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Investment Securities | 3 Months Ended
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Mar. 31, 2017
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, 2017 |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |
U.S. Government agency and government |  |  |  |  |  |  |  |
sponsored enterprises | $ | 190,793 | $ | 595 | $ | 1,173 | $ | 190,215
Mortgage-backed securities: |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 303,388 |  | 842 |  | 4,008 |  | 300,222
Federal Home Loan Mortgage Corporation |  | 34,362 |  | 106 |  | 808 |  | 33,660
Government National Mortgage Association |  | 14,598 |  | 313 |  | 18 |  | 14,893
Collateralized mortgage obligations: |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 308 |  | - |  | 2 |  | 306
Federal Home Loan Mortgage Corporation |  | 59 |  | - |  | 1 |  | 58
Privately issued |  | - |  | 819 |  | - |  | 819
Total mortgage-backed securities |  | 352,715 |  | 2,080 |  | 4,837 |  | 349,958
Asset-backed securities |  | - |  | 233 |  | - |  | 233
Total available for sale securities | $ | 543,508 | $ | 2,908 | $ | 6,010 | $ | 540,406
Securities held to maturity: |  |  |  |  |  |  |  |
State and political subdivisions |  | 307,894 |  | 3,723 |  | 892 |  | 310,725
Mortgage-backed securities: |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 10,290 |  | - |  | 121 |  | 10,169
Federal Home Loan Mortgage Corporation |  | 3,270 |  | - |  | 154 |  | 3,116
Government National Mortgage Association |  | 27,151 |  | - |  | 256 |  | 26,895
Collateralized mortgage obligations: |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 85,474 |  | 21 |  | 1,433 |  | 84,062
Federal Home Loan Mortgage Corporation |  | 98,029 |  | 75 |  | 1,791 |  | 96,313
Government National Mortgage Association |  | 13,273 |  | 34 |  | 149 |  | 13,158
Total mortgage-backed securities |  | 237,487 |  | 130 |  | 3,904 |  | 233,713
Total held to maturity securities | $ | 545,381 | $ | 3,853 | $ | 4,796 | $ | 544,438
December 31, 2016 |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |
U.S. Government agency 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
Investment securities with a total fair value of $937.3 million at March 31, 2017 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,
|  | 2017 |  | 2016
Proceeds from sales | $ | 12,350 | $ | 17,627
Gross realized gains |  | 206 |  | 613
Gross realized losses |  | - |  | -
The scheduled maturities of securities available for sale and securities held to maturity at March 31, 2017 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 | $ | 27 | $ | 27
Due from one to five years |  | 145,749 |  | 145,749
Due after five years through ten years |  | 302,203 |  | 300,102
Due after ten years |  | 95,529 |  | 94,528
| $ | 543,508 | $ | 540,406
Debt securities held to maturity: |  |  |  |
Due in one year or less | $ | 51,256 | $ | 51,326
Due from one to five years |  | 176,638 |  | 179,806
Due after five years through ten years |  | 91,549 |  | 91,059
Due after ten years |  | 225,938 |  | 222,247
| $ | 545,381 | $ | 544,438
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, 2017 |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agency and government |  |  |  |  |  |  |  |  |  |  |  |
sponsored enterprises | $ | 96,026 | $ | 1,171 | $ | 1,412 | $ | 2 | $ | 97,438 | $ | 1,173
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 220,754 |  | 4,008 |  | - |  | - |  | 220,754 |  | 4,008
Federal Home Loan Mortgage Corporation |  | 28,799 |  | 808 |  | - |  | - |  | 28,799 |  | 808
Government National Mortgage Association |  | - |  | - |  | 1,053 |  | 18 |  | 1,053 |  | 18
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 252 |  | 1 |  | 55 |  | 1 |  | 307 |  | 2
Federal Home Loan Mortgage Corporation |  | 59 |  | 1 |  | - |  | - |  | 59 |  | 1
Total mortgage-backed securities |  | 249,864 |  | 4,818 |  | 1,108 |  | 19 |  | 250,972 |  | 4,837
Total available for sale securities |  | 345,890 |  | 5,989 |  | 2,520 |  | 21 |  | 348,410 |  | 6,010
Securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |
State and political subdivisions |  | 47,118 |  | 892 |  | - |  | - |  | 47,118 |  | 892
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 10,169 |  | 121 |  | - |  | - |  | 10,169 |  | 121
Federal Home Loan Mortgage Corporation |  | 3,116 |  | 154 |  | - |  | - |  | 3,116 |  | 154
Government National Mortgage Association |  | 24,982 |  | 256 |  | - |  | - |  | 24,982 |  | 256
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 67,013 |  | 1,420 |  | 2,700 |  | 13 |  | 69,713 |  | 1,433
Federal Home Loan Mortgage Corporation |  | 87,601 |  | 1,789 |  | 672 |  | 2 |  | 88,273 |  | 1,791
Government National Mortgage Association |  | 8,042 |  | 148 |  | 305 |  | 1 |  | 8,347 |  | 149
Total mortgage-backed securities |  | 200,923 |  | 3,888 |  | 3,677 |  | 16 |  | 204,600 |  | 3,904
Total held to maturity securities |  | 248,041 |  | 4,780 |  | 3,677 |  | 16 |  | 251,718 |  | 4,796
Total temporarily impaired securities | $ | 593,931 | $ | 10,769 | $ | 6,197 | $ | 37 | $ | 600,128 | $ | 10,806
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
The total number of security positions in the investment portfolio in an unrealized loss position at March 31, 2017 was 360 compared to 463 at December 31, 2016. At March 31, 2017, the Company had positions in 15 investment securities with a fair value of $6.2 million and a total unrealized loss of $37 thousand that have been in a continuous unrealized loss position for more than 12 months. At March 31, 2017, there were a total of 345 securities positions in the Company's investment portfolio with a fair value of $593.9 million and a total unrealized loss of $10.8 million that had been in a continuous unrealized loss position for less than 12 months. 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 had 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. 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, 2017 and 2016. Based on management's review and evaluation of the Company's debt securities as of March 31, 2017, the debt securities with unrealized losses were not considered to be OTTI. As of March 31, 2017, 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, 2017, 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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