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SECURITIES (Tables)
 6 Months Ended
Jun. 30, 2018
Investments, Debt and Equity Securities [Abstract]  
Schedule of Securities
The amortized cost, gross unrealized gains and losses and estimated fair value of securities at June 30, 2018 and December 31, 2017 are summarized as follows (in thousands):
 
June 30, 2018
 
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair
Value
Trading:
 
 
 
 
 
 
 
Municipal bonds
$
100

 
 
 
 
 
$
100

Corporate bonds
27,203

 
 
 
 
 
25,540

 
$
27,303

 
 
 
 
 
$
25,640

Available-for-Sale:
 
 
 
 
 
 
 
U.S. Government and agency obligations
$
143,733

 
$
12

 
$
(2,720
)
 
$
141,025

Municipal bonds
65,563

 
242

 
(761
)
 
65,044

Corporate bonds
5,053

 
5

 
(20
)
 
5,038

Mortgage-backed or related securities
1,188,772

 
51

 
(26,403
)
 
1,162,420

Asset-backed securities
26,804

 
121

 
(140
)
 
26,785

 
$
1,429,925

 
$
431

 
$
(30,044
)
 
$
1,400,312

Held-to-Maturity:
 
 
 
 
 
 
 
U.S. Government and agency obligations
$
1,152

 
$
28

 
$
(3
)
 
$
1,177

Municipal bonds
194,431

 
2,105

 
(3,115
)
 
193,421

Corporate bonds
3,805

 
—

 
(10
)
 
3,795

Mortgage-backed or related securities
63,788

 
—

 
(1,863
)
 
61,925

 
$
263,176

 
$
2,133

 
$
(4,991
)
 
$
260,318



 
December 31, 2017
 
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair
Value
Trading:
 
 
 
 
 
 
 
Municipal bonds
$
100

 
 
 
 
 
$
100

Corporate bonds
27,132

 
 
 
 
 
22,058

Equity securities
14

 
 
 
 
 
160

 
$
27,246

 
 
 
 
 
$
22,318

Available-for-Sale:
 
 
 
 
 
 
 
U.S. Government and agency obligations
$
72,829

 
$
68

 
$
(431
)
 
$
72,466

Municipal bonds
68,513

 
665

 
(445
)
 
68,733

Corporate bonds
5,431

 
6

 
(44
)
 
5,393

Mortgage-backed or related securities
745,956

 
1,003

 
(7,402
)
 
739,557

Asset-backed securities
27,667

 
184

 
(93
)
 
27,758

Equity securities
5,716

 
10

 
(148
)
 
5,578

 
$
926,112

 
$
1,936

 
$
(8,563
)
 
$
919,485

Held-to-Maturity:
 
 
 
 
 
 
 
U.S. Government and agency obligations
$
1,024

 
$
29

 
$
—

 
$
1,053

Municipal bonds
189,860

 
3,385

 
(1,252
)
 
191,993

Corporate bonds
3,978

 
7

 
—

 
3,985

Mortgage-backed or related securities
65,409

 
266

 
(518
)
 
65,157

 
$
260,271

 
$
3,687

 
$
(1,770
)
 
$
262,188
Schedule of Securities with Continuous Loss Position
At June 30, 2018 and December 31, 2017, 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):
 
June 30, 2018
 
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
$
109,860

 
$
(2,091
)
 
$
23,566

 
$
(629
)
 
$
133,426

 
$
(2,720
)
Municipal bonds
28,771

 
(373
)
 
13,466

 
(389
)
 
42,237

 
(762
)
Corporate bonds
4,123

 
(19
)
 
—

 
—

 
4,123

 
(19
)
Mortgage-backed or related securities
995,793

 
(21,357
)
 
125,657

 
(5,046
)
 
1,121,450

 
(26,403
)
Asset-backed securities
759

 
(1
)
 
9,874

 
(139
)
 
10,633

 
(140
)
 
$
1,139,306

 
$
(23,841
)
 
$
172,563

 
$
(6,203
)
 
$
1,311,869

 
$
(30,044
)
Held-to-Maturity
 
 
 
 
 
 
 
 
 
 
 
U.S. Government and agency obligations
$
146

 
$
(3
)
 
$
—

 
$
—

 
$
146

 
$
(3
)
Municipal bonds
53,087

 
(890
)
 
30,815

 
(2,225
)
 
83,902

 
(3,115
)
Corporate bonds
490

 
(10
)
 
—

 
—

 
490

 
(10
)
Mortgage-backed or related securities
57,619

 
(1,607
)
 
4,254

 
(256
)
 
61,873

 
(1,863
)
 
$
111,342

 
$
(2,510
)
 
$
35,069

 
$
(2,481
)
 
$
146,411

 
$
(4,991
)
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 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
$
31,276

 
$
(211
)
 
$
23,341

 
$
(220
)
 
$
54,617

 
$
(431
)
Municipal bonds
20,879

 
(185
)
 
13,360

 
(260
)
 
34,239

 
(445
)
Corporate bonds
296

 
(4
)
 
4,682

 
(40
)
 
4,978

 
(44
)
Mortgage-backed or related securities
559,916

 
(5,138
)
 
100,662

 
(2,264
)
 
660,578

 
(7,402
)
Asset-backed securities
—

 
—

 
9,926

 
(93
)
 
9,926

 
(93
)
Equity securities
5,480

 
(148
)
 
—

 
—

 
5,480

 
(148
)
 
$
617,847

 
$
(5,686
)
 
$
151,971

 
$
(2,877
)
 
$
769,818

 
$
(8,563
)
Held-to-Maturity
 
 
 
 
 
 
 
 
 
 
 
Municipal bonds
21,839

 
(171
)
 
34,314

 
(1,081
)
 
56,153

 
(1,252
)
Mortgage-backed or related securities
38,023

 
(378
)
 
4,434

 
(140
)
 
42,457

 
(518
)
 
$
59,862

 
$
(549
)
 
$
38,748

 
$
(1,221
)
 
$
98,610

 
$
(1,770
)
Schedule of Securities by Contractual Maturity Date
The amortized cost and estimated fair value of securities at June 30, 2018, 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.
 
June 30, 2018
 
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
$
100

 
$
100

 
$
6,059

 
$
6,045

 
$
2,292

 
$
2,291

Maturing after one year through five years
—

 
—

 
60,892

 
59,950

 
40,544

 
40,024

Maturing after five years through ten years
—

 
—

 
280,920

 
273,773

 
94,377

 
93,574

Maturing after ten years through twenty years
27,203

 
25,540

 
193,883

 
191,218

 
85,138

 
85,732

Maturing after twenty years
—

 
—

 
888,171

 
869,326

 
40,825

 
38,697

 
$
27,303

 
$
25,640

 
$
1,429,925

 
$
1,400,312

 
$
263,176

 
$
260,318
Schedule of Pledged Securities
The following table presents, as of June 30, 2018, investment securities which were pledged to secure borrowings, public deposits or other obligations as permitted or required by law (in thousands):
 
June 30, 2018
 
Carrying Value
 
Amortized Cost
 
Fair
Value
Purpose or beneficiary:
 
 
 
 
 
State and local governments public deposits
$
128,867

 
$
128,919

 
$
129,642

Interest rate swap counterparties
14,535

 
14,719

 
14,312

Repurchase agreements
123,817

 
126,129

 
123,817

Other
3,876

 
3,876

 
3,701

Total pledged securities
$
271,095

 
$
273,643

 
$
271,472