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Investment in Securities
 3 Months Ended
Mar. 31, 2017
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:

March 31, 2017
Gross Gross
      Amortized       Unrealized       Unrealized      
(In thousands) Cost Gains Losses Fair Value
State and political subdivisions $ 403,011 $ 6,961 $ 2,539 $ 407,433
U.S. government agencies 12,787 — 401 12,386
Certificates of deposit 6,496 — — 6,496
       Total $ 422,294 $ 6,961 $ 2,940 $ 426,315
    
    
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

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

March 31, 2017
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 $ 110,100 $ 2,539 $ —   $ — $ 110,100 $ 2,539
U.S. government agencies 12,386 401 —   — 12,386 401
Certificates of deposit — — — — — —
       Total $ 122,486 $ 2,940 $ — $ — $ 122,486 $ 2,940

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 subdivisions $ 140,384 $ 3,328 $ — $ — $ 140,384 $ 3,328
U.S. government agencies 12,672 403 — — 12,672 403
Certificates of deposit — — — — — —
       Total $ 153,056 $ 3,731 $ — $ — $ 153,056 $ 3,731

There were 76 securities, or 22% of the total (none greater than 12 months), in an unrealized loss position as of March 31, 2017. There were 108 securities, or 31% of the total (none greater than 12 months), in an unrealized loss position as of December 31, 2016. 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.

      March 31, 2017
(In thousands) Amortized Cost       Fair Value
Due in 1 year or less $ 25,264 $ 25,503
Due after 1 year through 5 years 54,901 56,013
Due after 5 years through 10 years   199,366 204,160
Due after 10 years   142,763 140,639
       Total $ 422,294 $ 426,315

Proceeds from sales of investment securities classified as available for sale were $0 and $19,039,000 for the three months ended March 31, 2017 and 2016, respectively. Gross realized gains were $0 and $308,000 for the three months ended March 31, 2017 and 2016, respectively. There was one security totaling $3,750,000 pledged to secure public deposits and for other purposes at March 31, 2017.