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Investments (Tables)
6 Months Ended
Jun. 30, 2020
Investments [Abstract]  
Schedule of debt securities available-for-sale
The following table presents a summary of investment securities at June 30, 2020 and December 31, 2019:
 Amortized
Cost
UnrealizedFair
Value
GainsLosses
(In thousands)
At June 30, 2020
Available-for-sale securities at fair value:
U.S. government and agencies$19,959  $1,162  $—  $21,121  
Government-sponsored entities153,225  5,718  —  158,943  
Municipal bonds315,056  18,899  —  333,955  
Mortgage-backed securities (1)471,610  17,515  (174) 488,951  
Total$959,850  $43,294  $(174) $1,002,970  
Held-to-maturity securities at amortized cost:
Mortgage-backed securities (1)$42,495  $888  $(32) $43,351  
Total$42,495  $888  $(32) $43,351  
Equity securities at fair value:
Money market mutual funds (2)$24,492  $—  $—  $24,492  
Total$24,492  $—  $—  $24,492  
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 June 30, 2020 and December 31, 2019:
 Amortized
Cost
UnrealizedFair
Value
GainsLosses
(In thousands)
At June 30, 2020
Available-for-sale securities at fair value:
U.S. government and agencies$19,959  $1,162  $—  $21,121  
Government-sponsored entities153,225  5,718  —  158,943  
Municipal bonds315,056  18,899  —  333,955  
Mortgage-backed securities (1)471,610  17,515  (174) 488,951  
Total$959,850  $43,294  $(174) $1,002,970  
Held-to-maturity securities at amortized cost:
Mortgage-backed securities (1)$42,495  $888  $(32) $43,351  
Total$42,495  $888  $(32) $43,351  
Equity securities at fair value:
Money market mutual funds (2)$24,492  $—  $—  $24,492  
Total$24,492  $—  $—  $24,492  
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 June 30, 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$45,957  $46,277  
After one, but within five years301,995  314,345  
After five, but within ten years231,164  244,374  
Greater than ten years380,734  397,974  
Total$959,850  $1,002,970  
The following table presents the maturities of held-to-maturity investment securities, based on contractual maturity, as of June 30, 2020.
 Held-to-maturity Securities
Amortized
Cost
Fair
Value
(In thousands)
After five, but within ten years$34,732  $35,377  
Greater than ten years7,763  7,974  
Total$42,495  $43,351  
The following table presents the maturities of equity securities, based on contractual maturity, as of June 30, 2020.
 Equity Securities
Amortized
Cost
Fair
Value
(In thousands)
Within one year$24,492  $24,492  
Total$24,492  $24,492  
Schedule of unrealized loss on investments
The following tables present information regarding securities at June 30, 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)
June 30, 2020
Available-for-sale securities
Mortgage-backed securities (1) $20,871  $(45) $10,622  $(129) $31,493  $(174) 28  
Total$20,871  $(45) $10,622  $(129) $31,493  $(174) 28  
Held-to-maturity securities
Mortgage-backed securities (1)$2,135  $(9) $2,024  $(23) $4,159  $(32)  
Total$2,135  $(9) $2,024  $(23) $4,159  $(32)  
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.