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Investment Securities | 12 Months Ended
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Dec. 31, 2016
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, 2016 |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |
U.S. Government agencies and government |  |  |  |  |  |  |  |
sponsored enterprises | $ | 187,325 | $ | 512 | $ | 1,569 | $ | 186,268
Mortgage-backed securities: |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 288,949 |  | 897 |  | 4,413 |  | 285,433
Federal Home Loan Mortgage Corporation |  | 30,182 |  | 114 |  | 807 |  | 29,489
Government National Mortgage Association |  | 15,473 |  | 316 |  | 15 |  | 15,774
Collateralized mortgage obligations: |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 16,921 |  | 74 |  | 125 |  | 16,870
Federal Home Loan Mortgage Corporation |  | 5,142 |  | - |  | 65 |  | 5,077
Privately issued |  | - |  | 824 |  | - |  | 824
Total mortgage-backed securities |  | 356,667 |  | 2,225 |  | 5,425 |  | 353,467
Asset-backed securities |  | - |  | 191 |  | - |  | 191
Total available for sale securities | $ | 543,992 | $ | 2,928 | $ | 6,994 | $ | 539,926
Securities held to maturity: |  |  |  |  |  |  |  |
State and political subdivisions |  | 305,248 |  | 2,127 |  | 1,616 |  | 305,759
Mortgage-backed securities: |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 10,362 |  | 1 |  | 124 |  | 10,239
Federal Home Loan Mortgage Corporation |  | 3,290 |  | - |  | 150 |  | 3,140
Government National Mortgage Association |  | 24,575 |  | 18 |  | 182 |  | 24,411
Collateralized mortgage obligations: |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 83,929 |  | 21 |  | 1,573 |  | 82,377
Federal Home Loan Mortgage Corporation |  | 101,025 |  | 80 |  | 1,827 |  | 99,278
Government National Mortgage Association |  | 14,909 |  | 40 |  | 162 |  | 14,787
Total mortgage-backed securities |  | 238,090 |  | 160 |  | 4,018 |  | 234,232
Total held to maturity securities | $ | 543,338 | $ | 2,287 | $ | 5,634 | $ | 539,991
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
December 31, 2015 (continued) |  |  |  |  |  |  |  |
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 $907.7 million and $781.7 million at December 31, 2016 and 2015, respectively, were pledged as collateral to secure public deposits and for other purposes required or permitted by law. During the year ended December 31, 2015, the Company transferred $165.2 million 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 of unrealized holding losses 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):
|  | 2016 |  | 2015 |  | 2014
Taxable interest and dividends | $ | 17,025 | $ | 16,123 | $ | 13,304
Tax-exempt interest and dividends |  | 5,892 |  | 5,752 |  | 5,298
Total interest and dividends on securities | $ | 22,917 | $ | 21,875 | $ | 18,602
Sales and calls of securities available for sale for the years ended December 31 were as follows (in thousands):
|  | 2016 |  | 2015 |  | 2014
Proceeds from sales | $ | 95,261 | $ | 54,277 | $ | 81,600
Gross realized gains |  | 2,695 |  | 2,000 |  | 2,043
Gross realized losses |  | - |  | 12 |  | 2
The scheduled maturities of securities available for sale and securities held to maturity at December 31, 2016 are shown below. Actual expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations (in
|  | Amortized |  | Fair
|  | Cost |  | Value
Debt securities available for sale: |  |  |  |
Due in one year or less | $ | 127 | $ | 127
Due from one to five years |  | 149,249 |  | 149,428
Due after five years through ten years |  | 277,147 |  | 274,529
Due after ten years |  | 117,469 |  | 115,842
| $ | 543,992 | $ | 539,926
Debt securities held to maturity: |  |  |  |
Due in one year or less | $ | 48,132 | $ | 48,188
Due from one to five years |  | 176,150 |  | 177,962
Due after five years through ten years |  | 93,849 |  | 92,396
Due after ten years |  | 225,207 |  | 221,445
| $ | 543,338 | $ | 539,991
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, 2016 |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies and government |  |  |  |  |  |  |  |  |  |  |  |
sponsored enterprises | $ | 113,261 | $ | 1,566 | $ | 1,458 | $ | 3 | $ | 114,719 | $ | 1,569
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 211,491 |  | 4,413 |  | - |  | - |  | 211,491 |  | 4,413
Federal Home Loan Mortgage Corporation |  | 24,360 |  | 807 |  | - |  | - |  | 24,360 |  | 807
Government National Mortgage Association |  | 1,111 |  | 15 |  | - |  | - |  | 1,111 |  | 15
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 8,119 |  | 125 |  | - |  | - |  | 8,119 |  | 125
Federal Home Loan Mortgage Corporation |  | 5,077 |  | 65 |  | - |  | - |  | 5,077 |  | 65
Total mortgage-backed securities |  | 250,158 |  | 5,425 |  | - |  | - |  | 250,158 |  | 5,425
Total available for sale securities |  | 363,419 |  | 6,991 |  | 1,458 |  | 3 |  | 364,877 |  | 6,994
Securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |
State and political subdivisions |  | 82,644 |  | 1,616 |  | - |  | - |  | 82,644 |  | 1,616
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 9,253 |  | 124 |  | - |  | - |  | 9,253 |  | 124
Federal Home Loan Mortgage Corporation |  | 3,141 |  | 150 |  | - |  | - |  | 3,141 |  | 150
Government National Mortgage Association |  | 10,736 |  | 182 |  | - |  | - |  | 10,736 |  | 182
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 72,734 |  | 1,560 |  | 3,107 |  | 13 |  | 75,841 |  | 1,573
Federal Home Loan Mortgage Corporation |  | 92,256 |  | 1,825 |  | 430 |  | 2 |  | 92,686 |  | 1,827
Government National Mortgage Association |  | 8,675 |  | 161 |  | 531 |  | 1 |  | 9,206 |  | 162
Total mortgage-backed securities |  | 196,795 |  | 4,002 |  | 4,068 |  | 16 |  | 200,863 |  | 4,018
Total held to maturity securities |  | 279,439 |  | 5,618 |  | 4,068 |  | 16 |  | 283,507 |  | 5,634
Total temporarily impaired securities | $ | 642,858 | $ | 12,609 | $ | 5,526 | $ | 19 | $ | 648,384 | $ | 12,628
| 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
The total number of security positions in the investment portfolio in an unrealized loss position at December 31, 2016 was 463 compared to 152 at December 31, 2015. At December 31, 2016, the Company had positions in 9 investment securities with a fair value of $5.5 million and a total unrealized loss of $19 thousand that have been in a continuous unrealized loss position for more than 12 months. At December 31, 2016, there were a total of 454 securities positions in the Company's investment portfolio with a fair value of $642.9 million and a total unrealized loss of $12.6 million 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 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. 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, 2016, 2015 and 2014. Based on management's review and evaluation of the Company's debt securities as of December 31, 2016, the debt securities with unrealized losses were not considered to be OTTI. As of December 31, 2016, 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, 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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