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Investments (Tables)
 3 Months Ended
Mar. 31, 2019
Investments, Debt and Equity Securities [Abstract]  
Schedule of Available-for-sale and Held-to-Maturity Securities Reconciliation
The following table presents the amortized cost, gross unrealized gains and losses and fair value of securities available for sale and held to maturity:
 
 
March 31, 2019
(in thousands)
Amortized Cost
 
Gross
Unrealized Gains
 
Gross
Unrealized Losses
 
Fair Value
Available for sale securities:
 
 
 
 
 
 
 
Obligations of U.S. Government-sponsored enterprises
$
54,128

 
$
—

 
$
(347
)
 
$
53,781

Obligations of states and political subdivisions
114,770

 
2,218

 
(3
)
 
116,985

Agency mortgage-backed securities
895,899

 
6,461

 
(4,816
)
 
897,544

U.S. Treasury bills
9,964

 
113

 
—

 
10,077

Corporate debt securities
20,768

 
30

 
—

 
20,798

          Total securities available for sale
$
1,095,529

 
$
8,822

 
$
(5,166
)
 
$
1,099,185

Held to maturity securities:
 
 
 
 
 
 
 
Obligations of states and political subdivisions
$
12,490

 
$
91

 
$
(20
)
 
$
12,561

Agency mortgage-backed securities
51,878

 
11

 
(303
)
 
51,586

          Total securities held to maturity
$
64,368

 
$
102


$
(323
)

$
64,147



 
December 31, 2018
(in thousands)
Amortized Cost
 
Gross
Unrealized Gains
 
Gross
Unrealized Losses
 
Fair Value
Available for sale securities:
 
 
 
 
 
 
 
    Obligations of U.S. Government-sponsored enterprises
$
99,926

 
$
—

 
$
(1,428
)
 
$
98,498

    Obligations of states and political subdivisions
26,566

 
327

 
(83
)
 
26,810

    Agency mortgage-backed securities
596,825

 
1,160

 
(11,849
)
 
586,136

U.S. Treasury Bills
$
9,962

 
$
—

 
$
(37
)
 
$
9,925

          Total securities available for sale
$
733,279

 
$
1,487

 
$
(13,397
)
 
$
721,369

Held to maturity securities:
 
 
 
 
 
 
 
   Obligations of states and political subdivisions
$
12,506

 
$
16

 
$
(114
)
 
$
12,408

   Agency mortgage-backed securities
53,173

 
—

 
(1,647
)
 
51,526

          Total securities held to maturity
$
65,679

 
$
16

 
$
(1,761
)
 
$
63,934
Schedule of Available-for-sale and Held-to-Maturity Securities Reconciliation
The following table presents the amortized cost, gross unrealized gains and losses and fair value of securities available for sale and held to maturity:
 
 
March 31, 2019
(in thousands)
Amortized Cost
 
Gross
Unrealized Gains
 
Gross
Unrealized Losses
 
Fair Value
Available for sale securities:
 
 
 
 
 
 
 
Obligations of U.S. Government-sponsored enterprises
$
54,128

 
$
—

 
$
(347
)
 
$
53,781

Obligations of states and political subdivisions
114,770

 
2,218

 
(3
)
 
116,985

Agency mortgage-backed securities
895,899

 
6,461

 
(4,816
)
 
897,544

U.S. Treasury bills
9,964

 
113

 
—

 
10,077

Corporate debt securities
20,768

 
30

 
—

 
20,798

          Total securities available for sale
$
1,095,529

 
$
8,822

 
$
(5,166
)
 
$
1,099,185

Held to maturity securities:
 
 
 
 
 
 
 
Obligations of states and political subdivisions
$
12,490

 
$
91

 
$
(20
)
 
$
12,561

Agency mortgage-backed securities
51,878

 
11

 
(303
)
 
51,586

          Total securities held to maturity
$
64,368

 
$
102


$
(323
)

$
64,147



 
December 31, 2018
(in thousands)
Amortized Cost
 
Gross
Unrealized Gains
 
Gross
Unrealized Losses
 
Fair Value
Available for sale securities:
 
 
 
 
 
 
 
    Obligations of U.S. Government-sponsored enterprises
$
99,926

 
$
—

 
$
(1,428
)
 
$
98,498

    Obligations of states and political subdivisions
26,566

 
327

 
(83
)
 
26,810

    Agency mortgage-backed securities
596,825

 
1,160

 
(11,849
)
 
586,136

U.S. Treasury Bills
$
9,962

 
$
—

 
$
(37
)
 
$
9,925

          Total securities available for sale
$
733,279

 
$
1,487

 
$
(13,397
)
 
$
721,369

Held to maturity securities:
 
 
 
 
 
 
 
   Obligations of states and political subdivisions
$
12,506

 
$
16

 
$
(114
)
 
$
12,408

   Agency mortgage-backed securities
53,173

 
—

 
(1,647
)
 
51,526

          Total securities held to maturity
$
65,679

 
$
16

 
$
(1,761
)
 
$
63,934
Investments Classified by Contractual Maturity Date
The amortized cost and estimated fair value of debt securities at March 31, 2019, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The weighted average life of the mortgage-backed securities is approximately 4 years.
 
 
Available for sale
 
Held to maturity
(in thousands)
Amortized Cost
 
Estimated Fair Value
 
Amortized Cost
 
Estimated Fair Value
Due in one year or less
$
1,876

 
$
1,888

 
$
—

 
$
—

Due after one year through five years
67,451

 
67,377

 
2,534

 
2,546

Due after five years through ten years
31,819

 
32,135

 
9,957

 
10,015

Due after ten years
98,484

 
100,241

 
—

 
—

Agency mortgage-backed securities
895,899

 
897,544

 
51,877

 
51,586

 
$
1,095,529

 
$
1,099,185


$
64,368


$
64,147
Schedule of Unrealized Loss on Investments
The following table represents a summary of investment securities that had an unrealized loss:
 
 
March 31, 2019
Less than 12 months
 
12 months or more
 
Total
(in thousands)
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
Obligations of U.S. Government-sponsored enterprises
$
19,854

 
$
95

 
$
29,796

 
$
252

 
$
49,650

 
$
347

Obligations of states and political subdivisions
680

 
10

 
2,949

 
13

 
3,629

 
23

Agency mortgage-backed securities
47,506

 
685

 
326,319

 
4,434

 
373,825

 
5,119

 
$
68,040

 
$
790


$
359,064


$
4,699


$
427,104


$
5,489

 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2018
Less than 12 months
 
12 months or more
 
Total
(in thousands)
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
Obligations of U.S. Government-sponsored enterprises
$
19,622

 
$
322

 
$
78,876

 
$
1,106

 
$
98,498

 
$
1,428

Obligations of states and political subdivisions
3,102

 
15

 
14,156

 
182

 
17,258

 
197

Agency mortgage-backed securities
87,357

 
2,211

 
389,770

 
11,285

 
477,127

 
13,496

U.S. Treasury bills
—

 
—

 
9,925

 
37

 
9,925

 
37

 
$
110,081

 
$
2,548


$
492,727


$
12,610


$
602,808


$
15,158