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INVESTMENT SECURITIES AVAILABLE FOR SALE | 12 Months Ended
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Dec. 31, 2018
Investment Securities Available For Sale [Abstract] |
INVESTMENT SECURITIES AVAILABLE FOR SALE | 2. INVESTMENT SECURITIES AVAILABLE FOR SALE A summary of amortized cost and approximate fair value of investment securities available for sale included in the consolidated statements of condition as of December 31, 2018 and 2017 follows:
|  | 2018 |
|  |  |  |  |  | Gross |  |  | Gross |  |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
(In thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
U.S. government-sponsored agencies |  | $ | 102,915 |  |  | $ | 82 |  |  | $ | (984 | ) |  | $ | 102,013 |
Mortgage-backed securities-residential |  |  | 254,383 |  |  |  | 418 |  |  |  | (3,439 | ) |  |  | 251,362 |
SBA pool securities |  |  | 3,883 |  |  |  | — |  |  |  | (44 | ) |  |  | 3,839 |
State and political subdivisions |  |  | 17,729 |  |  |  | 27 |  |  |  | (146 | ) |  |  | 17,610 |
Corporate bond |  |  | 3,000 |  |  |  | 112 |  |  |  | — |  |  |  | 3,112 |
Total |  | $ | 381,910 |  |  | $ | 639 |  |  | $ | (4,613 | ) |  | $ | 377,936 |
|  | 2017 |
|  |  |  |  |  | Gross |  |  | Gross |  |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
(In thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
U.S. government-sponsored agencies |  | $ | 44,476 |  |  | $ | — |  |  | $ | (775 | ) |  | $ | 43,701 |
Mortgage-backed securities-residential |  |  | 244,913 |  |  |  | 583 |  |  |  | (2,380 | ) |  |  | 243,116 |
SBA pool securities |  |  | 5,262 |  |  |  | — |  |  |  | (57 | ) |  |  | 5,205 |
State and political subdivisions |  |  | 24,910 |  |  |  | 87 |  |  |  | (129 | ) |  |  | 24,868 |
Corporate bond |  |  | 3,000 |  |  |  | 82 |  |  |  | — |  |  |  | 3,082 |
Single-issuer trust preferred security |  |  | 2,999 |  |  |  | — |  |  |  | (162 | ) |  |  | 2,837 |
CRA investment fund |  |  | 5,000 |  |  |  | — |  |  |  | (176 | ) |  |  | 4,824 |
Total |  | $ | 330,560 |  |  | $ | 752 |  |  | $ | (3,679 | ) |  | $ | 327,633 |
The amortized cost and fair value of investment securities available for sale as of December 31, 2018, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or repay obligations with or without call or prepayment penalties. Securities not due at a single maturity, such as mortgage-backed securities, marketable equity securities are shown separately.
Maturing in: |  |  |  |  |  |  |  |
(In thousands) |  | Amortized Cost |  |  | Fair Value |
One year or less |  | $ | 5,474 |  |  | $ | 5,476 |
After one year through five years |  |  | 34,189 |  |  |  | 33,545 |
After five years through ten years |  |  | 81,184 |  |  |  | 80,916 |
After ten years |  |  | 2,797 |  |  |  | 2,798 |
|  |  | 123,644 |  |  |  | 122,735 |
Mortgage-backed securities-residential |  |  | 254,383 |  |  |  | 251,362 |
SBA pool securities |  |  | 3,883 |  |  |  | 3,839 |
Total |  | $ | 381,910 |  |  | $ | 377,936 |
Securities available for sale with a fair value of $337.1 million and $209.0 million as of December 31, 2018 and December 31, 2017, respectively, were pledged, but not necessarily encumbered, to secure public funds and for other purposes required or permitted by law. The following is a summary of the gross gains, gross losses and net tax expense related to proceeds on sales of securities available for sale for the years ended December 31:
(In thousands) |  | 2018 |  |  | 2017 |  |  | 2016 |
Proceeds on sales |  | $ | 19,542 |  |  | $ | — |  |  | $ | 5,499 |
Gross gains |  |  | 45 |  |  |  | — |  |  |  | 133 |
Gross losses |  |  | (333 | ) |  |  | — |  |  |  | (14 | )
Net tax (benefit)/expense |  |  | (68 | ) |  |  | — |  |  |  | 44 |
The following table presents the Company’s available for sale securities with continuous unrealized losses and the approximate fair value of these investments as of December 31, 2018 and 2017.
|  | 2018 |
|  | Duration of Unrealized Loss |
|  | Less Than 12 Months |  |  | 12 Months or Longer |  |  | Total |
|  | Approximate |  |  |  |  |  |  | Approximate |  |  |  |  |  |  | Approximate |  |  |  |  |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
(In thousands) |  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
U.S. government- sponsored agencies |  | $ | 18,840 |  |  | $ | (103 | ) |  | $ | 33,600 |  |  | $ | (881 | ) |  | $ | 52,440 |  |  | $ | (984 | )
Mortgage-backed securities-residential |  |  | 51,697 |  |  |  | (303 | ) |  |  | 136,130 |  |  |  | (3,136 | ) |  |  | 187,827 |  |  |  | (3,439 | )
SBA pool securities |  |  | — |  |  |  | — |  |  |  | 3,839 |  |  |  | (44 | ) |  |  | 3,839 |  |  |  | (44 | )
State and political subdivisions |  |  | 421 |  |  |  | (1 | ) |  |  | 7,274 |  |  |  | (145 | ) |  |  | 7,695 |  |  |  | (146 | )
Total |  | $ | 70,958 |  |  | $ | (407 | ) |  | $ | 180,843 |  |  | $ | (4,206 | ) |  | $ | 251,801 |  |  | $ | (4,613 | )
|  | 2017 |
|  | Duration of Unrealized Loss |
|  | Less Than 12 Months |  |  | 12 Months or Longer |  |  | Total |
|  | Approximate |  |  |  |  |  |  | Approximate |  |  |  |  |  |  | Approximate |  |  |  |  |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
(In thousands) |  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
U.S. government- sponsored agencies |  | $ | 32,166 |  |  | $ | (317 | ) |  | $ | 11,535 |  |  | $ | (458 | ) |  | $ | 43,701 |  |  | $ | (775 | )
Mortgage-backed securities-residential |  |  | 116,774 |  |  |  | (1,000 | ) |  |  | 71,646 |  |  |  | (1,380 | ) |  |  | 188,420 |  |  |  | (2,380 | )
SBA pool securities |  |  | — |  |  |  | — |  |  |  | 5,205 |  |  |  | (57 | ) |  |  | 5,205 |  |  |  | (57 | )
State and political subdivisions |  |  | 5,628 |  |  |  | (97 | ) |  |  | 3,760 |  |  |  | (32 | ) |  |  | 9,388 |  |  |  | (129 | )
Single-issuer trust preferred security |  |  | — |  |  |  | — |  |  |  | 2,837 |  |  |  | (162 | ) |  |  | 2,837 |  |  |  | (162 | )
CRA investment fund |  |  | — |  |  |  | — |  |  |  | 4,824 |  |  |  | (176 | ) |  |  | 4,824 |  |  |  | (176 | )
Total |  | $ | 154,568 |  |  | $ | (1,414 | ) |  | $ | 99,807 |  |  | $ | (2,265 | ) |  | $ | 254,375 |  |  | $ | (3,679 | )
Management believes that the unrealized losses on investment securities available for sale are temporary and due to interest rate fluctuations and/or volatile market conditions rather than the credit worthiness of the issuers. The Company does not intend to sell these securities nor is it likely that it will be required to sell the securities before their anticipated recovery; therefore, none of the securities in an unrealized loss position were determined to be other-than-temporarily impaired. No other-than-temporary impairment charges were recognized in 2018, 2017 or 2016. During the first quarter of 2018, the Company adopted ASU 2016-01 “Financial Instruments” which resulted in the reclassification of the Company’s investment in the CRA investment fund from available for sale to equity securities, which resulted in a loss of $281 thousand for the year ended December 31, 2018. This amount is included in securities losses on the Consolidated Statements of Income.

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- Definition Disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities. + References No definition available. + Details
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- Definition INVESTMENT SECURITIES AVAILABLE FOR SALE [Abstract] + References No definition available. + Details
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