Investments (Tables)

3 Months Ended

Mar. 31, 2020

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-for-sale and Held-to-Maturity Securities Reconciliation

The following table presents the amortized cost, gross unrealized gains and losses and fair value of securities available for sale and held to maturity:

 

	March 31, 2020
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Allowance for Credit Losses			Fair Value
Available-for-sale securities:
Obligations of U.S. Government-sponsored enterprises	$	9,960	$	270	$	—		$	—		$	10,230
Obligations of states and political subdivisions	243,863		10,373		(205		)	—			254,031
Agency mortgage-backed securities	863,698		23,465		(496		)	—			886,667
U.S. Treasury bills	9,973		613		—			—			10,586
Total securities available for sale	$	1,127,494	$	34,721	$	(701	)	$	—		$	1,161,514
Held-to-maturity securities:
Obligations of states and political subdivisions	$	11,688	$	153	$	—		$	(1	)	$	11,840
Agency mortgage-backed securities	44,720		1,924		—			—			46,644
Corporate debt securities	122,827		162		(3,090		)	(302		)	119,597
Total securities held-to-maturity	$	179,235	$	2,239	$	(3,090	)	$	(303	)	$	178,081
Less: Allowance for credit losses	303
Total securities held-to-maturity, net	$	178,932

	December 31, 2019
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available-for-sale securities:
Obligations of U.S. Government-sponsored enterprises	$	9,954	$	92	$	—		$	10,046
Obligations of states and political subdivisions	207,269		6,118		(363		)	213,024
Agency mortgage-backed securities	888,129		15,083		(1,191		)	902,021
U.S. Treasury Bills	$	9,971	$	255	$	—		$	10,226
Total securities available for sale	$	1,115,323	$	21,548	$	(1,554	)	$	1,135,317
Held-to-maturity securities:
Obligations of states and political subdivisions	$	11,704	$	170	$	—		$	11,874
Agency mortgage-backed securities	46,346		675		—			47,021
Corporate debt securities	123,116		128		(200		)	123,044
Total securities held to maturity	$	181,166	$	973	$	(200	)	$	181,939

Schedule of Available-for-sale and Held-to-Maturity Securities Reconciliation

The following table presents the amortized cost, gross unrealized gains and losses and fair value of securities available for sale and held to maturity:

 

	March 31, 2020
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Allowance for Credit Losses			Fair Value
Available-for-sale securities:
Obligations of U.S. Government-sponsored enterprises	$	9,960	$	270	$	—		$	—		$	10,230
Obligations of states and political subdivisions	243,863		10,373		(205		)	—			254,031
Agency mortgage-backed securities	863,698		23,465		(496		)	—			886,667
U.S. Treasury bills	9,973		613		—			—			10,586
Total securities available for sale	$	1,127,494	$	34,721	$	(701	)	$	—		$	1,161,514
Held-to-maturity securities:
Obligations of states and political subdivisions	$	11,688	$	153	$	—		$	(1	)	$	11,840
Agency mortgage-backed securities	44,720		1,924		—			—			46,644
Corporate debt securities	122,827		162		(3,090		)	(302		)	119,597
Total securities held-to-maturity	$	179,235	$	2,239	$	(3,090	)	$	(303	)	$	178,081
Less: Allowance for credit losses	303
Total securities held-to-maturity, net	$	178,932

	December 31, 2019
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available-for-sale securities:
Obligations of U.S. Government-sponsored enterprises	$	9,954	$	92	$	—		$	10,046
Obligations of states and political subdivisions	207,269		6,118		(363		)	213,024
Agency mortgage-backed securities	888,129		15,083		(1,191		)	902,021
U.S. Treasury Bills	$	9,971	$	255	$	—		$	10,226
Total securities available for sale	$	1,115,323	$	21,548	$	(1,554	)	$	1,135,317
Held-to-maturity securities:
Obligations of states and political subdivisions	$	11,704	$	170	$	—		$	11,874
Agency mortgage-backed securities	46,346		675		—			47,021
Corporate debt securities	123,116		128		(200		)	123,044
Total securities held to maturity	$	181,166	$	973	$	(200	)	$	181,939

Investments Classified by Contractual Maturity Date

The amortized cost and estimated fair value of debt securities at March 31, 2020, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The weighted average life of the mortgage-backed securities is approximately 3 years.

	Available for sale				Held to maturity
(in thousands)	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due in one year or less	$	2,018	$	2,054	$	—	$	—
Due after one year through five years	26,301		27,369		4,444		4,503
Due after five years through ten years	10,205		10,576		130,071		126,934
Due after ten years	225,272		234,848		—		—
Agency mortgage-backed securities	863,698		886,667		44,720		46,644
	$	1,127,494	$	1,161,514	$	179,235	$	178,081

Schedule of Unrealized Loss on Investments

The following table represents a summary of available-for-sale investment securities that had an unrealized loss:

	March 31, 2020
	Less than 12 months				12 months or more				Total
(in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Obligations of states and political subdivisions	$	10,475	$	205	$	—	$	—	$	10,475	$	205
Agency mortgage-backed securities	82,614		415		5,198		81		87,812		496
	$	93,089	$	620	$	5,198	$	81	$	98,287	$	701
The following table represents a summary of investment securities that had an unrealized loss:
	December 31, 2019
	Less than 12 months				12 months or more				Total
(in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Obligations of states and political subdivisions	56,327		363		—		—		56,327		363
Agency mortgage-backed securities	131,693		756		41,491		435		173,184		1,191
Corporate debt securities	67,964		200		—		—		67,964		200
	$	255,984	$	1,319	$	41,491	$	435	$	297,475	$	1,754