Investment Securities (Tables)
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3 Months Ended |
Mar. 31, 2020 |
Fair Value, Option, Quantitative Disclosures [Line Items] |
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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 obligations | | 3,894 | | | 155 | | | — | | | 4,049 | | Corporate obligations | | 25,030 | | | 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 obligations | | 3,907 | | | 172 | | | — | | | 4,079 | | Corporate obligations | | 25,032 | | | 393 | | | (15) | | | 25,410 | | | | | | | | | | | | | $ | 965,135 | | | 12,932 | | | (1,148) | | | 976,919 | |
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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 months | | | | 12 months or longer | | | | Total | | | | | 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 obligations | | 1,990 | | | (37) | | | — | | | — | | | 1,990 | | | (37) | | | | $ | 47,557 | | | (547) | | | 14 | | | (4) | | | 47,571 | | | (551) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2019 | | | | | | | | | | | | | 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 | | $ | 136,270 | | | (629) | | | 46,819 | | | (504) | | | 183,089 | | | (1,133) | | | | | | | | | | | | | | | Corporate obligations | | 2,013 | | | (15) | | | — | | | — | | | 2,013 | | | (15) | | | | $ | 138,283 | | | (644) | | | 46,819 | | | (504) | | | 185,102 | | | (1,148) | |
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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 losses | | Fair value | Agency obligations | | $ | 7,417 | | | 15 | | | — | | | — | | | 7,432 | | Mortgage-backed securities | | 104 | | | 4 | | | — | | | — | | | 108 | | State and municipal obligations | | 428,691 | | | 13,876 | | | (121) | | | (80) | | | 442,366 | | Corporate obligations | | 9,319 | | | 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 losses | | Fair value | Agency obligations | | $ | 6,599 | | | 11 | | | (9) | | | — | | | 6,601 | | Mortgage-backed securities | | 118 | | | 4 | | | — | | | — | | | 122 | | State and municipal obligations | | 437,074 | | | 14,394 | | | (115) | | | — | | | 451,353 | | Corporate obligations | | 9,838 | | | 58 | | | (6) | | | — | | | 9,890 | | Total held to maturity debt securities | | $ | 453,629 | | | 14,467 | | | (130) | | | — | | | 467,966 | |
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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 CECL | | Prior to CECL | | Impact of CECL adoption | Held to Maturity Debt Securities | | | | | | | | | | | | | | | | | | | Allowance for credit losses on corporate securities | | $ | 6 | | | | — | | | | 6 | | Allowance for credit losses on municipal securities | | 64 | | | | — | | | | 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 CECL | | Prior to CECL | | Impact of CECL adoption | Loans | | | | | | | | | | | | Residential | | $ | 8,950 | | | | 3,411 | | | | 5,539 | | Commercial | | 17,118 | | | | 12,885 | | | | 4,233 | | Multi-family | | 9,519 | | | | 3,370 | | | | 6,149 | | Construction | | 4,152 | | | | 5,885 | | | | (1,733) | | Total mortgage loans | | 39,739 | | | | 25,551 | | | | 14,188 | | Commercial loans | | 18,254 | | | | 28,228 | | | | (9,974) | | Consumer loans | | 5,452 | | | | 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 CECL | | Prior to CECL | | Impact of CECL adoption | Liabilities | | | | | | | | | | | | Allowance for credit losses on off-balance sheet credit exposure | | $ | 3,206 | | | | — | | | | 3,206 | |
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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 months | | | | 12 months or longer | | | | Total | | | | | 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 obligations | | 3,516 | | | (39) | | | — | | | — | | | 3,516 | | | (39) | | | | $ | 13,659 | | | (142) | | | 407 | | | (18) | | | 14,066 | | | (160) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2019 | | | | | | | | | | | | | 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 | | $ | 3,601 | | | (9) | | | — | | | — | | | 3,601 | | | (9) | | State and municipal obligations | | 7,675 | | | (42) | | | 2,093 | | | (73) | | | 9,768 | | | (115) | | Corporate obligations | | 3,254 | | | (6) | | | — | | | — | | | 3,254 | | | (6) | | | | $ | 14,530 | | | (57) | | | 2,093 | | | (73) | | | 16,623 | | | (130) | |
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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 Portfolio | | AAA | | AA | | A | | BBB | | Not Rated | | Total | Agency obligations | | $ | 7,417 | | | — | | | | — | | | | — | | | — | | | 7,417 | | Mortgage-backed securities | | 104 | | | — | | | | — | | | | — | | | — | | | 104 | | State and municipal obligations | | 46,868 | | | 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 Portfolio | | AAA | | AA | | A | | BBB | | Not Rated | | Total | Agency obligations | | $ | 6,599 | | | — | | | | — | | | | — | | | — | | | 6,599 | | Mortgage-backed securities | | 118 | | | — | | | | — | | | | — | | | — | | | 118 | | State and municipal obligations | | 49,316 | | | 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 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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Available-for-sale Securities |
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Fair Value, Option, Quantitative Disclosures [Line Items] |
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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 years | | 3,002 | | | 3,040 | | Due after five years through ten years | | 25,922 | | | 26,616 | | Due after ten years | | — | | | — | | | | $ | 28,924 | | | 29,656 | |
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Held-to-maturity Securities |
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Fair Value, Option, Quantitative Disclosures [Line Items] |
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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 years | | 115,043 | | | 117,204 | | Due after five years through ten years | | 240,321 | | | 248,418 | | Due after ten years | | 80,602 | | | 84,104 | | | | $ | 445,427 | | | 459,203 | |
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