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Investment Securities (Tables)
6 Months Ended
Jun. 30, 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 June 30, 2020 and December 31, 2019 (in thousands):
June 30, 2020
Amortized
cost
Gross
unrealized
gains
Gross
unrealized
losses
Fair
value
Mortgage-backed securities$884,608  32,709  (332) 916,985  
State and municipal obligations3,882  214  —  4,096  
Corporate obligations27,028  531  (26) 27,533  
$915,518  33,454  (358) 948,614  
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 at June 30, 2020 and December 31, 2019 (in thousands):
June 30, 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$69,357  (330) 15  (2) 69,372  (332) 
Corporate obligations2,000  (26) —  —  2,000  (26) 
$71,357  (356) 15  (2) 71,372  (358) 

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 at June 30, 2020 and December 31, 2019 (in thousands):
June 30, 2020
Amortized
cost
Gross
unrealized
gains
Gross
unrealized
losses
Allowance for credit lossesFair
value
Agency obligations$6,840   (2) —  6,843  
Mortgage-backed securities89   —  —  92  
State and municipal obligations424,166  21,136  (19) (81) 445,202  
Corporate obligations8,295  161  —  (6) 8,450  
$439,390  21,305  (21) (87) 460,587  

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  
$453,629  14,467  (130) —  467,966  
Schedule of Unrealized Loss on Investments at June 30, 2020 and December 31, 2019 (in thousands):
June 30, 2020 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$999  (2) —  —  999  (2) 
State and municipal obligations974  (1) 406  (18) 1,380  (19) 
$1,973  (3) 406  (18) 2,379  (21) 

December 31, 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$3,601  (9) —  —  3,601  (9) 
State and municipal obligations7,675  (42) 2,093  (73) 9,768  (115) 
Corporate obligations3,254  (6) —  —  3,254  (6) 
$14,530  (57) 2,093  (73) 16,623  (130) 
Schedule of Impact of ASC 326
The following table illustrates the impact of the January 1, 2020 adoption of CECL on held to maturity debt securities (in thousands):
January 1, 2020
As reported under CECLPrior to CECLImpact of CECL adoption
Held to Maturity Debt Securities
Allowance for credit losses on corporate securities$ —   
Allowance for credit losses on municipal securities64  —  64  
Allowance for credit losses on held to maturity debt securities$70  —  70  
The following table illustrates the impact of the January 1, 2020 adoption of CECL on the allowance for credits for the loan portfolio (in thousands):
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$3,206  —  3,206  
Available-for-sale Securities  
Fair Value, Option, Quantitative Disclosures [Line Items]  
Investment Securities Classified by Contractual Maturity
The amortized cost and fair value of available for sale debt securities at June 30, 2020, by contractual maturity, are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer.
June 30, 2020
Amortized
cost
Fair
value
Due in one year or less$—  —  
Due after one year through five years3,655  3,820  
Due after five years through ten years25,255  25,805  
Due after ten years2,000  2,004  
$30,910  31,629  
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 June 30, 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.
June 30, 2020
Amortized
cost
Fair
value
Due in one year or less$12,941  13,018  
Due after one year through five years118,220  121,910  
Due after five years through ten years232,672  245,565  
Due after ten years75,468  80,089  
$439,301  460,582