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Securities (Tables)
9 Months Ended
Sep. 30, 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 September 30, 2019:
 
Available-for-Sale Securities
September 30, 2019
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
(In thousands)
 
 
 
 
 
 
 
U.S. Treasuries
$
1,356

 
$
0

 
$
0

 
$
1,356

Obligations of U.S. Government sponsored entities
314,740

 
2,039

 
63

 
316,716

Obligations of U.S. states and political subdivisions
84,744

 
1,152

 
60

 
85,836

Mortgage-backed securities – residential, issued by
 
 
 
 
 
 
 
U.S. Government agencies
176,737

 
1,429

 
1,319

 
176,847

U.S. Government sponsored entities
560,009

 
2,920

 
3,664

 
559,265

U.S. corporate debt securities
2,500

 
0

 
68

 
2,432

Total available-for-sale securities
$
1,140,086

 
$
7,540

 
$
5,174

 
$
1,142,452

 
 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 September 30, 2019:  
 
Held-to-Maturity Securities
September 30, 2019
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
(In thousands)
 
 
 
 
 
 
 
Obligations of U.S. Government sponsored entities
$
131,001

 
$
3,882

 
$
0

 
$
134,883

Obligations of U.S. states and political subdivisions
7,656

 
44

 
0

 
7,700

Total held-to-maturity debt securities
$
138,657

 
$
3,926

 
$
0

 
$
142,583

 
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 September 30, 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
$
9,451

 
$
49

 
$
8,540

 
$
14

 
$
17,991

 
$
63

Obligations of U.S. states and political subdivisions
5,761

 
45

 
2,295

 
15

 
8,056

 
60

 
 
 
 
 
 
 
 
 
 
 
 
Mortgage-backed securities – residential, issued by
 
 
 
 
 
 
 
 
 
 
 
U.S. Government agencies
57,136

 
336

 
49,624

 
983

 
106,760

 
1,319

U.S. Government sponsored entities
42,056

 
276

 
296,532

 
3,388

 
338,588

 
3,664

U.S. corporate debt securities
0

 
0

 
2,432

 
68

 
2,432

 
68

Total available-for-sale securities
$
114,404

 
$
706

 
$
359,423

 
$
4,468

 
$
473,827

 
$
5,174

   
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 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.

September 30, 2019
 
 
 
(In thousands)
Amortized Cost
 
Fair Value
Available-for-sale securities:
 
 
 
Due in one year or less
$
91,952

 
$
92,005

Due after one year through five years
225,410

 
227,476

Due after five years through ten years
75,180

 
75,930

Due after ten years
10,798

 
10,929

Total
403,340

 
406,340

Mortgage-backed securities
736,746

 
736,112

Total available-for-sale debt securities
$
1,140,086

 
$
1,142,452


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


September 30, 2019
 
 
 
(In thousands)
Amortized Cost
 
Fair Value
Held-to-maturity securities:
 
 
 
Due in one year or less
$
17,696

 
$
17,744

Due after one year through five years
95,979

 
98,494

Due after five years through ten years
24,982

 
26,345

Total held-to-maturity debt securities
$
138,657

 
$
142,583


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