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Investment Securities (Tables)
 6 Months Ended
Jun. 30, 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:
 
June 30, 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
  $
627,996
    $
5,193
    $
(2,278
 )   $
630,911
 
Obligations of states and political subdivisions
   
123,626
     
2,462
     
(108
 )    
125,980
 
Corporate bonds
   
4,407
     
114
     
—  
      
4,521
 
Asset backed securities
   
376,676
     
252
     
(4,346
 )    
372,582
 
                                 
Total debt securities available for sale
  $
1,132,705
    $
8,021
    $
(6,732
 )   $
1,133,994
 
                                 
Debt Securities Held to Maturity
    
     
     
     
 
Obligations of U.S. government agencies
  $
398,714
    $
3,661
    $
(1,199
 )   $
401,176
 
Obligations of states and political subdivisions
   
13,810
     
290
     
—  
      
14,100
 
                                 
Total debt securities held to maturity
  $
412,524
    $
3,951
    $
(1,199
 )   $
415,276
 
                                 
       
  
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
  $
2,415
    $
2,421
    $
—  
     $
—  
  
Due after one year through five years
   
14,287
     
14,636
     
1,254
     
1,269
 
Due after five years through ten years
   
44,325
     
45,235
     
21,922
     
22,166
 
Due after ten years
   
1,071,678
     
1,071,702
     
389,348
     
391,841
 
 
                                
Totals
  $
1,132,705
    $
1,133,994
    $
412,524
    $
415,276
 
                                 
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
 
 
  
(in thousands)
 
June 30, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Securities Available for Sale
    
     
     
     
     
     
 
Obligations of U.S. government agencies
  $
—  
     $
—  
     $
247,286
     $
(2,278
 )   $
247,286
    $
(2,278
 )
Obligations of states and political subdivisions
   
5,208
      
(108
 )    
—  
      
—  
      
5,208
     
(108
 )
Corporate Bonds
   
—  
      
—  
      
—  
      
—  
      
—  
      
—  
  
Asset backed securities
   
340,012
      
(4,346
 )    
—  
      
—  
      
340,012
     
(4,346
 )
Total debt securities available for sale
  $
 
345,220
     $
(4,454
 )   $
 
247,286
     $
(2,278
 )   $
592,506
    $
(6,732
 )
Debt Securities Held to Maturity
    
     
     
     
     
     
 
Obligations of U.S. government agencies
  $
—  
     $
—  
     $
110,702
    $
(1,199
 )   $
110,702
    $
(1,199
 )
Obligations of states and political subdivisions
   
—  
      
—  
      
—  
      
—  
      
—  
      
—  
  
Total debt securities held to maturity
  $
—  
     $
—  
     $
110,702
    $
(1,199
 )   $
110,702
    $
(1,199
 )
                   
  
Less than 12 months
   
12 months or more
   
Total
 
  
Fair
   
Unrealized
   
Fair
   
Unrealized
   
Fair
   
Unrealized
 
Value
   
Loss
   
Value
   
Loss
   
Value
   
Loss
 
 
  
(in thousands)
 
December 31, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
 )