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SECURITIES AVAILABLE FOR SALE (Tables)
 3 Months Ended
Mar. 31, 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
March 31, 2019
 
 

 
 

 
 

 
 

Securities available for sale
 
 

 
 

 
 

 
 

Debt securities:
 
 

 
 

 
 

 
 

Mortgage-backed securities:
 
 
 
 
 
 
 


  US Government-sponsored enterprises
 
$
404,713

 
$
1,975

 
$
5,410

 
$
401,278

  US Government agency
 
123,984

 
981

 
1,219

 
123,746

  Private label
 
20,342

 
78

 
150

 
20,270

Obligations of states and political subdivisions thereof
 
128,666

 
2,106

 
824

 
129,948

Corporate bonds
 
71,934

 
441

 
382

 
71,993

Total securities available for sale
 
$
749,639

 
$
5,581

 
$
7,985

 
$
747,235

 
 
 
 
 
 
 
 
 
December 31, 2018
 
 

 
 

 
 

 
 

Securities available for sale
 
 

 
 

 
 

 
 

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 March 31, 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
 
$
420

 
$
421

Over 1 year to 5 years
 
34,117

 
34,365

Over 5 years to 10 years
 
65,026

 
65,440

Over 10 years
 
101,037

 
101,715

Total bonds and obligations
 
200,600

 
201,941

Mortgage-backed securities
 
549,039

 
545,294

Total securities available for sale
 
$
749,639

 
$
747,235
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
March 31, 2019
 
 

 
 

 
 

 
 

 
 

 
 

Securities available for sale
 
 

 
 

 
 

 
 

 
 

 
 

Debt securities:
 
 

 
 

 
 

 
 

 
 

 
 

Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 


  US Government-sponsored enterprises
 
$
15

 
$
5,958

 
$
5,395

 
$
259,984

 
$
5,410

 
$
265,942

  US Government agency
 
17

 
6,784

 
1,202

 
60,359

 
1,219

 
67,143

  Private label
 
145

 
19,905

 
5

 
45

 
150

 
19,950

Obligations of states and political subdivisions thereof
 
—

 
—

 
824

 
32,301

 
824

 
32,301

Corporate bonds
 
282

 
13,898

 
100

 
4,897

 
382

 
18,795

Total securities available for sale
 
$
459

 
$
46,545

 
$
7,526

 
$
357,586

 
$
7,985

 
$
404,131

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2018
 
 

 
 

 
 

 
 

 
 

 
 

Securities available for sale
 
 

 
 

 
 

 
 

 
 

 
 

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 months ended March 31, 2019 and 2018 the Company did not record any other-than-temporary impairment (“OTTI”) losses.
 
 
Three Months Ended March 31,
 
 
2019
 
2018
Estimated credit losses as of prior year-end
 
$
1,697

 
$
1,697

Reductions for securities paid off during the period
 
—

 
—

Estimated credit losses at end of the period
 
$
1,697

 
$
1,697