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Investments (Tables)
 3 Months Ended
Mar. 31, 2017
Investments, Debt and Equity Securities [Abstract]  
Schedule of Available-for-sale and Held-to-Maturity Securities Reconciliation
The following table presents the amortized cost, gross unrealized gains and losses and fair value of securities available for sale and held to maturity:
 
 
March 31, 2017
(in thousands)
Amortized Cost
 
Gross
Unrealized Gains
 
Gross
Unrealized Losses
 
Fair Value
Available for sale securities:
 
 
 
 
 
 
 
Obligations of U.S. Government-sponsored enterprises
$
104,979

 
$
262

 
$
(66
)
 
$
105,175

Obligations of states and political subdivisions
34,113

 
762

 
(365
)
 
34,510

Agency mortgage-backed securities
431,030

 
1,508

 
(3,537
)
 
429,001

U.S Treasury bills
24,998

 
1

 
—

 
24,999

          Total securities available for sale
$
595,120

 
$
2,533

 
$
(3,968
)
 
$
593,685

Held to maturity securities:
 
 
 
 
 
 
 
Obligations of states and political subdivisions
$
14,741

 
$
33

 
$
(99
)
 
$
14,675

Agency mortgage-backed securities
64,495

 
76

 
(629
)
 
63,942

          Total securities held to maturity
$
79,236

 
$
109


$
(728
)

$
78,617



 
December 31, 2016
(in thousands)
Amortized Cost
 
Gross
Unrealized Gains
 
Gross
Unrealized Losses
 
Fair Value
Available for sale securities:
 
 
 
 
 
 
 
    Obligations of U.S. Government-sponsored enterprises
$
107,312

 
$
348

 
$
—

 
$
107,660

    Obligations of states and political subdivisions
36,486

 
630

 
(485
)
 
36,631

    Agency mortgage-backed securities
319,345

 
1,101

 
(3,940
)
 
316,506

          Total securities available for sale
$
463,143

 
$
2,079

 
$
(4,425
)
 
$
460,797

Held to maturity securities:
 
 
 
 
 
 
 
   Obligations of states and political subdivisions
$
14,759

 
$
11

 
$
(242
)
 
$
14,528

   Agency mortgage-backed securities
65,704

 
45

 
(638
)
 
65,111

          Total securities held to maturity
$
80,463

 
$
56

 
$
(880
)
 
$
79,639
Schedule of Available-for-sale and Held-to-Maturity Securities Reconciliation
The following table presents the amortized cost, gross unrealized gains and losses and fair value of securities available for sale and held to maturity:
 
 
March 31, 2017
(in thousands)
Amortized Cost
 
Gross
Unrealized Gains
 
Gross
Unrealized Losses
 
Fair Value
Available for sale securities:
 
 
 
 
 
 
 
Obligations of U.S. Government-sponsored enterprises
$
104,979

 
$
262

 
$
(66
)
 
$
105,175

Obligations of states and political subdivisions
34,113

 
762

 
(365
)
 
34,510

Agency mortgage-backed securities
431,030

 
1,508

 
(3,537
)
 
429,001

U.S Treasury bills
24,998

 
1

 
—

 
24,999

          Total securities available for sale
$
595,120

 
$
2,533

 
$
(3,968
)
 
$
593,685

Held to maturity securities:
 
 
 
 
 
 
 
Obligations of states and political subdivisions
$
14,741

 
$
33

 
$
(99
)
 
$
14,675

Agency mortgage-backed securities
64,495

 
76

 
(629
)
 
63,942

          Total securities held to maturity
$
79,236

 
$
109


$
(728
)

$
78,617



 
December 31, 2016
(in thousands)
Amortized Cost
 
Gross
Unrealized Gains
 
Gross
Unrealized Losses
 
Fair Value
Available for sale securities:
 
 
 
 
 
 
 
    Obligations of U.S. Government-sponsored enterprises
$
107,312

 
$
348

 
$
—

 
$
107,660

    Obligations of states and political subdivisions
36,486

 
630

 
(485
)
 
36,631

    Agency mortgage-backed securities
319,345

 
1,101

 
(3,940
)
 
316,506

          Total securities available for sale
$
463,143

 
$
2,079

 
$
(4,425
)
 
$
460,797

Held to maturity securities:
 
 
 
 
 
 
 
   Obligations of states and political subdivisions
$
14,759

 
$
11

 
$
(242
)
 
$
14,528

   Agency mortgage-backed securities
65,704

 
45

 
(638
)
 
65,111

          Total securities held to maturity
$
80,463

 
$
56

 
$
(880
)
 
$
79,639
Investments Classified by Contractual Maturity Date
The amortized cost and estimated fair value of debt securities at March 31, 2017, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The weighted average life of the mortgage-backed securities is approximately 5 years.
 
 
Available for sale
 
Held to maturity
(in thousands)
Amortized Cost
 
Estimated Fair Value
 
Amortized Cost
 
Estimated Fair Value
Due in one year or less
$
27,529

 
$
27,563

 
$
657

 
$
656

Due after one year through five years
94,131

 
94,743

 
7,056

 
7,043

Due after five years through ten years
14,532

 
14,759

 
6,523

 
6,479

Due after ten years
2,900

 
2,620

 
505

 
497

Agency mortgage-backed securities
431,030

 
429,001

 
64,495

 
63,942

U.S Treasury bills
24,998

 
24,999

 
—

 
—

 
$
595,120

 
$
593,685


$
79,236


$
78,617
Schedule of Unrealized Loss on Investments
The following table represents a summary of investment securities that had an unrealized loss:
 
 
March 31, 2017
Less than 12 months
 
12 months or more
 
Total
(in thousands)
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
Obligations of U.S. Government-sponsored enterprises
$
20,110

 
$
66

 
$
—

 
$
—

 
$
20,110

 
$
66

Obligations of states and political subdivisions
$
14,371

 
$
152

 
$
3,559

 
$
312

 
$
17,930

 
$
464

Agency mortgage-backed securities
298,238

 
3,686

 
13,311

 
480

 
311,549

 
4,166

 
$
332,719

 
$
3,904


$
16,870


$
792


$
349,589


$
4,696

 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2016
Less than 12 months
 
12 months or more
 
Total
(in thousands)
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
Obligations of states and political subdivisions
$
21,361

 
$
408

 
$
3,553

 
$
320

 
$
24,914

 
$
728

Agency mortgage-backed securities
267,734

 
4,084

 
12,883

 
493

 
280,617

 
4,577

 
$
289,095

 
$
4,492


$
16,436


$
813


$
305,531


$
5,305
Schedule of Realized Gain (Loss)