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Securities (Tables)

9 Months Ended

Sep. 30, 2020

Amortized Cost, Estimated Fair Value and Unrealized Gains (Losses) of 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 September 30, 2020
Federal agency	$	195,588	$	97	$	541	$	195,144
State & municipal		10,712		173		2		10,883
Mortgage-backed:
Government-sponsored enterprises		406,495		18,216		-		424,711
U.S. government agency securities		55,259		2,358		9		57,608
Collateralized mortgage obligations:
Government-sponsored enterprises		350,114		8,539		2		358,651
U.S. government agency securities		128,965		4,136		-		133,101
Corporate		17,500		331		4		17,827
Total AFS securities	$	1,164,633	$	33,850	$	558	$	1,197,925
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 AFS securities are as follows. These amounts were reclassified out of accumulated other comprehensive income (loss) (“AOCI”) and into earnings.

	Three Months Ended September 30,
(In thousands)	2020		2019
Gross realized gains	$	-	$	20
Gross realized (losses)		-		-
Net AFS realized gains (losses)	$	-	$	20

	Nine Months Ended September 30,
(In thousands)	2020		2019
Gross realized gains	$	3	$	73
Gross realized (losses)		-		(152	)
Net AFS realized gains (losses)	$	3	$	(79	)

Amortized Cost, Estimated Fair Value, and Unrealized Gains (Losses) of Securities HTM

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 September 30, 2020
Federal agency	$	100,000	$	47	$	772	$	99,275
Mortgage-backed:
Government-sponsored enterprises		126,446		4,847		-		131,293
U.S. government agency securities		11,544		865		-		12,409
Collateralized mortgage obligations:
Government-sponsored enterprises		119,402		5,087		-		124,489
U.S. government agency securities		92,654		4,680		-		97,334
State & municipal		213,042		7,096		76		220,062
Total HTM securities	$	663,088	$	22,622	$	848	$	684,862
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 tables set forth information with regard to gains and losses on equity securities:

	Three Months Ended September 30,
(In thousands)	2020		2019
Net gains and (losses) recognized on equity securities	$	73	$	4,012
Less: Net gains and (losses) recognized during the period on equity securities sold during the period		-		3,966
Unrealized gains and (losses) recognized on equity securities still held	$	73	$	46

	Nine Months Ended September 30,
(In thousands)	2020			2019
Net gains and (losses) recognized on equity securities	$	(565	)	$	4,099
Less: Net gains and (losses) recognized during the period on equity securities sold during the period		-			3,966
Unrealized gains and (losses) recognized on equity securities still held	$	(565	)	$	133

Contractual Maturities of Debt Securities

The following tables set forth information with regard to contractual maturities of debt securities at September 30, 2020:

(In thousands)	Amortized Cost		Estimated Fair Value
AFS debt securities:
Within one year	$	706	$	731
From one to five years		20,281		21,010
From five to ten years		356,717		362,435
After ten years		786,929		813,749
Total AFS debt securities	$	1,164,633	$	1,197,925
HTM debt securities:
Within one year	$	17,239	$	17,257
From one to five years		60,391		61,713
From five to ten years		241,783		248,329
After ten years		343,675		357,563
Total HTM debt securities	$	663,088	$	684,862

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 September 30, 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 September 30, 2020
AFS securities:
Federal agency	$	154,448	$	(541	)		10	$	-	$	-			-	$	154,448	$	(541	)		10
State & municipal		1,448		(2	)		1		-		-			-		1,448		(2	)		1
Mortgage-backed		-		-			-		786		(9	)		3		786		(9	)		3
Collateralized mortgage obligations		553		(2	)		1		-		-			-		553		(2	)		1
Corporate		4,996		(4	)		1		-		-			-		4,996		(4	)		1
Total securities with unrealized losses	$	161,445	$	(549	)		13	$	786	$	(9	)		3	$	162,231	$	(558	)		16

HTM securities:
Federal agency	$	74,228	$	(772	)		3	$	-	$	-			-	$	74,228	$	(772	)		3
State & municipal		10,594		(76	)		10		-		-			-		10,594		(76	)		10
Total securities with unrealized losses	$	84,822	$	(848	)		13	$	-	$	-			-	$	84,822	$	(848	)		13

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