Investment Securities (Tables)

9 Months Ended

Sep. 30, 2021

Investments, Debt and Equity Securities [Abstract]

Investment securities at September 30, 2021 and December 31, 2020, were as follows:


Debt securities AFS (In thousands)	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Fair Value
September 30, 2021:
Obligations of states and political subdivisions	$	277,527	$	21,567	$	—	$	299,094
U.S. Government sponsored entities' asset-backed securities	844,128		17,876		4,855		857,149
Collateralized loan obligations	388,193		146		657		387,682
Corporate debt securities	9,250		43		—		9,293
Total	$	1,519,098	$	39,632	$	5,512	$	1,553,218


Debt securities AFS (In thousands)	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Fair Value
December 31, 2020:
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

Schedule Of Unrealized Loss On Securities

Investment securities in an unrealized loss position at September 30, 2021, 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	$	296,586	$	4,855	$	—	$	—	$	296,586	$	4,855
Collateralized loan obligations	239,804		657		—		—		239,804		657
Total	$	536,390	$	5,512	$	—	$	—	$	536,390	$	5,512

Investment securities in an unrealized loss position at December 31, 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	$	86,393	$	695	$	4,727	$	33	$	91,120	$	728
Total	$	86,393	$	695	$	4,727	$	33	$	91,120	$	728

Investments Classified by Contractual Maturity Date

The amortized cost and estimated fair value of investments in debt securities AFS at September 30, 2021, are shown in the following table by contractual maturity, except for asset-backed securities and collateral loan obligations, 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	$	844,128	$	857,149	1.73	%

Collateralized loan obligations	$	388,193	$	387,682	1.45	%

Corporate debt securities
Due five through ten years	$	9,250	$	9,293	4.10	%

Obligations of state and political subdivisions:
Due five through ten years	$	136,029	$	146,481	3.71	%
Due over ten years	141,498		152,613		3.68	%
Total (1)	$	277,527	$	299,094	3.70	%