Investment Securities (Tables)

9 Months Ended

Sep. 30, 2020

Investments, Debt and Equity Securities [Abstract]

Schedule Of Investment Securities

Investment securities at September 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	$	279,810	$	24,696	$	—	$	304,506
U.S. Government sponsored entities' asset-backed securities	698,237		28,092		32		726,297
Corporate debt securities	2,000		11		—		2,011
Total	$	980,047	$	52,799	$	32	$	1,032,814

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 September 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	$	—	$	—	$	5,330	$	32	$	5,330	$	32
Total	$	—	$	—	$	5,330	$	32	$	5,330	$	32

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 September 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	$	698,237	$	726,297	2.37	%
Corporate debt securities
Due five through ten years	$	2,000	$	2,011	4.00	%
Obligations of state and political subdivisions:
Due five through ten years	$	58,800	$	64,264	3.81	%
Due over ten years	221,010		240,242		3.67	%
Total (1)	$	279,810	$	304,506	3.70	%