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Investment Securities (Tables)
 9 Months Ended
Sep. 30, 2018
Investments, Debt and Equity Securities [Abstract]  
Investment Securities
The amortized cost and fair value of investment securities that are classified as held-to-maturity (“HTM”) and available-for-sale (“AFS”) are as follows:
 
 
September 30, 2018
 
December 31, 2017
(In thousands)
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross Unrealized
(Losses)
 
Estimated
Fair
Value
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross Unrealized
(Losses)
 
Estimated
Fair
Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Held-to-Maturity
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

U.S. Government agencies
$
34,983

 
$
—

 
$
(113
)
 
$
34,870

 
$
46,945

 
$
7

 
$
(228
)
 
$
46,724

Mortgage-backed securities
13,933

 
—

 
(698
)
 
13,235

 
16,132

 
8

 
(287
)
 
15,853

State and political subdivisions
272,396

 
2,369

 
(2,020
)
 
272,745

 
301,491

 
5,962

 
(222
)
 
307,231

Other securities
1,994

 
—

 
(6
)
 
1,988

 
3,490

 
—

 
—

 
3,490

Total HTM
$
323,306


$
2,369


$
(2,837
)

$
322,838


$
368,058


$
5,977


$
(737
)

$
373,298

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Available-for-Sale
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Government agencies
$
145,808

 
$
—

 
$
(4,348
)
 
$
141,460

 
$
141,559

 
$
116

 
$
(1,951
)
 
$
139,724

Mortgage-backed securities
1,471,687

 
127

 
(52,188
)
 
1,419,626

 
1,208,017

 
246

 
(20,946
)
 
1,187,317

State and political subdivisions
291,731

 
12

 
(9,304
)
 
282,439

 
144,642

 
532

 
(2,009
)
 
143,165

Other securities
151,572

 
2,718

 
(1
)
 
154,289

 
118,106

 
1,206

 
(1
)
 
119,311

Total AFS
$
2,060,798


$
2,857


$
(65,841
)

$
1,997,814


$
1,612,324


$
2,100


$
(24,907
)

$
1,589,517
Gross Unrealized Losses and Fair Value of Investments
The following table shows the gross unrealized losses and fair value of the Company’s investments with unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2018: 

 
Less Than 12 Months
 
12 Months or More
 
Total
(In thousands)
Estimated
Fair
Value
 
Gross
Unrealized
Losses
 
Estimated
Fair
Value
 
Gross
Unrealized
Losses
 
Estimated
Fair
Value
 
Gross
Unrealized
Losses
 
 
 
 
 
 
 
 
 
 
 
 
Held-to-Maturity
 

 
 

 
 

 
 

 
 

 
 

U.S. Government agencies
$
3,972

 
$
(11
)
 
$
30,898

 
$
(102
)
 
$
34,870

 
$
(113
)
Mortgage-backed securities
3,830

 
(106
)
 
9,404

 
(592
)
 
13,234

 
(698
)
State and political subdivisions
123,574

 
(1,682
)
 
8,539

 
(338
)
 
132,113

 
(2,020
)
Other securities
1,166

 
(6
)
 
—

 
—

 
1,166

 
(6
)
Total HTM
$
132,542


$
(1,805
)

$
48,841


$
(1,032
)

$
181,383


$
(2,837
)
 
 
 
 
 
 
 
 
 
 
 
 
Available-for-Sale
 
 
 
 
 
 
 
 
 
 
 
U.S. Government agencies
$
56,785

 
$
(689
)
 
$
84,675

 
$
(3,659
)
 
$
141,460

 
$
(4,348
)
Mortgage-backed securities
586,783

 
(11,469
)
 
808,969

 
(40,719
)
 
1,395,752

 
(52,188
)
State and political subdivisions
182,036

 
(4,510
)
 
95,076

 
(4,794
)
 
277,112

 
(9,304
)
Other securities
—

 
—

 
99

 
(1
)
 
99

 
(1
)
Total AFS
$
825,604


$
(16,668
)

$
988,819


$
(49,173
)

$
1,814,423


$
(65,841
)
Income Earned on Securities
Income earned on securities for the three and nine months ended September 30, 2018 and 2017, is as follows:
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
(In thousands)
2018
 
2017
 
2018
 
2017
Taxable:
 
 
 
 
 

 
 

Held-to-maturity
$
528

 
$
625

 
$
1,641

 
$
1,922

Available-for-sale
10,364

 
5,949

 
29,614

 
18,003

 
 
 
 
 
 
 
 
Non-taxable:
 
 
 
 
 
 
 
Held-to-maturity
1,828

 
2,135

 
5,661

 
6,635

Available-for-sale
1,920

 
509

 
4,642

 
2,099

Total
$
14,640

 
$
9,218

 
$
41,558

 
$
28,659
Amortized Cost and Estimated Fair Value by Maturity of Securities
The amortized cost and estimated fair value by maturity of securities are shown in the following table. Securities are classified according to their contractual maturities without consideration of principal amortization, potential prepayments or call options. Accordingly, actual maturities may differ from contractual maturities. 
 
Held-to-Maturity
 
Available-for-Sale
(In thousands)
Amortized
Cost
 
Fair
Value
 
Amortized
Cost
 
Fair
Value
 
 
 
 
 
 
 
 
One year or less
$
50,503

 
$
50,366

 
$
120

 
$
119

After one through five years
60,633

 
60,313

 
35,703

 
34,714

After five through ten years
91,862

 
91,364

 
22,485

 
21,698

After ten years
106,375

 
107,560

 
379,331

 
367,466

Securities not due on a single maturity date
13,933

 
13,235

 
1,471,687

 
1,419,626

Other securities (no maturity)
—

 
—

 
151,472

 
154,191

Total
$
323,306


$
322,838


$
2,060,798


$
1,997,814