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SECURITIES AVAILABLE FOR SALE (Tables)

6 Months Ended

Jun. 30, 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
June 30, 2018
Securities available for sale
Debt securities:
Obligations of US Government-sponsored enterprises		$	3,991			$	—			$	3			$	3,988
Mortgage-backed securities:
US Government-sponsored enterprises		459,957				521				13,628				446,850
US Government agency		88,545				195				2,486				86,254
Private label		446				124				6				564
Obligations of states and political subdivisions thereof		135,374				1,053				2,041				134,386
Corporate bonds		38,364				182				441				38,105
Total securities available for sale		$	726,677			$	2,075			$	18,605			$	710,147
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 June 30, 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		$	4,021			$	4,018
Over 1 year to 5 years		15,681				15,541
Over 5 years to 10 years		46,469				46,445
Over 10 years		111,558				110,475
Total bonds and obligations		177,729				176,479
Mortgage-backed securities		548,948				533,668
Total securities available for sale		$	726,677			$	710,147

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
June 30, 2018
Securities available for sale
Debt securities:
Obligations of US Government-sponsored enterprises		$	3			$	3,988			$	—			$	—			$	3			$	3,988
Mortgage-backed securities:
US Government-sponsored enterprises		7,001				294,523				6,627				115,694				13,628				410,217
US Government agency		1,342				46,242				1,144				29,828				2,486				76,070
Private label		1				115				5				51				6				166
Obligations of states and political subdivisions thereof		476				31,838				1,565				27,847				2,041				59,685
Corporate bonds		441				23,668				—				—				441				23,668
Total securities available for sale		$	9,264			$	400,374			$	9,341			$	173,420			$	18,605			$	573,794
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 June 30,
	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
	Six Months Ended June 30,
	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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