Securities (Tables)

3 Months Ended

Mar. 31, 2019

Investments, Debt and Equity Securities [Abstract]

Schedule of available for sale securities

The following table summarizes available-for-sale securities held by the Company at March 31, 2019:



	Available-for-Sale Securities
March 31, 2019	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
(in thousands)
U.S. Treasuries	$	280	$	0	$	0	$	280
Obligations of U.S. Government sponsored entities	478,819		360		3,434		475,745
Obligations of U.S. states and political subdivisions	87,459		488		169		87,778
Mortgage-backed securities – residential, issued by
U.S. Government agencies	147,971		684		2,645		146,010
U.S. Government sponsored entities	642,054		1,182		11,908		631,328
Non-U.S. Government agencies or sponsored entities	19		0		0		19
U.S. corporate debt securities	2,500		0		50		2,450
Total available-for-sale securities	$	1,359,102	$	2,714	$	18,206	$	1,343,610

The following table summarizes available-for-sale securities held by the Company at December 31, 2018:



	Available-for-Sale Securities
December 31, 2018	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
(in thousands)
U.S. Treasuries	$	289	$	0	$	0	$	289
Obligations of U.S. Government sponsored entities	493,371		80		7,553		485,898
Obligations of U.S. states and political subdivisions	86,260		113		933		85,440
Mortgage-backed securities – residential, issued by
U.S. Government agencies	131,831		168		3,732		128,267
U.S. Government sponsored entities	649,620		537		19,599		630,558
Non-U.S. Government agencies or sponsored entities	31		0		0		31
U.S. corporate debt securities	2,500		0		325		2,175
Total available-for-sale securities	$	1,363,902	$	898	$	32,142	$	1,332,658

Schedule of held to maturity securities

The following table summarizes held-to-maturity securities held by the Company at March 31, 2019:



	Held-to-Maturity Securities
March 31, 2019	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
(in thousands)
Obligations of U.S. Government sponsored entities	$	131,205	$	929	$	149	$	131,985
Obligations of U.S. states and political subdivisions	8,437		19		19		8,437
Total held-to-maturity debt securities	$	139,642	$	948	$	168	$	140,422

The following table summarizes held-to-maturity securities held by the Company at December 31, 2018:



	Held-to-Maturity Securities
December 31, 2018	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
(in thousands)
Obligations of U.S. Government sponsored entities	$	131,306	$	0	$	1,198	$	130,108
Obligations of U.S. states and political subdivisions	9,273		20		24		9,269
Total held-to-maturity debt securities	$	140,579	$	20	$	1,222	$	139,377

Schedule of available for sale securities with unrealized losses

The following table summarizes available-for-sale securities that had unrealized losses at March 31, 2019:



	Less than 12 Months				12 Months or Longer				Total
(in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Obligations of U.S. Government sponsored entities	$	0	$	0	$	420,382	$	3,434	$	420,382	$	3,434
Obligations of U.S. states and political subdivisions	1,582		7		31,020		162		32,602		169
Mortgage-backed securities – residential, issued by
U.S. Government agencies	0		0		93,706		2,645		93,706		2,645
U.S. Government sponsored entities	5,572		33		529,595		11,875		535,167		11,908
U.S. corporate debt securities	0		0		2,450		50		2,450		50
Total available-for-sale securities	$	7,154	$	40	$	1,077,153	$	18,166	$	1,084,307	$	18,206

The following table summarizes available-for-sale securities that had unrealized losses at December 31, 2018:



	Less than 12 Months				12 Months or Longer				Total
(in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Obligations of U.S. Government sponsored entities	$	21,660	$	183	$	449,141	$	7,370	$	470,801	$	7,553
Obligations of U.S. states and political subdivisions	11,971		19		49,756		914		61,727		933
Mortgage-backed securities – residential, issued by
U.S. Government agencies	16,854		22		96,247		3,710		113,101		3,732
U.S. Government sponsored entities	61,163		662		512,216		18,937		573,379		19,599
U.S. corporate debt securities	0		0		2,175		325		2,175		325
Total available-for-sale securities	$	111,648	$	886	$	1,109,535	$	31,256	$	1,221,183	$	32,142

Schedule held-to-maturity securities with unrealized losses

The following table summarizes held-to-maturity securities that had unrealized losses at March 31, 2019.



	Less than 12 Months				12 Months or Longer				Total
(in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Obligations of U.S. Government sponsored entities	$	0	$	0	$	35,130	$	149	$	35,130	$	149

Obligations of U.S. states and political subdivisions	4,885		19		0		0		4,885		19
Total held-to-maturity securities	$	4,885	$	19	$	35,130	$	149	$	40,015	$	168

The following table summarizes held-to-maturity securities that had unrealized losses at December 31, 2018.



	Less than 12 Months				12 Months or Longer				Total
(in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Obligations of U.S. Government sponsored entities	$	4,980	$	9	$	125,128	$	1,189	$	130,108	$	1,198

Obligations of U.S. states and political subdivisions	8,127		24		0		0		8,127		24
Total held-to-maturity securities	$	13,107	$	33	$	125,128	$	1,189	$	138,235	$	1,222

Schedule of amortized cost and estimated fair value of debt securities by contractual maturity

The amortized cost and estimated fair value of debt securities by contractual maturity are shown in the following table. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Mortgage-backed securities are shown separately since they are not due at a single maturity date.



March 31, 2019
(in thousands)	Amortized Cost		Fair Value
Available-for-sale securities:
Due in one year or less	$	117,858	$	117,495
Due after one year through five years	308,679		306,959
Due after five years through ten years	130,809		130,118
Due after ten years	11,712		11,681
Total	569,058		566,253
Mortgage-backed securities	790,044		777,357
Total available-for-sale debt securities	$	1,359,102	$	1,343,610



December 31, 2018
(in thousands)	Amortized Cost		Fair Value
Available-for-sale securities:
Due in one year or less	$	78,160	$	77,930
Due after one year through five years	355,499		350,470
Due after five years through ten years	139,560		136,734
Due after ten years	9,201		8,668
Total	582,420		573,802
Mortgage-backed securities	781,482		758,856
Total available-for-sale debt securities	$	1,363,902	$	1,332,658



March 31, 2019
(in thousands)	Amortized Cost		Fair Value
Held-to-maturity securities:
Due in one year or less	$	8,105	$	8,093
Due after one year through five years	86,335		86,381
Due after five years through ten years	45,202		45,948
Total held-to-maturity debt securities	$	139,642	$	140,422



December 31, 2018
(in thousands)	Amortized Cost		Fair Value
Held-to-maturity securities:
Due in one year or less	$	8,850	$	8,832
Due after one year through five years	86,520		85,645
Due after five years through ten years	45,209		44,900
Total held-to-maturity debt securities	$	140,579	$	139,377