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Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2019
Investments Schedule [Abstract]  
Amortized Cost and Estimated Fair Values of Investments Securities
The amortized cost and estimated fair values of investments in debt securities are summarized in the following tables:
 
 
 
March 31, 2019
 
 
 
 
 
 
Gross
 
 
Gross
 
 
Estimated
 
 
 
Amortized
 
 
Unrealized
 
 
Unrealized
 
 
Fair
 
 
 
Cost
 
 
Gains
 
 
Losses
 
 
Value
 
 
 
(in thousands)
 
Debt Securities Available for Sale
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Obligations of U.S. government agencies
 
$
631,914
 
 
$
1,862
 
 
$
(6,676
)
 
$
627,100
 
Obligations of states and political subdivisions
 
 
128,706
 
 
 
1,242
 
 
 
(599
)
 
 
129,349
 
Corporate bonds
 
 
4,394
 
 
 
84
 
 
 
—
 
 
 
4,478
 
Asset backed securities
 
 
356,766
 
 
 
141
 
 
 
(4,318
)
 
 
352,589
 
Total debt securities available for sale
 
$
1,121,780
 
 
$
3,329
 
 
$
(11,593
)
 
$
1,113,516
 
Debt Securities Held to Maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Obligations of U.S. government agencies
 
$
416,418
 
 
$
2,190
 
 
$
(2,581
)
 
$
416,027
 
Obligations of states and political subdivisions
 
 
14,598
 
 
 
173
 
 
 
(25
)
 
 
14,746
 
Total debt securities held to maturity
 
$
431,016
 
 
$
2,363
 
 
$
(2,606
)
 
$
430,773
 
 
 
 
December 31, 2018
 
 
 
 
 
 
Gross
 
 
Gross
 
 
Estimated
 
 
 
Amortized
 
 
Unrealized
 
 
Unrealized
 
 
Fair
 
 
 
Cost
 
 
Gains
 
 
Losses
 
 
Value
 
 
 
(in thousands)
 
Debt Securities Available for Sale
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Obligations of U.S. government agencies
 
$
647,288
 
 
$
771
 
 
$
(18,078
)
 
$
629,981
 
Obligations of states and political subdivisions
 
 
128,890
 
 
 
294
 
 
 
(3,112
)
 
 
126,072
 
Corporate bonds
 
 
4,381
 
 
 
97
 
 
 
—
 
 
 
4,478
 
Asset backed securities
 
 
355,451
 
 
 
73
 
 
 
(1,019
)
 
 
354,505
 
Total debt securities available for sale
 
$
1,136,010
 
 
$
1,235
 
 
$
(22,209
)
 
$
1,115,036
 
Debt Securities Held to Maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Obligations of U.S. government agencies
 
$
430,343
 
 
$
327
 
 
$
(7,745
)
 
$
422,925
 
Obligations of states and political subdivisions
 
 
14,593
 
 
 
82
 
 
 
(230
)
 
 
14,445
 
Total debt securities held to maturity
 
$
444,936
 
 
$
409
 
 
$
(7,975
)
 
$
437,370
 
Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity For purposes of the following table, the entire outstanding balance of these mortgage-backed securities issued by U.S. government corporations and agencies is categorized based on final maturity date.
 
Debt Securities
 
Available for Sale
 
 
Held to Maturity
 
(In thousands)
 
Amortized
 
 
Estimated
 
 
Amortized
 
 
Estimated
 
 
Cost
 
 
Fair Value
 
 
Cost
 
 
Fair Value
 
Due in one year
 
$
2,413
 
 
$
2,418
 
 
$
—
 
 
$
—
 
Due after one year through five years
 
 
10,584
 
 
 
10,798
 
 
 
1,246
 
 
 
1,260
 
Due after five years through ten years
 
 
18,130
 
 
 
18,624
 
 
 
23,944
 
 
 
23,899
 
Due after ten years
 
 
1,090,653
 
 
 
1,081,676
 
 
 
405,826
 
 
 
405,614
 
Totals
 
$
1,121,780
 
 
$
1,113,516
 
 
$
431,016
 
 
$
430,773
 
Gross Unrealized Losses on Investment Securities
Gross unrealized losses on debt securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows:
 
 
 
Less than 12 months
 
 
12 months or more
 
 
Total
 
 
 
Fair
 
 
Unrealized
 
 
Fair
 
 
Unrealized
 
 
Fair
 
 
Unrealized
 
 
Value
 
 
Loss
 
 
Value
 
 
Loss
 
 
Value
 
 
Loss
 
March 31, 2019
 
(in thousands)
 
Debt Securities Available for Sale
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Obligations of U.S. government agencies
 
$
481
 
 
$
(2
)
 
$
496,424
 
 
$
(6,674
)
 
$
496,905
 
 
$
(6,676
)
Obligations of states and political subdivisions
 
 
24,644
 
 
 
(598
)
 
 
566
 
 
 
(1
)
 
 
25,210
 
 
 
(599
)
Asset backed securities
 
 
330,078
 
 
 
(4,318
)
 
 
—
 
 
 
—
 
 
 
330,078
 
 
 
(4,318
)
Total debt securities available for sale
 
$
355,203
 
 
$
(4,918
)
 
$
496,990
 
 
$
(6,675
)
 
$
852,193
 
 
$
(11,593
)
Debt Securities Held to Maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Obligations of U.S. government agencies
 
$
—
 
 
$
—
 
 
$
224,551
 
 
$
(2,581
)
 
$
224,551
 
 
$
(2,581
)
Obligations of states and political subdivisions
 
 
—
 
 
 
—
 
 
 
5,891
 
 
 
(25
)
 
 
5,891
 
 
 
(25
)
Total debt securities held to maturity
 
$
—
 
 
$
—
 
 
$
230,442
 
 
$
(2,606
)
 
$
230,442
 
 
$
(2,606
)
 
 
 
Less than 12 months
 
 
12 months or more
 
 
Total
 
 
 
Fair
 
 
Unrealized
 
 
Fair
 
 
Unrealized
 
 
Fair
 
 
Unrealized
 
 
Value
 
 
Loss
 
 
Value
 
 
Loss
 
 
Value
 
 
Loss
 
December 31, 2018
 
(in thousands)
 
Debt Securities Available for Sale
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Obligations of U.S. government agencies
 
$
171,309
 
 
$
(3,588
)
 
$
394,630
 
 
$
(14,490
)
 
$
565,939
 
 
$
(18,078
)
Obligations of states and political subdivisions
 
 
63,738
 
 
 
(1,541
)
 
 
20,719
 
 
 
(1,571
)
 
 
84,457
 
 
 
(3,112
)
Asset backed securities
 
 
101,386
 
 
 
(1,019
)
 
 
—
 
 
 
—
 
 
 
101,386
 
 
 
(1,019
)
Total debt securities available for sale
 
$
336,433
 
 
$
(6,148
)
 
$
415,349
 
 
$
(16,061
)
 
$
751,782
 
 
$
(22,209
)
Debt Securities Held to Maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Obligations of U.S. government agencies
 
$
223,810
 
 
$
(2,619
)
 
$
158,648
 
 
$
(5,126
)
 
$
382,458
 
 
$
(7,745
)
Obligations of states and political subdivisions
 
 
5,786
 
 
 
(114
)
 
 
4,042
 
 
 
(116
)
 
 
9,828
 
 
 
(230
)
Total debt securities held to maturity
 
$
229,596
 
 
$
(2,733
)
 
$
162,690
 
 
$
(5,242
)
 
$
392,286
 
 
$
(7,975
)