Available for Sale Debt Securities (Tables)

12 Months Ended

Dec. 31, 2018

Investments, Debt and Equity Securities [Abstract]

Available for sale debt securities at December 31, 2018 and 2017 are summarized as follows (in thousands):


	2018
	Amortized cost		Gross unrealized gains	Gross unrealized losses	Fair value


Mortgage-backed securities	$	1,048,415	2,704	(16,150)	1,034,969
State and municipal obligations	2,828		84	—	2,912
Corporate obligations	25,039		268	(109)	25,198
	$	1,076,282	3,056	(16,259)	1,063,079


	2017
	Amortized cost		Gross unrealized gains	Gross unrealized losses	Fair value

Agency obligations	$	19,014	—	(9)	19,005
Mortgage-backed securities	993,548		4,914	(10,095)	988,367
State and municipal obligations	3,259		129	—	3,388
Corporate obligations	26,047		359	(12)	26,394
	$	1,041,868	5,402	(10,116)	1,037,154

Securities Available for Sale by Contractual Maturity

The amortized cost and fair value of available for sale debt securities at December 31, 2018, by contractual maturity, are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer.


	2018
	Amortized cost		Fair value

Due after one year through five years	$	3,006	2,967
Due after five years through ten years	24,861		25,143

	$	27,867	28,110

Disclosure on Securities Available for Sale with Temporary Impairment

The following table represents the Company’s disclosure on available for sale debt securities with temporary impairment (in thousands):


	December 31, 2018 Unrealized Losses
	Less than 12 months				12 months or longer			Total
	Fair value		Gross unrealized losses	Fair value	Gross unrealized losses	Fair value	Gross unrealized losses


Mortgage-backed securities	$	218,175	(2,173)	545,880	(13,977)	764,055	(16,150)

Corporate obligations	7,897		(109)	—	—	7,897	(109)
	$	226,072	(2,282)	545,880	(13,977)	771,952	(16,259)


	December 31, 2017 Unrealized Losses
	Less than 12 months				12 months or longer			Total
	Fair value		Gross unrealized losses	Fair value	Gross unrealized losses	Fair value	Gross unrealized losses

Agency obligations	$	12,006	(8)	6,999	(1)	19,005	(9)
Mortgage-backed securities	420,746		(3,936)	235,056	(6,159)	655,802	(10,095)

Corporate obligations	—		—	989	(12)	989	(12)
	$	432,752	(3,944)	243,044	(6,172)	675,796	(10,116)