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Investments (Tables)
6 Months Ended
Jun. 30, 2021
Investments, Debt and Equity Securities [Abstract]  
Schedule of Available-for-sale and Held-to-Maturity Securities Reconciliation
The following tables present the amortized cost, gross unrealized gains and losses, allowance for credit losses and fair value of securities available for sale and held to maturity:
 
 June 30, 2021
(in thousands)Amortized CostGross
Unrealized Gains
Gross
Unrealized Losses
Fair Value
Available-for-sale securities:    
Obligations of U.S. Government-sponsored enterprises$99,490 $93 $(329)$99,254 
Obligations of states and political subdivisions475,710 6,328 (1,193)480,845 
Agency mortgage-backed securities464,288 14,393 (1,302)477,379 
U.S. Treasury bills10,985 361 — 11,346 
Corporate debt securities14,750 649 — 15,399 
          Total securities available for sale$1,065,223 $21,824 $(2,824)$1,084,223 
Held-to-maturity securities:
Obligations of states and political subdivisions$240,163 $1,845 $(763)$241,245 
Agency mortgage-backed securities84,544 1,403 (268)85,679 
Corporate debt securities126,407 5,694 — 132,101 
          Total securities held-to-maturity$451,114 $8,942 $(1,031)$459,025 
Allowance for credit losses(449)
          Total securities held-to-maturity, net$450,665 
 December 31, 2020
(in thousands)Amortized CostGross
Unrealized Gains
Gross
Unrealized Losses
Fair Value
Available-for-sale securities:    
    Obligations of U.S. Government-sponsored enterprises$14,978 $186 $(3)$15,161 
    Obligations of states and political subdivisions335,271 8,994 (33)344,232 
    Agency mortgage-backed securities506,703 20,190 (321)526,572 
U.S. Treasury Bills10,980 486 — 11,466 
Corporate debt securities14,750 248 — 14,998 
          Total securities available for sale$882,682 $30,104 $(357)$912,429 
Held-to-maturity securities:
   Obligations of states and political subdivisions$248,324 $2,814 $— $251,138 
   Agency mortgage-backed securities112,742 2,295 (496)114,541 
Corporate debt securities126,993 8,851 — 135,844 
          Total securities held to maturity$488,059 $13,960 $(496)$501,523 
Less: Allowance for credit losses449 
Total securities held-to-maturity, net$487,610 
Schedule of Available-for-sale and Held-to-Maturity Securities Reconciliation
The following tables present the amortized cost, gross unrealized gains and losses, allowance for credit losses and fair value of securities available for sale and held to maturity:
 
 June 30, 2021
(in thousands)Amortized CostGross
Unrealized Gains
Gross
Unrealized Losses
Fair Value
Available-for-sale securities:    
Obligations of U.S. Government-sponsored enterprises$99,490 $93 $(329)$99,254 
Obligations of states and political subdivisions475,710 6,328 (1,193)480,845 
Agency mortgage-backed securities464,288 14,393 (1,302)477,379 
U.S. Treasury bills10,985 361 — 11,346 
Corporate debt securities14,750 649 — 15,399 
          Total securities available for sale$1,065,223 $21,824 $(2,824)$1,084,223 
Held-to-maturity securities:
Obligations of states and political subdivisions$240,163 $1,845 $(763)$241,245 
Agency mortgage-backed securities84,544 1,403 (268)85,679 
Corporate debt securities126,407 5,694 — 132,101 
          Total securities held-to-maturity$451,114 $8,942 $(1,031)$459,025 
Allowance for credit losses(449)
          Total securities held-to-maturity, net$450,665 
 December 31, 2020
(in thousands)Amortized CostGross
Unrealized Gains
Gross
Unrealized Losses
Fair Value
Available-for-sale securities:    
    Obligations of U.S. Government-sponsored enterprises$14,978 $186 $(3)$15,161 
    Obligations of states and political subdivisions335,271 8,994 (33)344,232 
    Agency mortgage-backed securities506,703 20,190 (321)526,572 
U.S. Treasury Bills10,980 486 — 11,466 
Corporate debt securities14,750 248 — 14,998 
          Total securities available for sale$882,682 $30,104 $(357)$912,429 
Held-to-maturity securities:
   Obligations of states and political subdivisions$248,324 $2,814 $— $251,138 
   Agency mortgage-backed securities112,742 2,295 (496)114,541 
Corporate debt securities126,993 8,851 — 135,844 
          Total securities held to maturity$488,059 $13,960 $(496)$501,523 
Less: Allowance for credit losses449 
Total securities held-to-maturity, net$487,610 
Investments Classified by Contractual Maturity Date
The amortized cost and estimated fair value of debt securities at June 30, 2021, 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 4 years.
Available for saleHeld to maturity
(in thousands)Amortized CostEstimated Fair ValueAmortized CostEstimated Fair Value
Due in one year or less$11,345 $11,435 $— $— 
Due after one year through five years70,321 70,640 12,469 12,839 
Due after five years through ten years65,658 66,316 137,489 143,056 
Due after ten years453,611 458,453 216,612 217,451 
Agency mortgage-backed securities464,288 477,379 84,544 85,679 
 $1,065,223 $1,084,223 $451,114 $459,025 
Schedule of Unrealized Loss on Investments
The following tables presents a summary of available-for-sale investment securities in an unrealized loss position:
 June 30, 2021
Less than 12 months12 months or moreTotal
(in thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Obligations of U.S. Government-sponsored enterprises$76,671 $329 $— $— $76,671 $329 
Obligations of states and political subdivisions$142,099 $1,193 $— $— $142,099 $1,193 
Agency mortgage-backed securities116,819 1,301 74 116,893 1,302 
 $335,589 $2,823 $74 $$335,663 $2,824 
 December 31, 2020
Less than 12 months12 months or moreTotal
(in thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Obligations of U.S. Government-sponsored enterprises$4,997 $$— $— $4,997 $
Obligations of states and political subdivisions$4,079 $33 $— $— $4,079 $33 
Agency mortgage-backed securities65,986 321 — — 65,986 321 
 $75,062 $357 $— $— $75,062 $357