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Investment Securities (Tables)
3 Months Ended
Mar. 31, 2021
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, 2021 and December 31, 2020 (in thousands):
March 31, 2021
Amortized
cost
Gross
unrealized
gains
Gross
unrealized
losses
Fair
value
Mortgage-backed securities$1,042,480 23,915 (6,243)1,060,152 
Asset-backed securities47,329 1,876 — 49,205 
State and municipal obligations69,443 429 (938)68,934 
Corporate obligations38,149 739 (243)38,645 
$1,197,401 26,959 (7,424)1,216,936 

December 31, 2020
Amortized
cost
Gross
unrealized
gains
Gross
unrealized
losses
Fair
value
Agency obligations$1,001 — 1,009 
Mortgage-backed securities910,393 28,872 (852)938,413 
Asset-backed securities52,295 1,535 — 53,830 
State and municipal obligations69,687 1,666 (95)71,258 
Corporate obligations40,194 809 (24)40,979 
$1,073,570 32,890 (971)1,105,489 
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, 2021 and December 31, 2020 (in thousands):
March 31, 2021
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$345,988 (6,209)8,110 (34)354,098 (6,243)
State and municipal obligations40,517 (938)— — 40,517 (938)
Corporate obligations6,655 (243)— — 6,655 (243)
$393,160 (7,390)8,110 (34)401,270 (7,424)

December 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$127,600 (824)8,007 (28)135,607 (852)
State and municipal obligations5,275 (95)— — 5,275 (95)
Corporate obligations— — 2,000 (24)2,000 (24)
$132,875 (919)10,007 (52)142,882 (971)
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, 2021 and December 31, 2020 (in thousands):
March 31, 2021
Amortized
cost
Gross
unrealized
gains
Gross
unrealized
losses
Fair
value
Agency obligations$8,998 (95)8,904 
Mortgage-backed securities50 — 51 
State and municipal obligations428,631 16,970 (825)444,776 
Corporate obligations10,300 65 (103)10,262 
$447,979 17,037 (1,023)463,993 
At March 31, 2021, the allowance for credit losses on held to maturity debt securities totaled $77,000.
December 31, 2020
Amortized
cost
Gross
unrealized
gains
Gross
unrealized
losses
Fair
value
Agency obligations$7,600 (5)7,601 
Mortgage-backed securities62 — 64 
State and municipal obligations433,655 21,442 (58)455,039 
Corporate obligations9,726 101 (2)9,825 
$451,043 21,551 (65)472,529 
At December 31, 2020, the allowance for credit losses on held to maturity debt securities totaled $78,000.
Schedule of Impact of ASC 326
The following table illustrates the impact of the January 1, 2020 adoption of CECL on held to maturity debt securities (in thousands):
January 1, 2020
As reported under CECLPrior to CECLImpact of CECL adoption
Held to Maturity Debt Securities
Allowance for credit losses on corporate securities$— 
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 the January 1, 2020 adoption of CECL had on the allowance for credits losses for the loan portfolio (in thousands):
January 1, 2020
As reported under CECLPrior to CECLImpact of CECL adoption
Loans
Residential$8,950 3,414 5,536 
Commercial17,118 12,831 4,287 
Multi-family9,519 3,374 6,145 
Construction4,152 5,892 (1,740)
Total mortgage loans39,739 25,511 14,228 
Commercial loans18,254 28,263 (10,009)
Consumer loans5,452 1,751 3,701 
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 values and gross unrealized losses for held to maturity debt securities in an unrealized loss position at March 31, 2021 and December 31, 2020 (in thousands):
March 31, 2021 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$6,903 (95)— — 6,903 (95)
State and municipal obligations19,697 (809)406 (16)20,103 (825)
Corporate obligations6,146 (103)— — 6,146 (103)
$32,746 (1,007)406 (16)33,152 (1,023)

December 31, 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$1,995 (5)— — 1,995 (5)
State and municipal obligations4,846 (41)406 (17)5,252 (58)
Corporate obligations786 (2)— — 786 (2)
$7,627 (48)406 (17)8,033 (65)
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, 2021 (in thousands):
March 31, 2021
Total PortfolioAAAAAABBBNot RatedTotal
Agency obligations$8,998 — — — — 8,998 
Mortgage-backed securities50 — — — — 50 
State and municipal obligations57,207 308,572 51,678 1,115 10,059 428,631 
Corporate obligations— 3,087 7,188 — 25 10,300 
$66,255 311,659 58,866 1,115 10,084 447,979 
December 31, 2020
Total PortfolioAAAAAABBBNot RatedTotal
Agency obligations$7,600 — — — — 7,600 
Mortgage-backed securities62 — — — — 62 
State and municipal obligations57,830 311,155 53,302 1,115 10,253 433,655 
Corporate obligations— 3,255 6,446 — 25 9,726 
$65,492 314,410 59,748 1,115 10,278 451,043 
Available-for-sale Securities  
Fair Value, Option, Quantitative Disclosures [Line Items]  
Investment Securities Classified by Contractual Maturity
The amortized cost and fair value of available for sale debt securities at March 31, 2021, by contractual maturity, are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer.
March 31, 2021
Amortized
cost
Fair
value
Due in one year or less$— — 
Due after one year through five years3,651 3,761 
Due after five years through ten years38,002 38,532 
Due after ten years65,939 65,286 
$107,592 107,579 
Held-to-maturity Securities  
Fair Value, Option, Quantitative Disclosures [Line Items]  
Investment Securities Classified by Contractual Maturity
The amortized cost and fair value of investment securities in the held to maturity debt securities portfolio at March 31, 2021 by contractual maturity are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer.
March 31, 2021
Amortized
cost
Fair
value
Due in one year or less$— — 
Due after one year through five years163,682 167,460 
Due after five years through ten years213,875 224,327 
Due after ten years70,372 72,155 
$447,929 463,942