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Investment Securities (Tables)

12 Months Ended

Dec. 31, 2020

Investments, Debt and Equity Securities [Abstract]

Debt Securities

Investment securities at December 31, 2020 and December 31, 2019 were as follows:


(In thousands)	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Fair Value
2020:
Debt Securities Available-for-Sale
Obligations of states and political subdivisions	$	279,245	$	25,973	$	—	$	305,218
U.S. Government sponsored entities’ asset-backed securities	726,589		26,248		728		752,109
Corporate debt securities	2,000		14		—		2,014
Total	$	1,007,834	$	52,235	$	728	$	1,059,341


(In thousands)	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Fair Value
2019:
Debt Securities Available-for-Sale
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 investments

The following table provides detail on investment securities with unrealized losses aggregated by investment category and length of time the individual securities had been in a continuous loss position at December 31, 2020 and December 31, 2019:


	Less than 12 Months				12 Months or Longer				Total
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
2020:
Debt Securities Available-for-Sale
U.S. Government sponsored entities' asset-backed securities	$	86,393	$	695	$	4,727	$	33	$	91,120	$	728
Total	$	86,393	$	695	$	4,727	$	33	$	91,120	$	728


	Less than 12 Months				12 Months or Longer				Total
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
2019:
Debt Securities Available-for-Sale
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

Schedule of contractual maturity of debt securities

The amortized cost and estimated fair value of investments in debt securities at December 31, 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 in principal repayments.


(In thousands)	Amortized Cost		Fair Value		Tax Equivalent Yield (1)
Debt Securities Available-for-Sale
Corporate debt securities
Due five through ten years	$	2,000	$	2,014	4.00	%

Obligations of states and political subdivisions
Due five through ten years	$	66,449	$	72,860	3.80	%
Due greater than ten years	212,796		232,358		3.67	%
Total	$	279,245	$	305,218	3.70	%

U.S. Government sponsored entities’ asset-backed securities	$	726,589	$	752,109	2.14	%

(1) The tax equivalent yield for obligations of states and political subdivisions includes the effects of a taxable equivalent adjustment using a 21% federal corporate income tax rate.

Cost and Equity Method Investments Disclosure [Text Block]

The carrying amount of other investment securities at December 31, 2020 and 2019 was as follows:


(In thousands)	December 31, 2020		December 31, 2019
FHLB stock	$	22,090	$	30,060
FRB stock	14,653		14,653
Equity investments carried at fair value	2,511		1,993
Equity investments carried at modified cost (1)	4,689		2,689
Equity investments carried at net asset value	21,522		20,411
Total other investment securities	$	65,465	$	69,806

(1) There have been no impairments, downward adjustments, or upward adjustments made to equity investments carried at modified cost.