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Investment Securities | 12 Months Ended
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Dec. 31, 2015
Investment Securities [Abstract] |
Investment Securities | (3.) INVESTMENT SECURITIES The amortized cost and estimated fair value of investment securities are summarized below (in thousands).
|  | Amortized |  | Unrealized |  | Unrealized |  | Fair
|  | Cost |  | Gains |  | Losses |  | Value
December 31, 2015 |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |
U.S. Government agencies and government |  |  |  |  |  |  |  |
sponsored enterprises | $ | 260,748 | $ | 1,164 | $ | 1,049 | $ | 260,863
Mortgage-backed securities: |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 209,671 |  | 1,092 |  | 2,333 |  | 208,430
Federal Home Loan Mortgage Corporation |  | 24,564 |  | 282 |  | 194 |  | 24,652
Government National Mortgage Association |  | 26,465 |  | 943 |  | 4 |  | 27,404
Collateralized mortgage obligations: |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 16,998 |  | 90 |  | 154 |  | 16,934
Federal Home Loan Mortgage Corporation |  | 5,175 |  | 1 |  | 91 |  | 5,085
Privately issued |  | - |  | 809 |  | - |  | 809
Total mortgage-backed securities |  | 282,873 |  | 3,217 |  | 2,776 |  | 283,314
Asset-backed securities |  | - |  | 218 |  | - |  | 218
Total available for sale securities | $ | 543,621 | $ | 4,599 | $ | 3,825 | $ | 544,395
Securities held to maturity: |  |  |  |  |  |  |  |
State and political subdivisions |  | 294,423 |  | 6,562 |  | 4 |  | 300,981
Mortgage-backed securities: |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 9,242 |  | 14 |  | 79 |  | 9,177
Government National Mortgage Association |  | 25,607 |  | 33 |  | 159 |  | 25,481
Collateralized mortgage obligations: |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 56,791 |  | - |  | 818 |  | 55,973
Federal Home Loan Mortgage Corporation |  | 80,570 |  | - |  | 1,120 |  | 79,450
Government National Mortgage Association |  | 19,084 |  | 19 |  | 101 |  | 19,002
Total mortgage-backed securities |  | 191,294 |  | 66 |  | 2,277 |  | 189,083
Total held to maturity securities | $ | 485,717 | $ | 6,628 | $ | 2,281 | $ | 490,064
December 31, 2014 |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |
U.S. Government agencies and government |  |  |  |  |  |  |  |
sponsored enterprises | $ | 160,334 | $ | 1,116 | $ | 975 | $ | 160,475
Mortgage-backed securities: |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 184,857 |  | 2,344 |  | 1,264 |  | 185,937
Federal Home Loan Mortgage Corporation |  | 29,478 |  | 799 |  | 7 |  | 30,270
Government National Mortgage Association |  | 48,800 |  | 2,022 |  | - |  | 50,822
Collateralized mortgage obligations: |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 76,247 |  | 489 |  | 944 |  | 75,792
Federal Home Loan Mortgage Corporation |  | 89,623 |  | 199 |  | 2,585 |  | 87,237
Government National Mortgage Association |  | 29,954 |  | 598 |  | 40 |  | 30,512
Privately issued |  | - |  | 1,218 |  | - |  | 1,218
Total mortgage-backed securities |  | 458,959 |  | 7,669 |  | 4,840 |  | 461,788
Asset-backed securities |  | - |  | 231 |  | - |  | 231
Total available for sale securities | $ | 619,293 | $ | 9,016 | $ | 5,815 | $ | 622,494
Securities held to maturity: |  |  |  |  |  |  |  |
State and political subdivisions |  | 277,273 |  | 4,231 |  | 120 |  | 281,384
Mortgage-backed securities: |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 3,279 |  | 24 |  | - |  | 3,303
Government National Mortgage Association |  | 13,886 |  | 122 |  | - |  | 14,008
Total mortgage-backed securities |  | 17,165 |  | 146 |  | - |  | 17,311
Total held to maturity securities | $ | 294,438 | $ | 4,377 | $ | 120 | $ | 298,695
Investment securities with a total fair value of $781.7 million and $768.6 million at December 31, 2015 and 2014, respectively, were pledged as collateral to secure public deposits and for other purposes required or permitted by law. During the years ended December 31, 2015 and 2014, the Company transferred $165.2 million and $12.8 million, respectively, of available for sale mortgage backed securities to the held to maturity category, reflecting the Company's intent to hold those securities to maturity. Transfers of investment securities into the held to maturity category from the available for sale category are made at fair value at the date of transfer. The related $1.1 million and $51 thousand of unrealized holding losses that were included in the transfers during the years ended December 31, 2015 and 2014, respectively, are retained in accumulated other comprehensive income and in the carrying value of the held to maturity securities. These amounts will be amortized as an adjustment to interest income over the remaining life of the securities. This will offset the impact of amortization of the net premium created in the transfers. There were no gains or losses recognized as a result of these transfers. Interest and dividends on securities for the years ended December 31 are summarized as follows (in thousands):
|  | 2015 |  | 2014 |  | 2013
Taxable interest and dividends | $ | 16,123 | $ | 13,304 | $ | 12,541
Tax-exempt interest and dividends |  | 5,752 |  | 5,298 |  | 4,922
Total interest and dividends on securities | $ | 21,875 | $ | 18,602 | $ | 17,463
Sales and calls of securities available for sale for the years ended December 31 were as follows (in thousands):
|  | 2015 |  | 2014 |  | 2013
Proceeds from sales | $ | 54,277 | $ | 81,600 | $ | 1,327
Gross realized gains |  | 2,000 |  | 2,043 |  | 1,226
Gross realized losses |  | 12 |  | 2 |  | -
The scheduled maturities of securities available for sale and securities held to maturity at December 31, 2015 are shown below. Actual expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations (in thousands).
|  | Amortized |  | Fair
|  | Cost |  | Value
Debt securities available for sale: |  |  |  |
Due in one year or less | $ | 25,182 | $ | 25,241
Due from one to five years |  | 174,053 |  | 173,336
Due after five years through ten years |  | 275,972 |  | 276,660
Due after ten years |  | 68,414 |  | 69,158
| $ | 543,621 | $ | 544,395
Debt securities held to maturity: |  |  |  |
Due in one year or less | $ | 22,188 | $ | 22,261
Due from one to five years |  | 172,094 |  | 175,650
Due after five years through ten years |  | 116,362 |  | 119,183
Due after ten years |  | 175,073 |  | 172,970
| $ | 485,717 | $ | 490,064
Unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of December 31 are summarized as follows (in thousands):
|  | Less than 12 months |  | 12 months or longer |  | Total
|  | Fair |  | Unrealized |  | Fair |  | Unrealized |  | Fair |  | Unrealized
|  | Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses
December 31, 2015 |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies and government |  |  |  |  |  |  |  |  |  |  |  |
sponsored enterprises | $ | 82,298 | $ | 735 | $ | 26,302 | $ | 314 | $ | 108,600 | $ | 1,049
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 123,774 |  | 2,134 |  | 9,562 |  | 199 |  | 133,336 |  | 2,333
Federal Home Loan Mortgage Corporation |  | 12,660 |  | 194 |  | - |  | - |  | 12,660 |  | 194
Government National Mortgage Association |  | 1,405 |  | 4 |  | - |  | - |  | 1,405 |  | 4
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 7,778 |  | 154 |  | - |  | - |  | 7,778 |  | 154
Federal Home Loan Mortgage Corporation |  | 4,998 |  | 91 |  | - |  | - |  | 4,998 |  | 91
Total mortgage-backed securities |  | 150,615 |  | 2,577 |  | 9,562 |  | 199 |  | 160,177 |  | 2,776
Total available for sale securities |  | 232,913 |  | 3,312 |  | 35,864 |  | 513 |  | 268,777 |  | 3,825
Securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |
State and political subdivisions |  | 3,075 |  | 4 |  | - |  | - |  | 3,075 |  | 4
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 5,666 |  | 79 |  | - |  | - |  | 5,666 |  | 79
Government National Mortgage Association |  | 8,790 |  | 159 |  | - |  | - |  | 8,790 |  | 159
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 55,973 |  | 818 |  | - |  | - |  | 55,973 |  | 818
Federal Home Loan Mortgage Corporation |  | 79,323 |  | 1,120 |  | - |  | - |  | 79,323 |  | 1,120
Government National Mortgage Association |  | 14,559 |  | 101 |  | - |  | - |  | 14,559 |  | 101
Total mortgage-backed securities |  | 164,311 |  | 2,277 |  | - |  | - |  | 164,311 |  | 2,277
Total held to maturity securities |  | 167,386 |  | 2,281 |  | - |  | - |  | 167,386 |  | 2,281
Total temporarily impaired securities | $ | 400,299 | $ | 5,593 | $ | 35,864 | $ | 513 | $ | 436,163 | $ | 6,106
December 31, 2014 |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies and government |  |  |  |  |  |  |  |  |  |  |  |
sponsored enterprises | $ | 34,995 | $ | 77 | $ | 41,070 | $ | 898 | $ | 76,065 | $ | 975
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 2,242 |  | 8 |  | 62,592 |  | 1,256 |  | 64,834 |  | 1,264
Federal Home Loan Mortgage Corporation |  | 3,387 |  | 7 |  | - |  | - |  | 3,387 |  | 7
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 11,228 |  | 24 |  | 25,644 |  | 920 |  | 36,872 |  | 944
Federal Home Loan Mortgage Corporation |  | - |  | - |  | 76,126 |  | 2,585 |  | 76,126 |  | 2,585
Government National Mortgage Association |  | - |  | - |  | 2,510 |  | 40 |  | 2,510 |  | 40
Total mortgage-backed securities |  | 16,857 |  | 39 |  | 166,872 |  | 4,801 |  | 183,729 |  | 4,840
Total available for sale securities |  | 51,852 |  | 116 |  | 207,942 |  | 5,699 |  | 259,794 |  | 5,815
Securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |
State and political subdivisions |  | 18,036 |  | 120 |  | - |  | - |  | 18,036 |  | 120
Total temporarily impaired securities | $ | 69,888 | $ | 236 | $ | 207,942 | $ | 5,699 | $ | 277,830 | $ | 5,935
The total number of security positions in the investment portfolio in an unrealized loss position at December 31, 2015 was 152 compared to 122 at December 31, 2014. At December 31, 2015, the Company had positions in 10 investment securities with a fair value of $35.9 million and a total unrealized loss of $513 thousand that have been in a continuous unrealized loss position for more than 12 months. At December 31, 2015, there were a total of 142 securities positions in the Company's investment portfolio with a fair value of $400.3 million and a total unrealized loss of $5.6 million that had been in a continuous unrealized loss position for less than 12 months. At December 31, 2014, the Company had positions in 51 investment securities with a fair value of $207.9 million and a total unrealized loss of $5.7 million that have been in a continuous unrealized loss position for more than 12 months. At December 31, 2014, there were a total of 71 securities positions in the Company's investment portfolio with a fair value of $69.9 million and a total unrealized loss of $236 thousand that had been in a continuous unrealized loss position for less than 12 months. The unrealized loss on investment securities was predominantly caused by changes in market interest rates subsequent to purchase. The fair value of most of the investment securities in the Company's portfolio fluctuates as market interest rates change. The Company reviews investment securities on an ongoing basis for the presence of other than temporary impairment ("OTTI") with formal reviews performed quarterly. When evaluating debt securities for OTTI, management considers many factors, including: (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, (3) whether the market decline was affected by macroeconomic conditions, and (4) whether the Company has the intention to sell the debt security or whether it is more likely than not that it will be required to sell the debt security before its anticipated recovery. The assessment of whether OTTI exists involves a high degree of subjectivity and judgment and is based on the information available to management. No impairment was recorded during the years ended December 31, 2015, 2014 and 2013. Based on management's review and evaluation of the Company's debt securities as of December 31, 2015, the debt securities with unrealized losses were not considered to be OTTI. As of December 31, 2015, the Company does not have the intent to sell any of the securities in a loss position and believes that it is not likely that it will be required to sell any such securities before the anticipated recovery of amortized cost. Accordingly, as of December 31, 2015, management has concluded that unrealized losses on its investment securities are temporary and no further impairment loss has been realized in the Company's consolidated statements of income.

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