Available for Sale Debt Securities (Tables)

12 Months Ended

Dec. 31, 2020

Investments, Debt and Equity Securities [Abstract]

Available for sale debt securities at December 31, 2020 and 2019 are summarized as follows (in thousands):


	2020
	Amortized cost		Gross unrealized gains	Gross unrealized losses	Fair value

Agency obligations	$	1,001	8	—	1,009
Mortgage-backed securities	910,393		28,872	(852)	938,413
Asset-backed securities	52,295		1,535		53,830
State and municipal obligations	69,687		1,666	(95)	71,258
Corporate obligations	40,194		809	(24)	40,979
	$	1,073,570	32,890	(971)	1,105,489


	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

Securities Available for Sale by Contractual Maturity

The amortized cost and fair value of available for sale debt securities at December 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.


	2020
	Amortized cost		Fair value

Due after one year through five years	$	5,676	5,791
Due after five years through ten years	38,046		38,780
Due after ten years	66,159		67,666
	$	109,881	112,237

Disclosure on Securities Available for Sale with Temporary Impairment

(in thousands):


	December 31, 2020 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	$	127,600	(824)	8,007	(28)	135,607	(852)
State and municipal obligations	5,275		(95)	—	—	5,275	(95)
Corporate obligations	—		—	2,000	(24)	2,000	(24)
	$	132,875	(919)	10,007	(52)	142,882	(971)


	December 31, 2019 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	$	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)