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SECURITIES AVAILABLE FOR SALE (Tables)

9 Months Ended

Sep. 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
September 30, 2019
Debt securities:
Mortgage-backed securities:
US Government-sponsored enterprises		$	344,547			$	5,924			$	1,328			$	349,143
US Government agency		116,912				2,130				217				118,825
Private label		20,268				75				389				19,954
Obligations of states and political subdivisions thereof		107,854				3,519				147				111,226
Corporate bonds		75,652				1,554				679				76,527
Total securities available for sale		$	665,233			$	13,202			$	2,760			$	675,675
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 September 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		$	190			$	191
Over 1 year to 5 years		33,984				34,856
Over 5 years to 10 years		56,882				57,482
Over 10 years		92,451				95,224
Total bonds and obligations		183,507				187,753
Mortgage-backed securities		481,726				487,922
Total securities available for sale		$	665,233			$	675,675

Schedule of Securities with Unrealized Losses, Segregated by the Duration of 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, 2019
Debt securities:
Mortgage-backed securities:
US Government-sponsored enterprises		$	140			$	30,711			$	1,188			$	60,174			$	1,328			$	90,885
US Government agency		117				10,691				100				9,767				217				20,458
Private label		385				19,573				4				39				389				19,612
Obligations of states and political subdivisions thereof		20				4,138				127				1,692				147				5,830
Corporate bonds		493				14,506				186				7,186				679				21,692
Total securities available for sale		$	1,155			$	79,619			$	1,605			$	78,858			$	2,760			$	158,477
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 nine months ended September 30, 2019 and 2018 the Company did not record any other-than-temporary impairment (“OTTI”) losses.

		Three Months Ended September 30,								Nine Months Ended September 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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