INVESTMENTS

6 Months Ended

Jun. 30, 2020

Investments [Abstract]

Investments

Note 3 – Investments

Investments available-for-sale

The amortized cost and estimated fair values of investments available-for-sale at the dates indicated are presented in the following table:

			June 30, 2020								December 31, 2019
					Gross		Gross		Estimated				Gross		Gross		Estimated
			Amortized		Unrealized		Unrealized		Fair		Amortized		Unrealized		Unrealized		Fair
(In thousands)			Cost		Gains		Losses		Value		Cost		Gains		Losses		Value
U.S. treasuries and government agencies			$	171,465	$	1,126	$	(4,519)	$	168,072	$	260,294	$	887	$	(2,686)	$	258,495
State and municipal				289,513		8,194		(127)		297,580		229,309		4,377		(37)		233,649
Mortgage-backed and asset-backed				852,063		26,021		(129)		877,955		568,373		3,268		(882)		570,759
Corporate debt				12,131		64		(3)		12,192		9,100		452		-		9,552
Trust preferred				-		-		-		-		310		-		-		310
	Total debt securities			1,325,172		35,405		(4,778)		1,355,799		1,067,386		8,984		(3,605)		1,072,765
Marketable equity securities				-		-		-		-		568		-		-		568
		Total investments available-for-sale	$	1,325,172	$	35,405	$	(4,778)	$	1,355,799	$	1,067,954	$	8,984	$	(3,605)	$	1,073,333

Any unrealized losses in the U.S. treasuries and government agencies, state and municipal, mortgage-backed and asset-backed investment securities at June 30, 2020 are due to changes in interest rates and not credit-related events. As such, no allowance for credit losses is required at June 30, 2020. Unrealized losses on investment securities are expected to recover over time as these securities approach maturity.

The mortgage-backed securities portfolio at June 30, 2020 is composed entirely of either the most senior tranches of GNMA, FNMA or FHLMC collateralized mortgage obligations ($309.2 million), GNMA, FNMA or FHLMC mortgage-backed securities ($498.8 million) or SBA asset-backed securities ($70.0 million). The Company does not intend to sell these securities and has sufficient liquidity to hold these securities for an adequate period of time to allow for any anticipated recovery in fair value.

Gross unrealized losses and fair value by length of time that the individual available-for-sale securities have been in an unrealized loss position at the dates indicated are presented in the following tables:

		June 30, 2020
						Continuous Unrealized
		Number				Losses Existing for:				Total
		of				Less than		More than		Unrealized
(Dollars in thousands)		Securities		Fair Value		12 months		12 months		Losses
U.S. treasuries and government agencies			8	$	90,594	$	1,437	$	3,082	$	4,519
State and municipal			13		35,194		127		-		127
Mortgage-backed and asset-backed			29		29,634		93		36		129
Corporate debt			1		508		3		-		3
	Total		51	$	155,930	$	1,660	$	3,118	$	4,778

		December 31, 2019
						Continuous Unrealized
		Number				Losses Existing for:				Total
		of				Less than		More than		Unrealized
(Dollars in thousands)		Securities		Fair Value		12 months		12 months		Losses
U.S. treasuries and government agencies			12	$	151,132	$	2,211	$	475	$	2,686
State and municipal			3		7,227		37		-		37
Mortgage-backed and asset-backed			35		184,784		508		374		882
	Total		50	$	343,143	$	2,756	$	849	$	3,605

The estimated fair values of debt securities available-for-sale by contractual maturity at the dates indicated are provided in the following tables. The Company has allocated mortgage-backed securities into the four maturity groupings reflected in the following tables using the expected average life of the individual securities based on statistics provided by independent third party industry sources. Expected maturities will differ from contractual maturities as borrowers may have the right to prepay obligations with or without prepayment penalties.

		June 30, 2020
		One Year		One to		Five to		After Ten
(In thousands)		or less		Five Years		Ten Years		Years		Total
U.S. treasuries and government agencies		$	52,841	$	18,052	$	-	$	97,179	$	168,072
State and municipal			27,442		56,893		59,014		154,231		297,580
Mortgage-backed and asset-backed			2		22,202		60,454		795,297		877,955
Corporate debt			-		-		12,192		-		12,192
	Total available-for-sale debt securities	$	80,285	$	97,147	$	131,660	$	1,046,707	$	1,355,799
		December 31, 2019
		One Year		One to		Five to		After Ten
(In thousands)		or less		Five Years		Ten Years		Years		Total
U.S. treasuries and government agencies		$	69,799	$	96,709	$	-	$	91,987	$	258,495
State and municipal			33,311		76,723		75,820		47,795		233,649
Mortgage-backed and asset-backed			852		7,125		55,226		507,556		570,759
Corporate debt			-		-		9,552		-		9,552
Trust preferred			-		-		-		310		310
	Total available-for-sale debt securities	$	103,962	$	180,557	$	140,598	$	647,648	$	1,072,765

At June 30, 2020 and December 31, 2019, investments available-for-sale with a book value of $484.4 million and $424.8 million, respectively, were pledged as collateral for certain government deposits and for other purposes as required or permitted by law. The outstanding balance of no single issuer, except for U.S. Agencies securities, exceeded ten percent of stockholders' equity at June 30, 2020 and December 31, 2019.

Equity securities

Other equity securities at the dates indicated are presented in the following table:

(In thousands)		June 30, 2020		December 31, 2019
Federal Reserve Bank stock		$	38,650	$	22,559
Federal Home Loan Bank of Atlanta stock			29,526		29,244
Marketable equity securities			677		-
	Total equity securities	$	68,853	$	51,803