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SECURITIES AVAILABLE FOR SALE (Tables)

12 Months Ended

Dec. 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
December 31, 2018
Securities available for sale
Debt securities:
Mortgage-backed securities:
US Government-sponsored enterprises		$	413,492			$	904			$	9,444			$	404,952
US Government agency		111,938				509				1,935				110,512
Private label		20,353				113				84				20,382
Obligations of states and political subdivisions thereof		133,260				1,081				2,076				132,265
Corporate bonds		58,098				264				636				57,726
Total securities available for sale		$	737,141			$	2,871			$	14,175			$	725,837
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), segregated by contractual maturity

The amortized cost and estimated fair value of available for sale (“AFS”) securities segregated by contractual maturity at December 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		$	425			$	427
Over 1 year to 5 years		23,312				23,311
Over 5 years to 10 years		62,111				62,055
Over 10 years		105,510				104,198
Total bonds and obligations		191,358				189,991
Mortgage-backed securities		545,783				535,846
Total securities available for sale		$	737,141			$	725,837

Summary of proceeds from the sale of securities and realized gains and losses

The following table summarizes proceeds from the sale of AFS securities and realized gains and losses:

(in thousands)		Proceeds from Sale of Securities Available for Sale				Realized Gains				Realized Losses				Net
2018		$	29,107			$	—			$	924			$	(924	)
2017		1,599				19				—				19
2016		66,583				4,498				—				4,498

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
December 31, 2018
Securities available for sale
Debt securities:
Mortgage-backed securities:
US Government-sponsored enterprises		$	155			$	19,367			$	9,289			$	297,569			$	9,444			$	316,936
US Government agency		16				2,570				1,919				68,266				1,935				70,836
Private label		79				10,393				5				47				84				10,440
Obligations of states and political subdivisions thereof		43				6,784				2,033				47,930				2,076				54,714
Corporate bonds		224				11,759				412				14,460				636				26,219
Total securities available for sale		$	517			$	50,873			$	13,658			$	428,272			$	14,175			$	479,145
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

Summary of securities pledged as collateral for certain deposits and borrowings arrangements

A summary of securities pledged as collateral for certain deposits and borrowing arrangements as of the years ended December 31, 2018 and December 31, 2017 is as follows:

		December 31, 2018								December 31, 2017
(in thousands)		Carrying Value				Estimated Fair Value				Carrying Value				Estimated Fair Value
Securities pledged for deposits		$	128,949			$	126,649			$	195,921			$	194,681
Securities pledged for repurchase agreements		55,656				54,189				98,407				98,050
Securities pledged for other borrowings (1)		270,252				265,334				213,379				212,089
Total securities pledged		$	454,857			$	446,172			$	507,707			$	504,820

______________________________

(1) The Bank pledged securities as collateral for certain borrowing arrangements with the Federal Home Loan Bank of Boston and Federal Reserve Bank of Boston

Schedule of other than temporary impairment losses

The following table presents the remaining amount of historical credit losses on debt securities and changes reflected in the statement of income:

		Twelve Months Ended December 31,
(in thousands)		2018				2017				2016
Estimated credit losses as of prior year-end,		$	1,697			$	1,697			$	3,180
Reductions for securities paid off during the period		—				—				1,483
Estimated credit losses at end of the period		$	1,697			$	1,697			$	1,697

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Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

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