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Investments (Tables)
3 Months Ended
Mar. 31, 2020
Investments [Abstract]  
Schedule of debt securities available-for-sale
The following table presents a summary of investment securities at March 31, 2020 and December 31, 2019:
 Amortized
Cost
UnrealizedFair
Value
GainsLosses
(In thousands)
At March 31, 2020
Available-for-sale securities at fair value:
U.S. government and agencies$19,957  $1,130  $—  $21,087  
Government-sponsored entities154,844  5,598  —  160,442  
Municipal bonds319,844  12,784  (128) 332,500  
Mortgage-backed securities (1)466,706  12,670  (239) 479,137  
Total$961,351  $32,182  $(367) $993,166  
Held-to-maturity securities at amortized cost:
Mortgage-backed securities (1)$45,395  $731  $(30) $46,096  
Total$45,395  $731  $(30) $46,096  
Equity securities at fair value:
Money market mutual funds (2)$23,080  $—  $—  $23,080  
Total$23,080  $—  $—  $23,080  
At December 31, 2019
Available-for-sale securities at fair value:
U.S. government and agencies$19,955  $42  $(57) $19,940  
Government-sponsored entities154,963  1,292  —  156,255  
Municipal bonds312,977  12,551  (73) 325,455  
Mortgage-backed securities (1)479,005  1,117  (3,488) 476,634  
Total$966,900  $15,002  $(3,618) $978,284  
Held-to-maturity securities at amortized cost:
Mortgage-backed securities (1)48,212  53  (316) 47,949  
Total$48,212  $53  $(316) $47,949  
Equity securities at fair value:
Money market mutual funds (2)$18,810  $—  $—  $18,810  
Total$18,810  $—  $—  $18,810  
_____________________
(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 March 31, 2020 and December 31, 2019:
 Amortized
Cost
UnrealizedFair
Value
GainsLosses
(In thousands)
At March 31, 2020
Available-for-sale securities at fair value:
U.S. government and agencies$19,957  $1,130  $—  $21,087  
Government-sponsored entities154,844  5,598  —  160,442  
Municipal bonds319,844  12,784  (128) 332,500  
Mortgage-backed securities (1)466,706  12,670  (239) 479,137  
Total$961,351  $32,182  $(367) $993,166  
Held-to-maturity securities at amortized cost:
Mortgage-backed securities (1)$45,395  $731  $(30) $46,096  
Total$45,395  $731  $(30) $46,096  
Equity securities at fair value:
Money market mutual funds (2)$23,080  $—  $—  $23,080  
Total$23,080  $—  $—  $23,080  
At December 31, 2019
Available-for-sale securities at fair value:
U.S. government and agencies$19,955  $42  $(57) $19,940  
Government-sponsored entities154,963  1,292  —  156,255  
Municipal bonds312,977  12,551  (73) 325,455  
Mortgage-backed securities (1)479,005  1,117  (3,488) 476,634  
Total$966,900  $15,002  $(3,618) $978,284  
Held-to-maturity securities at amortized cost:
Mortgage-backed securities (1)48,212  53  (316) 47,949  
Total$48,212  $53  $(316) $47,949  
Equity securities at fair value:
Money market mutual funds (2)$18,810  $—  $—  $18,810  
Total$18,810  $—  $—  $18,810  
_____________________
(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 March 31, 2020. 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$33,686  $33,916  
After one, but within five years312,665  322,256  
After five, but within ten years230,955  239,899  
Greater than ten years384,045  397,095  
Total$961,351  $993,166  
The following table presents the maturities of held-to-maturity investment securities, based on contractual maturity, as of March 31, 2020.
 Held-to-maturity Securities
Amortized
Cost
Fair
Value
(In thousands)
After five, but within ten years$37,086  $37,569  
Greater than ten years8,309  8,527  
Total$45,395  $46,096  
The following table presents the maturities of equity securities, based on contractual maturity, as of March 31, 2020.
 Equity Securities
Amortized
Cost
Fair
Value
(In thousands)
Within one year$23,080  $23,080  
Total$23,080  $23,080  
Schedule of unrealized loss on investments
The following tables present information regarding securities at March 31, 2020 and December 31, 2019 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 months12 months or longerTotal
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
# of
Securities
(In thousands, except number of securities)
March 31, 2020
Available-for-sale securities
Municipal bonds$14,009  $(128) $—  $—  $14,009  $(128)  
Mortgage-backed securities (1) 3,568  (25) 18,972  (214) 22,540  (239) 36
Total$17,577  $(153) $18,972  $(214) $36,549  $(367) 39  
Held-to-maturity securities
Mortgage-backed securities (1)$—  $—  $4,442  $(30) $4,442  $(30)  
Total$—  $—  $4,442  $(30) $4,442  $(30)  
Less than 12 months12 months or longerTotal
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
# of
Securities
(In thousands, except number of securities)
December 31, 2019
Available-for-sale securities
U.S. government and agencies$9,899  $(57) $—  $—  $9,899  $(57)  
Government-sponsored entities1,725  —  —  —  1,725  —   
Municipal bonds9,149  (73) —  —  9,149  (73)  
Mortgage-backed securities (1)140,723  (1,016) 187,043  (2,472) 327,766  (3,488) 85  
Total$161,496  $(1,146) $187,043  $(2,472) $348,539  $(3,618) 91  
Held-to-maturity securities
Mortgage-backed securities (1)$10,328  $(11) $30,451  $(305) $40,779  $(316) 14  
Total$10,328  $(11) $30,451  $(305) $40,779  $(316) 14  
_____________________
(1)All mortgage-backed securities are guaranteed by the U.S. government, U.S. government agencies, or government-sponsored entities.