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Investment Securities (Tables)
12 Months Ended
Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]  
Debt Securities, Held-to-maturity
The amortized cost, fair value and allowance for credit losses of investment securities that are classified as HTM are as follows:

(In thousands)Amortized CostAllowance
for Credit Losses
Net Carrying AmountGross Unrealized
Gains
Gross Unrealized
(Losses)
Estimated Fair
Value
Held-to-maturity   
December 31, 2020
Mortgage-backed securities$22,354 $— $22,354 $683 $— $23,037 
State and political subdivisions312,416 (2,307)310,109 8,148 (30)318,227 
Other securities1,176 (608)568 93 — 661 
Total HTM$335,946 $(2,915)$333,031 $8,924 $(30)$341,925 
December 31, 2019
Mortgage-backed securities$10,796 $— $10,796 $71 $(59)$10,808 
State and political subdivisions27,082 — 27,082 849 — 27,931 
Other securities3,049 — 3,049 67 — 3,116 
Total HTM$40,927 $— $40,927 $987 $(59)$41,855 
Debt Securities, Available-for-sale
The amortized cost, fair value and allowance for credit losses of investment securities that are classified as AFS are as follows:
(In thousands)Amortized
Cost
Allowance for Credit LossesGross Unrealized
Gains
Gross Unrealized
(Losses)
Estimated Fair
Value
Available-for-sale
December 31, 2020
U.S. Government agencies$477,693 $— $844 $(1,300)$477,237 
Mortgage-backed securities1,374,769 — 21,261 (1,094)1,394,936 
State and political subdivisions1,416,136 (217)55,111 (307)1,470,723 
Other securities128,445 (95)2,447 (95)130,702 
Total AFS$3,397,043 $(312)$79,663 $(2,796)$3,473,598 
December 31, 2019
U.S. Treasury$449,729 $— $112 $(112)$449,729 
U.S. Government agencies194,207 — 1,313 (1,271)194,249 
Mortgage-backed securities1,738,584 — 8,510 (4,149)1,742,945 
State and political subdivisions860,539 — 20,983 (998)880,524 
Other securities20,092 — 822 (18)20,896 
Total AFS$3,263,151 $— $31,740 $(6,548)$3,288,343 
Schedule of Unrealized Loss on Investments
 Less Than 12 Months12 Months or MoreTotal
(In thousands)Estimated
Fair
Value
Gross
Unrealized
Losses
Estimated
Fair
Value
Gross
Unrealized
Losses
Estimated
Fair
Value
Gross
Unrealized
Losses
Available-for-sale      
U.S. Government agencies$228,241 $(432)$52,853 $(868)$281,094 $(1,300)
Mortgage-backed securities264,843 (1,082)3,703 (12)268,546 (1,094)
State and political subdivisions9,302 (88)339 (2)9,641 (90)
Total AFS$502,386 $(1,602)$56,895 $(882)$559,281 $(2,484)
Debt Securities, Allowance for Credit Loss
The following table details activity in the allowance for credit losses by investment security type for the year ended December 31, 2020 on the Company’s HTM and AFS securities held.

(In thousands)State and Political SubdivisionsOther SecuritiesTotal
Held-to-maturity
Beginning balance, January 1, 2020$— $— $— 
Impact of ASU 2016-13 adoption58 311 369 
Provision for credit loss expense2,249 297 2,546 
Ending balance, December 31, 2020$2,307 $608 $2,915 
Available-for-sale
Beginning balance, January 1, 2020$— $— $— 
Impact of ASU 2016-13 adoption373 — 373 
Credit losses on securities not previously recorded199 113 312 
Reduction due to sales(244)— (244)
Net decrease in allowance on previously impaired securities(111)(18)(129)
Ending balance, December 31, 2020$217 $95 $312 
Debt Securities, Held-to-maturity, Credit Quality Indicator
The following table summarizes bond ratings for the Company’s HTM portfolio issued by state and political subdivisions and other securities as of December 31, 2020:

State and Political Subdivisions
(In thousands)Not Guaranteed or Pre-RefundedOther Credit Enhancement or InsurancePre-RefundedTotalOther Securities
Aaa/AAA$52,058 $5,828 $— $57,886 $— 
Aa/AA181,481 49,788 — 231,269 — 
A19,838 1,022 — 20,860 — 
Not Rated1,998 403 — 2,401 1,176 
Total$255,375 $57,041 $— $312,416 $1,176 
Income Earned on Securities
Income earned on securities for the years ended December 31, 2020, 2019 and 2018, is as follows: 

(In thousands)202020192018
Taxable:   
Held-to-maturity$985 $1,207 $2,157 
Available-for-sale34,054 42,412 37,068 
Non-taxable:
Held-to-maturity919 1,412 7,424 
Available-for-sale28,575 18,345 6,811 
Total$64,533 $63,376 $53,460 
Investments Classified by Contractual Maturity Date
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-MaturityAvailable-for-Sale
(In thousands)Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
One year or less$5,821 $5,895 $14,017 $14,089 
After one through five years10,708 11,199 30,634 31,071 
After five through ten years5,227 2,937 229,042 232,003 
After ten years291,836 298,857 1,747,650 1,800,568 
Securities not due on a single maturity date22,354 23,037 1,374,769 1,394,936 
Other securities (no maturity)— — 931 931 
Total$335,946 $341,925 $3,397,043 $3,473,598