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Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2018
Investments, Debt and Equity Securities [Abstract]  
Investment Securities
The amortized cost and fair value of investment securities that are classified as held-to-maturity (“HTM”) and available-for-sale (“AFS”) are as follows:
 
 
June 30, 2018
 
December 31, 2017
(In thousands)
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross Unrealized
(Losses)
 
Estimated
Fair
Value
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross Unrealized
(Losses)
 
Estimated
Fair
Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Held-to-Maturity
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

U.S. Government agencies
$
36,976

 
$
—

 
$
(186
)
 
$
36,790

 
$
46,945

 
$
7

 
$
(228
)
 
$
46,724

Mortgage-backed securities
14,645

 
—

 
(603
)
 
14,042

 
16,132

 
8

 
(287
)
 
15,853

State and political subdivisions
279,787

 
3,316

 
(1,173
)
 
281,930

 
301,491

 
5,962

 
(222
)
 
307,231

Other securities
2,095

 
—

 
—

 
2,095

 
3,490

 
—

 
—

 
3,490

Total HTM
$
333,503


$
3,316


$
(1,962
)

$
334,857


$
368,058


$
5,977


$
(737
)

$
373,298

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Available-for-Sale
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Government agencies
$
149,593

 
$
—

 
$
(3,826
)
 
$
145,767

 
$
141,559

 
$
116

 
$
(1,951
)
 
$
139,724

Mortgage-backed securities
1,438,716

 
274

 
(43,759
)
 
1,395,231

 
1,208,017

 
246

 
(20,946
)
 
1,187,317

State and political subdivisions
250,574

 
282

 
(5,521
)
 
245,335

 
144,642

 
532

 
(2,009
)
 
143,165

Other securities
151,211

 
1,102

 
(2
)
 
152,311

 
118,106

 
1,206

 
(1
)
 
119,311

Total AFS
$
1,990,094


$
1,658


$
(53,108
)

$
1,938,644


$
1,612,324


$
2,100


$
(24,907
)

$
1,589,517
Gross Unrealized Losses and Fair Value of Investments
The following table shows the gross unrealized losses and fair value of the Company’s investments with unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at June 30, 2018: 
 
Less Than 12 Months
 
12 Months or More
 
Total
(In thousands)
Estimated
Fair
Value
 
Gross
Unrealized
Losses
 
Estimated
Fair
Value
 
Gross
Unrealized
Losses
 
Estimated
Fair
Value
 
Gross
Unrealized
Losses
 
 
 
 
 
 
 
 
 
 
 
 
Held-to-Maturity
 

 
 

 
 

 
 

 
 

 
 

U.S. Government agencies
$
5,963

 
$
(12
)
 
$
30,827

 
$
(174
)
 
$
36,790

 
$
(186
)
Mortgage-backed securities
6,106

 
(148
)
 
7,934

 
(455
)
 
14,040

 
(603
)
State and political subdivisions
94,136

 
(1,138
)
 
1,352

 
(35
)
 
95,488

 
(1,173
)
Total HTM
$
106,205


$
(1,298
)

$
40,113


$
(664
)

$
146,318


$
(1,962
)
 
 
 
 
 
 
 
 
 
 
 
 
Available-for-Sale
 
 
 
 
 
 
 
 
 
 
 
U.S. Government agencies
$
113,594

 
$
(1,753
)
 
$
32,174

 
$
(2,073
)
 
$
145,768

 
$
(3,826
)
Mortgage-backed securities
685,406

 
(14,319
)
 
630,291

 
(29,440
)
 
1,315,697

 
(43,759
)
State and political subdivisions
142,104

 
(1,918
)
 
73,025

 
(3,603
)
 
215,129

 
(5,521
)
Other securities
—

 
—

 
99

 
(2
)
 
99

 
(2
)
Total AFS
$
941,104


$
(17,990
)

$
735,589


$
(35,118
)

$
1,676,693


$
(53,108
)
Income Earned on Securities
Income earned on securities for the three and six months ended June 30, 2018 and 2017, is as follows:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
(In thousands)
2018
 
2017
 
2018
 
2017
Taxable:
 
 
 
 
 

 
 

Held-to-maturity
$
546

 
$
636

 
$
1,113

 
$
1,297

Available-for-sale
10,218

 
6,238

 
19,250

 
12,054

 
 
 
 
 
 
 
 
Non-taxable:
 
 
 
 
 
 
 
Held-to-maturity
1,897

 
2,217

 
3,833

 
4,500

Available-for-sale
1,635

 
899

 
2,722

 
1,590

Total
$
14,296

 
$
9,990

 
$
26,918

 
$
19,441
Amortized Cost and Estimated Fair Value by Maturity of Securities
The amortized cost and estimated fair value by maturity of securities are shown in the following table. Securities are classified according to their contractual maturities without consideration of principal amortization, potential prepayments or call options. Accordingly, actual maturities may differ from contractual maturities. 
 
Held-to-Maturity
 
Available-for-Sale
(In thousands)
Amortized
Cost
 
Fair
Value
 
Amortized
Cost
 
Fair
Value
 
 
 
 
 
 
 
 
One year or less
$
50,800

 
$
50,609

 
$
20

 
$
20

After one through five years
63,469

 
63,414

 
35,961

 
35,125

After five through ten years
94,552

 
94,503

 
22,549

 
21,895

After ten years
110,037

 
112,289

 
341,736

 
334,161

Securities not due on a single maturity date
14,645

 
14,042

 
1,438,716

 
1,395,231

Other securities (no maturity)
—

 
—

 
151,112

 
152,212

Total
$
333,503


$
334,857


$
1,990,094


$
1,938,644