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SECURITIES (Tables)
 9 Months Ended
Sep. 30, 2017
Investments, Debt and Equity Securities [Abstract]  
Schedule of Securities
The amortized cost, gross unrealized gains and losses and estimated fair value of securities at September 30, 2017 and December 31, 2016 are summarized as follows (in thousands):
 
September 30, 2017
 
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair
Value
Trading:
 
 
 
 
 
 
 
U.S. Government and agency obligations
$
1,230

 
 
 
 
 
$
1,305

Municipal bonds
330

 
 
 
 
 
331

Corporate bonds
27,089

 
 
 
 
 
21,675

Equity securities
14

 
 
 
 
 
155

 
$
28,663

 
 
 
 
 
$
23,466

Available-for-Sale:
 
 
 
 
 
 
 
U.S. Government and agency obligations
$
87,509

 
$
379

 
$
(303
)
 
$
87,585

Municipal bonds
113,794

 
1,194

 
(342
)
 
114,646

Corporate bonds
10,567

 
79

 
(44
)
 
10,602

Mortgage-backed or related securities
1,093,203

 
4,103

 
(4,874
)
 
1,092,432

Asset-backed securities
28,104

 
157

 
(54
)
 
28,207

Equity securities
5,686

 
10

 
(111
)
 
5,585

 
$
1,338,863

 
$
5,922

 
$
(5,728
)
 
$
1,339,057

Held-to-Maturity:
 
 
 
 
 
 
 
U.S. Government and agency obligations
$
1,035

 
$
24

 
$
—

 
$
1,059

Municipal bonds:
193,987

 
4,638

 
(1,015
)
 
197,610

Corporate bonds
4,265

 
—

 
—

 
4,265

Mortgage-backed or related securities
65,465

 
476

 
(212
)
 
65,729

 
$
264,752

 
$
5,138

 
$
(1,227
)
 
$
268,663



 
December 31, 2016
 
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair
Value
Trading:
 
 
 
 
 
 
 
U.S. Government and agency obligations
$
1,230

 
 
 
 
 
$
1,326

Municipal bonds
331

 
 
 
 
 
335

Corporate bonds
26,959

 
 
 
 
 
21,143

Mortgage-backed or related securities
1,620

 
 
 
 
 
1,641

Equity securities
14

 
 
 
 
 
123

 
$
30,154

 
 
 
 
 
$
24,568

Available-for-Sale:
 
 
 
 
 
 
 
U.S. Government and agency obligations
$
57,288

 
$
146

 
$
(456
)
 
$
56,978

Municipal bonds
110,487

 
455

 
(1,089
)
 
109,853

Corporate bonds
10,255

 
77

 
(49
)
 
10,283

Mortgage-backed or related securities
598,899

 
2,064

 
(6,251
)
 
594,712

Asset-backed securities
29,319

 
—

 
(326
)
 
28,993

Equity securities
88

 
10

 
—

 
98

 
$
806,336

 
$
2,752

 
$
(8,171
)
 
$
800,917

Held-to-Maturity:
 
 
 
 
 
 
 
U.S. Government and agency obligations
$
1,065

 
$
—

 
$
(18
)
 
$
1,047

Municipal bonds:
196,989

 
4,173

 
(1,272
)
 
199,890

Corporate bonds
3,876

 
—

 
—

 
3,876

Mortgage-backed or related securities
65,943

 
309

 
(537
)
 
65,715

 
$
267,873

 
$
4,482

 
$
(1,827
)
 
$
270,528
Schedule of Securities with Continuous Loss Position
At September 30, 2017 and December 31, 2016, the gross unrealized losses and the fair value for securities available-for-sale and held-to-maturity aggregated by the length of time that individual securities have been in a continuous unrealized loss position was as follows (in thousands):
 
September 30, 2017
 
Less Than 12 Months
 
12 Months or More
 
Total
 
Fair
Value
 
Unrealized Losses
 
Fair
Value
 
Unrealized Losses
 
Fair
Value
 
Unrealized Losses
Available-for-Sale:
 
 
 
 
 
 
 
 
 
 
 
U.S. Government and agency obligations
$
39,846

 
$
(286
)
 
$
5,680

 
$
(17
)
 
$
45,526

 
$
(303
)
Municipal bonds
32,559

 
(169
)
 
13,023

 
(173
)
 
45,582

 
(342
)
Corporate bonds
300

 
(1
)
 
4,814

 
(43
)
 
5,114

 
(44
)
Mortgage-backed or related securities
437,934

 
(3,417
)
 
95,051

 
(1,457
)
 
532,985

 
(4,874
)
Asset-backed securities
9,968

 
(54
)
 
—

 
—

 
9,968

 
(54
)
Equity securities
5,487

 
(111
)
 
—

 
—

 
5,487

 
(111
)
 
$
526,094

 
$
(4,038
)
 
$
118,568

 
$
(1,690
)
 
$
644,662

 
$
(5,728
)
Held-to-Maturity
 
 
 
 
 
 
 
 
 
 
 
Municipal bonds
$
40,230

 
$
(903
)
 
$
4,347

 
$
(112
)
 
$
44,577

 
$
(1,015
)
Mortgage-backed or related securities
18,889

 
(212
)
 
—

 
—

 
18,889

 
(212
)
 
$
59,119

 
$
(1,115
)
 
$
4,347

 
$
(112
)
 
$
63,466

 
$
(1,227
)
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2016
 
Less Than 12 Months
 
12 Months or More
 
Total
 
Fair
Value
 
Unrealized Losses
 
Fair
Value
 
Unrealized Losses
 
Fair
Value
 
Unrealized Losses
Available-for-Sale:
 
 
 
 
 
 
 
 
 
 
 
U.S. Government and agency obligations
$
39,043

 
$
(442
)
 
$
1,012

 
$
(14
)
 
$
40,055

 
$
(456
)
Municipal bonds
60,765

 
(1,087
)
 
556

 
(2
)
 
61,321

 
(1,089
)
Corporate bonds
5,206

 
(49
)
 
—

 
—

 
5,206

 
(49
)
Mortgage-backed or related securities
403,431

 
(5,604
)
 
47,467

 
(647
)
 
450,898

 
(6,251
)
Asset-backed securities
9,928

 
(101
)
 
19,064

 
(225
)
 
28,992

 
(326
)
 
$
518,373

 
$
(7,283
)
 
$
68,099

 
$
(888
)
 
$
586,472

 
$
(8,171
)
Held-to-Maturity
 
 
 
 
 
 
 
 
 
 
 
U.S. Government and agency obligations
$
1,047

 
$
(18
)
 
$
—

 
$
—

 
$
1,047

 
$
(18
)
Municipal bonds
64,802

 
(1,267
)
 
204

 
(5
)
 
65,006

 
(1,272
)
Mortgage-backed or related securities
42,245

 
(537
)
 
—

 
—

 
42,245

 
(537
)
 
$
108,094

 
$
(1,822
)
 
$
204

 
$
(5
)
 
$
108,298

 
$
(1,827
)
Schedule of Securities by Contractual Maturity Date
The amortized cost and estimated fair value of securities at September 30, 2017, by contractual maturity, are shown below (in thousands). Expected maturities will differ from contractual maturities because some securities may be called or prepaid with or without call or prepayment penalties.
 
September 30, 2017
 
Trading
 
Available-for-Sale
 
Held-to-Maturity
 
Amortized
Cost
 
Fair
Value
 
Amortized
Cost
 
Fair
Value
 
Amortized
Cost
 
Fair
Value
Maturing in one year or less
$
130

 
$
131

 
$
26,951

 
$
26,911

 
$
1,226

 
$
1,226

Maturing after one year through five years
230

 
231

 
110,023

 
110,293

 
24,269

 
24,432

Maturing after five years through ten years
1,200

 
1,274

 
265,137

 
264,366

 
108,739

 
110,368

Maturing after ten years through twenty years
17,089

 
14,248

 
255,076

 
256,319

 
88,407

 
91,280

Maturing after twenty years
10,000

 
7,427

 
675,990

 
675,583

 
42,111

 
41,357

 
28,649

 
23,311

 
1,333,177

 
1,333,472

 
264,752

 
268,663

Equity securities
14

 
155

 
5,686

 
5,585

 
—

 
—

 
$
28,663

 
$
23,466

 
$
1,338,863

 
$
1,339,057

 
$
264,752

 
$
268,663
Schedule of Pledged Securities
The following table presents, as of September 30, 2017, investment securities which were pledged to secure borrowings, public deposits or other obligations as permitted or required by law (in thousands):
 
September 30, 2017
 
Carrying Value
 
Amortized Cost
 
Fair
Value
Purpose or beneficiary:
 
 
 
 
 
State and local governments public deposits
$
127,661

 
$
127,549

 
$
130,380

Interest rate swap counterparties
16,172

 
16,197

 
16,218

Repurchase agreements
127,632

 
127,803

 
127,797

Other
3,949

 
3,948

 
3,888

Total pledged securities
$
275,414

 
$
275,497

 
$
278,283