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SECURITIES AVAILABLE FOR SALE (Tables)

12 Months Ended

Dec. 31, 2017

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
December 31, 2017
Securities available for sale
Debt securities:
Obligations of US Government sponsored enterprises	$	6,967	$	5	$	—	$	6,972
Mortgage-backed securities:
US Government-sponsored enterprises	447,081		1,738		5,816		443,003
US Government agency	96,357		413		1,174		95,596
Private label	529		150		5		674
Obligations of states and political subdivisions thereof	138,522		2,407		729		140,200
Corporate bonds	30,527		323		53		30,797
Total securities available for sale	$	719,983	$	5,036	$	7,777	$	717,242

December 31, 2016
Securities available for sale
Debt securities:
Mortgage-backed securities:
US Government-sponsored enterprises	$	330,635	$	2,682	$	4,865	$	328,452
US Government agency	76,722		797		613		76,906
Private label	936		207		11		1,132
Obligations of states and political subdivisions thereof	123,832		1,941		3,407		122,366
Corporate bonds	—		—		—		—
Total securities available for sale	$	532,125	$	5,627	$	8,896	$	528,856

Schedule of amortized cost and estimated fair value of available for sale (AFS), segregated by contractual maturity

The amortized cost and estimated fair value of available for sale (“AFS”) securities segregated by contractual maturity at December 31, 2017 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
	Amortized		Fair
(in thousands)	Cost		Value
Within 1 year	$	6,997	$	7,002
Over 1 year to 5 years	11,627		11,621
Over 5 years to 10 years	46,942		47,776
Over 10 years	110,450		111,569
Total bonds and obligations	176,016		177,968
Mortgage-backed securities	543,967		539,274
Total securities available for sale	$	719,983	$	717,242

Summary of proceeds from the sale of securities and realized gains and losses

The following table summarizes proceeds from the sale of AFS securities and realized gains and losses:



(in thousands)	Proceeds from Sale of Securities Available for Sale		Realized Gains		Realized Losses		Net
2017	$	1,599	$	19	$	—	$	19
2016	66,583		4,498		—		4,498
2015	22,753		1,334		—		1,334

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
December 31, 2017
Securities available for sale
Debt securities:
Mortgage-backed securities:
US Government-sponsored enterprises	$	1,895	$	189,486	$	3,921	$	117,156	$	5,816	$	306,642
US Government agency	559		45,221		615		30,155		1,174		75,376
Private label	—		8		5		130		5		138
Obligations of states and political subdivisions thereof	58		8,298		671		27,727		729		36,025
Corporate bonds	53		8,943		—		—		53		8,943
Total securities available for sale	$	2,565	$	251,956	$	5,212	$	175,168	$	7,777	$	427,124


December 31, 2016
Securities available for sale
Debt securities:
Mortgage-backed securities:
US Government-sponsored enterprises	$	4,369	$	197,914	$	496	$	10,120	$	4,865	$	208,034
US Government agency	472		36,941		141		4,263		613		41,204
Private label	—		107		11		312		11		419
Obligations of states and political subdivisions thereof	3,252		76,803		155		3,916		3,407		80,719
Corporate bonds	—		—		—		—		—		—
Total securities available for sale	$	8,093	$	311,765	$	803	$	18,611	$	8,896	$	330,376

Summary of securities pledged as collateral for certain deposits and borrowings arrangements

A summary of securities pledged as collateral for certain deposits and borrowing arrangements as of the years ended December 31, 2017 and December 31, 2016 is as follows:



	December 31, 2017				December 31, 2016
(in thousands)	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Securities pledged for deposits	$	195,921	$	194,681	$	92,380	$	92,149
Securities pledged for repurchase agreements	98,407		98,050		28,206		28,130
Securities pledged for other borrowings (1)	213,379		212,089		278,067		277,261
Total securities pledged	$	507,707	$	504,820	$	398,653	$	397,540

______________________________

(1) The Bank pledged securities as collateral for certain borrowing arrangements with the Federal Home Loan Bank of Boston and Federal Reserve Bank of Boston

Schedule of other than temporary impairment losses

The following table presents the remaining amount of historical credit losses on debt securities and changes reflected in the statement of income:



	Twelve Months Ended December 31,
(in thousands)	2017		2016		2015
Estimated credit losses as of prior year-end,	$	1,697	$	3,180	$	3,413
Reductions for securities paid off during the period	—		1,483		233
Estimated credit losses at end of the period	$	1,697	$	1,697	$	3,180

- Definition

Tabular 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.

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- Definition

Tabular disclosure of the realized and unrealized gains and losses reported in the statement of income which have resulted from the sale and holding of marketable securities, respectively, as well as the sale or disposal of cost method investments. Such amounts would include realized gains and losses on the sale or disposal of trading, available-for-sale, and held-to-maturity securities, unrealized gains and losses on trading securities, unrealized gains and losses on available-for-sale and held-to-maturity securities transferred to the trading securities category, realized gains and losses on the sale or disposal of cost method investments, and losses recognized for other than temporary impairments (OTTI) of such investments.

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