Securities (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2019 and December 31, 2018 are summarized as follows:

	December 31, 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	$	9,914	$	204	$	(4	)	$	10,114
Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities	604,934		5,784		(1,511		)	609,207
Private mortgage-backed securities and collateralized mortgage obligations	56,005		1,561		(5		)	57,561
Collateralized loan obligations	239,364		7		(1,153		)	238,218
Obligations of state and political subdivisions	30,548		1,208		(1		)	31,755
Totals	$	940,765	$	8,764	$	(2,674	)	$	946,855
Debt Securities Held-to-Maturity
Mortgage-backed securities of U.S. government sponsored entities	$	261,369	$	2,717	$	(1,873	)	$	262,213
Totals	$	261,369	$	2,717	$	(1,873	)	$	262,213

 

	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 Securities Held to Maturity

The amortized cost, gross unrealized gains and losses and fair value of securities available-for-sale and held-to-maturity at December 31, 2019 and December 31, 2018 are summarized as follows:

	December 31, 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	$	9,914	$	204	$	(4	)	$	10,114
Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities	604,934		5,784		(1,511		)	609,207
Private mortgage-backed securities and collateralized mortgage obligations	56,005		1,561		(5		)	57,561
Collateralized loan obligations	239,364		7		(1,153		)	238,218
Obligations of state and political subdivisions	30,548		1,208		(1		)	31,755
Totals	$	940,765	$	8,764	$	(2,674	)	$	946,855
Debt Securities Held-to-Maturity
Mortgage-backed securities of U.S. government sponsored entities	$	261,369	$	2,717	$	(1,873	)	$	262,213
Totals	$	261,369	$	2,717	$	(1,873	)	$	262,213

 

	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

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	$	—	$	—	$	3,472	$	3,523
Due after one year through five years	—		—		8,582		8,698
Due after five years through ten years	—		—		10,488		10,979
Due after ten years	—		—		17,920		18,669
	—		—		40,462		41,869
Mortgage-backed securities of U.S. government sponsored entities	261,369		262,213		604,934		609,207
Private mortgage-backed securities and collateralized mortgage obligations	—		—		56,005		57,561
Collateralized loan obligations	—		—		239,364		238,218
Totals	$	261,369	$	262,213	$	940,765	$	946,855

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	$	—	$	—	$	3,472	$	3,523
Due after one year through five years	—		—		8,582		8,698
Due after five years through ten years	—		—		10,488		10,979
Due after ten years	—		—		17,920		18,669
	—		—		40,462		41,869
Mortgage-backed securities of U.S. government sponsored entities	261,369		262,213		604,934		609,207
Private mortgage-backed securities and collateralized mortgage obligations	—		—		56,005		57,561
Collateralized loan obligations	—		—		239,364		238,218
Totals	$	261,369	$	262,213	$	940,765	$	946,855

Schedule of Unrealized Loss and Fair Value on Investments

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 December 31, 2019 and December 31, 2018, respectively. 

	December 31, 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	$	758	$	(4	)	$	—	$	—		$	758	$	(4	)
Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities	220,057		(1,461		)	104,184		(1,923		)	324,241		(3,384		)
Private mortgage-backed securities and collateralized mortgage obligations	2,978		(5		)	—		—			2,978		(5		)
Collateralized loan obligations	88,680		(570		)	110,767		(583		)	199,447		(1,153		)
Obligations of state and political subdivisions	515		(1		)	—		—			515		(1		)
Total temporarily impaired securities	$	312,988	$	(2,041	)	$	214,951	$	(2,506	)	$	527,939	$	(4,547	)

	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		)
Total temporarily impaired securities	$	478,423	$	(7,140	)	$	646,354	$	(19,538	)	$	1,124,777	$	(26,678	)