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.

Held-to-maturity securities:

Residential mortgage-backed securities

Total marketable securities held-to-maturity