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INVESTMENT SECURITIES (Tables) | 9 Months Ended
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Sep. 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
September 30, 2018 |  |  |  |  |  |  |  |  |  |  |
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |
Residential - U.S. Government-sponsored entities | $ | 87,356 |  |  | $ | — |  |  | $ | (4,339 | ) |  | $ | 83,017 |
Commercial - U.S. Government-sponsored entities | 65,496 |  |  | — |  |  | (2,047 | ) |  | 63,449 |
Total held-to-maturity securities | $ | 152,852 |  |  | $ | — |  |  | $ | (6,386 | ) |  | $ | 146,466 |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |
States and political subdivisions | $ | 175,495 |  |  | $ | 788 |  |  | $ | (2,731 | ) |  | $ | 173,552 |
Corporate securities | 65,587 |  |  | 23 |  |  | (477 | ) |  | 65,133 |
U.S. Treasury obligations and direct obligations of U.S Government agencies | 34,566 |  |  | — |  |  | (647 | ) |  | 33,919 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |
Residential - U.S. Government-sponsored entities | 763,635 |  |  | 297 |  |  | (29,575 | ) |  | 734,357 |
Commercial - U.S. Government agencies and sponsored entities | 53,618 |  |  | — |  |  | (2,413 | ) |  | 51,205 |
Residential - Non-government agencies | 42,069 |  |  | 132 |  |  | (831 | ) |  | 41,370 |
Commercial - Non-government agencies | 134,914 |  |  | 321 |  |  | (1,769 | ) |  | 133,466 |
Total available-for-sale securities | $ | 1,269,884 |  |  | $ | 1,561 |  |  | $ | (38,443 | ) |  | $ | 1,233,002 |
Equity securities | $ | 712 |  |  | $ | 173 |  |  | $ | — |  |  | $ | 885 |
(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 held-to-maturity securities | $ | 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 available-for-sale securities | $ | 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 September 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.
| September 30, 2018
(dollars in thousands) | Amortized Cost |  | Fair Value
Held-to-maturity: |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |
Residential - U.S. Government-sponsored entities | $ | 87,356 |  |  | $ | 83,017 |
Commercial - U.S. Government-sponsored entities | 65,496 |  |  | 63,449 |
Total held-to-maturity securities | $ | 152,852 |  |  | $ | 146,466 |
Available-for-sale: |  |  |  |  |
Due in one year or less | $ | 63,878 |  |  | $ | 63,916 |
Due after one year through five years | 103,852 |  |  | 103,115 |
Due after five years through ten years | 50,639 |  |  | 49,629 |
Due after ten years | 57,279 |  |  | 55,944 |
Mortgage-backed securities: |  |  |
Residential - U.S. Government-sponsored entities | 763,635 |  |  | 734,357 |
Commercial - U.S. Government agencies and sponsored entities | 53,618 |  |  | 51,205 |
Residential - Non-government agencies | 42,069 |  |  | 41,370 |
Commercial - Non-government agencies | 134,914 |  |  | 133,466 |
Total available-for-sale securities | $ | 1,269,884 |  |  | $ | 1,233,002 |
Equity securities | $ | 712 |  |  | $ | 885 |
Schedule of investment securities in an unrealized loss position | Provided below is a summary of the 379 and 223 investment securities which were in an unrealized or unrecognized loss position at September 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
September 30, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
States and political subdivisions | $ | 87,069 |  |  | $ | (1,225 | ) |  | $ | 26,654 |  |  | $ | (1,506 | ) |  | $ | 113,723 |  |  | $ | (2,731 | )
Corporate securities | 54,275 |  |  | (301 | ) |  | 5,130 |  |  | (176 | ) |  | 59,405 |  |  | (477 | )
U.S. Treasury obligations and direct obligations of U.S Government agencies | 31,220 |  |  | (602 | ) |  | 2,699 |  |  | (45 | ) |  | 33,919 |  |  | (647 | )
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential - U.S. Government-sponsored entities | 285,808 |  |  | (7,950 | ) |  | 513,681 |  |  | (25,964 | ) |  | 799,489 |  |  | (33,914 | )
Residential - Non-government agencies | 24,690 |  |  | (831 | ) |  | — |  |  | — |  |  | 24,690 |  |  | (831 | )
Commercial - U.S. Government agencies and sponsored entities | 57,509 |  |  | (1,873 | ) |  | 57,145 |  |  | (2,587 | ) |  | 114,654 |  |  | (4,460 | )
Commercial - Non-government agencies | 93,778 |  |  | (1,769 | ) |  | — |  |  | — |  |  | 93,778 |  |  | (1,769 | )
Total temporarily impaired securities | $ | 634,349 |  |  | $ | (14,551 | ) |  | $ | 605,309 |  |  | $ | (30,278 | ) |  | $ | 1,239,658 |  |  | $ | (44,829 | )
| 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 | )

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