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SECURITIES (Tables)
 9 Months Ended
Sep. 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 September 30, 2018 and December 31, 2017 are summarized as follows (in thousands):
 
September 30, 2018
 
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair
Value
Trading:
 
 
 
 
 
 
 
Municipal bonds
$
100

 
 
 
 
 
$
100

Corporate bonds
27,240

 
 
 
 
 
25,664

 
$
27,340

 
 
 
 
 
$
25,764

Available-for-Sale:
 
 
 
 
 
 
 
U.S. Government and agency obligations
$
139,329

 
$
9

 
$
(3,030
)
 
$
136,308

Municipal bonds
66,854

 
152

 
(1,020
)
 
65,986

Corporate bonds
5,054

 
4

 
(18
)
 
5,040

Mortgage-backed or related securities
1,218,204

 
29

 
(35,715
)
 
1,182,518

Asset-backed securities
22,456

 
86

 
(121
)
 
22,421

 
$
1,451,897

 
$
280

 
$
(39,904
)
 
$
1,412,273

Held-to-Maturity:
 
 
 
 
 
 
 
U.S. Government and agency obligations
$
1,007

 
$
18

 
$
(4
)
 
$
1,021

Municipal bonds
191,777

 
1,433

 
(3,773
)
 
189,437

Corporate bonds
3,771

 
—

 
(20
)
 
3,751

Mortgage-backed or related securities
62,144

 
—

 
(2,259
)
 
59,885

 
$
258,699

 
$
1,451

 
$
(6,056
)
 
$
254,094



 
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 September 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):
 
September 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
$
101,146

 
$
(1,940
)
 
$
27,397

 
$
(1,090
)
 
$
128,543

 
$
(3,030
)
Municipal bonds
25,768

 
(358
)
 
20,470

 
(662
)
 
46,238

 
(1,020
)
Corporate bonds
3,837

 
(11
)
 
293

 
(7
)
 
4,130

 
(18
)
Mortgage-backed or related securities
902,556

 
(22,907
)
 
270,846

 
(12,808
)
 
1,173,402

 
(35,715
)
Asset-backed securities
1,102

 
(1
)
 
9,891

 
(120
)
 
10,993

 
(121
)
 
$
1,034,409

 
$
(25,217
)
 
$
328,897

 
$
(14,687
)
 
$
1,363,306

 
$
(39,904
)
Held-to-Maturity
 
 
 
 
 
 
 
 
 
 
 
U.S. Government and agency obligations
$
143

 
$
(4
)
 
$
—

 
$
—

 
$
143

 
$
(4
)
Municipal bonds
59,854

 
(1,227
)
 
33,614

 
(2,546
)
 
93,468

 
(3,773
)
Corporate bonds
481

 
(20
)
 
—

 
—

 
481

 
(20
)
Mortgage-backed or related securities
43,293

 
(1,457
)
 
16,593

 
(802
)
 
59,886

 
(2,259
)
 
$
103,771

 
$
(2,708
)
 
$
50,207

 
$
(3,348
)
 
$
153,978

 
$
(6,056
)
 
 
 
 
 
 
 
 
 
 
 
 
 
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 September 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.
 
September 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

 
$
5,004

 
$
4,990

 
$
3,331

 
$
3,322

Maturing after one year through five years
—

 
—

 
64,250

 
63,572

 
49,608

 
48,484

Maturing after five years through ten years
—

 
—

 
268,844

 
259,593

 
83,662

 
82,497

Maturing after ten years through twenty years
27,240

 
25,664

 
222,061

 
218,114

 
83,124

 
83,163

Maturing after twenty years
—

 
—

 
891,738

 
866,004

 
38,974

 
36,628

 
$
27,340

 
$
25,764

 
$
1,451,897

 
$
1,412,273

 
$
258,699

 
$
254,094
Schedule of Pledged Securities
The following table presents, as of September 30, 2018, investment securities which were pledged to secure borrowings, public deposits or other obligations as permitted or required by law (in thousands):
 
September 30, 2018
 
Carrying Value
 
Amortized Cost
 
Fair
Value
Purpose or beneficiary:
 
 
 
 
 
State and local governments public deposits
$
128,020

 
$
128,101

 
$
127,902

Interest rate swap counterparties
13,782

 
14,023

 
13,494

Repurchase agreements
128,991

 
132,361

 
128,991

Other
3,852

 
3,852

 
3,658

Total pledged securities
$
274,645

 
$
278,337

 
$
274,045