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Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2019
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:
 
 
March 31, 2019
 
December 31, 2018
(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
$
12,996

 
$
—

 
$
(9
)
 
$
12,987

 
$
16,990

 
$
—

 
$
(49
)
 
$
16,941

Mortgage-backed securities
12,847

 
10

 
(240
)
 
12,617

 
13,346

 
5

 
(412
)
 
12,939

State and political subdivisions
33,597

 
751

 
(27
)
 
34,321

 
256,863

 
3,029

 
(954
)
 
258,938

Other securities
1,995

 
36

 
—

 
2,031

 
1,995

 
17

 
—

 
2,012

Total HTM
$
61,435


$
797


$
(276
)

$
61,956


$
289,194


$
3,051


$
(1,415
)

$
290,830

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Available-for-Sale
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Government agencies
$
163,730

 
$
596

 
$
(2,749
)
 
$
161,577

 
$
157,523

 
$
518

 
$
(3,740
)
 
$
154,301

Mortgage-backed securities
1,362,950

 
2,569

 
(19,842
)
 
1,345,677

 
1,552,487

 
3,097

 
(32,684
)
 
1,522,900

State and political subdivisions
571,716

 
10,307

 
(1,233
)
 
580,790

 
320,142

 
171

 
(5,470
)
 
314,843

Other securities
151,707

 
437

 
(77
)
 
152,067

 
157,471

 
2,251

 
(14
)
 
159,708

Total AFS
$
2,250,103


$
13,909


$
(23,901
)

$
2,240,111


$
2,187,623


$
6,037


$
(41,908
)

$
2,151,752
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 March 31, 2019: 

 
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
$
—

 
$
—

 
$
12,987

 
$
(9
)
 
$
12,987

 
$
(9
)
Mortgage-backed securities
487

 
(1
)
 
9,994

 
(239
)
 
10,481

 
(240
)
State and political subdivisions
80

 
(1
)
 
4,881

 
(26
)
 
4,961

 
(27
)
Total HTM
$
567


$
(2
)

$
27,862


$
(274
)

$
28,429


$
(276
)
 
 
 
 
 
 
 
 
 
 
 
 
Available-for-Sale
 
 
 
 
 
 
 
 
 
 
 
U.S. Government agencies
$
5,583

 
$
(30
)
 
$
124,129

 
$
(2,719
)
 
$
129,712

 
$
(2,749
)
Mortgage-backed securities
40,444

 
(248
)
 
1,086,169

 
(19,594
)
 
1,126,613

 
(19,842
)
State and political subdivisions
1,016

 
(4
)
 
92,894

 
(1,229
)
 
93,910

 
(1,233
)
Other securities
5,029

 
(76
)
 
100

 
(1
)
 
5,129

 
(77
)
Total AFS
$
52,072


$
(358
)

$
1,303,292


$
(23,543
)

$
1,355,364


$
(23,901
)
Income Earned on Securities
Income earned on securities for the three months ended March 31, 2019 and 2018, is as follows:
(In thousands)
 
 
 
 
2019
 
2018
Taxable:
 
 
 
 
 

 
 

Held-to-maturity
 
 
 
 
$
438

 
$
567

Available-for-sale
 
 
 
 
12,551

 
9,032

 
 
 
 
 
 
 
 
Non-taxable:
 
 
 
 
 
 
 
Held-to-maturity
 
 
 
 
1,162

 
1,936

Available-for-sale
 
 
 
 
3,161

 
1,087

Total
 
 
 
 
$
17,312

 
$
12,622
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
$
18,407

 
$
18,397

 
$
7,375

 
$
7,372

After one through five years
20,419

 
20,624

 
74,428

 
74,208

After five through ten years
5,564

 
5,691

 
123,088

 
124,101

After ten years
4,198

 
4,627

 
535,761

 
541,815

Securities not due on a single maturity date
12,847

 
12,617

 
1,362,950

 
1,345,677

Other securities (no maturity)
—

 
—

 
146,501

 
146,938

Total
$
61,435


$
61,956


$
2,250,103


$
2,240,111