Securities (Tables)

9 Months Ended

Sep. 30, 2018

Investments, Debt and Equity Securities [Abstract]

Schedule of available for sale securities

The following table summarizes available-for-sale securities held by the Company at September 30, 2018:

	Available-for-Sale Securities
September 30, 2018	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
(in thousands)
Obligations of U.S. Government sponsored entities	$	498,837	$	0	$	13,104	$	485,733
Obligations of U.S. states and political subdivisions	86,517		33		1,788		84,762
Mortgage-backed securities – residential, issued by
U.S. Government agencies	114,417		143		5,404		109,156
U.S. Government sponsored entities	658,195		205		29,596		628,804
Non-U.S. Government agencies or sponsored entities	42		0		0		42
U.S. corporate debt securities	2,500		0		325		2,175
Total available-for-sale securities	$	1,360,508	$	381	$	50,217	$	1,310,672

The following table summarizes available-for-sale securities held by the Company at December 31, 2017:

	Available-for-Sale Securities
December 31, 2017	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
(in thousands)
Obligations of U.S. Government sponsored entities	$	507,248	$	278	$	3,333	$	504,193
Obligations of U.S. states and political subdivisions	91,659		281		421		91,519
Mortgage-backed securities – residential, issued by
U.S. Government agencies	139,747		659		2,671		137,735
U.S. Government sponsored entities	667,767		1,045		12,634		656,178
Non-U.S. Government agencies or sponsored entities	75		0		0		75
U.S. corporate debt securities	2,500		0		338		2,162
Total debt securities	1,408,996		2,263		19,397		1,391,862
Equity securities	1,000		0		87		913
Total available-for-sale securities	$	1,409,996	$	2,263	$	19,484	$	1,392,775

Schedule of held to maturity securities

The following table summarizes held-to-maturity securities held by the Company at September 30, 2018:

	Held-to-Maturity Securities
September 30, 2018	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
(in thousands)
Obligations of U.S. Government sponsored entities	$	131,407	$	0	$	3,040	$	128,367
Obligations of U.S. states and political subdivisions	9,829		36		0		9,865
Total held-to-maturity debt securities	$	141,236	$	36	$	3,040	$	138,232

The following table summarizes held-to-maturity securities held by the Company at December 31, 2017:

	Held-to-Maturity Securities
December 31, 2017	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
(in thousands)
Obligations of U.S. Government sponsored entities	$	131,707	$	1,103	$	90	$	132,720
Obligations of U.S. states and political subdivisions	7,509		93		7		7,595
Total held-to-maturity debt securities	$	139,216	$	1,196	$	97	$	140,315

Schedule of available for sale securities with unrealized losses

The following table summarizes available-for-sale securities that had unrealized losses at September 30, 2018:

	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	$	298,473	$	6,017	$	187,260	$	7,087	$	485,733	$	13,104
Obligations of U.S. states and political subdivisions	52,521		687		22,773		1,101		75,294		1,788
Mortgage-backed securities – residential, issued by
U.S. Government agencies	9,338		284		93,660		5,120		102,998		5,404
U.S. Government sponsored entities	142,152		4,221		471,869		25,375		614,021		29,596
U.S. corporate debt securities	0		0		2,175		325		2,175		325
Total available-for-sale securities	$	502,484	$	11,209	$	777,737	$	39,008	$	1,280,221	$	50,217

The following table summarizes available-for-sale securities that had unrealized losses at December 31, 2017:

	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	$	319,545	$	2,301	$	39,791	$	1,032	$	359,336	$	3,333
Obligations of U.S. states and political subdivisions	39,571		219		11,729		202		51,300		421
Mortgage-backed securities – residential, issued by
U.S. Government agencies	33,056		452		86,562		2,219		119,618		2,671
U.S. Government sponsored entities	208,524		1,941		410,767		10,693		619,291		12,634
U.S. corporate debt securities	0		0		2,163		338		2,163		338
Equity securities	0		0		913		87		913		87
Total available-for-sale securities	$	600,696	$	4,913	$	551,925	$	14,571	$	1,152,621	$	19,484

Schedule held-to-maturity securities with unrealized losses

The following table summarizes held-to-maturity securities that had unrealized losses at September 30, 2018.

	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	$	123,589	$	2,818	$	4,778	$	222	$	128,367	$	3,040
Total held-to-maturity securities	$	123,589	$	2,818	$	4,778	$	222	$	128,367	$	3,040

The following table summarizes held-to-maturity securities that had unrealized losses at December 31, 2017.

	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	$	20,505	$	90	$	0	$	0	$	20,505	$	90
Obligations of U.S. states and political subdivisions	5,094		7		0		0		5,094		7
Total held-to-maturity securities	$	25,599	$	97	$	0	$	0	$	25,599	$	97

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.

September 30, 2018
(in thousands)	Amortized Cost		Fair Value
Available-for-sale securities:
Due in one year or less	$	87,756	$	87,434
Due after one year through five years	320,407		313,052
Due after five years through ten years	167,362		160,599
Due after ten years	12,329		11,585
Total	587,854		572,670
Mortgage-backed securities	772,654		738,002
Total available-for-sale debt securities	$	1,360,508	$	1,310,672

December 31, 2017
(in thousands)	Amortized Cost		Fair Value
Available-for-sale securities:
Due in one year or less	$	51,909	$	51,932
Due after one year through five years	368,846		367,377
Due after five years through ten years	162,061		160,374
Due after ten years	18,591		18,192
Total	601,407		597,875
Mortgage-backed securities	807,589		793,988
Total available-for-sale debt securities	$	1,408,996	$	1,391,863

September 30, 2018
(in thousands)	Amortized Cost		Fair Value
Held-to-maturity securities:
Due in one year or less	$	9,247	$	9,253
Due after one year through five years	81,686		79,931
Due after five years through ten years	50,303		49,048
Total held-to-maturity debt securities	$	141,236	$	138,232

December 31, 2017
(in thousands)	Amortized Cost		Fair Value
Held-to-maturity securities:
Due in one year or less	$	5,980	$	5,979
Due after one year through five years	51,936		52,227
Due after five years through ten years	81,300		82,109
Total held-to-maturity debt securities	$	139,216	$	140,315