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SECURITIES AVAILABLE FOR SALE (Tables)

9 Months Ended

Sep. 30, 2020

Investments, Debt and Equity Securities [Abstract]

Summary of Securities Available for Sale

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross

​

Gross

​

​

​

​

​

​

​

​

Unrealized

​

Unrealized

​

​

​

(in thousands)

Amortized Cost

Gains

Losses

Fair Value

September 30, 2020

​

​

​

​

Debt securities:

​

​

​

​

Mortgage-backed securities:

​

​

​

​

US Government-sponsored enterprises

​

$

226,930

​

$

8,683

​

$

(441)

​

$

235,172

US Government agency

​

92,517

​

3,413

​

(145)

​

95,785

Private label

​

20,142

​

40

​

(579)

​

19,603

Obligations of states and political subdivisions thereof

​

149,890

​

4,267

​

—

​

154,157

Corporate bonds

​

99,786

​

1,713

​

(1,687)

​

99,812

Total securities available for sale

​

$

589,265

​

$

18,116

​

$

(2,852)

​

$

604,529

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross

​

Gross

​

​

​

​

​

​

​

​

Unrealized

​

Unrealized

​

​

​

(in thousands)

Amortized Cost

Gains

Losses

Fair Value

December 31, 2019

​

​

​

​

Debt securities:

​

​

​

​

Mortgage-backed securities:

​

​

​

​

US Government-sponsored enterprises

​

$

319,064

​

$

4,985

​

$

(2,080)

​

$

321,969

US Government agency

​

98,568

​

1,640

​

(547)

​

99,661

Private label

​

20,212

​

68

​

(747)

​

19,533

Obligations of states and political subdivisions thereof

​

139,240

​

3,034

​

(268)

​

142,006

Corporate bonds

​

78,804

​

1,478

​

(221)

​

80,061

Total securities available for sale

​

$

655,888

​

$

11,205

​

$

(3,863)

​

$

663,230

Schedule of Amortized Cost and Estimated Fair Value of Available for Sale (AFS) Securities, Segregated by Contractual Maturity

​

​	​	​	​	​	​	​
​	​	Available for sale
(in thousands)		Amortized Cost			Fair Value
Within 1 year		$	—	​	$	—
Over 1 year to 5 years	​		25,596	​		25,849
Over 5 years to 10 years	​		81,687	​		79,979
Over 10 years	​		142,393	​		148,141
Total bonds and obligations	​		249,676	​		253,969
Mortgage-backed securities	​		339,589	​		350,560
Total securities available for sale	​	$	589,265	​	$	604,529

Schedule of Gains and Losses from Sale of AFS Securities

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Nine Months Ended

​

​

September 30,

​

September 30,

(In thousands)

2020

2019

2020

2019

Gross gains on sales of available for sale securities

​

$

—

​

$

716

​

$

1,508

​

$

716

Gross losses on sales of available for sale securities

​

—

​

(559)

​

(22)

​

(559)

Net gains on sale of available for sale securities

​

$

—

​

$

157

​

$

1,486

​

$

157

Schedule of Securities with Unrealized Losses, Segregated by the Duration of Continuous Unrealized Loss Positions

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Less Than Twelve Months

​

Over Twelve Months

​

Total

​

​

Gross

​

​

Gross

​

​

Gross

​

​

​

​

Unrealized

​

Fair

​

Unrealized

​

Fair

​

Unrealized

​

Fair

(In thousands)

Losses

Value

Losses

Value

Losses

Value

September 30, 2020

​

​

​

​

​

​

Debt securities:

​

​

​

​

​

​

Mortgage-backed securities:

​

​

​

​

​

​

US Government-sponsored enterprises

​

$

193

​

$

35,087

​

$

248

​

$

4,027

​

$

441

​

$

39,114

US Government agency

​

68

​

8,671

​

77

​

3,458

​

145

​

12,129

Private label

​

1

​

108

​

578

​

19,398

​

579

​

19,506

Obligations of states and political subdivisions thereof

​

—

​

247

​

—

​

—

​

—

​

247

Corporate bonds

​

1,687

​

41,260

​

—

​

—

​

1,687

​

41,260

Total securities available for sale

​

$

1,949

​

$

85,373

​

$

903

​

$

26,883

​

$

2,852

​

$

112,256

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Less Than Twelve Months

​

Over Twelve Months

​

Total

​

Gross

​

​

Gross

​

​

Gross

​

​

​

​

Unrealized

​

Fair

​

Unrealized

​

Fair

​

Unrealized

​

Fair

(In thousands)

​

Losses

​

Value

​

Losses

​

Value

​

Losses

​

Value

December 31, 2019

​

​

​

​

​

​

Debt securities:

​

​

​

​

​

​

Mortgage-backed securities:

​

​

​

​

​

​

US Government-sponsored enterprises

​

$

1,074

​

$

43,429

​

$

1,006

​

$

49,712

​

$

2,080

​

$

93,141

US Government agency

​

432

​

19,717

​

115

​

9,120

​

547

​

28,837

Private label

​

380

​

9,843

​

367

​

9,411

​

747

​

19,254

Obligations of states and political subdivisions thereof

​

137

​

29,355

​

131

​

1,682

​

268

​

31,037

Corporate bonds

​

142

​

9,888

​

79

​

12,276

​

221

​

22,164

Total securities available for sale

​

$

2,165

​

$

112,232

​

$

1,698

​

$

82,201

​

$

3,863

​

$

194,433

Schedule of Other Than Temporary Impairment Losses

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Nine Months Ended

​

​

September 30,

​

September 30,

​

2020

2019

2020

2019

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

X

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-URI http://asc.fasb.org/topic&trid=2196928

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 8
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+ References

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