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Investment in Securities
 12 Months Ended
Dec. 31, 2015
Investment in Securities [Abstract]  
Investment in Securities

Note 3
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 at December 31, 2015 and 2014 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 falls into the Level 2 category. The table below presents the balances of securities available-for-sale measured at fair value on a recurring basis. The amortized cost, gross unrealized gains, gross unrealized losses and fair value of debt and equity securities are summarized as follows:

 

  December 31, 2015
    Gross   Gross  
  Amortized   Unrealized   Unrealized  
(In thousands)   Cost   Gains   Losses   Fair Value
State and political subdivisions     $ 356,531   $ 12,552   $ 13   $ 369,070
Certificates of deposit     6,626   —   —
  6,626
       Total     $ 363,157   $ 12,552   $ 13   $ 375,696
         
    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:

 

  December 31, 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     $ 3,638   $ 5   $ 1,208   $ 8   $ 4,846   $ 13
Certificates of deposit     —   —   —   —   —   —
       Total     $ 3,638   $ 5   $ 1,208   $ 8   $ 4,846   $ 13
             
    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 5 securities, or 1% of the total, (1 greater than 12 months) in an unrealized loss position as of December 31, 2015 compared to 20 securities (12 greater than 12 months) in an unrealized loss position as of December 31, 2014. All unrealized losses are reviewed to determine whether the losses are other than temporary. Management believes that all unrealized losses are temporary since they are market driven, the Company does not have the intent to sell the security, 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 debt and equity 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.

  December 31, 2015
(In thousands)   Amortized Cost   Fair Value
Due in 1 year or less   $ 30,621   $ 30,951
Due after 1 year through 5 years   76,500   79,205
Due after 5 years through 10 years     139,680   145,780
Due after 10 years     116,356   119,760
No stated maturity     —   —
       Total     $ 363,157   $ 375,696

The premium related to the purchase of state and political subdivisions was $5,443,000 and $5,085,000 in 2015 and 2014, respectively.

The amortized cost of debt securities pledged to secure public deposits, securities sold under agreements to repurchase and for other purposes at December 31, 2015 and 2014 was $3,750,000 and $3,750,000 respectively.

Proceeds from sales of debt securities classified as available-for-sale were $99,347,000 in 2015, $587,000 in 2014, and $95,742,000 in 2013. Gross realized gains on the sales in 2015, 2014 and 2013 were $2,910,000, $23,000, and $4,295,000, respectively. Gross realized losses on sales in 2015, 2014 and 2013 were $0, $0, and $271,000, respectively.