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Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2019
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: 
 
Years Ended December 31,
 
2019
 
2018
(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
$
—

 
$
—

 
$
—

 
$
—

 
$
16,990

 
$
—

 
$
(49
)
 
$
16,941

Mortgage-backed securities
10,796

 
71

 
(59
)
 
10,808

 
13,346

 
5

 
(412
)
 
12,939

State and political subdivisions
27,082

 
849

 
—

 
27,931

 
256,863

 
3,029

 
(954
)
 
258,938

Other securities
3,049

 
67

 
—

 
3,116

 
1,995

 
17

 
—

 
2,012

Total HTM
$
40,927

 
$
987

 
$
(59
)
 
$
41,855

 
$
289,194

 
$
3,051

 
$
(1,415
)
 
$
290,830

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Available-for-Sale
 
 

 
 

 
 

 
 

 
 

 
 

 
 

U.S. Treasury
$
449,729

 
$
112

 
$
(112
)
 
$
449,729

 
$
—

 
$
—

 
$
—

 
$
—

U.S. Government agencies
194,207

 
1,313

 
(1,271
)
 
194,249

 
157,523

 
518

 
(3,740
)
 
154,301

Mortgage-backed securities
1,738,584

 
8,510

 
(4,149
)
 
1,742,945

 
1,552,487

 
3,097

 
(32,684
)
 
1,522,900

State and political subdivisions
860,539

 
20,983

 
(998
)
 
880,524

 
320,142

 
171

 
(5,470
)
 
314,843

Other securities
185,087

 
822

 
(18
)
 
185,891

 
157,471

 
2,251

 
(14
)
 
159,708

Total AFS
$
3,428,146

 
$
31,740

 
$
(6,548
)
 
$
3,453,338

 
$
2,187,623

 
$
6,037

 
$
(41,908
)
 
$
2,151,752
Schedule of Unrealized Loss on 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: 
 
 
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
December 31, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Held-to-Maturity
 
 

 
 

 
 

 
 

 
 

 
 

Mortgage-backed securities
 
$
3,489

 
$
(30
)
 
$
2,300

 
$
(29
)
 
$
5,789

 
$
(59
)
Total HTM
 
$
3,489

 
$
(30
)
 
$
2,300

 
$
(29
)
 
$
5,789

 
$
(59
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Available-for-Sale
 
 

 
 

 
 

 
 

 
 

 
 

U.S. Treasury
 
$
299,667

 
$
(112
)
 
$
—

 
$
—

 
$
299,667

 
$
(112
)
U.S. Government agencies
 
14,454

 
(130
)
 
86,239

 
(1,141
)
 
100,693

 
(1,271
)
Mortgage-backed securities
 
405,540

 
(1,326
)
 
349,293

 
(2,823
)
 
754,833

 
(4,149
)
State and political subdivisions
 
111,088

 
(975
)
 
2,730

 
(23
)
 
113,818

 
(998
)
Other securities
 
3,982

 
(18
)
 
—

 
—

 
3,982

 
(18
)
Total AFS
 
$
834,731

 
$
(2,561
)
 
$
438,262

 
$
(3,987
)
 
$
1,272,993

 
$
(6,548
)
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2018
 
 

 
 

 
 

 
 

 
 

 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
Held-to-Maturity
 
 

 
 

 
 

 
 

 
 

 
 

U.S. Government agencies
 
$
992

 
$
(2
)
 
$
15,948

 
$
(47
)
 
$
16,940

 
$
(49
)
Mortgage-backed securities
 
—

 
—

 
12,177

 
(412
)
 
12,177

 
(412
)
State and political subdivisions
 
39,149

 
(208
)
 
50,889

 
(746
)
 
90,038

 
(954
)
Total HTM
 
$
40,141

 
$
(210
)
 
$
79,014

 
$
(1,205
)
 
$
119,155

 
$
(1,415
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Available-for-Sale
 
 

 
 

 
 

 
 

 
 

 
 

U.S. Government agencies
 
$
26,562

 
$
(221
)
 
$
108,636

 
$
(3,519
)
 
$
135,198

 
$
(3,740
)
Mortgage-backed securities
 
163,560

 
(1,146
)
 
1,037,679

 
(31,538
)
 
1,201,239

 
(32,684
)
State and political subdivisions
 
129,075

 
(1,406
)
 
132,020

 
(4,064
)
 
261,095

 
(5,470
)
Other securities
 
65

 
(13
)
 
99

 
(1
)
 
164

 
(14
)
Total AFS
 
$
319,262

 
$
(2,786
)
 
$
1,278,434

 
$
(39,122
)
 
$
1,597,696

 
$
(41,908
)
Income Earned on Securities
Income earned on securities for the years ended December 31, 2019, 2018 and 2017, is as follows: 
(In thousands)
 
2019
 
2018
 
2017
Taxable:
 
 

 
 

 
 

Held-to-maturity
 
$
1,207

 
$
2,157

 
$
2,521

Available-for-sale
 
45,934

 
40,926

 
25,996

 
 
 
 
 
 
 
Non-taxable:
 
 
 
 
 
 
Held-to-maturity
 
1,412

 
7,424

 
8,693

Available-for-sale
 
18,345

 
6,811

 
2,905

Total
 
$
66,898

 
$
57,318

 
$
40,115
Investments Classified by Contractual Maturity Date
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
 
$
4,897

 
$
4,919

 
$
494,432

 
$
494,338

After one through five years
 
15,972

 
16,325

 
72,949

 
73,370

After five through ten years
 
7,387

 
7,928

 
129,088

 
131,267

After ten years
 
1,875

 
1,875

 
825,155

 
842,798

Securities not due on a single maturity date
 
10,796

 
10,808

 
1,738,584

 
1,742,945

Other securities (no maturity)
 
—

 
—

 
167,938

 
168,620

Total
 
$
40,927

 
$
41,855

 
$
3,428,146

 
$
3,453,338