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Investment in Securities
 9 Months Ended
Sep. 30, 2016
Investments, Debt and Equity 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:

      September 30, 2016
      Gross       Gross      
Amortized Unrealized Unrealized
(In thousands) Cost Gains Losses Fair Value
State and political subdivisions $ 348,829 $ 17,350 $ 174 $ 366,005
U.S. government agencies 8,159 12   1 8,170
Certificates of deposit   8,496   —   — 8,496
       Total $ 365,484   $ 17,362 $ 175 $ 382,671
 
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

The fair values of securities with unrealized losses are as follows:

September 30, 2016
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 $       19,000 $       174 $       — $       — $       19,000 $       174
       subdivisions
U.S. government agencies 3,095 1 — — 3,095 1
Certificates of deposit — — — — — —
       Total $ 22,095 $ 175 $ — $ — $ 22,095 $ 175
     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 $ 3,638 $ 5 $ 1,208 $ 8   $ 4,846 $ 13
       subdivisions              
Certificates of deposit —   — — — —   —
       Total $               3,638 $               5 $           1,208 $               8 $          4,846 $               13

There were 16 securities, or 5% of the total (none greater than 12 months), in an unrealized loss position as of September 30, 2016. There were 5 securities, or 1% of the total (1 greater than 12 months), in an unrealized loss position as of December 31, 2015. 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.

     September 30, 2016
(In thousands) Amortized Cost      Fair Value
Due in 1 year or less $                36,857 $       37,215
Due after 1 year through 5 years 56,860 58,725
Due after 5 years through 10 years 146,015 155,834
Due after 10 years 125,752 130,897
       Total $ 365,484 $ 382,671

Proceeds from sales of investment securities classified as available for sale were $0 and $33,395,000 for the three months ended September 30, 2016 and 2015, respectively, and were $21,491,000 and $99,347,000 for the nine months ended September 30, 2016 and 2015, respectively. Gross realized gains were $0 and $1,271,000 for the three months ended September 30, 2016 and 2015, respectively, and were $387,000 and $2,910,000 for the nine months ended September 30, 2016 and 2015, respectively. There was one security totaling $3,750,000 pledged to secure public deposits and for other purposes at September 30, 2016.