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SECURITIES

3 Months Ended

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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- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 320
-URI http://asc.fasb.org/subtopic&trid=2209399

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 946
-SubTopic 320
-URI http://asc.fasb.org/subtopic&trid=2324412

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-URI http://asc.fasb.org/topic&trid=2196928

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 320
-URI http://asc.fasb.org/subtopic&trid=2176304

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