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Investment in Securities (Tables) | 3 Months Ended
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Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract] |
Schedule of Investment Securities | Investment securities available-for-sale are recorded at fair value on a recurring basis. The Company’s investment securities available-for-sale are measured at fair value using Level 2 valuations. The market evaluation utilizes several sources which include “observable inputs” rather than “significant unobservable inputs” and therefore fall into the Level 2 category. The amortized cost, gross unrealized gains, gross unrealized losses and fair value of investment securities are summarized as follows:
|  | March 31, 2020
(In thousands) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
State and political subdivisions |  | $ | 288,631 |  | $ | 12,010 |  | $ | — |  | $ | 300,641
U.S. government agencies |  |  | 85,289 |  |  | 1,564 |  |  | — |  |  | 86,853
Certificates of deposit |  |  | 500 |  |  | — |  |  | — |  |  | 500
Total |  | $ | 374,420 |  | $ | 13,574 |  | $ | — |  | $ | 387,994
|  | December 31, 2019
(In thousands) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
State and political subdivisions |  | $ | 310,720 |  | $ | 13,727 |  | $ | — |  | $ | 324,447
U.S. government agencies |  |  | 97,380 |  |  | 507 |  |  | 169 |  |  | 97,718
Certificates of deposit |  |  | 500 |  |  | — |  |  | — |  |  | 500
Total |  | $ | 408,600 |  | $ | 14,234 |  | $ | 169 |  | $ | 422,665
Schedule of the Fair Value of Securities with Unrealized Losses | The fair values of securities with unrealized losses are as follows:
|  | March 31, 2020
|  | Less than 12 months |  | 12 months or more |  | Total
(In thousands) |  | Estimated Fair Value |  | Unrealized Losses |  | Estimated Fair Value |  | Unrealized Losses |  | Estimated Fair Value |  | Unrealized Losses
State and political subdivisions |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | —
U.S. government agencies |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Certificates of deposit |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Total |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | —
|  | December 31, 2019
|  | Less than 12 months |  | 12 months or more |  | Total
(In thousands) |  | Estimated Fair Value |  | Unrealized Losses |  | Estimated Fair Value |  | Unrealized Losses |  | Estimated Fair Value |  | Unrealized Losses
State and political subdivisions |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | —
U.S. government agencies |  |  | 3,801 |  |  | 12 |  |  | 17,593 |  |  | 157 |  |  | 21,394 |  |  | 169
Certificates of deposit |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Total |  | $ | 3,801 |  | $ | 12 |  | $ | 17,593 |  | $ | 157 |  | $ | 21,394 |  | $ | 169
Schedule of Amortized Cost and Fair Value of Investment | The amortized cost and fair value of investment securities by contractual maturity are shown in the following table. Expected maturities may differ from contractual maturities because borrowers have the right to prepay obligations with or without prepayment penalties.
|  | March 31, 2020
(In thousands) |  | Amortized Cost |  | Fair Value
Due in 1 year or less |  | $ | 61,709 |  | $ | 62,498
Due after 1 year through 5 years |  |  | 80,027 |  |  | 82,183
Due after 5 years through 10 years |  |  | 199,491 |  |  | 209,364
Due after 10 years |  |  | 33,193 |  |  | 33,949
Total |  | $ | 374,420 |  | $ | 387,994

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- Definition Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities. + References No definition available. + Details
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- Definition For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=121645371&loc=d3e27290-111563 + Details
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- Definition Tabular disclosure of the amount of amortization expense expected to be recorded in succeeding fiscal years for finite-lived intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16323-109275 + Details
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