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Marketable Securities (Tables)
3 Months Ended
Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]  
Schedule of the portfolio of investment securities available-for-sale
The following table shows the portfolio of marketable securities available-for-sale at March 31, 2020 (in thousands):
 
Amortized
cost
 
Gross
unrealized
holding
gains
 
Gross
unrealized
holding
losses
 
Fair
value
Debt issued by government sponsored enterprises:
 
 
 
 
 
 
 
Due in less than one year
$
50,761

 
475

 

 
51,236

Due in one year through five years
25,227

 
284

 

 
25,511

Due in five years through ten years
3,411

 
114

 
(103
)
 
3,422

 
 
 
 
 
 
 
 
Municipal securities:
 
 
 
 
 
 
 
Due in less than one year
812

 
3

 

 
815

Due in one year through five years
2,897

 
68

 

 
2,965

Due in five years through ten years
8,903

 
178

 

 
9,081

Due after ten years
31,400

 
436

 

 
31,836

 
 
 
 
 
 
 
 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
Fixed rate pass-through
130,729

 
4,453

 
(10
)
 
135,172

Variable rate pass-through
18,025

 
403

 
(8
)
 
18,420

Fixed rate agency CMOs
423,625

 
10,447

 
(60
)
 
434,012

Variable rate agency CMOs
53,913

 
62

 
(866
)
 
53,109

Total residential mortgage-backed securities
626,292

 
15,365

 
(944
)
 
640,713

Total marketable securities available-for-sale
$
749,703

 
16,923

 
(1,047
)
 
765,579



The following table shows the portfolio of marketable securities available-for-sale at December 31, 2019 (in thousands): 
 
Amortized
cost
 
Gross
unrealized
holding
gains
 
Gross
unrealized
holding
losses
 
Fair
value
Debt issued by the U.S. government and agencies:
 

 
 

 
 

 
 

Due in less than one year
$
14,951

 
40

 

 
14,991

 
 
 
 
 
 
 
 
Debt issued by government sponsored enterprises:
 

 
 

 
 

 
 

Due in less than one year
50,777

 
345

 

 
51,122

Due in one year through five years
50,229

 

 
(227
)
 
50,002

Due after ten years
3,716

 
53

 
(109
)
 
3,660

 
 
 
 
 
 
 
 
Municipal securities:
 

 
 

 
 

 
 

Due in less than one year
809

 
4

 

 
813

Due in one year through five years
2,891

 
79

 

 
2,970

Due in five years through ten years
10,155

 
148

 

 
10,303

Due after ten years
11,695

 
267

 

 
11,962

 
 
 
 
 
 
 
 
Corporate debt issues:
 

 
 

 
 

 
 

Due in five years through ten years
919

 

 

 
919

 
 
 
 
 
 
 
 
Residential mortgage-backed securities:
 

 
 

 
 

 
 

Fixed rate pass-through
142,421

 
1,941

 
(881
)
 
143,481

Variable rate pass-through
18,933

 
749

 
(4
)
 
19,678

Fixed rate agency CMOs
452,256

 
3,518

 
(1,606
)
 
454,168

Variable rate agency CMOs
55,743

 
207

 
(118
)
 
55,832

Total residential mortgage-backed securities
669,353

 
6,415

 
(2,609
)
 
673,159

Total marketable securities available-for-sale
$
815,495

 
7,351

 
(2,945
)
 
819,901


Schedule of the portfolio of investment securities held-to-maturity The following table shows the portfolio of marketable securities held-to-maturity at March 31, 2020 (in thousands):

 
Amortized
cost
 
Gross
unrealized
holding
gains
 
Gross
unrealized
holding
losses
 
Fair
value
Residential mortgage-backed securities:
 

 
 

 
 

 
 

Fixed rate pass-through
$
2,096

 
113

 

 
2,209

Variable rate pass-through
1,119

 
15

 

 
1,134

Fixed rate agency CMOs
13,389

 
639

 

 
14,028

Variable rate agency CMOs
604

 
1

 
(8
)
 
597

Total residential mortgage-backed securities
17,208

 
768

 
(8
)
 
17,968

Total marketable securities held-to-maturity
$
17,208

 
768

 
(8
)
 
17,968


 

The following table shows the portfolio of marketable securities held-to-maturity at December 31, 2019 (in thousands): 
 
Amortized
cost
 
Gross
unrealized
holding
gains
 
Gross
unrealized
holding
losses
 
Fair
value
Residential mortgage-backed securities:
 

 
 

 
 

 
 

Fixed rate pass-through
$
2,197

 
83

 

 
2,280

Variable rate pass-through
1,210

 
28

 

 
1,238

Fixed rate agency CMOs
14,016

 
68

 

 
14,084

Variable rate agency CMOs
613

 
8

 

 
621

Total residential mortgage-backed securities
18,036

 
187

 

 
18,223

Total marketable securities held-to-maturity
$
18,036

 
187

 

 
18,223



The following table shows the contractual maturity of our marketable securities held-to-maturity at March 31, 2020 (in thousands):
 
Amortized
cost
 
Fair
value
Residential mortgage-backed securities:
 

 
 

Due in less than one year
$
1

 
1

Due in one year through five years
599

 
626

Due after five years through ten years
929

 
981

Due after ten years
15,679

 
16,360

Total residential mortgage-backed securities
17,208

 
17,968

Total marketable securities held-to-maturity
$
17,208

 
17,968


Schedule of the fair value and gross unrealized losses on investment securities, aggregated by investment category and length of time individual securities have been in a continuous unrealized loss position
The following table shows the fair value of and gross unrealized losses on available-for-sale marketable securities, for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at March 31, 2020 (in thousands):
 
Less than 12 months
 
12 months or more
 
Total
 
Fair value
 
Unrealized
loss
 
Fair value
 
Unrealized
loss
 
Fair value
 
Unrealized
loss
U.S. government sponsored enterprises
$

 

 
2,320

 
(103
)
 
2,320

 
(103
)
Residential mortgage-backed securities - agency
46,190

 
(847
)
 
9,167

 
(97
)
 
55,357

 
(944
)
Total temporarily impaired securities
$
46,190

 
(847
)
 
11,487

 
(200
)
 
57,677

 
(1,047
)

The following table shows the fair value of and gross unrealized losses on marketable securities, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at December 31, 2019 (in thousands):
 
Less than 12 months
 
12 months or more
 
Total
 
Fair value
 
Unrealized
loss
 
Fair value
 
Unrealized
loss
 
Fair value
 
Unrealized
loss
U.S. government sponsored enterprises
$

 

 
52,620

 
(336
)
 
52,620

 
(336
)
Residential mortgage-backed securities - agency
173,112

 
(858
)
 
109,324

 
(1,751
)
 
282,436

 
(2,609
)
Total temporarily impaired securities
$
173,112

 
(858
)
 
161,944

 
(2,087
)
 
335,056

 
(2,945
)

Schedule of credit quality of held-to-maturity securities
The following table presents the credit quality of our held-to-maturity securities, based on latest information available as of March 31, 2020. The credit ratings are sourced from nationally recognized rating agencies, which include Moody's and S&P, or when credit ratings cannot be sourced from the agencies, they are presented based on asset type. All of our held-to-maturity securities were current in their payment of principal and interest as of March 31, 2020.
 
AA+
 
Total
Held-to-maturity securities:
 
 
 
  Residential mortgage-backed securities
$
17,208

 
17,208

Total marketable securities held-to-maturity
$
17,208

 
17,208