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Securities (Tables)

12 Months Ended

Dec. 31, 2020

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