Investment in Securities (Tables)
|
3 Months Ended |
Mar. 31, 2019 |
|---|
| Investments, Debt and Equity Securities [Abstract] |
|
| Schedule of Investment Securities |
The amortized cost, gross unrealized gains, gross unrealized losses and fair value of investment securities are summarized as follows:
|
|
March 31, 2019 |
|
|
|
|
|
Gross |
|
Gross |
|
|
|
|
|
Amortized |
|
Unrealized |
|
Unrealized |
|
|
|
| (In thousands) |
|
Cost |
|
Gains |
|
Losses |
|
Fair Value |
| State and political subdivisions |
|
$ |
327,139 |
|
$ |
8,585 |
|
$ |
181 |
|
$ |
335,543 |
| U.S. government agencies |
|
|
104,273 |
|
|
198 |
|
|
820 |
|
|
103,651 |
| Certificates of deposit |
|
|
1,995 |
|
|
— |
|
|
— |
|
|
1,995 |
| Total |
|
$ |
433,407 |
|
$ |
8,783 |
|
$ |
1,001 |
|
$ |
441,189 |
| |
|
|
|
|
|
|
|
|
|
| |
|
December 31, 2018 |
|
|
|
|
|
Gross |
|
Gross |
|
|
|
|
|
Amortized |
|
Unrealized |
|
Unrealized |
|
|
|
| (In thousands) |
|
Cost |
|
Gains |
|
Losses |
|
Fair Value |
| State and political subdivisions |
|
$ |
332,732 |
|
$ |
3,791 |
|
$ |
1,806 |
|
$ |
334,717 |
| U.S. government agencies |
|
|
106,153 |
|
|
86 |
|
|
1,417 |
|
|
104,822 |
| Certificates of deposit |
|
|
1,995 |
|
|
— |
|
|
— |
|
|
1,995 |
| Total |
|
$ |
440,880 |
|
$ |
3,877 |
|
$ |
3,223 |
|
$ |
441,534 | |
| Schedule of the Fair Value of Securities with Unrealized Losses |
The fair values of securities with unrealized losses are as follows:
|
|
March 31, 2019 |
|
|
Less than 12 months |
|
12 months or more |
|
Total |
|
|
Estimated |
|
Unrealized |
|
Estimated |
|
Unrealized |
|
Estimated |
|
Unrealized |
| (In thousands) |
|
Fair Value |
|
Losses |
|
Fair Value |
|
Losses |
|
Fair Value |
|
Losses |
| State and political subdivisions |
|
$ |
— |
|
$ |
— |
|
$ |
22,617 |
|
$ |
181 |
|
$ |
22,617 |
|
$ |
181 |
| U.S. government agencies |
|
|
4,945 |
|
|
5 |
|
|
44,251 |
|
|
815 |
|
|
49,196 |
|
|
820 |
| Certificates of deposit |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
| Total |
|
$ |
4,945 |
|
$ |
5 |
|
$ |
66,868 |
|
$ |
996 |
|
$ |
71,813 |
|
$ |
1,001 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
December 31, 2018 |
|
|
Less than 12 months |
|
12 months or more |
|
Total |
|
|
Estimated |
|
Unrealized |
|
Estimated |
|
Unrealized |
|
Estimated |
|
Unrealized |
| (In thousands) |
|
Fair Value |
|
Losses |
|
Fair Value |
|
Losses |
|
Fair Value |
|
Losses |
| State and political subdivisions |
|
$ |
91,248 |
|
$ |
556 |
|
$ |
60,546 |
|
$ |
1,250 |
|
$ |
151,794 |
|
$ |
1,806 |
| U.S. government agencies |
|
|
30,409 |
|
|
130 |
|
|
38,005 |
|
|
1,287 |
|
|
68,414 |
|
|
1,417 |
| Certificates of deposit |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
| Total |
|
$ |
121,657 |
|
$ |
686 |
|
$ |
98,551 |
|
$ |
2,537 |
|
$ |
220,208 |
|
$ |
3,223 | |
| Schedule of Amortized Cost and Fair Value of Investment |
The amortized cost and fair value of investment securities by contractual maturity are shown in the following table. Expected maturities may differ from contractual maturities because borrowers have the right to prepay obligations with or without prepayment penalties.
|
|
March 31, 2019 |
| (In thousands) |
|
Amortized Cost |
|
Fair Value |
| Due in 1 year or less |
|
$ |
17,585 |
|
$ |
17,607 |
| Due after 1 year through 5 years |
|
|
123,001 |
|
|
124,343 |
| Due after 5 years through 10 years |
|
|
241,321 |
|
|
248,393 |
| Due after 10 years |
|
|
51,500 |
|
|
50,846 |
| Total |
|
$ |
433,407 |
|
$ |
441,189 | |