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Investments (Tables)

3 Months Ended

Mar. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-for-sale and Held-to-Maturity Securities Reconciliation

The following tables present the amortized cost, gross unrealized gains and losses, allowance of credit losses and fair value of securities available for sale and held to maturity:

			March 31, 2021
(in thousands)			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses												Fair Value
Available-for-sale securities:
Obligations of U.S. Government-sponsored enterprises			$	23,484					$	137					$	(176)											$	23,445
Obligations of states and political subdivisions			404,087						3,132						(3,662)												403,557
Agency mortgage-backed securities			477,151						16,841						(1,911)												492,081
U.S. Treasury bills			10,982						427						—												11,409
Corporate debt securities			14,750						425						(7)												15,168
Total securities available for sale			$	930,454					$	20,962					$	(5,756)											$	945,660
Held-to-maturity securities:
Obligations of states and political subdivisions			$	244,030					$	900					$	(2,491)											$	242,439
Agency mortgage-backed securities			96,777						1,432						(458)												97,751
Corporate debt securities			126,701						3,208						—												129,909
Total securities held-to-maturity			$	467,508					$	5,540					$	(2,949)											$	470,099
Less: Allowance for credit losses			449
Total securities held-to-maturity, net			$	467,059

			December 31, 2020
(in thousands)			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
Available-for-sale securities:
Obligations of U.S. Government-sponsored enterprises			$	14,978					$	186					$	(3)					$	15,161
Obligations of states and political subdivisions			335,271						8,994						(33)						344,232
Agency mortgage-backed securities			506,703						20,190						(321)						526,572
U.S. Treasury Bills			10,980						486						—						11,466
Corporate debt securities			14,750						248						—						14,998
Total securities available for sale			$	882,682					$	30,104					$	(357)					$	912,429
Held-to-maturity securities:
Obligations of states and political subdivisions			$	248,324					$	2,814					$	—					$	251,138
Agency mortgage-backed securities			112,742						2,295						(496)						114,541
Corporate debt securities			126,993						8,851						—						135,844
Total securities held to maturity			$	488,059					$	13,960					$	(496)					$	501,523
Less: Allowance for credit losses			449
Total securities held-to-maturity, net			$	487,610

Schedule of Available-for-sale and Held-to-Maturity Securities Reconciliation

The following tables present the amortized cost, gross unrealized gains and losses, allowance of credit losses and fair value of securities available for sale and held to maturity:

			March 31, 2021
(in thousands)			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses												Fair Value
Available-for-sale securities:
Obligations of U.S. Government-sponsored enterprises			$	23,484					$	137					$	(176)											$	23,445
Obligations of states and political subdivisions			404,087						3,132						(3,662)												403,557
Agency mortgage-backed securities			477,151						16,841						(1,911)												492,081
U.S. Treasury bills			10,982						427						—												11,409
Corporate debt securities			14,750						425						(7)												15,168
Total securities available for sale			$	930,454					$	20,962					$	(5,756)											$	945,660
Held-to-maturity securities:
Obligations of states and political subdivisions			$	244,030					$	900					$	(2,491)											$	242,439
Agency mortgage-backed securities			96,777						1,432						(458)												97,751
Corporate debt securities			126,701						3,208						—												129,909
Total securities held-to-maturity			$	467,508					$	5,540					$	(2,949)											$	470,099
Less: Allowance for credit losses			449
Total securities held-to-maturity, net			$	467,059

			December 31, 2020
(in thousands)			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
Available-for-sale securities:
Obligations of U.S. Government-sponsored enterprises			$	14,978					$	186					$	(3)					$	15,161
Obligations of states and political subdivisions			335,271						8,994						(33)						344,232
Agency mortgage-backed securities			506,703						20,190						(321)						526,572
U.S. Treasury Bills			10,980						486						—						11,466
Corporate debt securities			14,750						248						—						14,998
Total securities available for sale			$	882,682					$	30,104					$	(357)					$	912,429
Held-to-maturity securities:
Obligations of states and political subdivisions			$	248,324					$	2,814					$	—					$	251,138
Agency mortgage-backed securities			112,742						2,295						(496)						114,541
Corporate debt securities			126,993						8,851						—						135,844
Total securities held to maturity			$	488,059					$	13,960					$	(496)					$	501,523
Less: Allowance for credit losses			449
Total securities held-to-maturity, net			$	487,610

Investments Classified by Contractual Maturity Date

The amortized cost and estimated fair value of debt securities at March 31, 2021, 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			$	11,176					$	11,316					$	—					$	—
Due after one year through five years			23,972						24,517						12,733						13,109
Due after five years through ten years			32,875						33,175						132,553						135,497
Due after ten years			385,280						384,571						225,445						223,742
Agency mortgage-backed securities			477,151						492,081						96,777						97,751
			$	930,454					$	945,660					$	467,508					$	470,099

Schedule of Unrealized Loss on Investments

The following tables presents a summary of available-for-sale investment securities in an unrealized loss position:

			March 31, 2021
			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			$	13,324					$	176					$	—					$	—					$	13,324					$	176
Obligations of states and political subdivisions			$	222,901					$	3,662					$	—					$	—					$	222,901					$	3,662
Agency mortgage-backed securities			89,591						1,911						—						—						89,591						1,911
Corporate debt securities			4,493						7						—						—						4,493						7
			$	330,309					$	5,756					$	—					$	—					$	330,309					$	5,756
			December 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 U.S. Government-sponsored enterprises			$	4,997					$	3					$	—					$	—					$	4,997					$	3
Obligations of states and political subdivisions			$	4,079					$	33					$	—					$	—					$	4,079					$	33
Agency mortgage-backed securities			65,986						321						—						—						65,986						321
			$	75,062					$	357					$	—					$	—					$	75,062					$	357

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- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-URI http://asc.fasb.org/topic&trid=2196928

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Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=118942371&loc=SL82922954-210456

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Tabular disclosure of information about investment in debt security measured at amortized cost (held-to-maturity).

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-Name Accounting Standards Codification
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