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SECURITIES AVAILABLE FOR SALE (Tables)

3 Months Ended

Mar. 31, 2018

Investments, Debt and Equity Securities [Abstract]

Summary of securities available for sale

The following is a summary of securities available for sale:

(in thousands)		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
March 31, 2018
Securities available for sale
Debt securities:
Obligations of US Government sponsored enterprises		$	6,982			$	1			$	6			$	6,977
Mortgage-backed securities:
US Government-sponsored enterprises		459,601				838				11,264				449,175
US Government agency		92,286				275				2,165				90,396
Private label		484				137				5				616
Obligations of states and political subdivisions thereof		136,244				1,079				2,046				135,277
Corporate bonds		36,405				161				448				36,118
Total securities available for sale		$	732,002			$	2,491			$	15,934			$	718,559
December 31, 2017
Securities available for sale
Debt securities:
Obligations of US Government sponsored enterprises		$	6,967			$	5			$	—			$	6,972
Mortgage-backed securities:
US Government-sponsored enterprises		447,081				1,738				5,816				443,003
US Government agency		96,357				413				1,174				95,596
Private label		529				150				5				674
Obligations of states and political subdivisions thereof		138,522				2,407				729				140,200
Corporate bonds		30,527				323				53				30,797
Total securities available for sale		$	719,983			$	5,036			$	7,777			$	717,242

Schedule of amortized cost and estimated fair value of available for sale (AFS) securities, segregated by contractual maturity

The amortized cost and estimated fair value of available for sale (“AFS”) securities segregated by contractual maturity at March 31, 2018 are presented below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Mortgage-backed securities are shown in total, as their maturities are highly variable.

		Available for sale
(in thousands)		Amortized Cost				Fair Value
Within 1 year		$	7,012			$	7,007
Over 1 year to 5 years		15,718				15,521
Over 5 years to 10 years		46,614				46,574
Over 10 years		110,287				109,270
Total bonds and obligations		179,631				178,372
Mortgage-backed securities		552,371				540,187
Total securities available for sale		$	732,002			$	718,559

Schedule of securities with unrealized losses, segregated by the duration of their continuous unrealized loss positions

Securities with unrealized losses, segregated by the duration of their continuous unrealized loss positions, are summarized as follows:

		Less Than Twelve Months								Over Twelve Months								Total
(In thousands)		Gross Unrealized Losses				Fair Value				Gross Unrealized Losses				Fair Value				Gross Unrealized Losses				Fair Value
March 31, 2018
Securities available for sale
Debt securities:
Obligations of US Government sponsored enterprises		$	6			$	3,978			$	—			$	—			$	6			$	3,978
Mortgage-backed securities:
US Government-sponsored enterprises		5,388				267,678				5,876				117,825				11,264				385,503
US Government agency		1,168				49,816				997				28,727				2,165				78,543
Private label		—				1				5				56				5				57
Obligations of states and political subdivisions thereof		475				39,618				1,571				26,759				2,046				66,377
Corporate bonds		448				25,549				—				—				448				25,549
Total securities available for sale		$	7,485			$	386,640			$	8,449			$	173,367			$	15,934			$	560,007
December 31, 2017
Securities available for sale
Debt securities:
Mortgage-backed securities:
US Government-sponsored enterprises		$	1,895			$	189,486			$	3,921			$	117,156			$	5,816			$	306,642
US Government agency		559				45,221				615				30,155				1,174				75,376
Private label		—				8				5				130				5				138
Obligations of states and political subdivisions thereof		58				8,298				671				27,727				729				36,025
Corporate bonds		53				8,943				—				—				53				8,943
Total securities available for sale		$	2,565			$	251,956			$	5,212			$	175,168			$	7,777			$	427,124

Schedule of other than temporary impairment losses

	Three Months Ended March 31,
	2018				2017
Estimated credit losses as of prior year end	$	1,697			$	1,697
Reductions for securities paid off during the period	—				—
Estimated credit losses at end of the period	$	1,697			$	1,697

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