Investment Securities (Tables)
|
3 Months Ended |
Mar. 31, 2019 |
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| 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 |
|
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