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SECURITIES AVAILABLE FOR SALE (Tables)

6 Months Ended

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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