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SECURITIES AVAILABLE FOR SALE (Tables) | 3 Months Ended
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Mar. 31, 2019
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, 2019 |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale |  |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |
US Government-sponsored enterprises |  | $ | 404,713 |  |  | $ | 1,975 |  |  | $ | 5,410 |  |  | $ | 401,278 |
US Government agency |  | 123,984 |  |  | 981 |  |  | 1,219 |  |  | 123,746 |
Private label |  | 20,342 |  |  | 78 |  |  | 150 |  |  | 20,270 |
Obligations of states and political subdivisions thereof |  | 128,666 |  |  | 2,106 |  |  | 824 |  |  | 129,948 |
Corporate bonds |  | 71,934 |  |  | 441 |  |  | 382 |  |  | 71,993 |
Total securities available for sale |  | $ | 749,639 |  |  | $ | 5,581 |  |  | $ | 7,985 |  |  | $ | 747,235 |
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 |
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, 2019 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 |  | $ | 420 |  |  | $ | 421 |
Over 1 year to 5 years |  | 34,117 |  |  | 34,365 |
Over 5 years to 10 years |  | 65,026 |  |  | 65,440 |
Over 10 years |  | 101,037 |  |  | 101,715 |
Total bonds and obligations |  | 200,600 |  |  | 201,941 |
Mortgage-backed securities |  | 549,039 |  |  | 545,294 |
Total securities available for sale |  | $ | 749,639 |  |  | $ | 747,235 |
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, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |
US Government-sponsored enterprises |  | $ | 15 |  |  | $ | 5,958 |  |  | $ | 5,395 |  |  | $ | 259,984 |  |  | $ | 5,410 |  |  | $ | 265,942 |
US Government agency |  | 17 |  |  | 6,784 |  |  | 1,202 |  |  | 60,359 |  |  | 1,219 |  |  | 67,143 |
Private label |  | 145 |  |  | 19,905 |  |  | 5 |  |  | 45 |  |  | 150 |  |  | 19,950 |
Obligations of states and political subdivisions thereof |  | — |  |  | — |  |  | 824 |  |  | 32,301 |  |  | 824 |  |  | 32,301 |
Corporate bonds |  | 282 |  |  | 13,898 |  |  | 100 |  |  | 4,897 |  |  | 382 |  |  | 18,795 |
Total securities available for sale |  | $ | 459 |  |  | $ | 46,545 |  |  | $ | 7,526 |  |  | $ | 357,586 |  |  | $ | 7,985 |  |  | $ | 404,131 |
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 |
Schedule of other than temporary impairment losses | Securities Impairment: As a part of the Company’s ongoing security monitoring process, the Company identifies securities in an unrealized loss position that could potentially be other-than-temporarily impaired. For the three months ended March 31, 2019 and 2018 the Company did not record any other-than-temporary impairment (“OTTI”) losses.
|  | Three Months Ended March 31,
|  | 2019 |  | 2018
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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