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Securities (Tables) | 9 Months Ended
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Sep. 30, 2017
Investments, Debt and Equity Securities [Abstract] |
Amortized cost and fair value of securities held to maturity | The amortized cost and fair value of securities held to maturity were as follows as of the dates presented:
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
September 30, 2017 |  |  |  |  |  |  |
Obligations of other U.S. Government agencies and corporations | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Obligations of states and political subdivisions | — |  |  | — |  |  | — |  |  | — |
| $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
December 31, 2016 |  |  |  |  |  |  |
Obligations of other U.S. Government agencies and corporations | $ | 14,101 |  |  | $ | 4 |  |  | $ | (187 | ) |  | $ | 13,918 |
Obligations of states and political subdivisions | 342,181 |  |  | 8,572 |  |  | (1,778 | ) |  | 348,975 |
| $ | 356,282 |  |  | $ | 8,576 |  |  | $ | (1,965 | ) |  | $ | 362,893 |
Amortized cost and fair value of securities available for sale | The amortized cost and fair value of securities available for sale were as follows as of the dates presented:
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
September 30, 2017 |  |  |  |  |  |  |
Obligations of other U.S. Government agencies and corporations | $ | 14,648 |  |  | $ | 74 |  |  | $ | (84 | ) |  | $ | 14,638 |
Obligations of states and political subdivisions | 337,725 |  |  | 12,787 |  |  | (158 | ) |  | 350,354 |
Residential mortgage backed securities: |  |  |  |  |  |  |
Government agency mortgage backed securities | 459,336 |  |  | 2,876 |  |  | (2,654 | ) |  | 459,558 |
Government agency collateralized mortgage obligations | 234,224 |  |  | 764 |  |  | (2,330 | ) |  | 232,658 |
Commercial mortgage backed securities: |  |  |  |  |  |  |
Government agency mortgage backed securities | 45,340 |  |  | 762 |  |  | (173 | ) |  | 45,929 |
Government agency collateralized mortgage obligations | 11,354 |  |  | 89 |  |  | — |  |  | 11,443 |
Trust preferred securities | 12,454 |  |  | — |  |  | (3,494 | ) |  | 8,960 |
Other debt securities | 26,546 |  |  | 429 |  |  | (56 | ) |  | 26,919 |
| $ | 1,141,627 |  |  | $ | 17,781 |  |  | $ | (8,949 | ) |  | $ | 1,150,459 |
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
December 31, 2016 |  |  |  |  |  |  |
Obligations of other U.S. Government agencies and corporations | $ | 2,066 |  |  | $ | 92 |  |  | $ | — |  |  | $ | 2,158 |
Residential mortgage backed securities: |  |  |  |  |  |  |
Government agency mortgage backed securities | 414,019 |  |  | 1,941 |  |  | (6,643 | ) |  | 409,317 |
Government agency collateralized mortgage obligations | 171,362 |  |  | 831 |  |  | (3,367 | ) |  | 168,826 |
Commercial mortgage backed securities: |  |  |  |  |  |  |
Government agency mortgage backed securities | 50,628 |  |  | 696 |  |  | (461 | ) |  | 50,863 |
Government agency collateralized mortgage obligations | 2,528 |  |  | 38 |  |  | (16 | ) |  | 2,550 |
Trust preferred securities | 23,749 |  |  | — |  |  | (5,360 | ) |  | 18,389 |
Other debt securities | 22,053 |  |  | 310 |  |  | (218 | ) |  | 22,145 |
| $ | 686,405 |  |  | $ | 3,908 |  |  | $ | (16,065 | ) |  | $ | 674,248 |
Gross realized gains on securities available for sale | Gross realized gains and losses on sales of securities available for sale for the three and nine months ended September 30, 2017 and 2016, respectively, were as follows:
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
| 2017 |  | 2016 |  | 2017 |  | 2016
Gross gains on sales of securities available for sale | $ | 57 |  |  | $ | — |  |  | $ | 57 |  |  | $ | 1,257 |
Gross losses on sales of securities available for sale | — |  |  | — |  |  | — |  |  | (71 | )
Gains on sales of securities available for sale, net | $ | 57 |  |  | $ | — |  |  | $ | 57 |  |  | $ | 1,186 |
Amortized cost and fair value of securities by contractual maturity | The amortized cost and fair value of securities at September 30, 2017 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because issuers may call or prepay obligations with or without call or prepayment penalties.
| Available for Sale
| Amortized Cost |  | Fair Value
Due within one year | $ | 23,491 |  |  | $ | 23,798 |
Due after one year through five years | 106,577 |  |  | 110,274 |
Due after five years through ten years | 147,761 |  |  | 153,199 |
Due after ten years | 94,150 |  |  | 93,983 |
Residential mortgage backed securities: |  |  |
Government agency mortgage backed securities | 459,336 |  |  | 459,558 |
Government agency collateralized mortgage obligations | 234,224 |  |  | 232,658 |
Commercial mortgage backed securities: |  |  |
Government agency mortgage backed securities | 45,340 |  |  | 45,929 |
Government agency collateralized mortgage obligations | 11,354 |  |  | 11,443 |
Other debt securities | 19,394 |  |  | 19,617 |
| $ | 1,141,627 |  |  | $ | 1,150,459 |
Gross unrealized losses and fair value by investment category | The following table presents the age of gross unrealized losses and fair value by investment category as of the dates presented:
| Less than 12 Months |  | 12 Months or More |  | Total
| # |  | Fair Value |  | Unrealized Losses |  | # |  | Fair Value |  | Unrealized Losses |  | # |  | Fair Value |  | Unrealized Losses
Held to Maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of other U.S. Government agencies and corporations | 4 |  | $ | 11,915 |  |  | $ | (187 | ) |  | 0 |  | $ | — |  |  | $ | — |  |  | 4 |  | $ | 11,915 |  |  | $ | (187 | )
Obligations of states and political subdivisions | 102 |  | 83,362 |  |  | (1,778 | ) |  | 0 |  | — |  |  | — |  |  | 102 |  | 83,362 |  |  | (1,778 | )
Total | 106 |  | $ | 95,277 |  |  | $ | (1,965 | ) |  | 0 |  | $ | — |  |  | $ | — |  |  | 106 |  | $ | 95,277 |  |  | $ | (1,965 | )
Available for Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
September 30, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of other U.S. Government agencies and corporations | 4 |  | $ | 12,018 |  |  | $ | (84 | ) |  | 0 |  | $ | — |  |  | $ | — |  |  | 4 |  | $ | 12,018 |  |  | $ | (84 | )
Obligations of states and political subdivisions | 16 |  | 11,248 |  |  | (105 | ) |  | 3 |  | 2,037 |  |  | (53 | ) |  | 19 |  | 13,285 |  |  | (158 | )
Residential mortgage backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency mortgage backed securities | 97 |  | 249,318 |  |  | (1,902 | ) |  | 12 |  | 31,392 |  |  | (752 | ) |  | 109 |  | 280,710 |  |  | (2,654 | )
Government agency collateralized mortgage obligations | 34 |  | 126,612 |  |  | (974 | ) |  | 19 |  | 44,790 |  |  | (1,356 | ) |  | 53 |  | 171,402 |  |  | (2,330 | )
Commercial mortgage backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency mortgage backed securities | 4 |  | 9,906 |  |  | (25 | ) |  | 3 |  | 5,978 |  |  | (148 | ) |  | 7 |  | 15,884 |  |  | (173 | )
Government agency collateralized mortgage obligations | 0 |  | — |  |  | — |  |  | 0 |  | — |  |  | — |  |  | 0 |  | — |  |  | — |
Trust preferred securities | 0 |  | — |  |  | — |  |  | 2 |  | 8,960 |  |  | (3,494 | ) |  | 2 |  | 8,960 |  |  | (3,494 | )
Other debt securities | 5 |  | 9,105 |  |  | (48 | ) |  | 1 |  | 1,205 |  |  | (8 | ) |  | 6 |  | 10,310 |  |  | (56 | )
Total | 160 |  | $ | 418,207 |  |  | $ | (3,138 | ) |  | 40 |  | $ | 94,362 |  |  | $ | (5,811 | ) |  | 200 |  | $ | 512,569 |  |  | $ | (8,949 | )
December 31, 2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of other U.S. Government agencies and corporations | 0 |  | $ | — |  |  | $ | — |  |  | 0 |  | $ | — |  |  | $ | — |  |  | 0 |  | $ | — |  |  | $ | — |
Residential mortgage backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency mortgage backed securities | 131 |  | 298,400 |  |  | (6,042 | ) |  | 5 |  | 11,504 |  |  | (601 | ) |  | 136 |  | 309,904 |  |  | (6,643 | )
Government agency collateralized mortgage obligations | 40 |  | 97,356 |  |  | (1,845 | ) |  | 14 |  | 33,786 |  |  | (1,522 | ) |  | 54 |  | 131,142 |  |  | (3,367 | )
Commercial mortgage backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency mortgage backed securities | 9 |  | 21,933 |  |  | (453 | ) |  | 2 |  | 1,101 |  |  | (8 | ) |  | 11 |  | 23,034 |  |  | (461 | )
Government agency collateralized mortgage obligations | 1 |  | 1,729 |  |  | (16 | ) |  | 0 |  | — |  |  | — |  |  | 1 |  | 1,729 |  |  | (16 | )
Trust preferred securities | 0 |  | — |  |  | — |  |  | 3 |  | 18,389 |  |  | (5,360 | ) |  | 3 |  | 18,389 |  |  | (5,360 | )
Other debt securities | 3 |  | 7,946 |  |  | (208 | ) |  | 2 |  | 2,475 |  |  | (10 | ) |  | 5 |  | 10,421 |  |  | (218 | )
Total | 184 |  | $ | 427,364 |  |  | $ | (8,564 | ) |  | 26 |  | $ | 67,255 |  |  | $ | (7,501 | ) |  | 210 |  | $ | 494,619 |  |  | $ | (16,065 | )
Investments in pooled trust preferred securities | The following table provides information regarding the Company’s investments in pooled trust preferred securities at September 30, 2017:
Name | Single/ Pooled |  | Class/ Tranche |  | Amortized Cost |  | Fair Value |  | Unrealized Loss |  | Lowest Credit Rating |  | Issuers Currently in Deferral or Default
XXIII | Pooled |  | B-2 |  | $ | 8,302 |  |  | $ | 5,813 |  |  | $ | (2,489 | ) |  | A1 |  | 15 | %
XXVI | Pooled |  | B-2 |  | 4,152 |  |  | 3,147 |  |  | (1,005 | ) |  | Ba3 |  | 19 | %
|  |  |  |  | $ | 12,454 |  |  | $ | 8,960 |  |  | $ | (3,494 | ) |  |  |  |
Cumulative credit related losses recognized in earnings | The following table provides a summary of the cumulative credit related losses recognized in earnings for which a portion of OTTI has been recognized in other comprehensive income:
| 2017 |  | 2016
Balance at January 1 | $ | (3,337 | ) |  | $ | (3,337 | )
Additions related to credit losses for which OTTI was not previously recognized | — |  |  | — |
Increases in credit loss for which OTTI was previously recognized | — |  |  | — |
Reductions for securities sold during the period | $ | 3,076 |  |  | $ | — |
Balance at September 30 | $ | (261 | ) |  | $ | (3,337 | )

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- Definition Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=82897076&loc=d3e27340-111563 + Details
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