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Investments (Tables)
 6 Months Ended
Jun. 30, 2019
Investments [Abstract]  
Schedule of debt securities available-for-sale
The following table presents a summary of investment securities at June 30, 2019 and December 31, 2018:
 
Amortized
Cost
 
Unrealized
 
Fair
Value
Gains
 
Losses
 
(In thousands)
At June 30, 2019
 
 
 
 
 
 
 
Available-for-sale securities at fair value:
 
 
 
 
 
 
 
U.S. government and agencies
$
20,047

 
$
8

 
$
(114
)
 
$
19,941

Government-sponsored entities
181,442

 
601

 
(65
)
 
181,978

Municipal bonds
314,235

 
10,002

 
(92
)
 
324,145

Mortgage-backed securities (1)
444,826

 
969

 
(5,128
)
 
440,667

Total
$
960,550

 
$
11,580

 
$
(5,399
)
 
$
966,731

 
 
 
 
 
 
 
 
Held-to-maturity securities at amortized cost:
 
 
 
 
 
 
 
Mortgage-backed securities (1)
$
54,482

 
$
24

 
$
(577
)
 
$
53,929

Total
$
54,482

 
$
24

 
$
(577
)
 
$
53,929

 
 
 
 
 
 
 
 
Equity securities at fair value:
 
 
 
 
 
 
 
Money market mutual funds (2)
$
19,092

 
$
—

 
$
—

 
$
19,092

Total
$
19,092

 
$
—

 
$
—

 
$
19,092

 
 
 
 
 
 
 
 
At December 31, 2018
 
 
 
 
 
 
 
Available-for-sale securities at fair value:
 
 
 
 
 
 
 
U.S. government and agencies
$
30,043

 
$
—

 
$
(929
)
 
$
29,114

Government-sponsored entities
211,655

 
—

 
(3,952
)
 
207,703

Municipal bonds
309,837

 
2,223

 
(3,101
)
 
308,959

Mortgage-backed securities (1)
467,239

 
214

 
(19,164
)
 
448,289

Total
$
1,018,774

 
$
2,437

 
$
(27,146
)
 
$
994,065

 
 
 
 
 
 
 
 
Held-to-maturity securities at amortized cost:
 
 
 
 
 
 
 
U.S. government and agencies
$
9,898

 
$
2

 
$
—

 
$
9,900

Mortgage-backed securities (1)
60,540

 
—

 
(1,845
)
 
58,695

Total
$
70,438

 
$
2

 
$
(1,845
)
 
$
68,595

 
 
 
 
 
 
 
 
Equity securities at fair value:
 
 
 
 
 
 
 
Money market mutual funds (2)
$
14,228

 
$
—

 
$
—

 
$
14,228

Total
$
14,228

 
$
—

 
$
—

 
$
14,228

_____________________
(1)
All mortgage-backed securities are guaranteed by the U.S. government, U.S. government agencies, or government-sponsored entities.
(2)
Money market mutual funds maintain a constant net asset value of $1.00 and therefore have no unrealized gain or loss.
Schedule of debt securities held-to-maturity
The following table presents a summary of investment securities at June 30, 2019 and December 31, 2018:
 
Amortized
Cost
 
Unrealized
 
Fair
Value
Gains
 
Losses
 
(In thousands)
At June 30, 2019
 
 
 
 
 
 
 
Available-for-sale securities at fair value:
 
 
 
 
 
 
 
U.S. government and agencies
$
20,047

 
$
8

 
$
(114
)
 
$
19,941

Government-sponsored entities
181,442

 
601

 
(65
)
 
181,978

Municipal bonds
314,235

 
10,002

 
(92
)
 
324,145

Mortgage-backed securities (1)
444,826

 
969

 
(5,128
)
 
440,667

Total
$
960,550

 
$
11,580

 
$
(5,399
)
 
$
966,731

 
 
 
 
 
 
 
 
Held-to-maturity securities at amortized cost:
 
 
 
 
 
 
 
Mortgage-backed securities (1)
$
54,482

 
$
24

 
$
(577
)
 
$
53,929

Total
$
54,482

 
$
24

 
$
(577
)
 
$
53,929

 
 
 
 
 
 
 
 
Equity securities at fair value:
 
 
 
 
 
 
 
Money market mutual funds (2)
$
19,092

 
$
—

 
$
—

 
$
19,092

Total
$
19,092

 
$
—

 
$
—

 
$
19,092

 
 
 
 
 
 
 
 
At December 31, 2018
 
 
 
 
 
 
 
Available-for-sale securities at fair value:
 
 
 
 
 
 
 
U.S. government and agencies
$
30,043

 
$
—

 
$
(929
)
 
$
29,114

Government-sponsored entities
211,655

 
—

 
(3,952
)
 
207,703

Municipal bonds
309,837

 
2,223

 
(3,101
)
 
308,959

Mortgage-backed securities (1)
467,239

 
214

 
(19,164
)
 
448,289

Total
$
1,018,774

 
$
2,437

 
$
(27,146
)
 
$
994,065

 
 
 
 
 
 
 
 
Held-to-maturity securities at amortized cost:
 
 
 
 
 
 
 
U.S. government and agencies
$
9,898

 
$
2

 
$
—

 
$
9,900

Mortgage-backed securities (1)
60,540

 
—

 
(1,845
)
 
58,695

Total
$
70,438

 
$
2

 
$
(1,845
)
 
$
68,595

 
 
 
 
 
 
 
 
Equity securities at fair value:
 
 
 
 
 
 
 
Money market mutual funds (2)
$
14,228

 
$
—

 
$
—

 
$
14,228

Total
$
14,228

 
$
—

 
$
—

 
$
14,228

_____________________
(1)
All mortgage-backed securities are guaranteed by the U.S. government, U.S. government agencies, or government-sponsored entities.
(2)
Money market mutual funds maintain a constant net asset value of $1.00 and therefore have no unrealized gain or loss.
Investments classified by contractual maturity date
The following table presents the maturities of available-for-sale investment securities, based on contractual maturity, as of June 30, 2019. Certain securities are callable before their final maturity. Additionally, certain securities (such as mortgage-backed securities) are shown within the table below based on their final (contractual) maturity, but due to prepayments and amortization are expected to have shorter lives.
 
Available-for-sale Securities
Amortized
Cost
 
Fair
Value
(In thousands)
Within one year
$
43,131

 
$
43,118

After one, but within five years
266,198

 
266,819

After five, but within ten years
284,020

 
285,133

Greater than ten years
367,201

 
371,661

Total
$
960,550

 
$
966,731


The following table presents the maturities of held-to-maturity investment securities, based on contractual maturity, as of June 30, 2019.
 
Held-to-maturity Securities
Amortized
Cost
 
Fair
Value
(In thousands)
After five, but within ten years
$
44,565

 
$
44,132

Greater than ten years
9,917

 
9,797

Total
$
54,482

 
$
53,929
Realized gain (loss) on investments
The following table presents the proceeds from sales, gross realized gains and gross realized losses for available-for-sale securities that were sold or called during the following periods as well as changes in the fair value of equity securities as prescribed by ASC 321, Investment - Equity Securities. ASU 2016-01, Recognition and Measurements of Financial Assets and Financial Liabilities was adopted on January 1, 2018, at which time a cumulative effect adjustment of $339 thousand was recorded to reclassify the amount of accumulated unrealized gains related to equity securities from accumulated other comprehensive income to retained earnings.
 
Three months ended June 30,
 
Six months ended June 30,
2019
 
2018
 
2019
 
2018
(In thousands)
Proceeds from sales
$
—

 
$
19,673

 
$
—

 
$
35,550

Realized gains
—

 
—

 
—

 
7

Realized losses
—

 
—

 
—

 
(1
)
Change in unrealized gain/ (loss) on equity securities reflected in the consolidated statement of operations
—

 
7

 
—

 
(23
)
Schedule of unrealized loss on investments
The following tables present information regarding securities at June 30, 2019 and December 31, 2018 having temporary impairment, due to the fair values having declined below the amortized cost of the individual securities, and the time period that the investments have been temporarily impaired.
 
Less than 12 months
 
12 months or longer
 
Total
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
# of
Securities
 
(In thousands, except number of securities)
June 30, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
Available-for-sale securities
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government and agencies
$
—

 
$
—

 
$
9,934

 
$
(114
)
 
$
9,934

 
$
(114
)
 
2

Government-sponsored entities
—

 
—

 
70,069

 
(65
)
 
70,069

 
(65
)
 
13

Municipal bonds
7,794

 
(12
)
 
14,930

 
(80
)
 
22,724

 
(92
)
 
16

Mortgage-backed securities (1) (3)
54

 
—

 
353,127

 
(5,128
)
 
353,181

 
(5,128
)
 
89

Total
$
7,848

 
$
(12
)
 
$
448,060

 
$
(5,387
)
 
$
455,908

 
$
(5,399
)
 
120

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Held-to-maturity securities
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage-backed securities (1)
$
—

 
$
—

 
$
45,951

 
$
(577
)
 
$
45,951

 
$
(577
)
 
14

Total
$
—

 
$
—

 
$
45,951

 
$
(577
)
 
$
45,951

 
$
(577
)
 
14


 
Less than 12 months
 
12 months or longer
 
Total
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
# of
Securities
 
(In thousands, except number of securities)
December 31, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
Available-for-sale securities
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government and agencies
$
—

 
$
—

 
$
29,114

 
$
(929
)
 
$
29,114

 
$
(929
)
 
5

Government-sponsored entities
—

 
—

 
207,703

 
(3,952
)
 
207,703

 
(3,952
)
 
32

Municipal bonds
25,394

 
(128
)
 
130,209

 
(2,973
)
 
155,603

 
(3,101
)
 
85

Mortgage-backed securities (1)
2,469

 
(11
)
 
433,888

 
(19,153
)
 
436,357

 
(19,164
)
 
110

Total
$
27,863

 
$
(139
)
 
$
800,914

 
$
(27,007
)
 
$
828,777

 
$
(27,146
)
 
232

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Held-to-maturity securities
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage-backed securities (1)
$
—

 
$
—

 
$
58,695

 
$
(1,845
)
 
$
58,695

 
$
(1,845
)
 
16

Total
$
—

 
$
—

 
$
58,695

 
$
(1,845
)
 
$
58,695

 
$
(1,845
)
 
16

_____________________
(1)
All mortgage-backed securities are guaranteed by the U.S. government, U.S. government agencies, or government-sponsored entities.
(3) The amount of unrealized losses less than 12 months rounds to zero.