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Investment Securities (Tables)
3 Months Ended
Mar. 31, 2020
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 March 31, 2020 and December 31, 2019 (in thousands):
March 31, 2020
Amortized
cost
Gross
unrealized
gains
Gross
unrealized
losses
Fair
value
Mortgage-backed securities$926,561  34,130  (514) 960,177  
State and municipal obligations3,894  155  —  4,049  
Corporate obligations25,030  614  (37) 25,607  
$955,485  34,899  (551) 989,833  

December 31, 2019
Amortized
cost
Gross
unrealized
gains
Gross
unrealized
losses
Fair
value
Mortgage-backed securities$936,196  12,367  (1,133) 947,430  
State and municipal obligations3,907  172  —  4,079  
Corporate obligations25,032  393  (15) 25,410  
$965,135  12,932  (1,148) 976,919  
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 in an unrealized loss position at March 31, 2020 and December 31, 2019 (in thousands):
March 31, 2020
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$45,567  (510) 14  (4) 45,581  (514) 
Corporate obligations1,990  (37) —  —  1,990  (37) 
$47,557  (547) 14  (4) 47,571  (551) 

December 31, 2019
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$136,270  (629) 46,819  (504) 183,089  (1,133) 
Corporate obligations2,013  (15) —  —  2,013  (15) 
$138,283  (644) 46,819  (504) 185,102  (1,148) 
Investment Securities Held to Maturity
The following tables present the amortized cost, gross unrealized gains, gross unrealized losses, allowance for credit losses and the estimated fair value for held to maturity debt securities at March 31, 2020 and December 31, 2019 (in thousands):
March 31, 2020
Amortized
cost
Gross
unrealized
gains
Gross
unrealized
losses
Allowance for credit lossesFair
value
Agency obligations$7,417  15  —  —  7,432  
Mortgage-backed securities104   —  —  108  
State and municipal obligations428,691  13,876  (121) (80) 442,366  
Corporate obligations9,319  45  (39) (7) 9,318  
Total held to maturity debt securities$445,531  13,940  (160) (87) 459,224  

December 31, 2019
Amortized
cost
Gross
unrealized
gains
Gross
unrealized
losses
Allowance for credit lossesFair
value
Agency obligations$6,599  11  (9) —  6,601  
Mortgage-backed securities118   —  —  122  
State and municipal obligations437,074  14,394  (115) —  451,353  
Corporate obligations9,838  58  (6) —  9,890  
Total held to maturity debt securities$453,629  14,467  (130) —  467,966  
Schedule of Impact of ASC 326
The following table illustrates the impact of the January 1, 2020 adoption of CECL on held to maturity debt securities (in thousands):
January 1, 2020
As reported under CECLPrior to CECLImpact of CECL adoption
Held to Maturity Debt Securities
Allowance for credit losses on corporate securities$ —   
Allowance for credit losses on municipal securities64  —  64  
Allowance for credit losses on held to maturity securities$70  —  70  
The following table illustrates the impact of the January 1, 2020 adoption of CECL on the loan portfolio:
January 1, 2020
As reported under CECLPrior to CECLImpact of CECL adoption
Loans
Residential$8,950  3,411  5,539  
Commercial17,118  12,885  4,233  
Multi-family9,519  3,370  6,149  
Construction4,152  5,885  (1,733) 
Total mortgage loans39,739  25,551  14,188  
Commercial loans18,254  28,228  (9,974) 
Consumer loans5,452  1,746  3,706  
Allowance for credit losses on loans$63,445  55,525  7,920  
The following table illustrates the impact of the January 1, 2020 adoption of CECL on off-balance sheet credit exposures:
January 1, 2020
As reported under CECLPrior to CECLImpact of CECL adoption
Liabilities
Allowance for credit losses on off-balance sheet credit exposure$3,206  —  3,206  
Schedule of Unrealized Loss on Investments
The following tables present the fair value and gross unrealized losses for held to maturity debt securities in an unrealized loss position at March 31, 2020 and December 31, 2019 (in thousands):
March 31, 2020
Less than 12 months12 months or longerTotal
Fair
value
Gross
unrealized
losses
Fair
value
Gross
unrealized
losses
Fair
value
Gross
unrealized
losses
State and municipal obligations$10,143  (103) 407  (18) 10,550  (121) 
Corporate obligations3,516  (39) —  —  3,516  (39) 
$13,659  (142) 407  (18) 14,066  (160) 

December 31, 2019
Less than 12 months12 months or longerTotal
Fair
value
Gross
unrealized
losses
Fair
value
Gross
unrealized
losses
Fair
value
Gross
unrealized
losses
Agency obligations$3,601  (9) —  —  3,601  (9) 
State and municipal obligations7,675  (42) 2,093  (73) 9,768  (115) 
Corporate obligations3,254  (6) —  —  3,254  (6) 
$14,530  (57) 2,093  (73) 16,623  (130) 
Amortized Cost of held To Maturity Debt Securities by Year of Originations and Credit Rating
Credit Quality Indicators. The following table provides the amortized cost of held to maturity debt securities by credit rating as of March 31, 2020 (in thousands):
March 31, 2020
Total PortfolioAAAAAABBBNot RatedTotal
Agency obligations$7,417  —  —  —  —  7,417  
Mortgage-backed securities104  —  —  —  —  104  
State and municipal obligations46,868  326,291  54,414  1,118  —  428,691  
Corporate obligations—  3,121  5,423  750  25  9,319  
$54,389  329,412  59,837  1,868  25  445,531  
December 31, 2019
Total PortfolioAAAAAABBBNot RatedTotal
Agency obligations$6,599  —  —  —  —  6,599  
Mortgage-backed securities118  —  —  —  —  118  
State and municipal obligations49,316  330,322  56,317  1,119  —  437,074  
Corporate obligations—  3,128  6,335  350  25  9,838  
$56,033  333,450  62,652  1,469  25  453,629  
Available-for-sale Securities  
Fair Value, Option, Quantitative Disclosures [Line Items]  
Investment Securities Classified by Contractual Maturity
The amortized cost and fair value of available for sale debt securities at March 31, 2020, by contractual maturity, are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer.
March 31, 2020
Amortized
cost
Fair
value
Due in one year or less$—  —  
Due after one year through five years3,002  3,040  
Due after five years through ten years25,922  26,616  
Due after ten years—  —  
$28,924  29,656  
Held-to-maturity Securities  
Fair Value, Option, Quantitative Disclosures [Line Items]  
Investment Securities Classified by Contractual Maturity
The gross amortized cost and gross fair value of investment securities in the held to maturity debt securities portfolio at March 31, 2020 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.
March 31, 2020
Amortized
cost
Fair
value
Due in one year or less$9,461  9,477  
Due after one year through five years115,043  117,204  
Due after five years through ten years240,321  248,418  
Due after ten years80,602  84,104  
$445,427  459,203