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v3.20.1

Investments (Tables) | 3 Months Ended
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Mar. 31, 2020
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, 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 |
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, 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 |
Investments Classified by Contractual Maturity Date | 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 |
Schedule of Unrealized Loss on Investments | 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 |

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