Securities (Tables)

6 Months Ended

Jun. 30, 2021

Securities [Abstract]

Amortized Cost, Estimated Fair Value and Unrealized Gains (Losses) of AFS Securities

The amortized cost, estimated fair value and unrealized gains (losses) of AFS securities are as follows:

(In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
As of June 30, 2021
Federal agency	$	248,470	$	-	$	4,810	$	243,660
State & municipal		58,347		201		480		58,068
Mortgage-backed:
Government-sponsored enterprises		615,554		12,456		2,418		625,592
U.S. government agency securities		57,786		2,167		62		59,891
Collateralized mortgage obligations:
Government-sponsored enterprises		411,168		6,179		773		416,574
U.S. government agency securities		92,824		2,241		-		95,065
Corporate		34,500		1,383		-		35,883
Total AFS securities	$	1,518,649	$	24,627	$	8,543	$	1,534,733
As of December 31, 2020
Federal agency	$	245,590	$	59	$	2,052	$	243,597
State & municipal		42,550		630		-		43,180
Mortgage-backed:
Government-sponsored enterprises		521,448		17,079		22		538,505
U.S. government agency securities		55,049		2,332		47		57,334
Collateralized mortgage obligations:
Government-sponsored enterprises		311,710		7,549		58		319,201
U.S. government agency securities		114,864		3,739		-		118,603
Corporate		27,500		778		-		28,278
Total AFS securities	$	1,318,711	$	32,166	$	2,179	$	1,348,698

Amortized Cost, Estimated Fair Value, and Unrealized Gains (Losses) of HTM Securities

The amortized cost, estimated fair value and unrealized gains (losses) of HTM securities are as follows:

(In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
As of June 30, 2021
Federal agency	$	100,000	$	-	$	3,293	$	96,707
Mortgage-backed:
Government-sponsored enterprises		114,278		3,003		38		117,243
U.S. government agency securities		10,299		821		-		11,120
Collateralized mortgage obligations:
Government-sponsored enterprises		83,300		3,664		-		86,964
U.S. government agency securities		39,472		1,163		-		40,635
State & municipal		275,002		6,171		888		280,285
Total HTM securities	$	622,351	$	14,822	$	4,219	$	632,954
As of December 31, 2020
Federal agency	$	100,000	$	-	$	1,658	$	98,342
Mortgage-backed:
Government-sponsored enterprises		107,914		4,583		-		112,497
U.S. government agency securities		11,533		979		-		12,512
Collateralized mortgage obligations:
Government-sponsored enterprises		103,105		4,477		-		107,582
U.S. government agency securities		79,145		3,950		-		83,095
State & municipal		214,863		7,953		17		222,799
Total HTM securities	$	616,560	$	21,942	$	1,675	$	636,827

Gains and (Losses) on Equity Securities

The following tables set forth information with regard to gains and (losses) on equity securities:

	Three Months Ended June 30,
(In thousands)	2021		2020
Net gains and (losses) recognized on equity securities	$	201	$	177
Less: Net gains and (losses) recognized on equity securities sold during the period		-		-
Unrealized gains and (losses) recognized on equity securities still held	$	201	$	177

	Six Months Ended June 30,
(In thousands)	2021		2020
Net gains and (losses) recognized on equity securities	$	653	$	(638	)
Less: Net gains and (losses) recognized on equity securities sold during the period		-		-
Unrealized gains and (losses) recognized on equity securities still held	$	653	$	(638	)

Contractual Maturities of Debt Securities

The following table sets forth information with regard to contractual maturities of debt securities at June 30, 2021:

(In thousands)	Amortized Cost		Estimated Fair Value
AFS debt securities:
Within one year	$	1,265	$	1,273
From one to five years		49,595		50,379
From five to ten years		589,435		589,990
After ten years		878,354		893,091
Total AFS debt securities	$	1,518,649	$	1,534,733
HTM debt securities:
Within one year	$	51,610	$	51,659
From one to five years		54,875		56,215
From five to ten years		227,013		229,266
After ten years		288,853		295,814
Total HTM debt securities	$	622,351	$	632,954

Investment Securities with Unrealized Losses

The following table sets forth information with regard to investment securities with unrealized losses, for which an allowance for credit losses has not been recorded at June 30, 2021, segregated according to the length of time the securities had been in a continuous unrealized loss position:

	Less Than 12 Months							12 Months or Longer							Total
(In thousands)	Fair Value		Unrealized Losses			Number of Positions		Fair Value		Unrealized Losses			Number of Positions		Fair Value		Unrealized Losses			Number of Positions
As of June 30, 2021
AFS securities:
Federal agency	$	243,660	$	(4,810	)		16	$	-	$	-			-	$	243,660	$	(4,810	)		16
State & municipal		42,038		(480	)		27		-		-			-		42,038		(480	)		27
Mortgage-backed		250,767		(2,472	)		17		774		(8	)		4		251,541		(2,480	)		21
Collateralized mortgage obligations		118,506		(772	)		15		420		(1	)		1		118,926		(773	)		16
Total securities with unrealized losses	$	654,971	$	(8,534	)		75	$	1,194	$	(9	)		5	$	656,165	$	(8,543	)		80
HTM securities:
Federal agency	$	96,707	$	(3,293	)		4	$	-	$	-			-	$	96,707	$	(3,293	)		4
Mortgage-backed		7,710		(38	)		1		-		-			-		7,710		(38	)		1
State & municipal		47,425		(888	)		38		-		-			-		47,425		(888	)		38
Total securities with unrealized losses	$	151,842	$	(4,219	)		43	$	-	$	-			-	$	151,842	$	(4,219	)		43
As of December 31, 2020
AFS securities:
Federal agency	$	148,537	$	(2,052	)		10	$	-	$	-			-	$	148,537	$	(2,052	)		10
Mortgage-backed		47,269		(60	)		3		800		(9	)		4		48,069		(69	)		7
Collateralized mortgage obligations		17,837		(58	)		6		-		-			-		17,837		(58	)		6
Total securities with unrealized losses	$	213,643	$	(2,170	)		19	$	800	$	(9	)		4	$	214,443	$	(2,179	)		23
HTM securities:
Federal agency	$	98,342	$	(1,658	)		4	$	-	$	-			-	$	98,342	$	(1,658	)		4
State & municipal		4,805		(17	)		5		-		-			-		4,805		(17	)		5
Total securities with unrealized losses	$	103,147	$	(1,675	)		9	$	-	$	-			-	$	103,147	$	(1,675	)		9