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Investment Securities (Tables)
9 Months Ended
Sep. 30, 2019
Fair Value, Option, Quantitative Disclosures [Line Items]  
Securities Available for Sale
The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the fair value for available for sale debt securities at September 30, 2019 and December 31, 2018 (in thousands):
September 30, 2019
Amortized
cost
Gross
unrealized
gains
Gross
unrealized
losses
Fair
value
Mortgage-backed securities$1,009,953  14,504  (916) 1,023,541  
State and municipal obligations3,920  168  —  4,088  
Corporate obligations25,034  344  (12) 25,366  
$1,038,907  15,016  (928) 1,052,995  

December 31, 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 obligations2,828  84  —  2,912  
Corporate obligations25,039  268  (109) 25,198  
$1,076,282  3,056  (16,259) 1,063,079  
Available for sale Debt Securities with Temporary Impairment
The following tables present the fair values and gross unrealized losses for available for sale debt securities with temporary impairment at September 30, 2019 and December 31, 2018 (in thousands):
September 30, 2019 Unrealized Losses
Less than 12 months12 months or longerTotal
Fair
value
Gross
unrealized
losses
Fair
value
Gross
unrealized
losses
Fair
value
Gross
unrealized
losses
Mortgage-backed securities$98,998  (363) 69,399  (553) 168,397  (916) 
Corporate obligations2,018  (12) —  —  2,018  (12) 
$101,016  (375) 69,399  (553) 170,415  (928) 
December 31, 2018 Unrealized Losses
Less than 12 months12 months or longerTotal
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 obligations7,897  (109) —  —  7,897  (109) 
$226,072  (2,282) 545,880  (13,977) 771,952  (16,259) 
Investment Securities Held to Maturity
The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the estimated fair value for held to maturity debt securities at September 30, 2019 and December 31, 2018 (in thousands):
September 30, 2019
Amortized
cost
Gross
unrealized
gains
Gross
unrealized
losses
Fair
value
Agency obligations$4,948  11  (11) 4,948  
Mortgage-backed securities134   —  137  
State and municipal obligations445,896  15,035  (122) 460,809  
Corporate obligations10,760  55  (11) 10,804  
$461,738  15,104  (144) 476,698  

December 31, 2018
Amortized
cost
Gross
unrealized
gains
Gross
unrealized
losses
Fair
value
Agency obligations$4,989   (94) 4,896  
Mortgage-backed securities187   —  190  
State and municipal obligations463,801  4,329  (3,767) 464,363  
Corporate obligations10,448   (158) 10,291  
$479,425  4,334  (4,019) 479,740  
Schedule of Unrealized Loss on Investments
The following tables present the fair value and gross unrealized losses for held to maturity debt securities with temporary impairment at September 30, 2019 and December 31, 2018 (in thousands):
September 30, 2019 Unrealized Losses
Less than 12 months12 months or longerTotal
Fair
value
Gross
unrealized
losses
Fair
value
Gross
unrealized
losses
Fair
value
Gross
unrealized
losses
Agency obligations$3,348  (11) —  —  3,348  (11) 
State and municipal obligations12,352  (52) 2,097  (70) 14,449  (122) 
Corporate obligations4,327  (11) —  —  4,327  (11) 
$20,027  (74) 2,097  (70) 22,124  (144) 

December 31, 2018 Unrealized Losses
Less than 12 months12 months or longerTotal
Fair
value
Gross
unrealized
losses
Fair
value
Gross
unrealized
losses
Fair
value
Gross
unrealized
losses
Agency obligations$—  —  4,525  (94) 4,525  (94) 
State and municipal obligations96,412  (918) 81,663  (2,849) 178,075  (3,767) 
Corporate obligations—  —  9,004  (158) 9,004  (158) 
$96,412  (918) 95,192  (3,101) 191,604  (4,019) 
Available-for-sale Securities  
Fair Value, Option, Quantitative Disclosures [Line Items]  
Investment Securities Classified by Contractual Maturity
The amortized cost and fair value of available for sale debt securities at September 30, 2019, by contractual maturity, are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer.
September 30, 2019
Amortized
cost
Fair
value
Due in one year or less$—  —  
Due after one year through five years3,004  3,079  
Due after five years through ten years25,950  26,375  
Due after ten years—  —  
$28,954  29,454  
Held-to-maturity Securities  
Fair Value, Option, Quantitative Disclosures [Line Items]  
Investment Securities Classified by Contractual Maturity
The amortized cost and fair value of investment securities in the held to maturity debt securities portfolio at September 30, 2019 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.
September 30, 2019
Amortized
cost
Fair
value
Due in one year or less$11,752  11,768  
Due after one year through five years99,205  101,073  
Due after five years through ten years252,531  261,072  
Due after ten years98,116  102,648  
$461,604  476,561