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Securities (Tables) | 9 Months Ended
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Sep. 30, 2017
Investments, Debt and Equity Securities [Abstract] |
Fair Value of Securities | The fair value of securities is as follows:
|  |  |  |  | Gross |  |  | Gross |  |  |  |
September 30, 2017 |  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
Available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and federal agencies |  | $ | 17,996 |  |  | $ | 3 |  |  | $ | (114 | ) |  | $ | 17,885 |
State and municipal |  |  | 141,751 |  |  |  | 2,288 |  |  |  | (556 | ) |  |  | 143,483 |
Federal agency collateralized mortgage obligations |  |  | 135,511 |  |  |  | 131 |  |  |  | (1,440 | ) |  |  | 134,202 |
Federal agency mortgage-backed pools |  |  | 213,071 |  |  |  | 496 |  |  |  | (1,516 | ) |  |  | 212,051 |
Private labeled mortgage-backed pools |  |  | 1,841 |  |  |  | — |  |  |  | (11 | ) |  |  | 1,830 |
Corporate notes |  |  | 275 |  |  |  | 118 |  |  |  | — |  |  |  | 393 |
Total available for sale investment securities |  | $ | 510,445 |  |  | $ | 3,036 |  |  | $ | (3,637 | ) |  | $ | 509,844 |
Held to maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State and municipal |  | $ | 177,473 |  |  | $ | 4,249 |  |  | $ | (862 | ) |  | $ | 180,860 |
Federal agency collateralized mortgage obligations |  |  | 5,902 |  |  |  | 25 |  |  |  | (31 | ) |  |  | 5,896 |
Federal agency mortgage-backed pools |  |  | 15,230 |  |  |  | 307 |  |  |  | (71 | ) |  |  | 15,466 |
Total held to maturity investment securities |  | $ | 198,605 |  |  | $ | 4,581 |  |  | $ | (964 | ) |  | $ | 202,222 |
|  |  |  |  | Gross |  |  | Gross |  |  |  |
December 31, 2016 |  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
Available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and federal agencies |  | $ | 8,051 |  |  | $ | 2 |  |  | $ | (64 | ) |  | $ | 7,989 |
State and municipal |  |  | 117,327 |  |  |  | 324 |  |  |  | (1,059 | ) |  |  | 116,592 |
Federal agency collateralized mortgage obligations |  |  | 139,040 |  |  |  | 254 |  |  |  | (2,099 | ) |  |  | 137,195 |
Federal agency mortgage-backed pools |  |  | 180,183 |  |  |  | 251 |  |  |  | (3,707 | ) |  |  | 176,726 |
Corporate notes |  |  | 1,238 |  |  |  | 91 |  |  |  | — |  |  |  | 1,329 |
Total available for sale investment securities |  | $ | 445,839 |  |  | $ | 922 |  |  | $ | (6,929 | ) |  | $ | 439,831 |
Held to maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State and municipal |  | $ | 165,607 |  |  | $ | 2,700 |  |  | $ | (2,485 | ) |  | $ | 165,822 |
Federal agency collateralized mortgage obligations |  |  | 6,530 |  |  |  | 31 |  |  |  | (71 | ) |  |  | 6,490 |
Federal agency mortgage-backed pools |  |  | 21,057 |  |  |  | 897 |  |  |  | (180 | ) |  |  | 21,774 |
Total held to maturity investment securities |  | $ | 193,194 |  |  | $ | 3,628 |  |  | $ | (2,736 | ) |  | $ | 194,086 |
Amortized Cost and Fair Value of Securities Available for Sale and Held to Maturity | The amortized cost and fair value of securities available for sale and held to maturity at September 30, 2017 and December 31, 2016, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
|  | September 30, 2017 |  |  | December 31, 2016 |
|  | Amortized |  |  | Fair |  |  | Amortized |  |  | Fair |
|  | Cost |  |  | Value |  |  | Cost |  |  | Value |
Available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Within one year |  | $ | 9,772 |  |  | $ | 9,784 |  |  | $ | 7,455 |  |  | $ | 7,480 |
One to five years |  |  | 44,771 |  |  |  | 44,811 |  |  |  | 37,483 |  |  |  | 37,479 |
Five to ten years |  |  | 44,163 |  |  |  | 44,851 |  |  |  | 21,112 |  |  |  | 20,984 |
After ten years |  |  | 61,316 |  |  |  | 62,315 |  |  |  | 60,566 |  |  |  | 59,967 |
|  |  | 160,022 |  |  |  | 161,761 |  |  |  | 126,616 |  |  |  | 125,910 |
Federal agency collateralized mortgage obligations |  |  | 135,511 |  |  |  | 134,202 |  |  |  | 139,040 |  |  |  | 137,195 |
Federal agency mortgage-backed pools |  |  | 213,071 |  |  |  | 212,051 |  |  |  | 180,183 |  |  |  | 176,726 |
Private labeled mortgage-backed pools |  |  | 1,841 |  |  |  | 1,830 |  |  |  | — |  |  |  | — |
Total available for sale investment securities |  | $ | 510,445 |  |  | $ | 509,844 |  |  | $ | 445,839 |  |  | $ | 439,831 |
Held to maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Within one year |  | $ | 7,383 |  |  | $ | 7,373 |  |  | $ | — |  |  | $ | — |
One to five years |  |  | 37,402 |  |  |  | 38,645 |  |  |  | 24,594 |  |  |  | 25,271 |
Five to ten years |  |  | 88,399 |  |  |  | 90,371 |  |  |  | 87,645 |  |  |  | 88,805 |
After ten years |  |  | 44,289 |  |  |  | 44,471 |  |  |  | 53,368 |  |  |  | 51,746 |
|  |  | 177,473 |  |  |  | 180,860 |  |  |  | 165,607 |  |  |  | 165,822 |
Federal agency collateralized mortgage obligations |  |  | 5,902 |  |  |  | 5,896 |  |  |  | 6,530 |  |  |  | 6,490 |
Federal agency mortgage-backed pools |  |  | 15,230 |  |  |  | 15,466 |  |  |  | 21,057 |  |  |  | 21,774 |
Total held to maturity investment securities |  | $ | 198,605 |  |  | $ | 202,222 |  |  | $ | 193,194 |  |  | $ | 194,086 |
Gross Unrealized Losses and Fair Value of Company's Investments | The following table shows the gross unrealized losses and the fair value of the Company’s investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.
|  | Less than 12 Months |  |  | 12 Months or More |  |  | Total |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
September 30, 2017 |  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
U.S. Treasury and federal agencies |  | $ | 15,233 |  |  | $ | (71 | ) |  | $ | 1,372 |  |  | $ | (43 | ) |  | $ | 16,605 |  |  | $ | (114 | )
State and municipal |  |  | 41,995 |  |  |  | (483 | ) |  |  | 28,127 |  |  |  | (935 | ) |  |  | 70,122 |  |  |  | (1,418 | )
Federal agency collateralized mortgage obligations |  |  | 61,135 |  |  |  | (480 | ) |  |  | 47,213 |  |  |  | (991 | ) |  |  | 108,348 |  |  |  | (1,471 | )
Federal agency mortgage-backed pools |  |  | 81,397 |  |  |  | (567 | ) |  |  | 61,624 |  |  |  | (1,020 | ) |  |  | 143,021 |  |  |  | (1,587 | )
Private labeled mortgage-backed pools |  |  | 1,830 |  |  |  | (11 | ) |  |  | — |  |  |  | — |  |  |  | 1,830 |  |  |  | (11 | )
Total temporarily impaired securities |  | $ | 201,590 |  |  | $ | (1,612 | ) |  | $ | 138,336 |  |  | $ | (2,989 | ) |  | $ | 339,926 |  |  | $ | (4,601 | )
|  | Less than 12 Months |  |  | 12 Months or More |  |  | Total |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
December 31, 2016 |  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
U.S. Treasury and federal agencies |  | $ | 6,987 |  |  | $ | (64 | ) |  | $ | — |  |  | $ | — |  |  | $ | 6,987 |  |  | $ | (64 | )
State and municipal |  |  | 142,466 |  |  |  | (3,544 | ) |  |  | — |  |  |  | — |  |  |  | 142,466 |  |  |  | (3,544 | )
Federal agency collateralized mortgage obligations |  |  | 112,414 |  |  |  | (1,918 | ) |  |  | 10,199 |  |  |  | (252 | ) |  |  | 122,613 |  |  |  | (2,170 | )
Federal agency mortgage-backed pools |  |  | 163,768 |  |  |  | (3,887 | ) |  |  | — |  |  |  | — |  |  |  | 163,768 |  |  |  | (3,887 | )
Total temporarily impaired securities |  | $ | 425,635 |  |  | $ | (9,413 | ) |  | $ | 10,199 |  |  | $ | (252 | ) |  | $ | 435,834 |  |  | $ | (9,665 | )
Sales of Securities Available for Sale | Information regarding security proceeds, gross gains and gross losses are presented below.
|  | Three Months Ended September 30 |  |  | Nine Months Ended September 30 |
|  | 2017 |  |  | 2016 |  |  | 2017 |  |  | 2016 |
Sales of securities available for sale (Unaudited) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds |  | $ | 387 |  |  | $ | — |  |  | $ | 5,490 |  |  | $ | 25,077 |
Gross gains |  |  | 6 |  |  |  | — |  |  |  | 151 |  |  |  | 1,060 |
Gross losses |  |  | — |  |  |  | — |  |  |  | (113 | ) |  |  | (185 | )

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