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Securities (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2020:

			Available-for-Sale Debt Securities
September 30, 2020			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
(In thousands)
Obligations of U.S. Government sponsored entities			602,417						10,881						817						612,481
Obligations of U.S. states and political subdivisions			126,593						2,840						175						129,258
Mortgage-backed securities – residential, issued by
U.S. Government agencies			205,507						2,981						987						207,501
U.S. Government sponsored entities			700,238						15,785						863						715,160
U.S. corporate debt securities			2,500						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, 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 September 30, 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			$	303,834					$	817					$	0					$	0					$	303,834					$	817
Obligations of U.S. states and political subdivisions			15,328						175						0						0						15,328						175
Mortgage-backed securities – residential, issued by
U.S. Government agencies			46,990						736						2,978						251						49,968						987
U.S. Government sponsored entities			111,120						794						5,512						69						116,632						863
U.S. corporate debt securities			0						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 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

September 30, 2020
(In thousands)			Amortized Cost						Fair Value
Available-for-sale debt securities:
Due in one year or less			$	53,447					$	54,083
Due after one year through five years			391,466						401,757
Due after five years through ten years			221,525						222,846
Due after ten years			65,072						65,419
Total			731,510						744,105
Mortgage-backed securities			905,745						922,661
Total available-for-sale debt securities			$	1,637,255					$	1,666,766

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=121590138&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
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 30
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=121582814&loc=SL82922888-210455

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