INVESTMENT SECURITIES (Tables)

9 Months Ended

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	)