INVESTMENT SECURITIES (Tables)

6 Months Ended

Jun. 30, 2018

Investments, Debt and Equity Securities [Abstract]

Summary of available for sale and held to maturity investment securities

A summary of our investment portfolio is as follows:



(dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
June 30, 2018
Held-to-maturity:
Mortgage-backed securities:
Residential - U.S. Government-sponsored entities	$	92,247	$	3	$	(3,916	)	$	88,334
Commercial - U.S. Government-sponsored entities	65,909		—		(1,913		)	63,996
Total	$	158,156	$	3	$	(5,829	)	$	152,330

Available-for-sale:
Debt securities:
States and political subdivisions	$	176,640	$	1,258	$	(1,980	)	$	175,918
Corporate securities	65,908		28		(504		)	65,432
U.S. Treasury obligations and direct obligations of U.S Government agencies	35,746		23		(266		)	35,503
Mortgage-backed securities:
Residential - U.S. Government-sponsored entities	797,679		389		(24,343		)	773,725
Commercial - U.S. Government agencies and sponsored entities	54,429		—		(2,006		)	52,423
Residential - Non-government agencies	43,150		316		(620		)	42,846
Commercial - Non-government agencies	134,962		877		(1,717		)	134,122
Total	$	1,308,514	$	2,891	$	(31,436	)	$	1,279,969

Equity securities	$	692	$	152	$	—		$	844



(dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
December 31, 2017
Held-to-maturity:
Mortgage-backed securities:
Residential - U.S. Government-sponsored entities	$	100,279	$	106	$	(2,222	)	$	98,163
Commercial - U.S. Government-sponsored entities	91,474		—		(436		)	91,038
Total	$	191,753	$	106	$	(2,658	)	$	189,201

Available-for-sale:
Debt securities:
States and political subdivisions	$	178,459	$	2,041	$	(719	)	$	179,781
Corporate securities	73,772		582		(76		)	74,278
U.S. Treasury obligations and direct obligations of U.S Government agencies	25,519		60		(69		)	25,510
Mortgage-backed securities:
Residential - U.S. Government-sponsored entities	808,242		2,230		(9,789		)	800,683
Commercial - U.S. Government agencies and sponsored entities	40,012		—		(287		)	39,725
Residential - Non-government agencies	45,679		1,084		—			46,763
Commercial - Non-government agencies	135,058		2,461		(193		)	137,326
Total	$	1,306,741	$	8,458	$	(11,133	)	$	1,304,066

Equity securities	$	686	$	139	$	—		$	825

Schedule of amortized cost and estimated fair value of investment securities by contractual maturity

The amortized cost and estimated fair value of investment securities at June 30, 2018 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.



	June 30, 2018
(dollars in thousands)	Amortized Cost		Fair Value
Held-to-maturity:
Mortgage-backed securities:
Residential - U.S. Government-sponsored entities	$	92,247	$	88,334
Commercial - U.S. Government-sponsored entities	65,909		63,996
Total	$	158,156	$	152,330

Available-for-sale:
Due in one year or less	$	35,234	$	35,259
Due after one year through five years	132,627		132,431
Due after five years through ten years	50,044		49,512
Due after ten years	60,389		59,651

Mortgage-backed securities:
Residential - U.S. Government-sponsored entities	797,679		773,725
Commercial - U.S. Government agencies and sponsored entities	54,429		52,423
Residential - Non-government agencies	43,150		42,846
Commercial - Non-government agencies	134,962		134,122
Total	$	1,308,514	$	1,279,969

Equity securities	$	692	$	844

Schedule of investment securities in an unrealized loss position

Provided below is a summary of the 345 and 223 investment securities which were in an unrealized or unrecognized loss position at June 30, 2018 and December 31, 2017, respectively, aggregated by major security type and length of time in a continuous unrealized or unrecognized loss position.



	Less Than 12 Months					12 Months or Longer					Total
(dollars in thousands)	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
June 30, 2018
Debt securities:
States and political subdivisions	$	72,466	$	(1,052	)	$	15,114	$	(928	)	$	87,580	$	(1,980	)
Corporate securities	47,624		(316		)	5,144		(188		)	52,768		(504		)
U.S. Treasury obligations and direct obligations of U.S Government agencies	28,864		(266		)	—		—			28,864		(266		)
Mortgage-backed securities:
Residential - U.S. Government-sponsored entities	499,759		(11,959		)	339,024		(16,300		)	838,783		(28,259		)
Residential - Non-government agencies	25,590		(620		)	—		—			25,590		(620		)
Commercial - U.S. Government agencies and sponsored entities	116,420		(3,919		)	—		—			116,420		(3,919		)
Commercial - Non-government agencies	85,063		(1,717		)	—		—			85,063		(1,717		)
Total temporarily impaired securities	$	875,786	$	(19,849	)	$	359,282	$	(17,416	)	$	1,235,068	$	(37,265	)



	Less Than 12 Months					12 Months or Longer					Total
(dollars in thousands)	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
December 31, 2017
Debt securities:
States and political subdivisions	$	53,811	$	(305	)	$	15,403	$	(414	)	$	69,214	$	(719	)
Corporate securities	—		—			5,307		(76		)	5,307		(76		)
U.S. Treasury obligations and direct obligations of U.S Government agencies	10,740		(69		)	—		—			10,740		(69		)
Mortgage-backed securities:
Residential - U.S. Government-sponsored entities	335,883		(3,372		)	340,219		(8,639		)	676,102		(12,011		)
Residential - Non-government agencies	—		—			—		—			—		—
Commercial - U.S. Government-sponsored entities	130,763		(723		)	—		—			130,763		(723		)
Commercial - Non-government agencies	28,490		(193		)	—		—			28,490		(193		)
Total temporarily impaired securities	$	559,687	$	(4,662	)	$	360,929	$	(9,129	)	$	920,616	$	(13,791	)