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SECURITIES
 6 Months Ended
Jun. 30, 2019
Investments, Debt and Equity Securities [Abstract]  
INTEREST-BEARING DEPOSITS AND SECURITIES SECURITIES

The amortized cost, gross unrealized gains and losses and estimated fair value of securities at June 30, 2019 and December 31, 2018 are summarized as follows (in thousands):
 
June 30, 2019
 
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair
Value
Trading:
 
 
 
 
 
 
 
Corporate bonds
$
27,203

 
 
 
 
 
$
25,741

 
$
27,203

 
 
 
 
 
$
25,741

Available-for-Sale:
 
 
 
 
 
 
 
U.S. Government and agency obligations
$
125,597

 
$
437

 
$
(966
)
 
$
125,068

Municipal bonds
106,379

 
4,549

 
(18
)
 
110,910

Corporate bonds
4,557

 
12

 
(8
)
 
4,561

Mortgage-backed or related securities
1,291,166

 
22,751

 
(1,484
)
 
1,312,433

Asset-backed securities
8,076

 
2

 
(41
)
 
8,037

 
$
1,535,775

 
$
27,751

 
$
(2,517
)
 
$
1,561,009

Held-to-Maturity:
 
 
 
 
 
 
 
U.S. Government and agency obligations
$
388

 
$
6

 
$
—

 
$
394

Municipal bonds
148,580

 
3,538

 
(629
)
 
151,489

Corporate bonds
3,668

 
—

 
(12
)
 
3,656

Mortgage-backed or related securities
50,586

 
821

 
(29
)
 
51,378

 
$
203,222

 
$
4,365

 
$
(670
)
 
$
206,917



 
December 31, 2018
 
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair
Value
Trading:
 
 
 
 
 
 
 
Corporate bonds
$
27,203

 
 
 
 
 
$
25,896

 
$
27,203

 
 
 
 
 
$
25,896

Available-for-Sale:
 
 
 
 
 
 
 
U.S. Government and agency obligations
$
151,012

 
$
149

 
$
(2,049
)
 
$
149,112

Municipal bonds
116,548

 
1,806

 
(532
)
 
117,822

Corporate bonds
3,556

 
—

 
(61
)
 
3,495

Mortgage-backed or related securities
1,355,258

 
5,210

 
(16,607
)
 
1,343,861

Asset-backed securities
22,047

 
6

 
(120
)
 
21,933

 
$
1,648,421

 
$
7,171

 
$
(19,369
)
 
$
1,636,223

Held-to-Maturity:
 
 
 
 
 
 
 
U.S. Government and agency obligations
$
1,006

 
$
14

 
$
(1
)
 
$
1,019

Municipal bonds
176,663

 
1,727

 
(2,578
)
 
175,812

Corporate bonds
3,736

 
—

 
(13
)
 
3,723

Mortgage-backed or related securities
52,815

 
66

 
(898
)
 
51,983

 
$
234,220

 
$
1,807

 
$
(3,490
)
 
$
232,537



At June 30, 2019 and December 31, 2018, 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 were as follows (in thousands):
 
June 30, 2019
 
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
$
—

 
$
—

 
$
71,611

 
$
(966
)
 
$
71,611

 
$
(966
)
Municipal bonds
493

 
(3
)
 
3,230

 
(15
)
 
3,723

 
(18
)
Corporate bonds
352

 
(1
)
 
1,798

 
(7
)
 
2,150

 
(8
)
Mortgage-backed or related securities
73,934

 
(483
)
 
207,659

 
(1,001
)
 
281,593

 
(1,484
)
Asset-backed securities
7,314

 
(40
)
 
229

 
(1
)
 
7,543

 
(41
)
 
$
82,093

 
$
(527
)
 
$
284,527

 
$
(1,990
)
 
$
366,620

 
$
(2,517
)
Held-to-Maturity
 
 
 
 
 
 
 
 
 
 
 
Municipal bonds
$
—

 
$
—

 
$
23,378

 
$
(629
)
 
$
23,378

 
$
(629
)
Corporate bonds
—

 
—

 
488

 
(12
)
 
488

 
(12
)
Mortgage-backed or related securities
2,211

 
(1
)
 
6,128

 
(28
)
 
8,339

 
(29
)
 
$
2,211

 
$
(1
)
 
$
29,994

 
$
(669
)
 
$
32,205

 
$
(670
)
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 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
$
75,885

 
$
(1,240
)
 
$
50,508

 
$
(809
)
 
$
126,393

 
$
(2,049
)
Municipal bonds
6,422

 
(54
)
 
27,231

 
(478
)
 
33,653

 
(532
)
Corporate bonds
3,199

 
(56
)
 
295

 
(5
)
 
3,494

 
(61
)
Mortgage-backed or related securities
316,074

 
(2,939
)
 
571,989

 
(13,668
)
 
888,063

 
(16,607
)
Asset-backed securities
10,582

 
(24
)
 
9,913

 
(96
)
 
20,495

 
(120
)
 
$
412,162

 
$
(4,313
)
 
$
659,936

 
$
(15,056
)
 
$
1,072,098

 
$
(19,369
)
Held-to-Maturity
 
 
 
 
 
 
 
 
 
 
 
U.S. Government and agency obligations
$
145

 
$
(1
)
 
$
—

 
$
—

 
$
145

 
$
(1
)
Municipal bonds
29,898

 
(274
)
 
44,637

 
(2,304
)
 
74,535

 
(2,578
)
Corporate bonds
—

 
—

 
487

 
(13
)
 
487

 
(13
)
Mortgage-backed or related securities
10,761

 
(220
)
 
30,035

 
(678
)
 
40,796

 
(898
)
 
$
40,804

 
$
(495
)
 
$
75,159

 
$
(2,995
)
 
$
115,963

 
$
(3,490
)


At June 30, 2019, there were 105 securities—available-for-sale with unrealized losses, compared to 271 at December 31, 2018.  At June 30, 2019, there were 14 securities—held-to-maturity with unrealized losses, compared to 90 at December 31, 2018.  Management does not believe that any individual unrealized loss as of June 30, 2019 or December 31, 2018 represented other-than-temporary impairment (OTTI).  The decline in fair market value of these securities was generally due to changes in interest rates and changes in market-desired spreads subsequent to their purchase.

There were no sales of securities—trading during the six-month periods ended June 30, 2019 or 2018. There were no securities—trading in a nonaccrual status at June 30, 2019 or December 31, 2018.  Net unrealized holding losses of $103,000 were recognized during the six months ended June 30, 2019 compared to $3.4 million of net unrealized holdings gains recognized during the six months ended June 30, 2018.

There were 36 sales of securities—available-for-sale during the six months ended June 30, 2019, with a net loss of $26,000.  There were nine sales of securities—available-for-sale during the six months ended June 30, 2018, which together with partial calls of securities resulted in a net gain of $51,000 for the six months ended June 30, 2018. There were no securities—available-for-sale in a nonaccrual status at June 30, 2019 or December 31, 2018.

There were no sales of securities—held-to-maturity during the six-month period ended June 30, 2019 or 2018, although there were partial calls of securities that resulted in a net loss of $1,000 for the six-months ended June 30, 2019 and a net gain of $2,000 for the six months ended June 30, 2018. There were no securities—held-to-maturity in a nonaccrual status at June 30, 2019 or December 31, 2018.

The amortized cost and estimated fair value of securities at June 30, 2019, 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, 2019
 
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
$
—

 
$
—

 
$
2,554

 
$
2,556

 
$
4,602

 
$
4,604

Maturing after one year through five years
—

 
—

 
57,247

 
58,238

 
63,805

 
64,663

Maturing after five years through ten years
—

 
—

 
393,053

 
404,449

 
43,943

 
45,457

Maturing after ten years through twenty years
27,203

 
25,741

 
178,802

 
183,689

 
58,805

 
60,672

Maturing after twenty years
—

 
—

 
904,119

 
912,077

 
32,067

 
31,521

 
$
27,203

 
$
25,741

 
$
1,535,775

 
$
1,561,009

 
$
203,222

 
$
206,917



The following table presents, as of June 30, 2019, investment securities which were pledged to secure borrowings, public deposits or other obligations as permitted or required by law (in thousands):
 
June 30, 2019
 
Carrying Value
 
Amortized Cost
 
Fair
Value
Purpose or beneficiary:
 
 
 
 
 
State and local governments public deposits
$
136,556

 
$
136,217

 
$
139,723

Interest rate swap counterparties
15,560

 
15,494

 
15,741

Repurchase agreements
144,625

 
142,411

 
144,625

Other
2,721

 
2,721

 
2,698

Total pledged securities
$
299,462

 
$
296,843

 
$
302,787