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Investment in Securities
 6 Months Ended
Jun. 30, 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:

      June 30, 2017
Gross Gross
Amortized       Unrealized       Unrealized      
(In thousands) Cost Gains Losses Fair Value
State and political subdivisions $ 403,935 $ 11,256 $ 1,076 $ 414,115
U.S. government agencies 12,446 — 328 12,118
Certificates of deposit 5,746 — — 5,746
Total $ 422,127 $ 11,256 $ 1,404 $ 431,979
 
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:

      June 30, 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 $ 45,082 $ 1,076 $ — $ — $ 45,082 $ 1,076
U.S. government agencies 12,118 328 — — 12,118 328
Certificates of deposit — — — — — —
Total $ 57,200 $ 1,404 $ — $ — $ 57,200 $ 1,404
 
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 35 securities, or 11% of the total (none greater than 12 months) in an unrealized loss position as of June 30, 2017. There were 108 securities, 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.

      June 30, 2017
(In thousands) Amortized Cost       Fair Value
Due in 1 year or less $ 21,393 $ 21,574
Due after 1 year through 5 years 58,167 59,364
Due after 5 years through 10 years 207,799 215,950
Due after 10 years 134,768 135,091
Total $ 422,127 $ 431,979

Proceeds from sales of investment securities classified as available-for-sale were $0 and $2,452,000 for the three months ended June 30, 2017 and 2016, respectively, and were $0 and $21,491,000 for the six months ended June 30, 2017 and 2016, respectively. Gross realized gains were $0 and $79,000 for the three months ended June 30, 2017 and 2016, respectively, and were $0 and $387,000 for the six months ended June 30, 2017 and 2016, respectively. There was one security totaling $3,750,000 pledged to secure public deposits and for other purposes at June 30, 2017.