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Investment in Securities | 6 Months Ended
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Jun. 30, 2015
Investment in Securities [Abstract] |
Investment in Securities | Note 11 – Investment in Securities Investment securities available-for-sale are recorded at fair value on a recurring basis. The Company's investment securities available-for-sale are measured at fair value using Level 2 valuations. The market evaluation utilizes several sources which include “observable inputs” rather than “significant unobservable inputs” and therefore fall into the Level 2 category. The amortized cost, gross unrealized gains, gross unrealized losses and fair value of investment securities are summarized as follows:
|  | June 30, 2015
|  |  |  | Gross |  | Gross |  |
|  | Amortized |  | Unrealized |  | Unrealized |  |
(In thousands) |  | Cost |  | Gains |  | Losses |  | Fair Value
State and political subdivisions |  | $ | 335,414 |  | $ | 9,858 |  | $ | 1,202 |  | $ | 344,070
Certificates of deposit |  |  | 3,750 |  |  | — |  |  | — |  |  | 3,750
Total |  | $ | 339,164 |  | $ | 9,858 |  | $ | 1,202 |  | $ | 347,820
|  | December 31, 2014
|  |  |  | Gross |  | Gross |  |
|  | Amortized |  | Unrealized |  | Unrealized |  |
(In thousands) |  | Cost |  | Gains |  | Losses |  | Fair Value
State and political subdivisions |  | $ | 338,469 |  | $ | 14,120 |  | $ | 198 |  | $ | 352,391
Certificates of deposit |  |  | 3,750 |  |  | — |  |  | — |  |  | 3,750
Total |  | $ | 342,219 |  | $ | 14,120 |  | $ | 198 |  | $ | 356,141
The fair values of securities with unrealized losses are as follows:
|  | June 30, 2015
|  | Less than 12 months |  | 12 months or more |  | Total
|  | Estimated |  | Unrealized |  | Estimated |  | Unrealized |  | Estimated |  | Unrealized
(In thousands) |  | Fair Value |  | Losses |  | Fair Value |  | Losses |  | Fair Value |  | Losses
State and political subdivisions |  | $ | 103,552 |  | $ | 1,164 |  | $ | 1,195 |  | $ | 38 |  | $ | 104,747 |  | $ | 1,202
Certificates of deposit |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Total |  | $ | 103,552 |  | $ | 1,164 |  | $ | 1,195 |  | $ | 38 |  | $ | 104,747 |  | $ | 1,202
|  | December 31, 2014
|  | Less than 12 months |  | 12 months or more |  | Total
|  | Estimated |  | Unrealized |  | Estimated |  | Unrealized |  | Estimated |  | Unrealized
(In thousands) |  | Fair Value |  | Losses |  | Fair Value |  | Losses |  | Fair Value |  | Losses
State and political subdivisions |  | $ | 8,700 |  | $ | 15 |  | $ | 13,833 |  | $ | 183 |  | $ | 22,533 |  | $ | 198
Certificates of deposit |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Total |  | $ | 8,700 |  | $ | 15 |  | $ | 13,833 |  | $ | 183 |  | $ | 22,533 |  | $ | 198
There were 87 securities, or 25% of the total (one greater than 12 months), in an unrealized loss position as of June 30, 2015. There were 20 securities, or 6% of the total (12 greater than 12 months), in an unrealized loss position as of December 31, 2014. All unrealized losses were reviewed to determine whether the losses were other than temporary. Management believes that all unrealized losses are temporary since they were market driven, and it is more likely than not that the Company will not be required to sell prior to recovery of the amortized basis. The amortized cost and fair value of investment securities by contractual maturity are shown in the following table. Expected maturities may differ from contractual maturities because borrowers have the right to prepay obligations with or without prepayment penalties.
|  | June 30, 2015
(In thousands) |  | Amortized Cost |  | Fair Value
Due in 1 year or less |  | $ | 23,893 |  | $ | 24,055
Due after 1 year through 5 years |  |  | 88,356 |  |  | 92,275
Due after 5 years through 10 years |  |  | 130,452 |  |  | 134,615
Due after 10 years |  |  | 96,463 |  |  | 96,875
Total |  | $ | 339,164 |  | $ | 347,820
Proceeds from sales of investment securities classified as available for sale were $20,754,000 and $0 for the three months ended June 30, 2015 and 2014, respectively, and were $65,952,000 and $0 for the six months ended June 30, 2015 and 2014 respectively. Gross realized gains were $690 and $0 for the three months ended June 30, 2015 and 2014, respectively, and were $1,639 and $0 for the six months ended June 30, 2015 and 2014 respectively. There was one security totaling $3,750,000 pledged to secure public deposits and for other purposes at June 30, 2015.

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