INVESTMENT SECURITIES (Tables)

9 Months Ended

Sep. 30, 2020

Investments, Debt and Equity Securities [Abstract]

Schedule of Debt Securities, Available-for-sale

The following table summarizes the amortized cost and the estimated fair value of available for sale debt securities as of the dates indicated:

(Dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
At September 30, 2020:
Government and Government Sponsored Entities:
Residential mortgage backed securities ('MBS") and collateralized mortgage obligations ("CMOs")	$	231,925	$	3,977	$	(62)	$	235,840
Commercial MBS and CMOs	366,948		6,224		(893)		372,279
Agency bonds	15,367		58		(45)		15,380
Total available for sale debt securities	$	614,240	$	10,259	$	(1,000)	$	623,499
At December 31, 2019:
Government and Government Sponsored Entities:
Residential MBS and CMOs	$	145,333	$	340	$	(481)	$	145,192
Commercial MBS and CMOs	353,727		3,267		(825)		356,169
Agency bonds	123,977		59		(323)		123,713
Total available for sale debt securities	$	623,037	$	3,666	$	(1,629)	$	625,074

The following tables summarize the gross unrealized losses and fair value of available for sale debt securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position:

	September 30, 2020
	Less than 12 Months				12 Months or More				Total
(Dollars in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Government and Government Sponsored Entities:
Residential MBS and CMOs	$	15,931	$	(59)	$	4,620	$	(3)	$	20,551	$	(62)
Commercial MBS and CMOs	122,166		(428)		59,258		(465)		181,424		(893)
Agency bonds	12,323		(45)		—		—		12,323		(45)
Total available for sale debt securities	$	150,420	$	(532)	$	63,878	$	(468)	$	214,298	$	(1,000)

	December 31, 2019
	Less than 12 Months				12 Months or More				Total
(Dollars in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Government and Government Sponsored Entities:
Residential MBS and CMOs	$	43,623	$	(181)	$	54,870	$	(300)	$	98,493	$	(481)
Commercial MBS and CMOs	95,950		(339)		57,219		(486)		153,169		(825)
Agency bonds	29,471		(86)		87,405		(237)		116,876		(323)
Total available for sale debt securities	$	169,044	$	(606)	$	199,494	$	(1,023)	$	368,538	$	(1,629)

Schedule of Held-to-maturity Securities

The following table summarizes the amortized cost and estimated fair value of held to maturity investment securities as of the dates indicated:

(Dollars in thousands)	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Estimated Fair Value
As of September 30, 2020:
Government Sponsored Entities:
Residential MBS	$	7,912	$	403	$	—	$	8,315
Other investments	78		—		—		78
Total held to maturity investment securities	$	7,990	$	403	$	—	$	8,393
As of December 31, 2019:
Government Sponsored Entities:
Residential MBS	$	10,087	$	205	$	(26)	$	10,266
Other investments	83		—		—		83
Total held to maturity investment securities	$	10,170	$	205	$	(26)	$	10,349

The following table summarizes the gross unrecognized losses and fair value of held to maturity investment securities, aggregated by investment category and length of time that individual securities have been in a continuous unrecognized loss position:

	Less than 12 Months				12 Months or More				Total
(Dollars in thousands)	Fair Value		Unrecognized Losses		Fair Value		Unrecognized Losses		Fair Value		Unrecognized Losses
As of December 31, 2019:
Government Sponsored Entities:
Residential MBS	$	—	$	—	$	2,253	$	(26)	$	2,253	$	(26)

Schedule of Debt Maturities of Available-for-sale and Held-to-maturity Securities

The following table summarizes the scheduled maturities of available for sale and held to maturity investment securities as of September 30, 2020:

	September 30, 2020
(Dollars in thousands)	Amortized Cost		Fair Value
Available for sale debt securities
Five to ten years	$	3,491	$	3,483
Beyond ten years	11,876		11,897
MBS and CMOs	598,873		608,119
Total available for sale debt securities	$	614,240	$	623,499
Held to maturity investments securities
Beyond ten years	$	78	$	78
MBS	7,912		8,315
Total held to maturity debt securities	$	7,990	$	8,393