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Investment Securities (Tables)

6 Months Ended

Jun. 30, 2020

Investments, Debt and Equity Securities [Abstract]

Investment securities at June 30, 2020, were as follows:


Debt securities AFS (In thousands)	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Fair Value
Obligations of states and political subdivisions	$	280,371	$	23,396	$	—	$	303,767
U.S. Government sponsored entities' asset-backed securities	755,372		29,152		70		784,454
Total	$	1,035,743	$	52,548	$	70	$	1,088,221

Investment securities at December 31, 2019, were as follows:


Debt securities AFS (In thousands)	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Fair Value
Obligations of states and political subdivisions	$	302,928	$	17,563	$	—	$	320,491
U.S. Government sponsored entities' asset-backed securities	884,571		10,862		6,223		889,210
Total	$	1,187,499	$	28,425	$	6,223	$	1,209,701

Schedule Of Unrealized Loss On Securities

Investment securities in an unrealized loss position at June 30, 2020, were as follows:


	Unrealized loss position for less than 12 months						Unrealized loss position for 12 months or longer						Total
(In thousands)	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
Debt securities AFS
U.S. Government sponsored entities' asset-backed securities	$	—	$	—	$	5,665	$	70	$	5,665	$	70
Total	$	—	$	—	$	5,665	$	70	$	5,665	$	70

Investment securities in an unrealized loss position at December 31, 2019, were as follows:


	Unrealized loss position for less than 12 months						Unrealized loss position for 12 months or longer						Total
(In thousands)	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
Debt securities AFS
U.S. Government sponsored entities' asset-backed securities	$	237,613	$	1,106	$	171,805	$	5,117	$	409,418	$	6,223
Total	$	237,613	$	1,106	$	171,805	$	5,117	$	409,418	$	6,223

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, 2020, 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.


Debt securities AFS (In thousands)	Amortized cost		Fair value		Tax equivalent yield ⁽¹⁾

U.S. Government sponsored entities' asset-backed securities	$	755,372	$	784,454	2.36	%

Obligations of state and political subdivisions:
Due five through ten years	$	34,980	$	37,780	3.80	%
Due over ten years	245,391		265,987		3.68	%
Total ⁽¹⁾	$	280,371	$	303,767	3.70	%