  |  |  |  |
U.S. Government and agency obligations | $ | 141,668 |  |  | $ | 1,002 |  |  | $ | (935) |  |  | $ | — |  |  | $ | 141,735 |
Municipal bonds | 283,997 |  |  | 19,523 |  |  | (2) |  |  | — |  |  | 303,518 |
Corporate bonds | 219,086 |  |  | 2,762 |  |  | (79) |  |  | — |  |  | 221,769 |
Mortgage-backed or related securities | 1,602,033 |  |  | 45,179 |  |  | (1,060) |  |  | — |  |  | 1,646,152 |
Asset-backed securities | 9,405 |  |  | 77 |  |  | (63) |  |  | — |  |  | 9,419 |
| $ | 2,256,189 |  |  | $ | 68,543 |  |  | $ | (2,139) |  |  | $ | — |  |  | $ | 2,322,593 |
| December 31, 2020
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Allowance for Credit Losses
Held-to-Maturity: |  |  |  |  |  |  |  |  |
U.S. Government and agency obligations | $ | 340 |  |  | $ | 7 |  |  | $ | — |  |  | $ | 347 |  |  | $ | — |
Municipal bonds | 370,998 |  |  | 24,130 |  |  | (94) |  |  | 395,034 |  |  | (59) |
Corporate bonds | 3,222 |  |  | — |  |  | (12) |  |  | 3,210 |  |  | (35) |
Mortgage-backed or related securities | 47,247 |  |  | 2,843 |  |  | — |  |  | 50,090 |  |  | — |
| $ | 421,807 |  |  | $ | 26,980 |  |  | $ | (106) |  |  | $ | 448,681 |  |  | $ | (94) |
Accrued interest receivable on held-to-maturity debt securities was $2.7 million and $3.0 million as of March 31, 2021 and December 31, 2020, respectively, and was $8.2 million and $6.9 million on available-for-sale debt securities as of March 31, 2021 and December 31, 2020, respectively. Accrued interest receivable on securities is reported in accrued interest receivable on the Consolidated Statements of Financial Condition and is excluded from the calculation of the allowance for credit losses. At March 31, 2021 and December 31, 2020, the gross unrealized losses and the fair value for securities available-for-sale aggregated by the length of time that individual securities have been in a continuous unrealized loss position were as follows (in thousands):
| March 31, 2021
| Less Than 12 Months |  | 12 Months or More |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Available-for-Sale: |  |  |  |  |  |  |  |  |  |  |
U.S. Government and agency obligations | $ | 3,090 |  |  | $ | (10) |  |  | $ | 43,952 |  |  | $ | (806) |  |  | $ | 47,042 |  |  | $ | (816) |
Municipal bonds | 50,710 |  |  | (1,232) |  |  | 8,403 |  |  | (96) |  |  | 59,113 |  |  | (1,328) |
Corporate bonds | 24,406 |  |  | (286) |  |  | 996 |  |  | (4) |  |  | 25,402 |  |  | (290) |
Mortgage-backed or related securities | 863,848 |  |  | (34,608) |  |  | 501,048 |  |  | (16,216) |  |  | 1,364,896 |  |  | (50,824) |
Asset-backed securities | 3,748 |  |  | (2) |  |  | — |  |  | — |  |  | 3,748 |  |  | (2) |
| $ | 945,802 |  |  | $ | (36,138) |  |  | $ | 554,399 |  |  | $ | (17,122) |  |  | $ | 1,500,201 |  |  | $ | (53,260) |
| December 31, 2020
| Less Than 12 Months |  | 12 Months or More |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Available-for-Sale: |  |  |  |  |  |  |  |  |  |  |
U.S. Government and agency obligations | $ | 3,126 |  |  | $ | (8) |  |  | $ | 50,603 |  |  | $ | (927) |  |  | $ | 53,729 |  |  | $ | (935) |
Municipal bonds | 495 |  |  | (2) |  |  | — |  |  | — |  |  | 495 |  |  | (2) |
Corporate bonds | 3,586 |  |  | (79) |  |  | — |  |  | — |  |  | 3,586 |  |  | (79) |
Mortgage-backed or related securities | 181,871 |  |  | (1,046) |  |  | 2,337 |  |  | (14) |  |  | 184,208 |  |  | (1,060) |
Asset-backed securities | — |  |  | — |  |  | 5,676 |  |  | (63) |  |  | 5,676 |  |  | (63) |
| $ | 189,078 |  |  | $ | (1,135) |  |  | $ | 58,616 |  |  | $ | (1,004) |  |  | $ | 247,694 |  |  | $ | (2,139) |
At March 31, 2021, there were 81 securities—available-for-sale with unrealized losses, compared to 54 at December 31, 2020. Management does not believe that any individual unrealized loss as of March 31, 2021 or December 31, 2020 resulted from credit loss. The decline in fair market value of these securities was generally due to changes in interest rates and changes in market-desired spreads subsequent to their purchase. There were no sales of securities—trading during the three months ended March 31, 2021 or 2020. There were no securities—trading in a nonaccrual status at March 31, 2021 or December 31, 2020. Net unrealized holding gains of $59,000 were recognized during the three months ended March 31, 2021 compared to $4.6 million of net unrealized holding losses recognized during the three months ended March 31, 2020. The following table presents gross gains and losses on sales of securities available-for-sale (in thousands):
| Three Months Ended March 31, |  |
| 2021 |  | 2020 |  |  |  |
Available-for-Sale: |  |  |  |  |  |  |
Gross Gains | $ | 595 |  |  | $ | 78 |  |  |  |  |
Gross Losses | (110) |  |  | — |  |  |  |  |
Balance, end of the period | $ | 485 |  |  | $ | 78 |  |  |  |  |
There were no securities—available-for-sale in a nonaccrual status at March 31, 2021 or December 31, 2020. There were no sales of securities—held-to-maturity during the three months ended March 31, 2021 or 2020. There were no securities—held-to-maturity in a nonaccrual status or 30 days or more past due at March 31, 2021 or December 31, 2020. There was one sale of equity securities totaling $4.8 million during the three months ended March 31, 2021 with a resulting net gain of $46,000 and no sales of equity securities during the three months ended March 31, 2020. The amortized cost and estimated fair value of securities at March 31, 2021, by contractual maturity, are shown below (in thousands). Expected maturities will differ from contractual maturities because some securities may be called or prepaid with or without call or prepayment penalties.
| March 31, 2021
| Trading |  | Available-for-Sale |  | Held-to-Maturity
| Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Maturing in one year or less | $ | — |  |  | $ | — |  |  | $ | 158,605 |  |  | $ | 158,816 |  |  | $ | 5,609 |  |  | $ | 5,671 |
Maturing after one year through five years | — |  |  | — |  |  | 178,983 |  |  | 187,427 |  |  | 54,888 |  |  | 57,069 |
Maturing after five years through ten years | — |  |  | — |  |  | 680,138 |  |  | 675,201 |  |  | 33,435 |  |  | 35,387 |
Maturing after ten years through twenty years | 27,203 |  |  | 25,039 |  |  | 276,682 |  |  | 285,450 |  |  | 152,353 |  |  | 155,651 |
Maturing after twenty years | — |  |  | — |  |  | 1,702,494 |  |  | 1,682,866 |  |  | 195,670 |  |  | 205,817 |
| $ | 27,203 |  |  | $ | 25,039 |  |  | $ | 2,996,902 |  |  | $ | 2,989,760 |  |  | $ | 441,955 |  |  | $ | 459,595 |
The following table presents, as of March 31, 2021, investment securities which were pledged to secure borrowings, public deposits or other obligations as permitted or required by law (in thousands):
| March 31, 2021
| Carrying Value |  | Amortized Cost |  | Fair Value
Purpose or beneficiary: |  |  |  |  |
State and local governments public deposits | $ | 206,699 |  |  | $ | 205,752 |  |  | $ | 218,842 |
Interest rate swap counterparties | 28,385 |  |  | 27,749 |  |  | 28,550 |
Repurchase agreements | 245,018 |  |  | 250,440 |  |  | 245,018 |
Other | 2,588 |  |  | 2,588 |  |  | 2,648 |
Total pledged securities | $ | 482,690 |  |  | $ | 486,529 |  |  | $ | 495,058 |
The Company monitors the credit quality of held-to-maturity debt securities through the use of credit rating. Credit ratings are reviewed and updated quarterly. The following table summarizes the amortized cost of held-to-maturity debt securities by credit rating at March 31, 2021 and December 31, 2020 (in thousands):
| March 31, 2021
| U.S. Government and agency obligations |  | Municipal bonds |  | Corporate bonds |  | Mortgage-backed or related securities |  | Total
AAA/AA/A | $ | — |  |  | $ | 349,687 |  |  | $ | 500 |  |  | $ | — |  |  | $ | 350,187 |
Not Rated | 339 |  |  | 31,449 |  |  | 2,690 |  |  | 57,290 |  |  | 91,768 |
| $ | 339 |  |  | $ | 381,136 |  |  | $ | 3,190 |  |  | $ | 57,290 |  |  | $ | 441,955 |
| December 31, 2020
| U.S. Government and agency obligations |  | Municipal bonds |  | Corporate bonds |  | Mortgage-backed or related securities |  | Total
AAA/AA/A | $ | — |  |  | $ | 349,123 |  |  | $ | 500 |  |  | $ | — |  |  | $ | 349,623 |
Not Rated | 340 |  |  | 21,875 |  |  | 2,722 |  |  | 47,247 |  |  | 72,184 |
| $ | 340 |  |  | $ | 370,998 |  |  | $ | 3,222 |  |  | $ | 47,247 |  |  | $ | 421,807 |
The following table presents the activity in the allowance for credit losses for held-to-maturity debt securities by major type for the three months ended March 31, 2021 and March 31, 2020 (in thousands):
| For the Three Months Ended March 31, 2021
| U.S. Government and agency obligations |  | Municipal bonds |  | Corporate bonds |  | Mortgage-backed or related securities |  | Total
Allowance for credit losses - securities |  |  |  |  |  |  |  |  |
Beginning Balance | $ | — |  |  | $ | 59 |  |  | $ | 35 |  |  | $ | — |  |  | $ | 94 |
Provision for credit losses | — |  |  | 2 |  |  | 2 |  |  | — |  |  | 4 |
Ending Balance | $ | — |  |  | $ | 61 |  |  | $ | 37 |  |  | $ | — |  |  | $ | 98 |

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