Securities (Tables)

3 Months Ended

Mar. 31, 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 March 31, 2021:

	Available-for-Sale Debt Securities
March 31, 2021	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
(In thousands)
U.S. Treasuries	$	29,634	$	0	$	523	$	29,111
Obligations of U.S. Government sponsored entities	793,360		8,063		13,636		787,787
Obligations of U.S. states and political subdivisions	117,242		2,286		207		119,321
Mortgage-backed securities – residential, issued by
U.S. Government agencies	141,110		2,163		1,069		142,204
U.S. Government sponsored entities	857,438		9,999		13,461		853,976
U.S. corporate debt securities	2,500		0		84		2,416
Total available-for-sale debt securities	$	1,941,284	$	22,511	$	28,980	$	1,934,815

 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 available for sale securities with unrealized losses

The following table summarizes available-for-sale debt securities that had unrealized losses at March 31, 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	$	29,111	$	523	$0		$0		$	29,111	$	523
Obligations of U.S. Government sponsored entities	531,501		13,636		0		0		531,501		13,636
Obligations of U.S. states and political subdivisions	19,227		207		0		0		19,227		207
Mortgage-backed securities – residential, issued by
U.S. Government agencies	55,053		642		4,736		427		59,789		1,069
U.S. Government sponsored entities	471,855		13,347		5,378		114		477,233		13,461
U.S. corporate debt securities	0		0		2,416		84		2,416		84
Total available-for-sale debt securities	$	1,106,747	$	28,355	$	12,530	$	625	$	1,119,277	$	28,980

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

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.

March 31, 2021
(In thousands)	Amortized Cost		Fair Value
Available-for-sale debt securities:
Due in one year or less	$	76,967	$	77,746
Due after one year through five years	427,769		432,308
Due after five years through ten years	372,692		363,992
Due after ten years	65,308		64,589
Total	942,736		938,635
Mortgage-backed securities	998,548		996,180
Total available-for-sale debt securities	$	1,941,284	$	1,934,815

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