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Securities Available-for-Sale | 3 Months Ended
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Mar. 31, 2017
Investments, Debt and Equity Securities [Abstract] |
Securities Available-for-Sale | The following table presents the amortized cost and fair value of available-for-sale securities as of the dates presented:
| March 31, 2017 |  | December 31, 2016
(dollars in thousands) | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
U.S. treasury securities | $ | 24,904 |  |  | $ | 24 |  |  | $ | (91 | ) |  | $ | 24,837 |  |  | $ | 24,891 |  |  | $ | 47 |  |  | $ | (127 | ) |  | $ | 24,811 |
Obligations of U.S. government corporations and agencies | 220,721 |  |  | 1,408 |  |  | (421 | ) |  | 221,708 |  |  | 230,989 |  |  | 1,573 |  |  | (383 | ) |  | 232,179 |
Collateralized mortgage obligations of U.S. government corporations and agencies | 125,466 |  |  | 462 |  |  | (773 | ) |  | 125,155 |  |  | 130,046 |  |  | 465 |  |  | (734 | ) |  | 129,777 |
Residential mortgage-backed securities of U.S. government corporations and agencies | 35,132 |  |  | 928 |  |  | (236 | ) |  | 35,824 |  |  | 36,606 |  |  | 984 |  |  | (232 | ) |  | 37,358 |
Commercial mortgage-backed securities of U.S. government corporations and agencies | 163,396 |  |  | 308 |  |  | (1,727 | ) |  | 161,977 |  |  | 127,311 |  |  | 243 |  |  | (1,950 | ) |  | 125,604 |
Obligations of states and political subdivisions | 127,638 |  |  | 4,659 |  |  | — |  |  | 132,297 |  |  | 128,783 |  |  | 3,772 |  |  | (46 | ) |  | 132,509 |
Debt Securities | 697,257 |  |  | 7,789 |  |  | (3,248 | ) |  | 701,798 |  |  | 678,626 |  |  | 7,084 |  |  | (3,472 | ) |  | 682,238 |
Marketable equity securities | 7,367 |  |  | 4,035 |  |  | (2 | ) |  | 11,400 |  |  | 7,579 |  |  | 3,670 |  |  | — |  |  | 11,249 |
Total | $ | 704,624 |  |  | $ | 11,824 |  |  | $ | (3,250 | ) |  | $ | 713,198 |  |  | $ | 686,205 |  |  | $ | 10,754 |  |  | $ | (3,472 | ) |  | $ | 693,487 |
The following tables present the fair value and the age of gross unrealized losses by investment category as of the dates presented:
| March 31, 2017
| Less Than 12 Months |  | 12 Months or More |  | Total
(dollars in thousands) | Number of Securities |  | Fair Value |  |  | Unrealized Losses |  |  | Number of Securities |  | Fair Value |  |  | Unrealized Losses |  |  | Number of Securities |  | Fair Value |  |  | Unrealized Losses |
U.S. Treasury securities | 1 |  | $ | 9,849 |  |  | $ | (91 | ) |  | — |  | $ | — |  |  | $ | — |  |  | 1 |  | $ | 9,849 |  |  | $ | (91 | )
Obligations of U.S. government corporations and agencies | 7 |  | 62,308 |  |  | (421 | ) |  | — |  | — |  |  | — |  |  | 7 |  | 62,308 |  |  | (421 | )
Collateralized mortgage obligations of U.S. government corporations and agencies | 9 |  | 74,604 |  |  | (773 | ) |  | — |  | — |  |  | — |  |  | 9 |  | 74,604 |  |  | (773 | )
Residential mortgage-backed securities of U.S. government corporations and agencies | 2 |  | 9,692 |  |  | (236 | ) |  | — |  | — |  |  | — |  |  | 2 |  | 9,692 |  |  | (236 | )
Commercial mortgage-backed securities of U.S. government corporations and agencies | 12 |  | 113,000 |  |  | (1,727 | ) |  | — |  | — |  |  | — |  |  | 12 |  | 113,000 |  |  | (1,727 | )
Obligations of states and political subdivisions | — |  | — |  |  | — |  |  | — |  | — |  |  | — |  |  | — |  | — |  |  | — |
Debt Securities | 31 |  | 269,453 |  |  | (3,248 | ) |  | — |  | — |  |  | — |  |  | 31 |  | 269,453 |  |  | (3,248 | )
Marketable equity securities | 1 |  | 69 |  |  | (2 | ) |  | — |  | — |  |  | — |  |  | 1 |  | 69 |  |  | (2 | )
Total Temporarily Impaired Securities | 32 |  | $ | 269,522 |  |  | $ | (3,250 | ) |  | — |  | $ | — |  |  | $ | — |  |  | 32 |  | $ | 269,522 |  |  | $ | (3,250 | )
| December 31, 2016
| Less Than 12 Months |  | 12 Months or More |  | Total
(dollars in thousands) | Number of Securities |  | Fair Value |  |  | Unrealized Losses |  |  | Number of Securities |  | Fair Value |  |  | Unrealized Losses |  |  | Number of Securities |  | Fair Value |  |  | Unrealized Losses |
U.S. Treasury securities | 1 |  | $ | 9,811 |  |  | $ | (127 | ) |  | — |  | $ | — |  |  | $ | — |  |  | 1 |  | $ | 9,811 |  |  | $ | (127 | )
Obligations of U.S. government corporations and agencies | 7 |  | 62,483 |  |  | (383 | ) |  | — |  | — |  |  | — |  |  | 7 |  | 62,483 |  |  | (383 | )
Collateralized mortgage obligations of U.S. government corporations and agencies | 10 |  | 83,031 |  |  | (734 | ) |  | — |  | — |  |  | — |  |  | 10 |  | 83,031 |  |  | (734 | )
Residential mortgage-backed securities of U.S. government corporations and agencies | 2 |  | 10,022 |  |  | (232 | ) |  | — |  | — |  |  | — |  |  | 2 |  | 10,022 |  |  | (232 | )
Commercial mortgage-backed securities of U.S. government corporations and agencies | 10 |  | 96,576 |  |  | (1,950 | ) |  | — |  | — |  |  | — |  |  | 10 |  | 96,576 |  |  | (1,950 | )
Obligations of states and political subdivisions | 1 |  | 5,577 |  |  | (46 | ) |  | — |  | — |  |  | — |  |  | 1 |  | 5,577 |  |  | (46 | )
Debt Securities | 31 |  | 267,500 |  |  | (3,472 | ) |  | — |  | — |  |  | — |  |  | 31 |  | 267,500 |  |  | (3,472 | )
Marketable equity securities | — |  | — |  |  | — |  |  | — |  | — |  |  | — |  |  | — |  | — |  |  | — |
Total Temporarily Impaired Securities | 31 |  | $ | 267,500 |  |  | $ | (3,472 | ) |  | — |  | $ | — |  |  | $ | — |  |  | 31 |  | $ | 267,500 |  |  | $ | (3,472 | )
We do not believe any individual unrealized loss as of March 31, 2017 represents an other than temporary impairment, or OTTI. As of March 31, 2017 and December 31, 2016, 31 debt securities were in an unrealized loss position. There was one marketable equity security at March 31, 2017 with an unrealized loss and no marketable equity securities at December 31, 2016 with unrealized losses. The unrealized losses on debt securities was primarily attributable to changes in interest rates and not related to the credit quality of these securities. All debt securities are determined to be investment grade and are paying principal and interest according to the contractual terms of the security. We do not intend to sell and it is not more likely than not that we will be required to sell any of the securities in an unrealized loss position before recovery of their amortized cost. The following table displays net unrealized gains and losses, net of tax, on securities available for sale included in accumulated other comprehensive (loss)/income, for the periods presented:
| March 31, 2017 |  | December 31, 2016
(dollars in thousands) | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Net Unrealized Gains/ (Losses) |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Net Unrealized Gains/ (Losses) |
Total unrealized gains/(losses) on securities available-for-sale | $ | 11,824 |  |  | $ | (3,250 | ) |  | $ | 8,574 |  |  | $ | 10,754 |  |  | $ | (3,472 | ) |  | $ | 7,282 |
Income tax expense/(benefit) | (4,152 | ) |  | 1,141 |  |  | (3,011 | ) |  | (3,776 | ) |  | 1,219 |  |  | (2,557 | )
Net unrealized gains/(losses), net of tax included in accumulated other comprehensive income/(loss) | $ | 7,672 |  |  | $ | (2,109 | ) |  | $ | 5,563 |  |  | $ | 6,978 |  |  | $ | (2,253 | ) |  | $ | 4,725 |
The amortized cost and fair value of securities available-for-sale at March 31, 2017 by contractual maturity are included in the table below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
| March 31, 2017
(dollars in thousands) | Amortized Cost |  |  | Fair Value |
Obligations of the U.S. Treasury, U.S. government corporations and agencies, and obligations of states and political subdivisions |  |  |
Due in one year or less | $ | 57,066 |  |  | $ | 57,302 |
Due after one year through five years | 196,739 |  |  | 198,760 |
Due after five years through ten years | 54,282 |  |  | 54,913 |
Due after ten years | 65,176 |  |  | 67,867 |
| 373,263 |  |  | 378,842 |
Collateralized mortgage obligations of U.S. government corporations and agencies | 125,466 |  |  | 125,155 |
Residential mortgage-backed securities of U.S. government corporations and agencies | 35,132 |  |  | 35,824 |
Commercial mortgage-backed securities of U.S. government corporations and agencies | 163,396 |  |  | 161,977 |
Debt Securities | 697,257 |  |  | 701,798 |
Marketable equity securities | 7,367 |  |  | 11,400 |
Total | $ | 704,624 |  |  | $ | 713,198 |
At March 31, 2017 and December 31, 2016, securities with carrying values of $289 million and $342 million were pledged for various regulatory and legal requirements.

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