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SECURITIES AVAILABLE FOR SALE (Tables) | 6 Months Ended
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Jun. 30, 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
June 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |
US Government-sponsored enterprises |  | $ | 401,311 |  |  | $ | 4,795 |  |  | $ | 2,578 |  |  | $ | 403,528 |
US Government agency |  | 118,583 |  |  | 1,785 |  |  | 383 |  |  | 119,985 |
Private label |  | 20,306 |  |  | 80 |  |  | 225 |  |  | 20,161 |
Obligations of states and political subdivisions thereof |  | 124,254 |  |  | 3,130 |  |  | 306 |  |  | 127,078 |
Corporate bonds |  | 76,864 |  |  | 1,200 |  |  | 256 |  |  | 77,808 |
Total securities available for sale |  | $ | 741,318 |  |  | $ | 10,990 |  |  | $ | 3,748 |  |  | $ | 748,560 |
December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |
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 June 30, 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 |  | $ | 275 |  |  | $ | 276 |
Over 1 year to 5 years |  | 42,015 |  |  | 42,878 |
Over 5 years to 10 years |  | 61,672 |  |  | 62,668 |
Over 10 years |  | 97,156 |  |  | 99,064 |
Total bonds and obligations |  | 201,118 |  |  | 204,886 |
Mortgage-backed securities |  | 540,200 |  |  | 543,674 |
Total securities available for sale |  | $ | 741,318 |  |  | $ | 748,560 |
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, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |
US Government-sponsored enterprises |  | $ | 230 |  |  | $ | 6,510 |  |  | $ | 2,348 |  |  | $ | 119,451 |  |  | $ | 2,578 |  |  | $ | 125,961 |
US Government agency |  | 5 |  |  | 3,160 |  |  | 378 |  |  | 26,316 |  |  | 383 |  |  | 29,476 |
Private label |  | 221 |  |  | 19,729 |  |  | 4 |  |  | 40 |  |  | 225 |  |  | 19,769 |
Obligations of states and political subdivisions thereof |  | — |  |  | — |  |  | 306 |  |  | 12,086 |  |  | 306 |  |  | 12,086 |
Corporate bonds |  | 109 |  |  | 10,012 |  |  | 147 |  |  | 2,122 |  |  | 256 |  |  | 12,134 |
Total securities available for sale |  | $ | 565 |  |  | $ | 39,411 |  |  | $ | 3,183 |  |  | $ | 160,015 |  |  | $ | 3,748 |  |  | $ | 199,426 |
December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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 and six months ended June 30, 2019 and 2018 the Company did not record any other-than-temporary impairment (“OTTI”) losses.
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2019 |  | 2018 |  | 2019 |  | 2018
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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- Definition Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=118939692&loc=d3e27340-111563 + Details
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