Investments (Tables)

6 Months Ended

Jun. 30, 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:



	June 30, 2019
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available for sale securities:
Obligations of U.S. Government-sponsored enterprises	$	49,998	$	153	$	—		$	50,151
Obligations of states and political subdivisions	114,173		4,523		—			118,696
Agency mortgage-backed securities	911,770		14,122		(1,845		)	924,047
U.S. Treasury bills	9,966		239		—			10,205
Corporate debt securities	116,434		3,519		—			119,953
Total securities available for sale	$	1,202,341	$	22,556	$	(1,845	)	$	1,223,052
Held to maturity securities:
Obligations of states and political subdivisions	$	12,474	$	160	$	(1	)	$	12,633
Agency mortgage-backed securities	50,251		251		(74		)	50,428
Total securities held to maturity	$	62,725	$	411	$	(75	)	$	63,061



	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:



	June 30, 2019
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available for sale securities:
Obligations of U.S. Government-sponsored enterprises	$	49,998	$	153	$	—		$	50,151
Obligations of states and political subdivisions	114,173		4,523		—			118,696
Agency mortgage-backed securities	911,770		14,122		(1,845		)	924,047
U.S. Treasury bills	9,966		239		—			10,205
Corporate debt securities	116,434		3,519		—			119,953
Total securities available for sale	$	1,202,341	$	22,556	$	(1,845	)	$	1,223,052
Held to maturity securities:
Obligations of states and political subdivisions	$	12,474	$	160	$	(1	)	$	12,633
Agency mortgage-backed securities	50,251		251		(74		)	50,428
Total securities held to maturity	$	62,725	$	411	$	(75	)	$	63,061



	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 June 30, 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	$	1,571	$	1,579	$	—	$	—
Due after one year through five years	67,794		68,369		3,883		3,931
Due after five years through ten years	127,156		131,019		8,591		8,702
Due after ten years	94,050		98,038		—		—
Agency mortgage-backed securities	911,770		924,047		50,251		50,428
	$	1,202,341	$	1,223,052	$	62,725	$	63,061

Schedule of Unrealized Loss on Investments

The following table represents a summary of investment securities that had an unrealized loss:



	June 30, 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 states and political subdivisions	386		1		839		—		1,225		1
Agency mortgage-backed securities	17,122		300		178,017		1,619		195,139		1,919
	$	17,508	$	301	$	178,856	$	1,619	$	196,364	$	1,920

	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