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Investment in Securities | 12 Months Ended
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Dec. 31, 2016
Investments, Debt and Equity 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, 2016 and 2015 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, 2016
|  |  |  |  | Gross |  | Gross |  |  |
|  | Amortized |  | Unrealized |  | Unrealized |  |  |
(In thousands) |  | Cost |  | Gains |  | Losses |  | Fair Value
State and political subdivisions |  | $ | 368,223 |  | $ | 5,239 |  | $ | 3,328 |  | $ | 370,134
U.S. government agencies |  |  | 13,075 |  |  | — |  |  | 403 |  |  | 12,672
Certificates of deposit |  |  | 7,746 |  |  | — |  |  | — |  |  | 7,746
Total |  | $ | 389,044 |  | $ | 5,239 |  | $ | 3,731 |  | $ | 390,552
|  | 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:
|  |  |  |  |  |  |  | December 31, 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 |  | $ | 140,384 |  | $ | 3,328 |  | $ | — |  | $ | — |  | $ | 140,384 |  | $ | 3,328
subdivisions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agencies |  |  | 12,672 |  |  | 403 |  |  | — |  |  | — |  |  | 12,672 |  |  | 403
Certificates of deposit |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Total |  | $ | 153,056 |  | $ | 3,731 |  | $ | — |  | $ | — |  | $ | 153,056 |  | $ | 3,731
|  |  |  |  |  |  |  | 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 108 securities, or 31% of the total, (none greater than 12 months) in an unrealized loss position as of December 31, 2016 compared to 5 securities (1 greater than 12 months) in an unrealized loss position as of December 31, 2015. 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, 2016
(In thousands) | Amortized Cost |  | Fair Value
Due in 1 year or less | $ | 33,890 |  | $ | 34,125
Due after 1 year through 5 years |  | 57,536 |  |  | 58,414
Due after 5 years through 10 years |  | 156,163 |  |  | 159,366
Due after 10 years |  | 141,455 |  |  | 138,647
No stated maturity |  | — |  |  | —
Total | $ | 389,044 |  | $ | 390,552
The premium related to the purchase of state and political subdivisions was $5,749,000 and $5,443,000 in 2016 and 2015, 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, 2016 and 2015 was $3,750,000 and $3,750,000, respectively. Proceeds from sales of debt securities classified as available-for-sale were $21,491,000 in 2016, $99,347,000 in 2015, and $587,000 in 2014. Gross realized gains on the sales in 2016, 2015 and 2014 were $387,000, $2,910,000, and $23,000, respectively. There were no gross realized losses on sales in 2016, 2015 or 2014.

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