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Securities (Tables) | 12 Months Ended
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Dec. 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 December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |
Federal agency |  | $ | 245,590 |  |  | $ | 59 |  |  | $ | 2,052 |  |  | $ | 243,597 |
State & municipal |  |  | 42,550 |  |  |  | 630 |  |  |  | - |  |  |  | 43,180 |
Mortgage-backed: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprises |  |  | 521,448 |  |  |  | 17,079 |  |  |  | 22 |  |  |  | 538,505 |
U.S. government agency securities |  |  | 55,049 |  |  |  | 2,332 |  |  |  | 47 |  |  |  | 57,334 |
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprises |  |  | 311,710 |  |  |  | 7,549 |  |  |  | 58 |  |  |  | 319,201 |
U.S. government agency securities |  |  | 114,864 |  |  |  | 3,739 |  |  |  | - |  |  |  | 118,603 |
Corporate |  |  | 27,500 |  |  |  | 778 |  |  |  | - |  |  |  | 28,278 |
Total AFS securities |  | $ | 1,318,711 |  |  | $ | 32,166 |  |  | $ | 2,179 |  |  | $ | 1,348,698 |
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 securities |  |  | 44,758 |  |  |  | 667 |  |  |  | 156 |  |  |  | 45,269 |
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprises |  |  | 328,499 |  |  |  | 1,949 |  |  |  | 467 |  |  |  | 329,981 |
U.S. government 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 AOCI and into earnings.
|  | Years Ended December 31, |
(In thousands) |  | 2020 |  |  | 2019 |  |  | 2018 |
Gross realized gains |  | $ | 3 |  |  | $ | 73 |  |  | $ | - |
Gross realized (losses) |  |  | - |  |  |  | (152 | ) |  |  | (6,622 | )
Net AFS realized gains (losses) |  | $ | 3 |  |  | $ | (79 | ) |  | $ | (6,622 | )
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 HTM securities are as follows:
(In thousands) |  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Estimated Fair Value |
As of December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |
Federal agency |  | $ | 100,000 |  |  | $ | - |  |  | $ | 1,658 |  |  | $ | 98,342 |
Mortgage-backed: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprises |  |  | 107,914 |  |  |  | 4,583 |  |  |  | - |  |  |  | 112,497 |
U.S. government agency securities |  |  | 11,533 |  |  |  | 979 |  |  |  | - |  |  |  | 12,512 |
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprises |  |  | 103,105 |  |  |  | 4,477 |  |  |  | - |  |  |  | 107,582 |
U.S. government agency securities |  |  | 79,145 |  |  |  | 3,950 |  |  |  | - |  |  |  | 83,095 |
State & municipal |  |  | 214,863 |  |  |  | 7,953 |  |  |  | 17 |  |  |  | 222,799 |
Total HTM securities |  | $ | 616,560 |  |  | $ | 21,942 |  |  | $ | 1,675 |  |  | $ | 636,827 |
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:
|  | Years Ended December 31, |
(In thousands) |  | 2020 |  |  | 2019 |
Net (losses) and gains recognized on equity securities |  | $ | (414 | ) |  | $ | 4,280 |
Less: Net gains recognized during the period on equity securities sold during the period |  |  | - |  |  |  | 3,966 |
Unrealized (losses) and gains recognized on equity securities still held |  | $ | (414 | ) |  | $ | 314 |
Contractual Maturities of Debt Securities | The following tables set forth information with regard to contractual maturities of debt securities at December 31, 2020:
(In thousands) |  | Amortized Cost |  |  | Estimated Fair Value |
AFS debt securities: |  |  |  |  |  |
Within one year |  | $ | 438 |  |  | $ | 449 |
From one to five years |  |  | 21,476 |  |  |  | 22,324 |
From five to ten years |  |  | 545,330 |  |  |  | 551,215 |
After ten years |  |  | 751,467 |  |  |  | 774,710 |
Total AFS debt securities |  | $ | 1,318,711 |  |  | $ | 1,348,698 |
HTM debt securities: |  |  |  |  |  |  |  |
Within one year |  | $ | 18,088 |  |  | $ | 18,104 |
From one to five years |  |  | 58,963 |  |  |  | 60,483 |
From five to ten years |  |  | 231,927 |  |  |  | 237,275 |
After ten years |  |  | 307,582 |  |  |  | 320,965 |
Total HTM debt securities |  | $ | 616,560 |  |  | $ | 636,827 |
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 December 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 December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AFS securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal agency |  | $ | 148,537 |  |  | $ | (2,052 | ) |  |  | 10 |  |  | $ | - |  |  | $ | - |  |  |  | - |  |  | $ | 148,537 |  |  | $ | (2,052 | ) |  |  | 10 |
Mortgage-backed |  |  | 47,269 |  |  |  | (60 | ) |  |  | 3 |  |  |  | 800 |  |  |  | (9 | ) |  |  | 4 |  |  |  | 48,069 |  |  |  | (69 | ) |  |  | 7 |
Collateralized mortgage obligations |  |  | 17,837 |  |  |  | (58 | ) |  |  | 6 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 17,837 |  |  |  | (58 | ) |  |  | 6 |
Total securities with unrealized losses |  | $ | 213,643 |  |  | $ | (2,170 | ) |  |  | 19 |  |  | $ | 800 |  |  | $ | (9 | ) |  |  | 4 |  |  | $ | 214,443 |  |  | $ | (2,179 | ) |  |  | 23 |
HTM securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal agency |  | $ | 98,342 |  |  | $ | (1,658 | ) |  |  | 4 |  |  | $ | - |  |  | $ | - |  |  |  | - |  |  | $ | 98,342 |  |  | $ | (1,658 | ) |  |  | 4 |
State & municipal |  |  | 4,805 |  |  |  | (17 | ) |  |  | 5 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 4,805 |  |  |  | (17 | ) |  |  | 5 |
Total securities with unrealized losses |  | $ | 103,147 |  |  | $ | (1,675 | ) |  |  | 9 |  |  | $ | - |  |  | $ | - |  |  |  | - |  |  | $ | 103,147 |  |  | $ | (1,675 | ) |  |  | 9 |
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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