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Investment Securities | 3 Months Ended
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Mar. 31, 2018
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, 2018 |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |
U.S. Government agency and government |  |  |  |  |  |  |  |
sponsored enterprises | $ | 162,610 | $ | 18 | $ | 3,812 | $ | 158,816
Mortgage-backed securities: |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 307,972 |  | 83 |  | 7,922 |  | 300,133
Federal Home Loan Mortgage Corporation |  | 40,078 |  | 34 |  | 1,361 |  | 38,751
Government National Mortgage Association |  | 11,258 |  | 131 |  | 72 |  | 11,317
Collateralized mortgage obligations: |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 186 |  | - |  | - |  | 186
Federal Home Loan Mortgage Corporation |  | 43 |  | - |  | - |  | 43
Privately issued |  | - |  | 951 |  | - |  | 951
Total mortgage-backed securities |  | 359,537 |  | 1,199 |  | 9,355 |  | 351,381
Total available for sale securities | $ | 522,147 | $ | 1,217 | $ | 13,167 | $ | 510,197
Securities held to maturity: |  |  |  |  |  |  |  |
State and political subdivisions |  | 279,085 |  | 1,303 |  | 1,721 |  | 278,667
Mortgage-backed securities: |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 9,503 |  | - |  | 289 |  | 9,214
Federal Home Loan Mortgage Corporation |  | 3,193 |  | - |  | 193 |  | 3,000
Government National Mortgage Association |  | 26,271 |  | - |  | 840 |  | 25,431
Collateralized mortgage obligations: |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 72,584 |  | - |  | 2,649 |  | 69,935
Federal Home Loan Mortgage Corporation |  | 89,871 |  | - |  | 3,297 |  | 86,574
Government National Mortgage Association |  | 21,398 |  | - |  | 718 |  | 20,680
Total mortgage-backed securities |  | 222,820 |  | - |  | 7,986 |  | 214,834
Total held to maturity securities | $ | 501,905 | $ | 1,303 | $ | 9,707 | $ | 493,501
December 31, 2017 |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |
U.S. Government agency and government |  |  |  |  |  |  |  |
sponsored enterprises | $ | 163,025 | $ | 122 | $ | 1,258 | $ | 161,889
Mortgage-backed securities: |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 311,830 |  | 313 |  | 3,220 |  | 308,923
Federal Home Loan Mortgage Corporation |  | 41,290 |  | 76 |  | 675 |  | 40,691
Government National Mortgage Association |  | 12,051 |  | 193 |  | 12 |  | 12,232
Collateralized mortgage obligations: |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 217 |  | 1 |  | 1 |  | 217
Federal Home Loan Mortgage Corporation |  | 45 |  | - |  | - |  | 45
Privately issued |  | - |  | 976 |  | - |  | 976
Total mortgage-backed securities |  | 365,433 |  | 1,559 |  | 3,908 |  | 363,084
Total available for sale securities | $ | 528,458 | $ | 1,681 | $ | 5,166 | $ | 524,973
|  | Amortized |  | Unrealized |  | Unrealized |  | Fair
|  | Cost |  | Gains |  | Losses |  | Value
December 31, 2017 (continued) |  |  |  |  |  |  |  |
Securities held to maturity: |  |  |  |  |  |  |  |
State and political subdivisions |  | 283,557 |  | 2,317 |  | 662 |  | 285,212
Mortgage-backed securities: |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 9,732 |  | 16 |  | 88 |  | 9,660
Federal Home Loan Mortgage Corporation |  | 3,213 |  | - |  | 119 |  | 3,094
Government National Mortgage Association |  | 26,841 |  | - |  | 330 |  | 26,511
Collateralized mortgage obligations: |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 76,432 |  | - |  | 1,958 |  | 74,474
Federal Home Loan Mortgage Corporation |  | 93,810 |  | 3 |  | 2,165 |  | 91,648
Government National Mortgage Association |  | 22,881 |  | 5 |  | 502 |  | 22,384
Total mortgage-backed securities |  | 232,909 |  | 24 |  | 5,162 |  | 227,771
Total held to maturity securities | $ | 516,466 | $ | 2,341 | $ | 5,824 | $ | 512,983
Investment securities with a total fair value of $898.4 million and $838.4 million at March 31, 2018 and December 31, 2017, respectively, 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,
|  | 2018 |  | 2017
Proceeds from sales | $ | - | $ | 12,350
Gross realized gains |  | - |  | 206
Gross realized losses |  | - |  | -
The scheduled maturities of securities available for sale and securities held to maturity at March 31, 2018 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 | $ | 4,996 | $ | 4,969
Due from one to five years |  | 151,747 |  | 149,200
Due after five years through ten years |  | 258,466 |  | 251,415
Due after ten years |  | 106,938 |  | 104,613
| $ | 522,147 | $ | 510,197
Debt securities held to maturity: |  |  |  |
Due in one year or less | $ | 55,255 | $ | 55,295
Due from one to five years |  | 161,111 |  | 162,153
Due after five years through ten years |  | 103,311 |  | 100,349
Due after ten years |  | 182,228 |  | 175,704
| $ | 501,905 | $ | 493,501
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, 2018 |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agency and government |  |  |  |  |  |  |  |  |  |  |  |
sponsored enterprises | $ | 124,166 | $ | 2,539 | $ | 30,944 | $ | 1,273 | $ | 155,110 | $ | 3,812
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 226,028 |  | 5,855 |  | 65,749 |  | 2,067 |  | 291,777 |  | 7,922
Federal Home Loan Mortgage Corporation |  | 22,258 |  | 597 |  | 14,941 |  | 764 |  | 37,199 |  | 1,361
Government National Mortgage Association |  | 4,688 |  | 66 |  | 837 |  | 6 |  | 5,525 |  | 72
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | - |  | - |  | 95 |  | - |  | 95 |  | -
Federal Home Loan Mortgage Corporation |  | - |  | - |  | 7 |  | - |  | 7 |  | -
Total mortgage-backed securities |  | 252,974 |  | 6,518 |  | 81,629 |  | 2,837 |  | 334,603 |  | 9,355
Total available for sale securities |  | 377,140 |  | 9,057 |  | 112,573 |  | 4,110 |  | 489,713 |  | 13,167
Securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |
State and political subdivisions |  | 86,593 |  | 1,062 |  | 14,294 |  | 659 |  | 100,887 |  | 1,721
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 6,604 |  | 164 |  | 2,610 |  | 125 |  | 9,214 |  | 289
Federal Home Loan Mortgage Corporation |  | - |  | - |  | 3,000 |  | 193 |  | 3,000 |  | 193
Government National Mortgage Association |  | 15,403 |  | 424 |  | 10,028 |  | 416 |  | 25,431 |  | 840
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 18,080 |  | 426 |  | 51,855 |  | 2,223 |  | 69,935 |  | 2,649
Federal Home Loan Mortgage Corporation |  | 21,491 |  | 664 |  | 65,083 |  | 2,633 |  | 86,574 |  | 3,297
Government National Mortgage Association |  | 11,448 |  | 387 |  | 9,232 |  | 331 |  | 20,680 |  | 718
Total mortgage-backed securities |  | 73,026 |  | 2,065 |  | 141,808 |  | 5,921 |  | 214,834 |  | 7,986
Total held to maturity securities |  | 159,619 |  | 3,127 |  | 156,102 |  | 6,580 |  | 315,721 |  | 9,707
Total temporarily impaired securities | $ | 536,759 | $ | 12,184 | $ | 268,675 | $ | 10,690 | $ | 805,434 | $ | 22,874
December 31, 2017 |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies and government |  |  |  |  |  |  |  |  |  |  |  |
sponsored enterprises | $ | 95,046 | $ | 571 | $ | 31,561 | $ | 687 | $ | 126,607 | $ | 1,258
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 201,754 |  | 1,855 |  | 67,383 |  | 1,365 |  | 269,137 |  | 3,220
Federal Home Loan Mortgage Corporation |  | 20,446 |  | 192 |  | 15,601 |  | 483 |  | 36,047 |  | 675
Government National Mortgage Association |  | 2,432 |  | - |  | 880 |  | 12 |  | 3,312 |  | 12
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | - |  | - |  | 119 |  | 1 |  | 119 |  | 1
Federal Home Loan Mortgage Corporation |  | - |  | - |  | 8 |  | - |  | 8 |  | -
Total mortgage-backed securities |  | 224,632 |  | 2,047 |  | 83,991 |  | 1,861 |  | 308,623 |  | 3,908
Total available for sale securities |  | 319,678 |  | 2,618 |  | 115,552 |  | 2,548 |  | 435,230 |  | 5,166
|  | Less than 12 months |  | 12 months or longer |  | Total
|  | Fair |  | Unrealized |  | Fair |  | Unrealized |  | Fair |  | Unrealized
|  | Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses
December 31, 2017 (continued) |  |  |  |  |  |  |  |  |  |  |  |
Securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |
State and political subdivisions |  | 36,368 |  | 295 |  | 14,492 |  | 367 |  | 50,860 |  | 662
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 3,766 |  | 29 |  | 2,694 |  | 59 |  | 6,460 |  | 88
Federal Home Loan Mortgage Corporation |  | - |  | - |  | 3,094 |  | 119 |  | 3,094 |  | 119
Government National Mortgage Association |  | 17,327 |  | 136 |  | 9,184 |  | 194 |  | 26,511 |  | 330
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  | 16,830 |  | 202 |  | 57,645 |  | 1,756 |  | 74,475 |  | 1,958
Federal Home Loan Mortgage Corporation |  | 23,727 |  | 337 |  | 66,467 |  | 1,828 |  | 90,194 |  | 2,165
Government National Mortgage Association |  | 15,401 |  | 340 |  | 5,635 |  | 162 |  | 21,036 |  | 502
Total mortgage-backed securities |  | 77,051 |  | 1,044 |  | 144,719 |  | 4,118 |  | 221,770 |  | 5,162
Total held to maturity securities |  | 113,419 |  | 1,339 |  | 159,211 |  | 4,485 |  | 272,630 |  | 5,824
Total temporarily impaired securities | $ | 433,097 | $ | 3,957 | $ | 274,763 | $ | 7,033 | $ | 707,860 | $ | 10,990
The total number of security positions in the investment portfolio in an unrealized loss position at March 31, 2018 was 621 compared to 411 at December 31, 2017. At March 31, 2018, the Company had positions in 175 investment securities with a fair value of $268.7 million and a total unrealized loss of $10.7 million that have been in a continuous unrealized loss position for more than 12 months. At March 31, 2018, there were a total of 446 securities positions in the Company's investment portfolio with a fair value of $536.8 million and a total unrealized loss of $12.2 million that had been in a continuous unrealized loss position for less than 12 months. At December 31, 2017, the Company had positions in 172 investment securities with a fair value of $274.8 million and a total unrealized loss of $7.0 million that had been in a continuous unrealized loss position for more than 12 months. At December 31, 2017, there were a total of 239 securities positions in the Company's investment portfolio with a fair value of $433.1 million and a total unrealized loss of $4.0 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, 2018 and 2017. Based on management's review and evaluation of the Company's debt securities as of March 31, 2018, the debt securities with unrealized losses were not considered to be OTTI. As of March 31, 2018, 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, 2018, 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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