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Securities
 9 Months Ended
Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]  
Securities Securities
Available-for-Sale Debt Securities
The following table summarizes available-for-sale debt securities held by the Company at September 30, 2020:
Available-for-Sale Debt Securities
September 30, 2020Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
(In thousands)
Obligations of U.S. Government sponsored entities602,417 10,881 817 612,481 
Obligations of U.S. states and political subdivisions126,593 2,840 175 129,258 
Mortgage-backed securities – residential, issued by
   U.S. Government agencies205,507 2,981 987 207,501 
   U.S. Government sponsored entities700,238 15,785 863 715,160 
U.S. corporate debt securities2,500 0 134 2,366 
Total available-for-sale debt securities$1,637,255 $32,487 $2,976 $1,666,766 
 
 The following table summarizes available-for-sale debt securities held by the Company at December 31, 2019:  
Available-for-Sale Debt Securities
December 31, 2019Amortized
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 entities367,551 5,021 84 372,488 
Obligations of U.S. states and political subdivisions96,668 1,178 61 97,785 
Mortgage-backed securities – residential, issued by
   U.S. Government agencies164,643 1,327 1,519 164,451 
   U.S. Government sponsored entities660,037 2,940 3,387 659,590 
U.S. corporate debt securities2,500 0 67 2,433 
Total available-for-sale debt securities$1,293,239 $10,466 $5,118 $1,298,587 

The available-for-sale portfolio also includes callable securities that may be called by the issuer prior to maturity. The Company may from time to time sell debt securities from its available-for-sale portfolio. Realized gains on available-for-sale debt securities were $0 and $429,000 for the three and nine months ended September 30, 2020 and $133,000 and $999,000 for the three and nine months ended September 30, 2019. Realized losses on available-for-sale debt securities were $0 for the three and nine months ended September 30, 2020 and $0 and $595,000 for the three and nine months ended September 30, 2019. Proceeds from the sale of available-for-sale debt securities were $0 and $42.3 million for the three and nine months ended September 30, 2020, and $24.2 million and $176.2 million for the three and nine months ended September 30, 2019. Sales of available-for-sale investment securities were the result of general investment portfolio and interest rate risk management. The Company also recognized net losses of $2,000 and net gains of $17,000 for the three and nine months ended September 30, 2020, on equity securities, reflecting the change in fair value.
 
The following table summarizes available-for-sale debt securities that had unrealized losses at September 30, 2020.
Less than 12 Months12 Months or LongerTotal
(In thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Obligations of U.S. Government sponsored entities$303,834 $817 $0 $0 $303,834 $817 
Obligations of U.S. states and political subdivisions15,328 175 0 0 15,328 175 
Mortgage-backed securities – residential, issued by
U.S. Government agencies46,990 736 2,978 251 49,968 987 
U.S. Government sponsored entities111,120 794 5,512 69 116,632 863 
U.S. corporate debt securities0 0 2,366 134 2,366 134 
Total available-for-sale debt securities$477,272 $2,522 $10,856 $454 $488,128 $2,976 

The following table summarizes available-for-sale debt securities that had unrealized losses at December 31, 2019.
Less than 12 Months12 Months or LongerTotal
(In thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Obligations of U.S. Government sponsored entities$18,654 $76 $3,479 $8 $22,133 $84 
Obligations of U.S. states and political subdivisions10,456 54 2,300 7 12,756 61 
Mortgage-backed securities – residential, issued by
   U.S. Government agencies54,846 489 45,999 1,030 100,845 1,519 
U.S. Government sponsored entities157,801 752 233,999 2,635 391,800 3,387 
U.S. corporate debt securities0 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 

The Company evaluates available-for-sale debt securities for expected credit losses (“ECL”) in unrealized loss positions at each measurement date to determine whether the decline in the fair value below the amortized cost basis (impairment) is due to credit-related factors or noncredit-related factors.

Factors that may be indicative of ECL include, but are not limited to, the following:

• Extent to which the fair value is less than the amortized cost basis.
• Adverse conditions specifically related to the security, an industry, or geographic area (changes in technology,
business practice).
• Payment structure of the debt security with respect to underlying issuer or obligor.
• Failure of the issuer to make scheduled payment of principal and/or interest.
• Changes to the rating of a security or issuer by a nationally recognized statistical rating organization.
• Changes in tax or regulatory guidelines that impact a security or underlying issuer.

For available for sale debt securities in an unrealized loss position, the Company evaluates the securities to determine whether the decline in the fair value below the amortized cost basis (technical impairment) is the result of changes in interest rates or reflects a fundamental change in the credit worthiness of the underlying issuer. Any impairment that is not credit related is recognized in other comprehensive income, net of applicable taxes. Credit-related impairment is recognized as an allowance for credit losses (“ACL”) on the balance sheet, limited to the amount by which the amortized cost basis exceeds the fair value, with a corresponding adjustment to earnings. Both the ACL and the adjustment to net income may be reversed if conditions change.

The gross unrealized losses reported for residential mortgage-backed securities relate to investment securities issued by U.S. government sponsored entities such as Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, and
U.S. government agencies such as Government National Mortgage Association. The total gross unrealized losses, shown in the tables above, were primarily attributable to changes in interest rates and levels of market liquidity, relative to when the investment securities were purchased, and not due to the credit-related quality of the investment securities. In addition, the Company maintains the ability and intent to hold these positions until the recovery of unrealized losses and does not believe that the Company would be required to sell any securities currently in an unrealized loss position.

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, 2020
(In thousands)Amortized CostFair Value
Available-for-sale debt securities:
Due in one year or less$53,447 $54,083 
Due after one year through five years391,466 401,757 
Due after five years through ten years221,525 222,846 
Due after ten years65,072 65,419 
Total731,510 744,105 
Mortgage-backed securities905,745 922,661 
Total available-for-sale debt securities$1,637,255 $1,666,766 

December 31, 2019
(In thousands)Amortized CostFair Value
Available-for-sale debt securities:
Due in one year or less$107,975 $108,089 
Due after one year through five years270,477 274,798 
Due after five years through ten years77,710 79,165 
Due after ten years12,397 12,494 
Total468,559 474,546 
Mortgage-backed securities824,680 824,041 
Total available-for-sale debt securities$1,293,239 $1,298,587 

The Company also holds non-marketable Federal Home Loan Bank New York (“FHLBNY”) stock, non-marketable Federal Home Loan Bank Pittsburgh (“FHLBPITT”) stock and non-marketable Atlantic Community Bankers Bank ("ACBB") stock, all of which are required to be held for regulatory purposes and for borrowing availability. The required investment in FHLB stock is tied to the Company’s borrowing levels with the FHLB. Holdings of FHLBNY stock, FHLBPITT stock, and ACBB stock totaled $11.9 million, $5.9 million and $95,000 at September 30, 2020, respectively. These securities are carried at par, which is also cost. The FHLBNY and FHLBPITT continue to pay dividends and repurchase stock. Quarterly, we evaluate our investment in the FHLB for impairment. We evaluate recent and long-term operating performance, liquidity, funding and capital positions, stock repurchase history, dividend history and impact of legislative and regulatory changes. Based on our most recent evaluation, as of September 30, 2020, we have determined that no impairment write-downs are currently required.