Investment Securities (Tables)

6 Months Ended

Jun. 30, 2019

Investments, Debt and Equity Securities [Abstract]

Investment securities at December 31, 2018, were as follows:



Debt Securities AFS (In thousands)	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Estimated Fair Value
U.S. Government sponsored entities' asset-backed securities	$	1,028,883	$	453	$	25,915	$	1,003,421
Total	$	1,028,883	$	453	$	25,915	$	1,003,421



Debt Securities HTM (In thousands)	Amortized Cost		Gross Unrecognized Holding Gains		Gross Unrecognized Holding Losses		Estimated Fair Value
Obligations of states and political subdivisions	$	305,278	$	3,202	$	2,672	$	305,808
U.S. Government sponsored entities' asset-backed securities	46,530		87		1,003		45,614
Total	$	351,808	$	3,289	$	3,675	$	351,422

Investment securities at June 30, 2019, were as follows:



Debt Securities AFS (In thousands)	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Estimated Fair Value
Obligations of U.S. Treasury and other U.S. Government sponsored entities	$	3,445	$	35	$	—	$	3,480
Obligations of states and political subdivisions	16,040		213		3		16,250
U.S. Government sponsored entities' asset-backed securities	948,287		10,597		6,100		952,784
Other debt securities	6,151		160		—		6,311
Total	$	973,923	$	11,005	$	6,103	$	978,825



Debt Securities HTM (In thousands)	Amortized Cost		Gross Unrecognized Holding Gains		Gross Unrecognized Holding Losses		Estimated Fair Value
U.S. Government sponsored entities' asset-backed securities	$	46,264	$	407	$	29	$	46,642
Obligations of states and political subdivisions	304,111		13,807		—		317,918
Total	$	350,375	$	14,214	$	29	$	364,560

Schedule Of Unrealized Loss On Securities

Investment securities with unrealized/unrecognized losses at December 31, 2018, were as follows:



	Unrealized/unrecognized loss position for less than 12 months				Unrealized/unrecognized loss position for 12 months or longer				Total
(In thousands)	Fair value		Unrealized/unrecognized losses		Fair value		Unrealized/unrecognized losses		Fair value		Unrealized/unrecognized losses
Debt Securities AFS
U.S. Government sponsored entities' asset-backed securities	$	506,280	$	5,998	$	449,569	$	19,917	$	955,849	$	25,915
Total	$	506,280	$	5,998	$	449,569	$	19,917	$	955,849	$	25,915
Debt Securities HTM
Obligations of states and political subdivisions	$	91,960	$	1,095	$	70,723	$	1,577	$	162,683	$	2,672
U.S. Government sponsored entities' asset-backed securities	32,656		838		6,931		165		39,587		1,003
Total	$	124,616	$	1,933	$	77,654	$	1,742	$	202,270	$	3,675

Investment securities with unrealized/unrecognized losses at June 30, 2019, were as follows:



	Unrealized/unrecognized loss position for less than 12 months				Unrealized/unrecognized loss position for 12 months or longer				Total
(In thousands)	Fair value		Unrealized/unrecognized losses		Fair value		Unrealized/unrecognized losses		Fair value		Unrealized/unrecognized losses
Debt Securities AFS
Obligations of states and political subdivisions	$	1,396	$	3	$	—	$	—	$	1,396	$	3
U.S. Government sponsored entities' asset-backed securities	—		—		301,169		6,100		$	301,169	6,100
Total	$	1,396	$	3	$	301,169	$	6,100	$	302,565	$	6,103
Debt Securities HTM
U.S. Government sponsored entities' asset-backed securities	$	—	$	—	$	18,191	$	29	$	18,191	$	29
Total	$	—	$	—	$	18,191	$	29	$	18,191	$	29

Amortized Cost And Estimated Fair Value Of Investments In Debt Securities By Contractual Maturity

The amortized cost and estimated fair value of investments in debt securities at June 30, 2019, are shown in the following table by contractual maturity, except for asset-backed securities, which are shown as a single total, due to the unpredictability of the timing of principal repayments.



Securities AFS (In thousands)	Amortized cost		Fair value		Tax equivalent yield
Obligations of U.S. Treasury and other U.S. Government sponsored entities
Due one through five years	$	3,445	$	3,480	2.50	%
Total	$	3,445	$	3,480	2.50	%

U.S. Government sponsored entities' asset-backed securities	$	948,287	$	952,784	2.36	%

Obligations of state and political subdivisions:
Due one through five years	$	3,030	$	3,078	2.76	%
Due five through ten years	6,050		6,129		2.69	%
Due over ten years	6,960		7,043		3.21	%
Total ⁽¹⁾	$	16,040	$	16,250	2.93	%

Other debt securities
Due five through ten years	$	1,046	$	1,069	2.77	%
Due over ten years	5,105		5,242		2.95	%
Total	$	6,151	$	6,311	2.92	%



Securities HTM (In thousands)	Amortized cost		Fair value		Tax equivalent yield⁽¹⁾
Obligations of state and political subdivisions:
Due five through ten years	$	4,010	$	4,141	3.04	%
Due over ten years	300,101		313,777		3.69	%
Total ⁽¹⁾	$	304,111	$	317,918	3.68	%

U.S. Government sponsored entities' asset-backed securities	$	46,264	$	46,642	2.82	%