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Investment Securities (Tables)
 6 Months Ended
Jun. 30, 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:
 
 
June 30, 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
$
999

 
$
—

 
$
—

 
$
999

 
$
16,990

 
$
—

 
$
(49
)
 
$
16,941

Mortgage-backed securities
12,225

 
103

 
(59
)
 
12,269

 
13,346

 
5

 
(412
)
 
12,939

State and political subdivisions
32,236

 
1,090

 
(12
)
 
33,314

 
256,863

 
3,029

 
(954
)
 
258,938

Other securities
1,995

 
63

 
—

 
2,058

 
1,995

 
17

 
—

 
2,012

Total HTM
$
47,455


$
1,256


$
(71
)

$
48,640


$
289,194


$
3,051


$
(1,415
)

$
290,830

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Available-for-Sale
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Government agencies
$
197,382

 
$
1,654

 
$
(1,380
)
 
$
197,656

 
$
157,523

 
$
518

 
$
(3,740
)
 
$
154,301

Mortgage-backed securities
1,346,839

 
5,971

 
(7,050
)
 
1,345,760

 
1,552,487

 
3,097

 
(32,684
)
 
1,522,900

State and political subdivisions
617,987

 
18,841

 
(270
)
 
636,558

 
320,142

 
171

 
(5,470
)
 
314,843

Other securities
161,961

 
545

 
(93
)
 
162,413

 
157,471

 
2,251

 
(14
)
 
159,708

Total AFS
$
2,324,169


$
27,011


$
(8,793
)

$
2,342,387


$
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 June 30, 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
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

Mortgage-backed securities
—

 
—

 
5,845

 
(59
)
 
5,845

 
(59
)
State and political subdivisions
—

 
—

 
2,294

 
(12
)
 
2,294

 
(12
)
Total HTM
$
—


$
—


$
8,139


$
(71
)

$
8,139


$
(71
)
 
 
 
 
 
 
 
 
 
 
 
 
Available-for-Sale
 
 
 
 
 
 
 
 
 
 
 
U.S. Government agencies
$
—

 
$
—

 
$
114,443

 
$
(1,380
)
 
$
114,443

 
$
(1,380
)
Mortgage-backed securities
20,839

 
(102
)
 
749,380

 
(6,948
)
 
770,219

 
(7,050
)
State and political subdivisions
23,205

 
(15
)
 
29,156

 
(255
)
 
52,361

 
(270
)
Other securities
4,994

 
(93
)
 
100

 
—

 
5,094

 
(93
)
Total AFS
$
49,038


$
(210
)

$
893,079


$
(8,583
)

$
942,117


$
(8,793
)
Income Earned on Securities
Income earned on securities for the three and six months ended June 30, 2019 and 2018, is as follows:

 
Three Months Ended June 30,
 
Six Months Ended June 30,
(In thousands)
2019
 
2018
 
2019
 
2018
Taxable:
 
 
 
 
 

 
 

Held-to-maturity
$
289

 
$
546

 
$
727

 
$
1,113

Available-for-sale
11,705

 
10,218

 
24,256

 
19,250

 
 
 
 
 
 
 
 
Non-taxable:
 
 
 
 
 
 
 
Held-to-maturity
89

 
1,897

 
1,251

 
3,833

Available-for-sale
4,511

 
1,635

 
7,672

 
2,722

Total
$
16,594

 
$
14,296

 
$
33,906

 
$
26,918
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
$
6,118

 
$
6,122

 
$
11,673

 
$
11,681

After one through five years
19,353

 
19,716

 
74,767

 
75,019

After five through ten years
5,563

 
5,785

 
151,019

 
153,373

After ten years
4,196

 
4,748

 
589,198

 
605,410

Securities not due on a single maturity date
12,225

 
12,269

 
1,346,839

 
1,345,760

Other securities (no maturity)
—

 
—

 
150,673

 
151,144

Total
$
47,455


$
48,640


$
2,324,169


$
2,342,387