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Investment Securities | 3 Months Ended
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Mar. 31, 2016
Investment Securities [Abstract] |
Investment Securities | (4.) INVESTMENT SECURITIES The amortized cost and fair value of investment securities are summarized below (in thousands):
|  | Amortized |  | Unrealized |  | Unrealized |  | Fair
|  | Cost |  | Gains |  | Losses |  | Value
March 31, 2016 |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |
U.S. Government agencies and government |  |  |  |  |  |  |  |
sponsored enterprises | $ | 235,964 | $ | 5,506 | $ | 7 | $ | 241,463
Mortgage-backed securities: |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 293,220 |  | 4,312 |  | 53 |  | 297,479
Federal Home Loan Mortgage Corporation |  | 28,019 |  | 535 |  | 28 |  | 28,526
Government National Mortgage Association |  | 18,302 |  | 664 |  | 12 |  | 18,954
Collateralized mortgage obligations: |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 16,986 |  | 394 |  | - |  | 17,380
Federal Home Loan Mortgage Corporation |  | 5,165 |  | 90 |  | - |  | 5,255
Privately issued |  | - |  | 777 |  | - |  | 777
Total mortgage-backed securities |  | 361,692 |  | 6,772 |  | 93 |  | 368,371
Asset-backed securities |  | - |  | 179 |  | - |  | 179
Total available for sale securities | $ | 597,656 | $ | 12,457 | $ | 100 | $ | 610,013
Securities held to maturity: |  |  |  |  |  |  |  |
State and political subdivisions |  | 291,934 |  | 8,544 |  | 1 |  | 300,477
Mortgage-backed securities: |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 9,190 |  | 152 |  | 2 |  | 9,340
Government National Mortgage Association |  | 26,365 |  | 204 |  | 41 |  | 26,528
Collateralized mortgage obligations: |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 54,281 |  | 227 |  | 15 |  | 54,493
Federal Home Loan Mortgage Corporation |  | 77,407 |  | 467 |  | 5 |  | 77,869
Government National Mortgage Association |  | 17,106 |  | 57 |  | 7 |  | 17,156
Total mortgage-backed securities |  | 184,349 |  | 1,107 |  | 70 |  | 185,386
Total held to maturity securities | $ | 476,283 | $ | 9,651 | $ | 71 | $ | 485,863
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
Investment securities with a total fair value of $908.8 million at March 31, 2016 were pledged as collateral to secure public deposits and for other purposes required or permitted by law. Sales and calls of securities available for sale were as follows (in thousands):
|  | Three months ended
|  | March 31,
|  | 2016 |  | 2015
Proceeds from sales | $ | 17,627 | $ | 29,508
Gross realized gains |  | 613 |  | 1,073
Gross realized losses |  | - |  | 11
The scheduled maturities of securities available for sale and securities held to maturity at March 31, 2016 are shown below (in thousands). Actual expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations.
|  | Amortized |  | Fair
|  | Cost |  | Value
Debt securities available for sale: |  |  |  |
Due in one year or less | $ | 5,101 | $ | 5,137
Due from one to five years |  | 179,535 |  | 182,050
Due after five years through ten years |  | 300,883 |  | 308,638
Due after ten years |  | 112,137 |  | 114,188
| $ | 597,656 | $ | 610,013
Debt securities held to maturity: |  |  |  |
Due in one year or less | $ | 20,934 | $ | 20,987
Due from one to five years |  | 174,277 |  | 178,726
Due after five years through ten years |  | 111,349 |  | 115,419
Due after ten years |  | 169,723 |  | 170,731
| $ | 476,283 | $ | 485,863
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, were 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
March 31, 2016 |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies and government |  |  |  |  |  |  |  |  |  |  |  |
sponsored enterprises | $ | 391 | $ | 1 | $ | 7,482 | $ | 6 | $ | 7,873 | $ | 7
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 12,098 |  | 3 |  | 15,781 |  | 50 |  | 27,879 |  | 53
Federal Home Loan Mortgage Corporation |  | - |  | - |  | 4,258 |  | 28 |  | 4,258 |  | 28
Government National Mortgage Association |  | 1,332 |  | 12 |  | - |  | - |  | 1,332 |  | 12
Total mortgage-backed securities |  | 13,430 |  | 15 |  | 20,039 |  | 78 |  | 33,469 |  | 93
Total available for sale securities |  | 13,821 |  | 16 |  | 27,521 |  | 84 |  | 41,342 |  | 100
Securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |
State and political subdivisions |  | 2,477 |  | 1 |  | - |  | - |  | 2,477 |  | 1
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 1,362 |  | 2 |  | - |  | - |  | 1,362 |  | 2
Government National Mortgage Association |  | 4,225 |  | 12 |  | 3,773 |  | 29 |  | 7,998 |  | 41
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 6,895 |  | 15 |  | - |  | - |  | 6,895 |  | 15
Federal Home Loan Mortgage Corporation |  | 5,100 |  | 5 |  | - |  | - |  | 5,100 |  | 5
Government National Mortgage Association |  | 3,366 |  | 7 |  | - |  | - |  | 3,366 |  | 7
Total mortgage-backed securities |  | 20,948 |  | 41 |  | 3,773 |  | 29 |  | 24,721 |  | 70
Total held to maturity securities |  | 23,425 |  | 42 |  | 3,773 |  | 29 |  | 27,198 |  | 71
Total temporarily impaired securities | $ | 37,246 | $ | 58 | $ | 31,294 | $ | 113 | $ | 68,540 | $ | 171
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
The total number of security positions in the investment portfolio in an unrealized loss position at March 31, 2016 was 45 compared to 152 at December 31, 2015. At March 31, 2016, the Company had positions in 13 investment securities with a fair value of $31.3 million and a total unrealized loss of $113 thousand that have been in a continuous unrealized loss position for more than 12 months. At March 31, 2016, there were a total of 32 securities positions in the Company's investment portfolio with a fair value of $37.2 million and a total unrealized loss of $58 thousand that had been in a continuous unrealized loss position for less than 12 months. 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 had 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. 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 then available to management. There was no impairment recorded during the three months ended March 31, 2016 and 2015. Based on management's review and evaluation of the Company's debt securities as of March 31, 2016, the debt securities with unrealized losses were not considered to be other-than-temporarily impaired. As of March 31, 2016, the Company did not intend 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 March 31, 2016, 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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