Securities

The Company did

not

hold any trading securities at

December 31, 2018

and

2017.

Securities available for sale are recorded at fair value. Securities held-to-maturity are recorded at amortized cost.

The following table summarizes the Company’s portfolio of securities held-to-maturity at

December 31, 2018:

	Amortized Cost		Fair Value		Gross Unrealized Gains		Gross Unrealized Losses
	(In thousands)
Securities held-to-maturity:
Municipals	$	24,065	$	22,508	$	-	$	1,557

Total municipals		24,065		22,508		-		1,557

FNMA		7,953		7,366		-		587

Total mortgage-backed securities		7,953		7,366		-		587

Total	$	32,018	$	29,874	$	-	$	2,144

The following table summarizes the Company’s portfolio of securities held-to-maturity at

December 31, 2017:

	Amortized Cost		Fair Value		Gross Unrealized Gains		Gross Unrealized Losses
	(In thousands)
Securities held-to-maturity:
Municipals	$	22,913	$	21,889	$	-	$	1,024

Total municipals		22,913		21,889		-		1,024

FNMA		7,973		7,810		-		163

Total mortgage-backed securities		7,973		7,810		-		163

Total	$	30,886	$	29,699	$	-	$	1,187

The following table summarizes the Company’s portfolio of securities available for sale at

December 31, 2018:

	Amortized Cost		Fair Value		Gross Unrealized Gains		Gross Unrealized Losses
	(In thousands)
Corporate	$	130,000	$	118,535	$	-	$	11,465
Municipals		46,231		46,574		343		-
Mutual funds		11,586		11,586		-		-
Collateralized loan obligations		88,396		86,751		-		1,645
Other		1,256		1,256		-		-
Total other securities		277,469		264,702		343		13,110
REMIC and CMO		382,632		376,340		885		7,177
GNMA		785		826		41		-
FNMA		94,069		91,693		72		2,448
FHLMC		90,377		89,094		113		1,396
Total mortgage-backed securities		567,863		557,953		1,111		11,021
Total securities available for sale	$	845,332	$	822,655	$	1,454	$	24,131

The following table summarizes the Company’s portfolio of securities available for sale at

December 31, 2017:

	Amortized Cost		Fair Value		Gross Unrealized Gains		Gross Unrealized Losses
	(In thousands)
Corporate	$	110,000	$	102,767	$	-	$	7,233
Municipals		101,680		103,199		1,519		-
Mutual funds		11,575		11,575		-		-
Collateralized loan obligations		10,000		10,053		53		-
Other		1,110		1,110		-		-
Total other securities		234,365		228,704		1,572		7,233
REMIC and CMO		328,668		325,302		595		3,961
GNMA		1,016		1,088		72		-
FNMA		136,198		135,474		330		1,054
FHLMC		48,103		47,786		18		335
Total mortgage-backed securities		513,985		509,650		1,015		5,350
Total securities available for sale	$	748,350	$	738,354	$	2,587	$	12,583

Mortgage-backed securities shown in the tables above includes

one

private issue collateralized mortgage obligations (“CMO”) that is collateralized by commercial real estate mortgages with an amortized cost and market value of

$21,000

December 31, 2017.

We did

not

hold any private issue CMO’s that are collateralized by commercial real estate mortgages at

December 31, 2018.

The corporate securities held by the Company at

December 31, 2018

and

2017

are issued by U.S. banking institutions.

The following table details the amortized cost and fair value of the Company’s securities classified as held-to-maturity at

December 31, 2018,

by contractual maturity. Expected maturities will differ from contractual maturities because borrowers

may

have the right to call or prepay obligations with or without call or prepayment penalties.

	Amortized Cost		Fair Value
	(In thousands)

Due in one year or less	$	2,568	$	2,568
Due after ten years		21,497		19,940
Total other securities		24,065		22,508
Mortgage-backed securities		7,953		7,366
Total securities held-to-maturity	$	32,018	$	29,874

The amortized cost and fair value of the Company’s securities, classified as available for sale at

December 31, 2018,

by contractual maturity, are shown below.

	Amortized Cost		Fair Value
	(In thousands)

Due after five years through ten years	$	131,087	$	119,622
Due after ten years		134,796		133,494

Total other securities		265,883		253,116
Mutual funds		11,586		11,586
Mortgage-backed securities		567,863		557,953

Total securities available for sale	$	845,332	$	822,655

The following table shows the Company’s securities with gross unrealized losses and their fair value, aggregated by category and length of time that individual securities have been in a continuous unrealized loss position, at

December 31, 2018.

			Total				Less than 12 months				12 months or more
	Count		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(Dollars in thousands)
Held-to-maturity securities

Municipals		1	$	19,940	$	1,557	$	-	$	-	$	19,940	$	1,557
Total other securities		1		19,940		1,557		-		-		19,940		1,557

FNMA		1		7,366		587		-		-		7,366		587
Total mortgage-backed securities		1		7,366		587		-		-		7,366		587

Total securities held-to-maturity		2	$	27,306	$	2,144	$	-	$	-	$	27,306	$	2,144

Available for sale securities
Corporate		16	$	118,535	$	11,465	$	19,113	$	888	$	99,422	$	10,577
Municipals		3		4,220		-		4,220		-		-		-
CLO		11		86,752		1,645		86,752		1,645		-		-
Total other securities		30		209,507		13,110		110,085		2,533		99,422		10,577

REMIC and CMO		39		243,756		7,177		17,308		200		226,448		6,977
GNMA		1		51		-		51		-		-		-
FNMA		14		85,046		2,448		6,372		17		78,674		2,431
FHLMC		3		51,288		1,396		10,116		95		41,172		1,301
Total mortgage-backed securities		57		380,141		11,021		33,847		312		346,294		10,709
Total securities available for sale		87	$	589,648	$	24,131	$	143,932	$	2,845	$	445,716	$	21,286

The following table shows the Company’s available for sale securities with gross unrealized losses and their fair value, aggregated by category and length of time that individual securities have been in a continuous unrealized loss position, at

December 31, 2017.

			Total				Less than 12 months				12 months or more
	Count		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(Dollars in thousands)
Held-to-maturity securities

Municipals		1	$	20,844	$	1,024	$	20,844	$	1,024	$	-	$	-
Total other securities		1		20,844		1,024		20,844		1,024		-		-

FNMA		1		7,810		163		7,810		163		-		-
Total mortgage-backed securities		1		7,810		163		7,810		163		-		-

Total securities held-to-maturity		2	$	28,654	$	1,187	$	28,654	$	1,187	$	-	$	-

Available for sale securities
Corporate		14	$	102,767	$	7,233	$	9,723	$	277	$	93,044	$	6,956
Total other securities		14		102,767		7,233		9,723		277		93,044		6,956

REMIC and CMO		36		249,596		3,961		162,781		1,406		86,815		2,555
FNMA		17		120,510		1,054		109,258		850		11,252		204
FHLMC		2		46,829		335		43,258		294		3,571		41
Total mortgage-backed securities		55		416,935		5,350		315,297		2,550		101,638		2,800
Total securities available for sale		69	$	519,702	$	12,583	$	325,020	$	2,827	$	194,682	$	9,756

OTTI losses on impaired securities must be fully recognized in earnings if an investor has the intent to sell the debt security or if it is more likely than

not

that the investor will be required to sell the debt security before recovery of its amortized cost. However, even if an investor does

not

expect to sell a debt security in an unrealized loss position, the investor must evaluate the expected cash flows to be received and determine if a credit loss has occurred. In the event that a credit loss has occurred, only the amount of impairment associated with the credit loss is recognized in earnings in the Consolidated Statements of Income. Amounts relating to factors other than credit losses are recorded in accumulated other comprehensive loss (“AOCL”) within Stockholders’ Equity. Unrealized losses on available for sale securities, that are deemed to be temporary, are recorded in AOCL, net of tax.

The Company reviewed each investment that had an unrealized loss at

December 31, 2018

and

2017.

The unrealized losses in held-to-maturity municipal securities at

December 31, 2018

and

2017

were caused by illiquidity in the market and movements in interest rates. The unrealized losses in held-to-maturity FNMA securities at

December 31, 2018

and

2017

were caused by movements in interest rates. The unrealized losses in securities available for sale at

December 31, 2018

and

2017

were caused by movements in interest rates.

It is

not

anticipated that these securities would be settled at a price that is less than the amortized cost of the Company’s investment. Each of these securities is performing according to its terms and, in the opinion of management, will continue to perform according to its terms. The Company does

not

have the intent to sell these securities and it is more likely than

not

the Company will

not

be required to sell the securities before recovery of the securities’ amortized cost basis. This conclusion is based upon considering the Company’s cash and working capital requirements and contractual and regulatory obligations,

none

of which the Company believes would cause the sale of the securities. Therefore, the Company did

not

consider these investments to be other-than-temporarily impaired at

December 31, 2018

and

2017.

The Company did

not

record any credit related OTTI charges during the years ended

December 31, 2018,

2017

and

2016.

The Company sold available for sale securities with carrying values at the time of sale totaling

$120.3

million,

$112.4

million and

$126.0

million during the years ended

December 31, 2018,

2017

and

2016,

respectively.

The following table represents the gross gains and gross losses realized from the sale of securities available for sale for the periods indicated:

	For the years ended December 31,
	2018			2017			2016
	(In thousands)
Gross gains from the sale of securities	$	105		$	401		$	2,370
Gross losses from the sale of securities		(2,025	)		(587	)		(846	)

Net (losses) gains from the sale of securities	$	(1,920	)	$	(186	)	$	1,524

Included in “Other assets” within our Consolidated Statements of Financial Condition are amounts held in a rabbi trust for certain non-qualified deferred compensation plans totaling

$17.3

million and

$17.0

million at

December 31, 2018

and

2017,

respectively.