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Securities (Tables) | 3 Months Ended
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Mar. 31, 2020
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 AFS securities are as follows:
(In thousands) |  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Estimated Fair Value |
As of March 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |
State & municipal |  | $ | 2,533 |  |  | $ | 86 |  |  | $ | - |  |  | $ | 2,619 |
Mortgage-backed: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprises |  |  | 465,033 |  |  |  | 15,787 |  |  |  | - |  |  |  | 480,820 |
U.S. government agency securities |  |  | 50,109 |  |  |  | 1,249 |  |  |  | 55 |  |  |  | 51,303 |
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprises |  |  | 308,833 |  |  |  | 9,221 |  |  |  | 95 |  |  |  | 317,959 |
U.S. government agency securities |  |  | 146,350 |  |  |  | 1,997 |  |  |  | 68 |  |  |  | 148,279 |
Total AFS securities |  | $ | 972,858 |  |  | $ | 28,340 |  |  | $ | 218 |  |  | $ | 1,000,980 |
As of December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal agency |  | $ | 34,998 |  |  | $ | 3 |  |  | $ | 243 |  |  | $ | 34,758 |
State & municipal |  |  | 2,533 |  |  |  | - |  |  |  | 20 |  |  |  | 2,513 |
Mortgage-backed: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprises |  |  | 453,614 |  |  |  | 4,982 |  |  |  | 239 |  |  |  | 458,357 |
U.S. government agency securities |  |  | 44,758 |  |  |  | 667 |  |  |  | 156 |  |  |  | 45,269 |
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprises |  |  | 328,499 |  |  |  | 1,949 |  |  |  | 467 |  |  |  | 329,981 |
U.S. government agency securities |  |  | 104,152 |  |  |  | 718 |  |  |  | 408 |  |  |  | 104,462 |
Total AFS securities |  | $ | 968,554 |  |  | $ | 8,319 |  |  | $ | 1,533 |  |  | $ | 975,340 |
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 accumulated other comprehensive income (loss) (“AOCI”) and into earnings.
|  | Three Months Ended March 31, |
(In thousands) |  | 2020 |  |  | 2019 |
Gross realized gains |  | $ | 3 |  |  | $ | 53 |
Gross realized (losses) |  |  | - |  |  |  | (152 | )
Net AFS realized gains (losses) |  | $ | 3 |  |  | $ | (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 securities HTM are as follows:
(In thousands) |  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Estimated Fair Value |
As of March 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed: |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprises |  | $ | 151,588 |  |  | $ | 7,020 |  |  | $ | - |  |  | $ | 158,608 |
U.S. government agency securities |  |  | 12,236 |  |  |  | 815 |  |  |  | - |  |  |  | 13,051 |
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprises |  |  | 171,397 |  |  |  | 5,990 |  |  |  | - |  |  |  | 177,387 |
U.S. government agency securities |  |  | 105,704 |  |  |  | 4,133 |  |  |  | - |  |  |  | 109,837 |
State & municipal |  |  | 180,434 |  |  |  | 3,127 |  |  |  | 119 |  |  |  | 183,442 |
Total HTM securities |  | $ | 621,359 |  |  | $ | 21,085 |  |  | $ | 119 |  |  | $ | 642,325 |
As of December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprises |  | $ | 149,448 |  |  | $ | 3,184 |  |  | $ | 155 |  |  | $ | 152,477 |
U.S. government agency securities |  |  | 13,667 |  |  |  | 584 |  |  |  | - |  |  |  | 14,251 |
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprises |  |  | 189,402 |  |  |  | 2,165 |  |  |  | 368 |  |  |  | 191,199 |
U.S. government agency securities |  |  | 110,498 |  |  |  | 3,256 |  |  |  | 100 |  |  |  | 113,654 |
State & municipal |  |  | 167,059 |  |  |  | 2,628 |  |  |  | 6 |  |  |  | 169,681 |
Total HTM securities |  | $ | 630,074 |  |  | $ | 11,817 |  |  | $ | 629 |  |  | $ | 641,262 |
Gains and Losses on Equity Securities | The following table sets forth information with regard to gains and losses on equity securities:
|  | Three Months Ended March 31, |
(In thousands) |  | 2020 |  |  | 2019 |
Net gains and losses recognized on equity securities |  | $ | (815 | ) |  | $ | 156 |
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 |  | $ | (815 | ) |  | $ | 156 |
Contractual Maturities of Debt Securities | The following table sets forth information with regard to contractual maturities of debt securities at March 31, 2020:
(In thousands) |  | Amortized Cost |  |  | Estimated Fair Value |
AFS debt securities: |  |  |  |  |  |
Within one year |  | $ | 473 |  |  | $ | 484 |
From one to five years |  |  | 17,006 |  |  |  | 17,501 |
From five to ten years |  |  | 146,941 |  |  |  | 151,270 |
After ten years |  |  | 808,438 |  |  |  | 831,725 |
Total AFS debt securities |  | $ | 972,858 |  |  | $ | 1,000,980 |
HTM debt securities: |  |  |  |  |  |  |  |
Within one year |  | $ | 26,569 |  |  | $ | 26,581 |
From one to five years |  |  | 60,261 |  |  |  | 60,859 |
From five to ten years |  |  | 159,181 |  |  |  | 164,806 |
After ten years |  |  | 375,348 |  |  |  | 390,079 |
Total HTM debt securities |  | $ | 621,359 |  |  | $ | 642,325 |
Investment Securities with Unrealized Losses | The following table sets forth information with regard to investment securities with unrealized losses, for which an allowance for credit losses has not been recorded at March 31, 2020, 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 March 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AFS securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed |  | $ | 6,003 |  |  | $ | (46 | ) |  |  | 3 |  |  | $ | 789 |  |  | $ | (9 | ) |  |  | 2 |  |  | $ | 6,792 |  |  | $ | (55 | ) |  |  | 5 |
Collateralized mortgage obligations |  |  | 42,517 |  |  |  | (120 | ) |  |  | 13 |  |  |  | 3,161 |  |  |  | (43 | ) |  |  | 1 |  |  |  | 45,678 |  |  |  | (163 | ) |  |  | 14 |
Total securities with unrealized losses |  | $ | 48,520 |  |  | $ | (166 | ) |  |  | 16 |  |  | $ | 3,950 |  |  | $ | (52 | ) |  |  | 3 |  |  | $ | 52,470 |  |  | $ | (218 | ) |  |  | 19 |
HTM securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State & municipal |  | $ | 3,338 |  |  | $ | (119 | ) |  |  | 4 |  |  | $ | - |  |  | $ | - |  |  |  | - |  |  | $ | 3,338 |  |  | $ | (119 | ) |  |  | 4 |
Total securities with unrealized losses |  | $ | 3,338 |  |  | $ | (119 | ) |  |  | 4 |  |  | $ | - |  |  | $ | - |  |  |  | - |  |  | $ | 3,338 |  |  | $ | (119 | ) |  |  | 4 |
As of December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AFS securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal agency |  | $ | 14,891 |  |  | $ | (109 | ) |  |  | 2 |  |  | $ | 9,866 |  |  | $ | (134 | ) |  |  | 1 |  |  | $ | 24,757 |  |  | $ | (243 | ) |  |  | 3 |
State & municipal |  |  | 2,503 |  |  |  | (20 | ) |  |  | 1 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,503 |  |  |  | (20 | ) |  |  | 1 |
Mortgage-backed |  |  | 67,986 |  |  |  | (273 | ) |  |  | 21 |  |  |  | 37,745 |  |  |  | (122 | ) |  |  | 16 |  |  |  | 105,731 |  |  |  | (395 | ) |  |  | 37 |
Collateralized mortgage obligations |  |  | 113,121 |  |  |  | (316 | ) |  |  | 24 |  |  |  | 49,632 |  |  |  | (559 | ) |  |  | 17 |  |  |  | 162,753 |  |  |  | (875 | ) |  |  | 41 |
Total securities with unrealized losses |  | $ | 198,501 |  |  | $ | (718 | ) |  |  | 48 |  |  | $ | 97,243 |  |  | $ | (815 | ) |  |  | 34 |  |  | $ | 295,744 |  |  | $ | (1,533 | ) |  |  | 82 |
HTM securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed |  | $ | - |  |  | $ | - |  |  |  | - |  |  | $ | 25,370 |  |  | $ | (155 | ) |  |  | 2 |  |  | $ | 25,370 |  |  | $ | (155 | ) |  |  | 2 |
Collateralized mortgage obligations |  |  | 18,040 |  |  |  | (181 | ) |  |  | 3 |  |  |  | 22,389 |  |  |  | (287 | ) |  |  | 5 |  |  |  | 40,429 |  |  |  | (468 | ) |  |  | 8 |
State & municipal |  |  | 2,257 |  |  |  | (6 | ) |  |  | 4 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,257 |  |  |  | (6 | ) |  |  | 4 |
Total securities with unrealized losses |  | $ | 20,297 |  |  | $ | (187 | ) |  |  | 7 |  |  | $ | 47,759 |  |  | $ | (442 | ) |  |  | 7 |  |  | $ | 68,056 |  |  | $ | (629 | ) |  |  | 14 |

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- Definition Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities. + References No definition available. + Details
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