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Investments | 3 Months Ended
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Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract] |
Investments | INVESTMENTS 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, 2020
(in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Allowance for Credit Losses |  | Fair Value
Available-for-sale securities: |  |  |  |  |  |  |  |  |
Obligations of U.S. Government-sponsored enterprises | $ | 9,960 |  |  | $ | 270 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,230 |
Obligations of states and political subdivisions | 243,863 |  |  | 10,373 |  |  | (205 | ) |  | — |  |  | 254,031 |
Agency mortgage-backed securities | 863,698 |  |  | 23,465 |  |  | (496 | ) |  | — |  |  | 886,667 |
U.S. Treasury bills | 9,973 |  |  | 613 |  |  | — |  |  | — |  |  | 10,586 |
Total securities available for sale | $ | 1,127,494 |  |  | $ | 34,721 |  |  | $ | (701 | ) |  | $ | — |  |  | $ | 1,161,514 |
Held-to-maturity securities: |  |  |  |  |  |  |  |  |
Obligations of states and political subdivisions | $ | 11,688 |  |  | $ | 153 |  |  | $ | — |  |  | $ | (1 | ) |  | $ | 11,840 |
Agency mortgage-backed securities | 44,720 |  |  | 1,924 |  |  | — |  |  | — |  |  | 46,644 |
Corporate debt securities | 122,827 |  |  | 162 |  |  | (3,090 | ) |  | (302 | ) |  | 119,597 |
Total securities held-to-maturity | $ | 179,235 |  |  | $ | 2,239 |  |  | $ | (3,090 | ) |  | $ | (303 | ) |  | $ | 178,081 |
Less: Allowance for credit losses | 303 |  |  |  |  |  |  |  |  |
Total securities held-to-maturity, net | $ | 178,932 |  |  |  |  |  |  |  |  |
| December 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 | $ | 9,954 |  |  | $ | 92 |  |  | $ | — |  |  | $ | 10,046 |
Obligations of states and political subdivisions | 207,269 |  |  | 6,118 |  |  | (363 | ) |  | 213,024 |
Agency mortgage-backed securities | 888,129 |  |  | 15,083 |  |  | (1,191 | ) |  | 902,021 |
U.S. Treasury Bills | $ | 9,971 |  |  | $ | 255 |  |  | $ | — |  |  | $ | 10,226 |
Total securities available for sale | $ | 1,115,323 |  |  | $ | 21,548 |  |  | $ | (1,554 | ) |  | $ | 1,135,317 |
Held-to-maturity securities: |  |  |  |  |  |  |
Obligations of states and political subdivisions | $ | 11,704 |  |  | $ | 170 |  |  | $ | — |  |  | $ | 11,874 |
Agency mortgage-backed securities | 46,346 |  |  | 675 |  |  | — |  |  | 47,021 |
Corporate debt securities | 123,116 |  |  | 128 |  |  | (200 | ) |  | 123,044 |
Total securities held to maturity | $ | 181,166 |  |  | $ | 973 |  |  | $ | (200 | ) |  | $ | 181,939 |
At March 31, 2020 and December 31, 2019, there were no holdings of securities of any one issuer in an amount greater than 10% of shareholders’ equity, other than U.S. Government agencies and sponsored enterprises. The agency mortgage-backed securities are all issued by U.S. Government agencies and sponsored enterprises. Securities having a fair value of $431.7 million and $484.8 million at March 31, 2020 and December 31, 2019, respectively, were pledged as collateral to secure deposits of public institutions and for other purposes as required by law or contract provisions. The amortized cost and estimated fair value of debt securities at March 31, 2020, 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 3 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 | $ | 2,018 |  |  | $ | 2,054 |  |  | $ | — |  |  | $ | — |
Due after one year through five years | 26,301 |  |  | 27,369 |  |  | 4,444 |  |  | 4,503 |
Due after five years through ten years | 10,205 |  |  | 10,576 |  |  | 130,071 |  |  | 126,934 |
Due after ten years | 225,272 |  |  | 234,848 |  |  | — |  |  | — |
Agency mortgage-backed securities | 863,698 |  |  | 886,667 |  |  | 44,720 |  |  | 46,644 |
| $ | 1,127,494 |  |  | $ | 1,161,514 |  |  | $ | 179,235 |  |  | $ | 178,081 |
The following table represents a summary of available-for-sale investment securities that had an unrealized loss:
| March 31, 2020
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 | $ | 10,475 |  |  | $ | 205 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,475 |  |  | $ | 205 |
Agency mortgage-backed securities | 82,614 |  |  | 415 |  |  | 5,198 |  |  | 81 |  |  | 87,812 |  |  | 496 |
| $ | 93,089 |  |  | $ | 620 |  |  | $ | 5,198 |  |  | $ | 81 |  |  | $ | 98,287 |  |  | $ | 701 |
The following table represents a summary of investment securities that had an unrealized loss:
| December 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 states and political subdivisions | 56,327 |  |  | 363 |  |  | — |  |  | — |  |  | 56,327 |  |  | 363 |
Agency mortgage-backed securities | 131,693 |  |  | 756 |  |  | 41,491 |  |  | 435 |  |  | 173,184 |  |  | 1,191 |
Corporate debt securities | 67,964 |  |  | 200 |  |  | — |  |  | — |  |  | 67,964 |  |  | 200 |
| $ | 255,984 |  |  | $ | 1,319 |  |  | $ | 41,491 |  |  | $ | 435 |  |  | $ | 297,475 |  |  | $ | 1,754 |
The unrealized losses at both March 31, 2020 and December 31, 2019, were primarily attributable to changes in market interest rates since the securities were purchased. Management systematically evaluates investment securities for other-than-temporary declines in fair value on a quarterly basis. This analysis requires management to consider various factors, which include among other considerations (1) the present value of the cash flows expected to be collected compared to the amortized cost of the security, (2) duration and magnitude of the decline in value, (3) the financial condition of the issuer or issuers, (4) structure of the security, and (5) the intent to sell the security or whether it is more likely than not the Company would be required to sell the security before its anticipated recovery in market value. At March 31, 2020, management performed its quarterly analysis of all securities with an unrealized loss and concluded no individual securities were other-than-temporarily impaired. Accrued interest receivable on available-for-sale debt securities totaled $4.5 million at March 31, 2020 and is excluded from the estimate of credit losses. Accrued interest receivable on held-to-maturity debt securities totaled $1.4 million at March 31, 2020 and is excluded from the estimate of credit losses. The estimate of expected credit losses considers historical credit loss information adjusted for current conditions and reasonable and supportable forecasts. At March 31, 2020, the ACL on held-to-maturity securities was $0.3 million.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 + Details
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