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Securities | 12 Months Ended
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Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract] |
Securities | Securities Available-for-Sale Securities The following tables summarize available-for-sale securities held by the Company at December 31, 2018 and 2017:
| Available-for-Sale Securities
December 31, 2018 | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
(in thousands) |  |  |  |  |  |  |
U.S. Treasuries | $ | 289 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 289 |
Obligations of U.S. Government sponsored entities | $ | 493,371 |  |  | $ | 80 |  |  | $ | 7,553 |  |  | $ | 485,898 |
Obligations of U.S. states and political subdivisions | 86,260 |  |  | 113 |  |  | 933 |  |  | 85,440 |
Mortgage-backed securities – residential, issued by |  |  |  |  |  |  |
U.S. Government agencies | 131,831 |  |  | 168 |  |  | 3,732 |  |  | 128,267 |
U.S. Government sponsored entities | 649,620 |  |  | 537 |  |  | 19,599 |  |  | 630,558 |
Non-U.S. Government agencies or sponsored entities | 31 |  |  | 0 |  |  | 0 |  |  | 31 |
U.S. corporate debt securities | 2,500 |  |  | 0 |  |  | 325 |  |  | 2,175 |
Total available-for-sale securities | $ | 1,363,902 |  |  | $ | 898 |  |  | $ | 32,142 |  |  | $ | 1,332,658 |
| Available-for-Sale Securities
December 31, 2017 | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
(in thousands) |  |  |  |  |  |  |
Obligations of U.S. Government sponsored entities | $ | 507,248 |  |  | $ | 278 |  |  | $ | 3,333 |  |  | $ | 504,193 |
Obligations of U.S. states and political subdivisions | 91,659 |  |  | 281 |  |  | 421 |  |  | 91,519 |
Mortgage-backed securities – residential, issued by |  |  |  |  |  |  |
U.S. Government agencies | 139,747 |  |  | 659 |  |  | 2,671 |  |  | 137,735 |
U.S. Government sponsored entities | 667,767 |  |  | 1,045 |  |  | 12,634 |  |  | 656,178 |
Non-U.S. Government agencies or sponsored entities | 75 |  |  | 0 |  |  | 0 |  |  | 75 |
U.S. corporate debt securities | 2,500 |  |  | 0 |  |  | 338 |  |  | 2,162 |
Total debt securities | 1,408,996 |  |  | 2,263 |  |  | 19,397 |  |  | 1,391,862 |
Equity securities | 1,000 |  |  | 0 |  |  | 87 |  |  | 913 |
Total available-for-sale securities | $ | 1,409,996 |  |  | $ | 2,263 |  |  | $ | 19,484 |  |  | $ | 1,392,775 |
Held-to-Maturity Securities The following tables summarize held-to-maturity securities held by the Company at December 31, 2018 and 2017:
| Held-to-Maturity Securities
December 31, 2018 | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
(in thousands) |  |  |  |  |  |  |
Obligations of U.S. Government sponsored entities | $ | 131,306 |  |  | $ | 0 |  |  | $ | 1,198 |  |  | $ | 130,108 |
Obligations of U.S. states and political subdivisions | 9,273 |  |  | 20 |  |  | 24 |  |  | 9,269 |
Total held-to-maturity debt securities | $ | 140,579 |  |  | $ | 20 |  |  | $ | 1,222 |  |  | $ | 139,377 |
Held-to-Maturity Securities
| Held-to-Maturity Securities
December 31, 2017 | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
(in thousands) |  |  |  |  |  |  |
Obligations of U.S. Government sponsored entities | $ | 131,707 |  |  | $ | 1,103 |  |  | $ | 90 |  |  | $ | 132,720 |
Obligations of U.S. states and political subdivisions | 7,509 |  |  | 93 |  |  | 7 |  |  | 7,595 |
Total held-to-maturity debt securities | $ | 139,216 |  |  | $ | 1,196 |  |  | $ | 97 |  |  | $ | 140,315 |
The following table sets forth information with regard to sales transactions of securities available-for-sale:
| Year ended December 31,
(in thousands) | 2018 |  | 2017 |  | 2016
Proceeds from sales | $ | 70,652 |  |  | $ | 64,106 |  |  | $ | 97,296 |
Gross realized gains | 327 |  |  | 19 |  |  | 894 |
Gross realized losses | (767 | ) |  | (426 | ) |  | 0 |
Net (losses) gains on sales of available-for-sale securities | $ | (440 | ) |  | $ | (407 | ) |  | $ | 894 |
There were no sales of held-to-maturity securities in 2018, 2017, and 2016. The Company also recognized losses of $26,000 on equity securities for the twelve months ended December 31, 2018, reflecting the change in fair value. The following table summarizes available-for-sale securities that had unrealized losses at December 31, 2018:
December 31, 2018 |  |  |  |  |  |  |  |  |  |  |
Available-for-Sale Securities | Less than 12 Months |  | 12 Months or Longer |  | Total
(in thousands) | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Obligations of U.S. Government sponsored entities | $ | 21,660 |  |  | $ | 183 |  |  | $ | 449,141 |  |  | $ | 7,370 |  |  | $ | 470,801 |  |  | $ | 7,553 |
Obligations of U.S. states and political subdivisions | 11,971 |  |  | 19 |  |  | 49,756 |  |  | 914 |  |  | 61,727 |  |  | 933 |
Mortgage-backed securities – residential, issued by |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies | 16,854 |  |  | 22 |  |  | 96,247 |  |  | 3,710 |  |  | 113,101 |  |  | 3,732 |
U.S. Government sponsored entities | 61,163 |  |  | 662 |  |  | 512,216 |  |  | 18,937 |  |  | 573,379 |  |  | 19,599 |
U.S. corporate debt securities | 0 |  |  | 0 |  |  | 2,175 |  |  | 325 |  |  | 2,175 |  |  | 325 |
Total available-for-sale securities | $ | 111,648 |  |  | $ | 886 |  |  | $ | 1,109,535 |  |  | $ | 31,256 |  |  | $ | 1,221,183 |  |  | $ | 32,142 |
The following table summarizes held-to-maturity securities that had unrealized losses at December 31, 2018:
Held-to-Maturity Securities | Less than 12 Months |  | 12 Months or Longer |  | Total
(in thousands) | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Obligations of U.S. Government sponsored entities | $ | 4,980 |  |  | $ | 9 |  |  | $ | 125,128 |  |  | $ | 1,189 |  |  | $ | 130,108 |  |  | $ | 1,198 |
Obligations of U.S. sponsored entities | 8,127 |  |  | 24 |  |  | 0 |  |  | 0 |  |  | 8,127 |  |  | 24 |
Total held-to-maturity securities | $ | 13,107 |  |  | $ | 33 |  |  | $ | 125,128 |  |  | $ | 1,189 |  |  | $ | 138,235 |  |  | $ | 1,222 |
The following table summarizes available-for-sale securities that had unrealized losses at December 31, 2017:
December 31, 2017 |  |  |  |  |  |  |  |  |  |  |
Available-for-Sale Securities | Less than 12 Months |  | 12 Months or Longer |  | Total
(in thousands) | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Obligations of U.S. Government sponsored entities | $ | 319,545 |  |  | $ | 2,301 |  |  | $ | 39,791 |  |  | $ | 1,032 |  |  | $ | 359,336 |  |  | $ | 3,333 |
Obligations of U.S. states and political subdivisions | 39,571 |  |  | 219 |  |  | 11,729 |  |  | 202 |  |  | 51,300 |  |  | 421 |
Mortgage-backed securities – residential, issued by |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies | 33,056 |  |  | 452 |  |  | 86,562 |  |  | 2,219 |  |  | 119,618 |  |  | 2,671 |
U.S. Government sponsored entities | 208,524 |  |  | 1,941 |  |  | 410,767 |  |  | 10,693 |  |  | 619,291 |  |  | 12,634 |
U.S. corporate debt securities | 0 |  |  | 0 |  |  | 2,163 |  |  | 338 |  |  | 2,163 |  |  | 338 |
Equity securities | 0 |  |  | 0 |  |  | 913 |  |  | 87 |  |  | 913 |  |  | 87 |
Total available-for-sale securities | $ | 600,696 |  |  | $ | 4,913 |  |  | $ | 551,925 |  |  | $ | 14,571 |  |  | $ | 1,152,621 |  |  | $ | 19,484 |
The following table summarizes held-to-maturity securities that had unrealized losses at December 31, 2017:
Held-to-Maturity Securities | Less than 12 Months |  | 12 Months or Longer |  | Total
(in thousands) | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Obligations of U.S. Government sponsored entities | $ | 20,505 |  |  | $ | 90 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 20,505 |  |  | $ | 90 |
Obligations of U.S. sponsored entities | 5,094 |  |  | 7 |  |  | 0 |  |  | 0 |  |  | 5,094 |  |  | 7 |
Total held-to-maturity securities | $ | 25,599 |  |  | $ | 97 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 25,599 |  |  | $ | 97 |
The gross unrealized losses reported for residential mortgage-backed securities relate to investment securities issued by U.S. government sponsored entities such as Federal National Mortgage Association and Federal Home Loan Mortgage Corporation, and U.S. government agencies such as Government National Mortgage Association. The total gross unrealized losses, shown in the tables above, were primarily attributable to changes in interest rates and levels of market liquidity, relative to when the investment securities were purchased, and not due to the credit quality of the investment securities. The Company does not intend to sell the investment securities that are in an unrealized loss position until recovery of unrealized losses (which may be until maturity), and it is not more-likely-than not that the Company will be required to sell the investment securities before recovery of their amortized cost basis, which may be at maturity. Accordingly, as of December 31, 2018, and December 31, 2017, management believes the unrealized losses detailed in the tables above are not other-than-temporary. The Company did no t recognize any net credit impairment charge to earnings on investment securities in 2018 or 2017. The amortized cost and estimated fair value of debt securities by contractual maturity are shown in the following table. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Mortgage-backed securities are shown separately since they are not due at a single maturity date.
December 31, 2018 |  |  |
(in thousands) | Amortized Cost |  | Fair Value
Available-for-sale securities: |  |  |
Due in one year or less | $ | 78,160 |  |  | $ | 77,930 |
Due after one year through five years | 355,499 |  |  | 350,470 |
Due after five years through ten years | 139,560 |  |  | 136,734 |
Due after ten years | 9,201 |  |  | 8,668 |
Total | 582,420 |  |  | 573,802 |
Mortgage-backed securities | 781,482 |  |  | 758,856 |
Total available-for-sale debt securities | $ | 1,363,902 |  |  | $ | 1,332,658 |
December 31, 2017 |  |  |
(in thousands) | Amortized Cost |  | Fair Value
Available-for-sale securities: |  |  |
Due in one year or less | $ | 51,909 |  |  | $ | 51,932 |
Due after one year through five years | 368,846 |  |  | 367,377 |
Due after five years through ten years | 162,061 |  |  | 160,374 |
Due after ten years | 18,591 |  |  | 18,191 |
Total | 601,407 |  |  | 597,874 |
Mortgage-backed securities | 807,589 |  |  | 793,988 |
Total available-for-sale debt securities | $ | 1,408,996 |  |  | $ | 1,391,862 |
December 31, 2018 |  |  |
(in thousands) | Amortized Cost |  | Fair Value
Held-to-maturity securities: |  |  |
Due in one year or less | $ | 8,850 |  |  | $ | 8,832 |
Due after one year through five years | 86,520 |  |  | 85,645 |
Due after five years through ten years | 45,209 |  |  | 44,900 |
Due after ten years | 0 |  |  | 0 |
Total held-to-maturity debt securities | $ | 140,579 |  |  | $ | 139,377 |
December 31, 2017 |  |  |
(in thousands) | Amortized Cost |  | Fair Value
Held-to-maturity securities: |  |  |
Due in one year or less | $ | 5,980 |  |  | $ | 5,979 |
Due after one year through five years | 51,936 |  |  | 52,227 |
Due after five years through ten years | 81,300 |  |  | 82,109 |
Due after ten years | 0 |  |  | 0 |
Total held-to-maturity debt securities | $ | 139,216 |  |  | $ | 140,315 |
Trading Securities The Company had no securities designated as trading during 2018 or at year-end 2017. Pledged Securities The Company pledges securities as collateral for public deposits and other borrowings, and sells securities under agreements to repurchase. See “Note 8 - Securities Sold Under Agreements to Repurchase and Federal Funds Purchased” for further discussion. Securities carried of $1.2 billion and $1.3 billion, at December 31, 2018 and 2017, respectively, were either pledged or sold under agreements to repurchase. Concentrations of Securities Except for U.S. government securities, there were no holdings, when taken in the aggregate, of any single issuer that exceeded 10% of shareholders’ equity at December 31, 2018. Investment in Small Business Investment Companies The Company has equity investments in small business investment companies (“SBIC”) established for the purpose of providing financing to small businesses in market areas served by the Company. These investments totaled $1.4 million at December 31, 2018, and $1.7 million at December 31, 2017, and were included in other assets on the Company’s Consolidated Statements of Condition. These investments are accounted for either under the cost method or the equity method of accounting. As of December 31, 2018, the Company reviewed these investments and determined that there was no impairment. Federal Home Loan Bank Stock The Company also holds non-marketable Federal Home Loan Bank New York (“FHLBNY”) stock, non-marketable Federal Home Loan Bank Pittsburgh (“FHLBPITT”) stock and non-marketable Atlantic Community Bankers Bank (“ACBB”) stock, all of which are required to be held for regulatory purposes and for borrowing availability. The required investment in FHLB stock is tied to the Company’s borrowing levels with the FHLB. Holdings of FHLBNY stock, FHLBPITT stock and ACBB stock totaled $37.4 million, $14.8 million and $95,000 at December 31, 2018, respectively. These securities are carried at par, which is also cost. The FHLBNY and FHLBPITT continue to pay dividends and repurchase stock. As such, the Company has not recognized any impairment on its holdings of FHLBNY and FHLBPITT stock.

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