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Securities (Tables)
 9 Months Ended
Sep. 30, 2019
Investments, Debt and Equity Securities [Abstract]  
Summary of Amortized Cost and Fair Value of Securities Available for Sale
The amortized cost, gross unrealized gains and losses and fair value of securities available for sale and held to maturity at September 30, 2019 and December 31, 2018 are summarized as follows:
 
 
September 30, 2019
(In thousands)
Amortized
Cost
 
Gross Unrealized
Gains
 
Gross Unrealized
Losses
 
Fair
Value
Debt securities available for sale
 

 
 

 
 

 
 

U.S. Treasury securities and obligations of U.S. government agencies
$
10,206

 
$
319

 
$
(1
)
 
$
10,524

Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities
562,270

 
12,096

 
(520
)
 
573,846

Private mortgage-backed securities and collateralized mortgage obligations
60,809

 
1,808

 
(17
)
 
62,600

Collateralized loan obligations
241,387

 
1

 
(1,402
)
 
239,986

Obligations of state and political subdivisions
32,506

 
1,349

 
—

 
33,855

Totals
$
907,178

 
$
15,573


$
(1,940
)

$
920,811

 
 
 
 
 
 
 
 
Debt securities held to maturity
 
 
 
 
 
 
 
Mortgage-backed securities of U.S. government sponsored entities
$
273,644

 
$
3,930

 
$
(1,505
)
 
$
276,069

Totals
$
273,644


$
3,930


$
(1,505
)

$
276,069

 
 
December 31, 2018
(In thousands)
Amortized
Cost
 
Gross Unrealized
Gains
 
Gross Unrealized
Losses
 
Fair
Value
Debt securities available for sale
 

 
 

 
 

 
 

U.S. Treasury securities and obligations of U.S. government agencies
$
7,200

 
$
106

 
$
(6
)
 
$
7,300

Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities
567,753

 
300

 
(14,047
)
 
554,006

Private mortgage-backed securities and collateralized mortgage obligations
55,569

 
560

 
(401
)
 
55,728

Collateralized loan obligations
212,807

 
1

 
(3,442
)
 
209,366

Obligations of state and political subdivisions
39,543

 
339

 
(451
)
 
39,431

Totals
$
882,872

 
$
1,306

 
$
(18,347
)
 
$
865,831

 
 
 
 
 
 
 
 
Debt securities held to maturity
 
 
 
 
 
 
 
Mortgage-backed securities of U.S. government sponsored entities
$
304,423

 
$
—

 
$
(7,324
)
 
$
297,099

Private mortgage-backed securities and collateralized mortgage obligations
21,526

 
277

 
(130
)
 
21,673

Collateralized loan obligations
32,000

 
—

 
(877
)
 
31,123

Totals
$
357,949

 
$
277

 
$
(8,331
)
 
$
349,895
Summary of Amortized Cost and Fair Value of Held-to-Maturity Securities
The amortized cost, gross unrealized gains and losses and fair value of securities available for sale and held to maturity at September 30, 2019 and December 31, 2018 are summarized as follows:
 
 
September 30, 2019
(In thousands)
Amortized
Cost
 
Gross Unrealized
Gains
 
Gross Unrealized
Losses
 
Fair
Value
Debt securities available for sale
 

 
 

 
 

 
 

U.S. Treasury securities and obligations of U.S. government agencies
$
10,206

 
$
319

 
$
(1
)
 
$
10,524

Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities
562,270

 
12,096

 
(520
)
 
573,846

Private mortgage-backed securities and collateralized mortgage obligations
60,809

 
1,808

 
(17
)
 
62,600

Collateralized loan obligations
241,387

 
1

 
(1,402
)
 
239,986

Obligations of state and political subdivisions
32,506

 
1,349

 
—

 
33,855

Totals
$
907,178

 
$
15,573


$
(1,940
)

$
920,811

 
 
 
 
 
 
 
 
Debt securities held to maturity
 
 
 
 
 
 
 
Mortgage-backed securities of U.S. government sponsored entities
$
273,644

 
$
3,930

 
$
(1,505
)
 
$
276,069

Totals
$
273,644


$
3,930


$
(1,505
)

$
276,069

 
 
December 31, 2018
(In thousands)
Amortized
Cost
 
Gross Unrealized
Gains
 
Gross Unrealized
Losses
 
Fair
Value
Debt securities available for sale
 

 
 

 
 

 
 

U.S. Treasury securities and obligations of U.S. government agencies
$
7,200

 
$
106

 
$
(6
)
 
$
7,300

Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities
567,753

 
300

 
(14,047
)
 
554,006

Private mortgage-backed securities and collateralized mortgage obligations
55,569

 
560

 
(401
)
 
55,728

Collateralized loan obligations
212,807

 
1

 
(3,442
)
 
209,366

Obligations of state and political subdivisions
39,543

 
339

 
(451
)
 
39,431

Totals
$
882,872

 
$
1,306

 
$
(18,347
)
 
$
865,831

 
 
 
 
 
 
 
 
Debt securities held to maturity
 
 
 
 
 
 
 
Mortgage-backed securities of U.S. government sponsored entities
$
304,423

 
$
—

 
$
(7,324
)
 
$
297,099

Private mortgage-backed securities and collateralized mortgage obligations
21,526

 
277

 
(130
)
 
21,673

Collateralized loan obligations
32,000

 
—

 
(877
)
 
31,123

Totals
$
357,949

 
$
277

 
$
(8,331
)
 
$
349,895
Summary of Investments Classified by Contractual Maturity Securities not due at a single maturity date are shown separately.
 
 
Held to Maturity
 
Available for Sale
(In thousands)
Amortized
Cost
 
Fair
Value
 
Amortized
Cost
 
Fair
Value
Due in less than one year
$
—

 
$
—

 
$
10,047

 
$
10,069

Due after one year through five years
—

 
—

 
134,560

 
134,537

Due after five years through ten years
—

 
—

 
131,057

 
130,712

Due after ten years
—

 
—

 
8,435

 
9,047

 
—

 
—

 
284,099

 
284,365

Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities
273,644

 
276,069

 
562,270

 
573,846

Private mortgage-backed securities and collateralized mortgage obligations
—

 
—

 
60,809

 
62,600

   Totals
$
273,644

 
$
276,069

 
$
907,178

 
$
920,811
Schedule of Debt Securities in Unrealized Loss Position The tables below indicate the fair value of debt securities with unrealized losses and the period of time for which these losses were outstanding at September 30, 2019 and December 31, 2018, respectively.
 
 
September 30, 2019
 
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. Treasury securities and obligations of U.S. government agencies
$
438

 
(1
)
 
$
—

 
$
—

 
$
438

 
$
(1
)
Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities
83,139

 
(383
)
 
115,545

 
(1,642
)
 
198,684

 
(2,025
)
Private mortgage-backed securities and collateralized mortgage obligations
8,010

 
(17
)
 
—

 
—

 
8,010

 
(17
)
Collateralized loan obligations
118,668

 
(568
)
 
110,516

 
(834
)
 
229,184

 
(1,402
)
   Totals
$
210,255

 
$
(969
)
 
$
226,061

 
$
(2,476
)
 
$
436,316

 
$
(3,445
)
 
December 31, 2018
 
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. Treasury securities and obligations of U.S. government agencies
$
99

 
$
(1
)
 
$
642

 
$
(5
)
 
$
741

 
$
(6
)
Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities
200,184

 
(2,235
)
 
623,420

 
(19,136
)
 
823,604

 
(21,371
)
Private mortgage-backed securities and collateralized mortgage obligations
20,071

 
(344
)
 
12,739

 
(187
)
 
32,810

 
(531
)
Collateralized loan obligations
238,894

 
(4,319
)
 
—

 
—

 
238,894

 
(4,319
)
Obligations of state and political subdivisions
19,175

 
(241
)
 
9,553

 
(210
)
 
28,728

 
(451
)
   Totals
$
478,423

 
$
(7,140
)
 
$
646,354

 
$
(19,538
)
 
$
1,124,777

 
$
(26,678
)