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Securities (Tables)

6 Months Ended

Jun. 30, 2021

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 June 30, 2021:

			Available-for-Sale Debt Securities
June 30, 2021			Amortized Cost			Gross Unrealized Gains			Gross Unrealized Losses			Fair Value
(In thousands)
U.S. Treasuries			$	129,228		$	138		$	275		$	129,091
Obligations of U.S. Government sponsored entities			824,157			7,534			7,973			823,718
Obligations of U.S. states and political subdivisions			111,269			2,599			79			113,789
Mortgage-backed securities – residential, issued by
U.S. Government agencies			113,357			1,782			717			114,422
U.S. Government sponsored entities			828,806			9,879			8,029			830,656
U.S. corporate debt securities			2,500			0			87			2,413
Total available-for-sale debt securities			$	2,009,317		$	21,932		$	17,160		$	2,014,089

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

			Available-for-Sale Debt Securities
December 31, 2020			Amortized Cost			Gross Unrealized Gains			Gross Unrealized Losses			Fair Value
(In thousands)
Obligations of U.S. Government sponsored entities			$	599,652		$	9,820		$	1,992		$	607,480
Obligations of U.S. states and political subdivisions			126,642			3,144			40			129,746
Mortgage-backed securities – residential, issued by
U.S. Government agencies			179,538			3,216			646			182,108
U.S. Government sponsored entities			691,562			14,593			675			705,480
U.S. corporate debt securities			2,500			0			121			2,379
Total available-for-sale debt securities			$	1,599,894		$	30,773		$	3,474		$	1,627,193

Schedule of held-to-maturity securities

The following table summarizes held-to-maturity debt securities held by the Company at June 30, 2021:

			Held-to-Maturity Securities
June 30, 2021			Amortized Cost			Gross Unrealized Gains			Gross Unrealized Losses			Fair Value
(In thousands)
U.S. Treasuries			$	50,856		$	603		$	0		$	51,459
Obligations of U.S. Government sponsored entities			100,992			1,848			0			102,840
Total held-to-maturity debt securities			$	151,848		$	2,451		$	0		$	154,299

Schedule of available-for-sale securities with unrealized losses

The following table summarizes available-for-sale debt securities that had unrealized losses at June 30, 2021.

			Less than 12 Months						12 Months or Longer						Total
(In thousands)			Fair Value			Unrealized Losses			Fair Value			Unrealized Losses			Fair Value			Unrealized Losses
U.S. Treasuries			$	69,198		$	275		$	0		$	0		$	69,198		$	275
Obligations of U.S. Government sponsored entities			517,624			7,973			0			0			517,624			7,973
Obligations of U.S. states and political subdivisions			9,216			79			0			0			9,216			79
Mortgage-backed securities – residential, issued by
U.S. Government agencies			33,681			373			3,533			344			37,214			717
U.S. Government sponsored entities			404,870			7,701			6,596			328			411,466			8,029
U.S. corporate debt securities			0			0			2,413			87			2,413			87
Total available-for-sale debt securities			$	1,034,589		$	16,401		$	12,542		$	759		$	1,047,131		$	17,160

The following table summarizes available-for-sale debt securities that had unrealized losses at December 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			$	310,711		$	1,992		$	0		$	0		$	310,711		$	1,992
Obligations of U.S. states and political subdivisions			8,868			40			0			0			8,868			40
Mortgage-backed securities – residential, issued by
U.S. Government agencies			10,560			396			1,819			250			12,379			646
U.S. Government sponsored entities			87,643			586			5,068			89			92,711			675
U.S. corporate debt securities			0			0			2,379			121			2,379			121
Total available-for-sale debt securities			$	417,782		$	3,014		$	9,266		$	460		$	427,048		$	3,474

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

June 30, 2021
(In thousands)			Amortized Cost			Fair Value
Available-for-sale debt securities:
Due in one year or less			$	58,024		$	58,673
Due after one year through five years			498,147			502,123
Due after five years through ten years			448,441			445,387
Due after ten years			62,542			62,828
Total			1,067,154			1,069,011
Mortgage-backed securities			942,163			945,078
Total available-for-sale debt securities			$	2,009,317		$	2,014,089

December 31, 2020
(In thousands)			Amortized Cost			Fair Value
Available-for-sale debt securities:
Due in one year or less			$	54,484		$	55,008
Due after one year through five years			379,044			388,132
Due after five years through ten years			228,572			229,107
Due after ten years			66,694			67,358
Total			728,794			739,605
Mortgage-backed securities			871,100			887,588
Total available-for-sale debt securities			$	1,599,894		$	1,627,193

June 30, 2021
(In thousands)			Amortized Cost			Fair Value
Held-to-maturity debt securities:
Due after five years through ten years			151,848			154,299
Total held-to-maturity debt securities			$	151,848		$	154,299

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- 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

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-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/topic&trid=2196928

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