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SECURITIES AVAILABLE FOR SALE (Tables)

9 Months Ended

Sep. 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
September 30, 2018
Securities available for sale
Debt securities:
Obligations of US Government-sponsored enterprises		$	3,998			$	—			$	1			$	3,997
Mortgage-backed securities:
US Government-sponsored enterprises		441,725				357				16,791				425,291
US Government agency		116,638				136				3,192				113,582
Private label		428				112				5				535
Obligations of states and political subdivisions thereof		133,926				600				3,089				131,437
Corporate bonds		38,323				114				621				37,816
Total securities available for sale		$	735,038			$	1,319			$	23,699			$	712,658
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 September 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		$	4,028			$	4,027
Over 1 year to 5 years		15,587				15,446
Over 5 years to 10 years		45,826				45,418
Over 10 years		110,806				108,359
Total bonds and obligations		176,247				173,250
Mortgage-backed securities		558,791				539,408
Total securities available for sale		$	735,038			$	712,658

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
September 30, 2018
Securities available for sale
Debt securities:
Obligations of US Government-sponsored enterprises		$	1			$	3,997			$	—			$	—			$	1			$	3,997
Mortgage-backed securities:
US Government-sponsored enterprises		5,882				213,267				10,909				193,006				16,791				406,273
US Government agency		545				47,373				2,647				59,364				3,192				106,737
Private label		1				114				4				50				5				164
Obligations of states and political subdivisions thereof		892				44,817				2,197				31,933				3,089				76,750
Corporate bonds		621				25,465				—				—				621				25,465
Total securities available for sale		$	7,942			$	335,033			$	15,757			$	284,353			$	23,699			$	619,386
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 September 30,								Nine Months Ended September 30,
		2018				2017				2018				2017
Estimated credit losses as of prior year-end		$	1,697			$	1,697			$	1,697			$	1,697
Reductions for securities paid off during the period		—				—				—				—
Estimated credit losses at end of the period		$	1,697			$	1,697			$	1,697			$	1,697

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