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Securities (Tables) | 6 Months Ended
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Jun. 30, 2019
Securities [Abstract] |
Amortized Cost, Estimated Fair Value and Unrealized Gains (Losses) of Available for Sale ("AFS") Securities | The amortized cost, estimated fair value and unrealized gains (losses) of available for sale (“AFS”) securities are as follows:
(In thousands) |  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Estimated Fair Value |
As of June 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |
Federal agency |  | $ | 52,987 |  |  | $ | 28 |  |  | $ | 178 |  |  | $ | 52,837 |
State & municipal |  |  | 9 |  |  |  | - |  |  |  | - |  |  |  | 9 |
Mortgage-backed: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprises |  |  | 458,878 |  |  |  | 3,624 |  |  |  | 666 |  |  |  | 461,836 |
U.S. government agency securities |  |  | 36,447 |  |  |  | 955 |  |  |  | 11 |  |  |  | 37,391 |
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprises |  |  | 351,250 |  |  |  | 2,210 |  |  |  | 847 |  |  |  | 352,613 |
U.S. government agency securities |  |  | 74,729 |  |  |  | 734 |  |  |  | 453 |  |  |  | 75,010 |
Total AFS securities |  | $ | 974,300 |  |  | $ | 7,551 |  |  | $ | 2,155 |  |  | $ | 979,696 |
As of December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal agency |  | $ | 84,982 |  |  | $ | 10 |  |  | $ | 693 |  |  | $ | 84,299 |
State & municipal |  |  | 30,136 |  |  |  | 16 |  |  |  | 237 |  |  |  | 29,915 |
Mortgage-backed: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprises |  |  | 493,225 |  |  |  | 439 |  |  |  | 10,354 |  |  |  | 483,310 |
U.S. government agency securities |  |  | 29,190 |  |  |  | 270 |  |  |  | 475 |  |  |  | 28,985 |
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprises |  |  | 332,409 |  |  |  | 344 |  |  |  | 7,211 |  |  |  | 325,542 |
U.S. government agency securities |  |  | 47,684 |  |  |  | 137 |  |  |  | 1,376 |  |  |  | 46,445 |
Total AFS securities |  | $ | 1,017,626 |  |  | $ | 1,216 |  |  | $ | 20,346 |  |  | $ | 998,496 |
Components of Net Realized Gains (Losses) on Sale of AFS Securities | The components of net realized gains (losses) on the sale of AFS securities are as follows. These amounts were reclassified out of AOCI and into earnings. There were no sales of AFS securities during the three months ended June 30, 2019 and 2018.
|  | Six Months Ended June 30, |
(In thousands) |  | 2019 |  |  | 2018 |
Gross realized gains |  | $ | 53 |  |  | $ | - |
Gross realized (losses) |  |  | (152 | ) |  |  | - |
Net AFS realized (losses) |  | $ | (99 | ) |  | $ | - |
Amortized Cost, Estimated Fair Value, and Unrealized Gains (Losses) of Held to Maturity Securities | The amortized cost, estimated fair value and unrealized gains (losses) of held to maturity (“HTM”) securities are as follows:
(In thousands) |  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Estimated Fair Value |
As of June 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |
Federal agency |  | $ | 19,996 |  |  | $ | 46 |  |  | $ | - |  |  | $ | 20,042 |
Mortgage-backed: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprises |  |  | 163,049 |  |  |  | 2,334 |  |  |  | 484 |  |  |  | 164,899 |
U.S. government agency securities |  |  | 14,530 |  |  |  | 921 |  |  |  | - |  |  |  | 15,451 |
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprises |  |  | 232,825 |  |  |  | 2,712 |  |  |  | 539 |  |  |  | 234,998 |
U.S. government agency securities |  |  | 103,457 |  |  |  | 3,303 |  |  |  | - |  |  |  | 106,760 |
State & municipal |  |  | 210,744 |  |  |  | 2,177 |  |  |  | 76 |  |  |  | 212,845 |
Total HTM securities |  | $ | 744,601 |  |  | $ | 11,493 |  |  | $ | 1,099 |  |  | $ | 754,995 |
As of December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal agency |  | $ | 19,995 |  |  | $ | 52 |  |  | $ | - |  |  | $ | 20,047 |
Mortgage-backed: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprises |  |  | 164,618 |  |  |  | 712 |  |  |  | 2,773 |  |  |  | 162,557 |
U.S. government agency securities |  |  | 15,230 |  |  |  | 403 |  |  |  | - |  |  |  | 15,633 |
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprises |  |  | 257,475 |  |  |  | 1,097 |  |  |  | 3,897 |  |  |  | 254,675 |
U.S. government agency securities |  |  | 83,148 |  |  |  | 767 |  |  |  | - |  |  |  | 83,915 |
State & municipal |  |  | 243,133 |  |  |  | 331 |  |  |  | 1,616 |  |  |  | 241,848 |
Total HTM securities |  | $ | 783,599 |  |  | $ | 3,362 |  |  | $ | 8,286 |  |  | $ | 778,675 |
Investment Securities with Unrealized Losses | The following table sets forth information with regard to investment securities with unrealized losses segregated according to the length of time the securities had been in a continuous unrealized loss position:
|  | Less Than 12 Months |  |  | 12 Months or Longer |  |  | Total |
(In thousands) |  | Fair Value |  |  | Unrealized Losses |  |  | Number of Positions |  |  | Fair Value |  |  | Unrealized Losses |  |  | Number of Positions |  |  | Fair Value |  |  | Unrealized Losses |  |  | Number of Positions |
As of June 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AFS securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal agency |  | $ | - |  |  | $ | - |  |  |  | - |  |  | $ | 9,822 |  |  | $ | (178 | ) |  |  | 1 |  |  | $ | 9,822 |  |  | $ | (178 | ) |  |  | 1 |
Mortgage-backed |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 137,139 |  |  |  | (677 | ) |  |  | 44 |  |  |  | 137,139 |  |  |  | (677 | ) |  |  | 44 |
Collateralized mortgage obligations |  |  | 4,342 |  |  |  | (10 | ) |  |  | 2 |  |  |  | 167,735 |  |  |  | (1,290 | ) |  |  | 39 |  |  |  | 172,077 |  |  |  | (1,300 | ) |  |  | 41 |
Total securities with unrealized losses |  | $ | 4,342 |  |  | $ | (10 | ) |  |  | 2 |  |  | $ | 314,696 |  |  | $ | (2,145 | ) |  |  | 84 |  |  | $ | 319,038 |  |  | $ | (2,155 | ) |  |  | 86 |
HTM securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed |  | $ | - |  |  | $ | - |  |  |  | - |  |  | $ | 40,748 |  |  | $ | (484 | ) |  |  | 4 |  |  | $ | 40,748 |  |  | $ | (484 | ) |  |  | 4 |
Collateralized mortgage obligations |  |  | 4,561 |  |  |  | (75 | ) |  |  | 1 |  |  |  | 29,546 |  |  |  | (464 | ) |  |  | 6 |  |  |  | 34,107 |  |  |  | (539 | ) |  |  | 7 |
State & municipal |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 8,590 |  |  |  | (76 | ) |  |  | 14 |  |  |  | 8,590 |  |  |  | (76 | ) |  |  | 14 |
Total securities with unrealized losses |  | $ | 4,561 |  |  | $ | (75 | ) |  |  | 1 |  |  | $ | 78,884 |  |  | $ | (1,024 | ) |  |  | 24 |  |  | $ | 83,445 |  |  | $ | (1,099 | ) |  |  | 25 |
As of December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AFS securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal agency |  | $ | - |  |  | $ | - |  |  |  | - |  |  | $ | 64,294 |  |  | $ | (693 | ) |  |  | 6 |  |  | $ | 64,294 |  |  | $ | (693 | ) |  |  | 6 |
State & municipal |  |  | 1,715 |  |  |  | (3 | ) |  |  | 3 |  |  |  | 22,324 |  |  |  | (234 | ) |  |  | 35 |  |  |  | 24,039 |  |  |  | (237 | ) |  |  | 38 |
Mortgage-backed |  |  | 18,462 |  |  |  | (65 | ) |  |  | 12 |  |  |  | 428,440 |  |  |  | (10,764 | ) |  |  | 101 |  |  |  | 446,902 |  |  |  | (10,829 | ) |  |  | 113 |
Collateralized mortgage obligations |  |  | 12,118 |  |  |  | (69 | ) |  |  | 5 |  |  |  | 320,908 |  |  |  | (8,518 | ) |  |  | 62 |  |  |  | 333,026 |  |  |  | (8,587 | ) |  |  | 67 |
Total securities with unrealized losses |  | $ | 32,295 |  |  | $ | (137 | ) |  |  | 20 |  |  | $ | 835,966 |  |  | $ | (20,209 | ) |  |  | 204 |  |  | $ | 868,261 |  |  | $ | (20,346 | ) |  |  | 224 |
HTM securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed |  | $ | - |  |  | $ | - |  |  |  | - |  |  | $ | 82,579 |  |  | $ | (2,773 | ) |  |  | 6 |  |  | $ | 82,579 |  |  | $ | (2,773 | ) |  |  | 6 |
Collateralized mortgage obligations |  |  | 4,386 |  |  |  | (7 | ) |  |  | 2 |  |  |  | 145,396 |  |  |  | (3,890 | ) |  |  | 26 |  |  |  | 149,782 |  |  |  | (3,897 | ) |  |  | 28 |
State & municipal |  |  | 18,907 |  |  |  | (84 | ) |  |  | 30 |  |  |  | 58,258 |  |  |  | (1,532 | ) |  |  | 86 |  |  |  | 77,165 |  |  |  | (1,616 | ) |  |  | 116 |
Total securities with unrealized losses |  | $ | 23,293 |  |  | $ | (91 | ) |  |  | 32 |  |  | $ | 286,233 |  |  | $ | (8,195 | ) |  |  | 118 |  |  | $ | 309,526 |  |  | $ | (8,286 | ) |  |  | 150 |
Gains and Losses on Equity Securities | The following tables set forth information with regard to gains and losses on equity securities:
|  | Three Months Ended June 30, |
(In thousands) |  | 2019 |  |  | 2018 |
Net gains and losses recognized on equity securities |  | $ | (69 | ) |  | $ | 91 |
Less: Net gains and losses recognized during the period on equity securities sold during the period |  |  | - |  |  |  | - |
Unrealized gains and losses recognized on equity securities still held |  | $ | (69 | ) |  | $ | 91 |
|  | Six Months Ended June 30, |
(In thousands) |  | 2019 |  |  | 2018 |
Net gains and losses recognized on equity securities |  | $ | 87 |  |  | $ | 163 |
Less: Net gains and losses recognized during the period on equity securities sold during the period |  |  | - |  |  |  | 44 |
Unrealized gains and losses recognized on equity securities still held |  | $ | 87 |  |  | $ | 119 |
Contractual Maturities of Debt Securities | The following tables set forth information with regard to contractual maturities of debt securities at June 30, 2019:
(In thousands) |  | Amortized Cost |  |  | Estimated Fair Value |
AFS debt securities: |  |  |  |  |  |
Within one year |  | $ | 123 |  |  | $ | 123 |
From one to five years |  |  | 52,233 |  |  |  | 52,196 |
From five to ten years |  |  | 174,204 |  |  |  | 175,628 |
After ten years |  |  | 747,740 |  |  |  | 751,749 |
Total AFS debt securities |  | $ | 974,300 |  |  | $ | 979,696 |
HTM debt securities: |  |  |  |  |  |  |  |
Within one year |  | $ | 60,959 |  |  | $ | 60,959 |
From one to five years |  |  | 67,594 |  |  |  | 68,031 |
From five to ten years |  |  | 190,717 |  |  |  | 193,697 |
After ten years |  |  | 425,331 |  |  |  | 432,308 |
Total HTM debt securities |  | $ | 744,601 |  |  | $ | 754,995 |

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