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Investment Securities Held to Maturity | 12 Months Ended
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Dec. 31, 2017
Investments, Debt and Equity Securities [Abstract] |
Investment Securities Held to Maturity | Investment Securities Held to Maturity Investment securities held to maturity at December 31, 2017 and 2016 are summarized as follows (in thousands):
| 2017
| Amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair value
Agency obligations | $ | 4,308 |  |  | — |  |  | (87 | ) |  | 4,221 |
Mortgage-backed securities | 382 |  |  | 14 |  |  | — |  |  | 396 |
State and municipal obligations | 462,942 |  |  | 9,280 |  |  | (1,738 | ) |  | 470,484 |
Corporate obligations | 10,020 |  |  | 1 |  |  | (83 | ) |  | 9,938 |
| $ | 477,652 |  |  | 9,295 |  |  | (1,908 | ) |  | 485,039 |
| 2016
| Amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair value
Agency obligations | $ | 4,306 |  |  | 2 |  |  | (83 | ) |  | 4,225 |
Mortgage-backed securities | 893 |  |  | 31 |  |  | — |  |  | 924 |
State and municipal obligations | 473,653 |  |  | 6,635 |  |  | (5,436 | ) |  | 474,852 |
Corporate obligations | 9,331 |  |  | 7 |  |  | (52 | ) |  | 9,286 |
| $ | 488,183 |  |  | 6,675 |  |  | (5,571 | ) |  | 489,287 |
The Company generally purchases securities for long-term investment purposes, and differences between carrying and fair values may fluctuate during the investment period. Investment securities held to maturity having a carrying value of $409.7 million and $384.8 million at December 31, 2017 and 2016, respectively, were pledged to secure other borrowings, securities sold under repurchase agreements and government deposits. The amortized cost and fair value of investment securities held to maturity at December 31, 2017 by contractual maturity are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer.
| 2017
| Amortized cost |  | Fair value
Due in one year or less | $ | 7,123 |  |  | 7,147 |
Due after one year through five years | 67,352 |  |  | 67,915 |
Due after five years through ten years | 260,937 |  |  | 265,279 |
Due after ten years | 141,858 |  |  | 144,302 |
| $ | 477,270 |  |  | 484,643 |
Mortgage-backed securities totaling $382,000 at amortized cost and $396,000 at fair value are excluded from the table above as their expected lives are expected to be shorter than the contractual maturity date due to principal prepayments. During 2017, the Company recognized gains of $60,000 and losses of $3,000 related to calls on securities in the held to maturity portfolio, with total proceeds from the calls totaling $32.9 million. There were no sales of securities from the held to maturity portfolio for the year ended December 31, 2017. For the 2016 period, the Company recognized gains of $15,000 and losses of $1,000 related to calls on securities in the held to maturity portfolio, with total proceeds from the calls totaling $45.9 million. There were no sales of securities from the held to maturity portfolio for the year ended December 31, 2016. For the 2015 period, the Company recognized gains of $8,000 and no losses related to calls on certain securities in the held to maturity portfolio, with total proceeds from the calls totaling $27.0 million. There were no sales of securities from the held to maturity portfolio for the year ended December 31, 2015. The following table represents the Company’s disclosure on investment securities held to maturity with temporary impairment (in thousands):
| December 31, 2017 Unrealized Losses
| Less than 12 months |  | 12 months or longer |  | Total
| Fair value |  | Gross unrealized losses |  | Fair value |  | Gross unrealized losses |  | Fair value |  | Gross unrealized losses
Agency obligations | $ | 3,821 |  |  | (87 | ) |  | — |  |  | — |  |  | 3,821 |  |  | (87 | )
State and municipal obligations | 37,317 |  |  | (295 | ) |  | 49,488 |  |  | (1,443 | ) |  | 86,805 |  |  | (1,738 | )
Corporate obligations | 9,662 |  |  | (83 | ) |  | — |  |  |  |  |  | 9,662 |  |  | (83 | )
| $ | 50,800 |  |  | (465 | ) |  | 49,488 |  |  | (1,443 | ) |  | 100,288 |  |  | (1,908 | )
| December 31, 2016 Unrealized Losses
| Less than 12 months |  | 12 months or longer |  | Total
| Fair value |  | Gross unrealized losses |  | Fair value |  | Gross unrealized losses |  | Fair value |  | Gross unrealized losses
Agency obligations | $ | 3,525 |  |  | (83 | ) |  | — |  |  | — |  |  | 3,525 |  |  | (83 | )
State and municipal obligations | 172,152 |  |  | (5,132 | ) |  | 6,617 |  |  | (304 | ) |  | 178,769 |  |  | (5,436 | )
Corporate obligations | 4,697 |  |  | (52 | ) |  | — |  |  |  |  |  | 4,697 |  |  | (52 | )
| $ | 180,374 |  |  | (5,267 | ) |  | 6,617 |  |  | (304 | ) |  | 186,991 |  |  | (5,571 | )
The Company estimates the loss projections for each non-agency mortgage-backed security by stressing the individual loans collateralizing the security and applying a range of expected default rates, loss severities, and prepayment speeds in conjunction with the underlying credit enhancement for each security. Based on specific assumptions about collateral and vintage, a range of possible cash flows was identified to determine whether other-than-temporary impairment existed during the year ended December 31, 2017. Based on its detailed review of the securities available for sale portfolio, the Company believes that as of December 31, 2017, securities with unrealized loss positions shown above do not represent impairments that are other-than-temporary. The Company does not have the intent to sell securities in a temporary loss position at December 31, 2017, nor is it more likely than not that the Company will be required to sell the securities before the anticipated recovery. The number of securities in an unrealized loss position as of December 31, 2017 totaled 184, compared with 332 at December 31, 2016. All temporarily impaired investment securities were investment grade at December 31, 2017.

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