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Securities (Tables)

3 Months Ended

Mar. 31, 2020

Investments, Debt and Equity Securities [Abstract]

Schedule of available for sale securities

The following table summarizes available-for-sale debt securities held by the Company at March 31, 2020:

	Available-for-Sale Debt Securities
March 31, 2020	Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
(In thousands)
U.S. Treasuries	$	1,745			$	5			$	0			$	1,750
Obligations of U.S. Government sponsored entities	302,086				11,384				42				313,428
Obligations of U.S. states and political subdivisions	101,452				1,159				127				102,484
Mortgage-backed securities – residential, issued by
U.S. Government agencies	171,500				3,469				454				174,515
U.S. Government sponsored entities	739,133				19,013				119				758,027
U.S. corporate debt securities	2,500				0				67				2,433
Total available-for-sale debt securities	$	1,318,416			$	35,030			$	809			$	1,352,637

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

	Available-for-Sale Debt Securities
December 31, 2019	Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
(In thousands)
U.S. Treasuries	$	1,840			$	0			$	0			$	1,840
Obligations of U.S. Government sponsored entities	367,551				5,021				84				372,488
Obligations of U.S. states and political subdivisions	96,668				1,178				61				97,785
Mortgage-backed securities – residential, issued by
U.S. Government agencies	164,643				1,327				1,519				164,451
U.S. Government sponsored entities	660,037				2,940				3,387				659,590
U.S. corporate debt securities	2,500				0				67				2,433
Total available-for-sale debt securities	$	1,293,239			$	10,466			$	5,118			$	1,298,587

Schedule of available for sale securities with unrealized losses

The following table summarizes available-for-sale debt securities that had unrealized losses at March 31, 2020:  

	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	$	24,209			$	42			$	0			$	0			$	24,209			$	42
Obligations of U.S. states and political subdivisions	18,179				127				0				0				18,179				127
Mortgage-backed securities – residential, issued by
U.S. Government agencies	38,813				340				6,618				114				45,431				454
U.S. Government sponsored entities	4,435				10				11,038				109				15,473				119
U.S. corporate debt securities	0				0				2,433				67				2,433				67
Total available-for-sale debt securities	$	85,636			$	519			$	20,089			$	290			$	105,725			$	809

The following table summarizes available-for-sale debt securities that had unrealized losses at December 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	$	18,654			$	76			$	3,479			$	8			$	22,133			$	84
Obligations of U.S. states and political subdivisions	10,456				54				2,300				7				12,756				61
Mortgage-backed securities – residential, issued by
U.S. Government agencies	54,846				489				45,999				1,030				100,845				1,519
U.S. Government sponsored entities	157,801				752				233,999				2,635				391,800				3,387
U.S. corporate debt securities	0				0				2,433				67				2,433				67
Total available-for-sale debt securities	$	241,757			$	1,371			$	288,210			$	3,747			$	529,967			$	5,118

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, 2020
(In thousands)	Amortized Cost				Fair Value
Available-for-sale debt securities:
Due in one year or less	$	63,817			$	64,031
Due after one year through five years	222,678				232,268
Due after five years through ten years	81,418				83,920
Due after ten years	39,870				39,876
Total	407,783				420,095
Mortgage-backed securities	910,633				932,542
Total available-for-sale debt securities	$	1,318,416			$	1,352,637

December 31, 2019
(In thousands)	Amortized Cost				Fair Value
Available-for-sale debt securities:
Due in one year or less	$	107,975			$	108,089
Due after one year through five years	270,477				274,798
Due after five years through ten years	77,710				79,165
Due after ten years	12,397				12,494
Total	468,559				474,546
Mortgage-backed securities	824,680				824,041
Total available-for-sale debt securities	$	1,293,239			$	1,298,587

X

- 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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=118939692&loc=d3e27290-111563

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 30
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=118955579&loc=SL82922888-210455

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Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

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