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Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]  
Debt Securities, Held-to-maturity
The amortized cost, fair value and allowance for credit losses of investment securities that are classified as HTM are as follows:
 
(In thousands)
Amortized Cost
 
Allowance
for Credit Losses
 
Net Carrying Amount
 
Gross Unrealized
Gains
 
Gross Unrealized
(Losses)
 
Estimated Fair
Value
Held-to-Maturity
 
 
 
 
 
 
 

 
 

 
 

 
 
 
 
 
 
 
 
 
 
 
 
March 31, 2020
 
 
 
 
 
 
 
 
 
 
 
Mortgage-backed securities
$
27,121

 
$
—

 
$
27,121

 
$
668

 
$
(1
)
 
$
27,788

State and political subdivisions
26,082

 
(97
)
 
25,985

 
981

 
(12
)
 
26,954

Other securities
1,174

 
(312
)
 
862

 
110

 
—

 
972

Total HTM
$
54,377


$
(409
)
 
$
53,968

 
$
1,759


$
(13
)

$
55,714

 
 
 
 
 
 
 
 
 
 
 
 

(In thousands)
Amortized Cost
 
Allowance
for Credit Losses
 
Net Carrying Amount
 
Gross Unrealized
Gains
 
Gross Unrealized
(Losses)
 
Estimated Fair
Value
December 31, 2019
 
 
 
 
 
 
 
 
 
 
 
Mortgage-backed securities
$
10,796

 
$
—

 
$
10,796

 
$
71

 
$
(59
)
 
$
10,808

State and political subdivisions
27,082

 
—

 
27,082

 
849

 
—

 
27,931

Other securities
3,049

 
—

 
3,049

 
67

 
—

 
3,116

Total HTM
$
40,927

 
$
—

 
$
40,927

 
$
987

 
$
(59
)
 
$
41,855
Debt Securities, Available-for-sale
The amortized cost, fair value and allowance for credit losses of investment securities that are classified as AFS are as follows:

(In thousands)
Amortized
Cost
 
Allowance for Credit Losses
 
Gross Unrealized
Gains
 
Gross Unrealized
(Losses)
 
Estimated Fair
Value
Available-for-sale
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
March 31, 2020
 
 
 
 
 
 
 
 
 
U.S. Treasury
$
425,032

 
$
—

 
$
—

 
$
(43
)
 
$
424,989

U.S. Government agencies
161,473

 
—

 
707

 
(891
)
 
161,289

Mortgage-backed securities
1,150,878

 
—

 
32,068

 
(3,109
)
 
1,179,837

State and political subdivisions
659,350

 
(95
)
 
20,243

 
(1,255
)
 
678,243

Other securities
21,765

 
(174
)
 
866

 
(175
)
 
22,282

Total AFS
$
2,418,498

 
$
(269
)
 
$
53,884

 
$
(5,473
)
 
$
2,466,640

 
 
 
 
 
 
 
 
 
 
December 31, 2019
 
 
 
 
 
 
 
 
 
U.S. Treasury
$
449,729

 
$
—

 
$
112

 
$
(112
)
 
$
449,729

U.S. Government agencies
194,207

 
—

 
1,313

 
(1,271
)
 
194,249

Mortgage-backed securities
1,738,584

 
—

 
8,510

 
(4,149
)
 
1,742,945

State and political subdivisions
860,539

 
—

 
20,983

 
(998
)
 
880,524

Other securities
20,092

 
—

 
822

 
(18
)
 
20,896

Total AFS
$
3,263,151

 
$
—

 
$
31,740

 
$
(6,548
)
 
$
3,288,343
Gross Unrealized Losses and Fair Value of Investments
The following table summarizes the Company’s AFS investments in an unrealized loss position for which an allowance for credit loss has not been recorded as of March 31, 2020, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position:

 
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
Available-for-sale
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury
$
424,989

 
$
(43
)
 
$
—

 
$
—

 
$
424,989

 
$
(43
)
U.S. Government agencies
—

 
—

 
58,056

 
(891
)
 
58,056

 
(891
)
Mortgage-backed securities
57,718

 
(1,318
)
 
74,523

 
(1,791
)
 
132,241

 
(3,109
)
State and political subdivisions
24,813

 
(1,157
)
 
425

 
(4
)
 
25,238

 
(1,161
)
Total AFS
$
507,520


$
(2,518
)

$
133,004


$
(2,686
)

$
640,524


$
(5,204
)
Debt Securities, Allowance for Credit Loss
The following table details activity in the allowance for credit losses by investment security type for the three months ended March 31, 2020 on the Company’s HTM and AFS securities held.

(In thousands)
State and Political Subdivisions
 
Other Securities
 
Total
Held-to-Maturity
 
 
 
 
 
Balance, January 1, 2020
$
—

 
$
—

 
$
—

Impact of ASU 2016-13 adoption
58

 
311

 
369

Provision for credit loss expense
39

 
1

 
40

Balance, March 31, 2020
$
97

 
$
312

 
$
409

 
 
 
 
 
 
Available-for-sale
 
 
 
 
 
Balance, January 1, 2020
$
—

 
$
—

 
$
—

Impact of ASU 2016-13 adoption
373

 
—

 
373

Credit losses on securities not previously recorded
44

 
174

 
218

Net increase (decrease) in allowance on previously impaired securities
(322
)
 
—

 
(322
)
Balance, March 31, 2020
$
95

 
$
174

 
$
269
Debt Securities, Held-to-maturity, Credit Quality Indicator
The following table summarizes bond ratings for the Company’s HTM portfolio issued by state and political subdivisions and other securities as of March 31, 2020:

 
State and Political Subdivisions
 
 
(In thousands)
Not Guaranteed or Pre-Refunded
 
Other Credit Enhancement or Insurance
 
Pre-Refunded
 
Total
 
Other Securities
Aaa/AAA
$
2,111

 
$
—

 
$
—

 
$
2,111

 
$
—

Aa/AA
12,596

 
6,203

 
285

 
19,084

 
—

A
766

 
929

 
—

 
1,695

 
—

Not Rated
2,323

 
370

 
499

 
3,192

 
1,174

Total
$
17,796

 
$
7,502

 
$
784

 
$
26,082

 
$
1,174
Income Earned on Securities
Income earned on securities for the three months ended March 31, 2020 and 2019, is as follows:

 
 
 
Three Months Ended
March 31,
(In thousands)
 
 
 
 
2020
 
2019
Taxable:
 
 
 
 
 

 
 

Held-to-maturity
 
 
 
 
$
171

 
$
438

Available-for-sale
 
 
 
 
12,581

 
11,520

 
 
 
 
 
 
 
 
Non-taxable:
 
 
 
 
 
 
 
Held-to-maturity
 
 
 
 
72

 
1,162

Available-for-sale
 
 
 
 
6,119

 
3,161

Total
 
 
 
 
$
18,943

 
$
16,281
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
$
4,543

 
$
4,563

 
$
437,199

 
$
437,187

After one through five years
15,414

 
15,769

 
34,541

 
34,889

After five through ten years
7,299

 
7,594

 
108,605

 
109,611

After ten years
—

 
—

 
686,714

 
703,839

Securities not due on a single maturity date
27,121

 
27,788

 
1,150,878

 
1,179,837

Other securities (no maturity)
—

 
—

 
561

 
1,277

Total
$
54,377


$
55,714


$
2,418,498


$
2,466,640