Investment Securities (Tables)

12 Months Ended

Dec. 31, 2017

Investments, Debt and Equity Securities [Abstract]

Available-for-sale securities reconciliation

The following tables set forth the carrying values and estimated fair values of our investment securities portfolio at the dates indicated (in thousands):



	December 31, 2017
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Available-for-Sale Securities
Debt Securities:
U.S. Government agencies	$	65,994	$	667	$	(74	)	$	66,587
Obligations of states and political subdivisions	136,955		6,240		(90		)	143,105
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations	237,210		601		(2,903		)	234,908
Private label mortgage and asset backed securities	91,033		924		(1,276		)	90,681
Other equity securities	7,500		—		(77		)	7,423
	$	538,692	$	8,432	$	(4,420	)	$	542,704



	December 31, 2016
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Available-for-Sale Securities
Debt Securities:
U.S. Government agencies	$	69,005	$	242	$	(277	)	$	68,970
Obligations of states and political subdivisions	288,543		6,109		(4,353		)	290,299
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations	181,785		484		(4,048		)	178,221
Private label mortgage and asset backed securities	1,807		1,036		—			2,843
Other equity securities	7,500		—		(84		)	7,416
`	$	548,640	$	7,871	$	(8,762	)	$	547,749

Securities in a continuous unrealized loss position

Investment securities with unrealized losses at December 31, 2017 and 2016 are summarized and classified according to the duration of the loss period as follows (in thousands):



	December 31, 2017
	Less than 12 Months					12 Months or More					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Available-for-Sale Securities
Debt Securities:
U.S. Government agencies	$	8,201	$	(47	)	$	6,741	$	(27	)	$	14,942	$	(74	)
Obligations of states and political subdivisions	1,627		(3		)	3,357		(87		)	4,984		(90		)
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations	82,604		(822		)	64,488		(2,081		)	147,092		(2,903		)
Private label residential mortgage and asset backed securities	88,312		(1,276		)	—		—			88,312		(1,276		)
Other equity securities	7,423		(77		)	—		—			7,423		(77		)
	$	188,167	$	(2,225	)	$	74,586	$	(2,195	)	$	262,753	$	(4,420	)



	December 31, 2016
	Less than 12 Months					12 Months or More					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Available-for-Sale Securities
Debt Securities:
U.S. Government agencies	$	34,586	$	(198	)	$	10,438	$	(79	)	$	45,024	$	(277	)
Obligations of states and political subdivisions	122,522		(4,353		)	—		—			122,522		(4,353		)
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations	118,719		(3,866		)	7,666		(182		)	126,385		(4,048		)
Other equity securities	7,416		(84		)	—		—			7,416		(84		)
	$	283,243	$	(8,501	)	$	18,104	$	(261	)	$	301,347	$	(8,762	)

Realized gains and losses

Proceeds and gross realized gains (losses) on investment securities for the years ended December 31, 2017, 2016, and 2015 are shown below (in thousands):



	Years Ended December 31,
	2017			2016			2015
Available-for-Sale Securities
Proceeds from sales or calls	$	228,405		$	167,163		$	93,167
Gross realized gains from sales or calls	$	4,701		$	2,223		$	1,715
Gross realized losses from sales or calls	$	(1,899	)	$	(999	)	$	(234	)
Held-to-Maturity Securities
Proceeds from sales and calls	$	—		$	9,257		$	810
Gross realized gains from sales or calls	$	—		$	696		$	14

Credit losses recorded in earnings

The following table provides a rollforward for the years ended December 31, 2017 and 2016 of investment securities credit losses recorded in earnings (in thousands). The beginning balance represents the credit loss component for which OTTI occurred on debt securities in prior periods. Additions represent the first time a debt security was credit impaired or when subsequent credit impairments have occurred on securities for which OTTI credit losses have been previously recognized.



	Years ended December 31,
	2017		2016
Beginning balance of credit losses recognized	$	874	$	747
Amounts related to credit loss for which an OTTI charge was not previously recognized	—		136
Realized losses for securities sold	—		(9		)
Ending balance of credit losses recognized	$	874	$	874

Investments by contractual maturity

The amortized cost and estimated fair value of available-for-sale investment securities at December 31, 2017 and 2016 by contractual maturity are shown in the two tables below (in thousands). Expected maturities will differ from contractual maturities because the issuers of the securities may have the right to call or prepay obligations with or without call or prepayment penalties.



	December 31, 2017				December 31, 2016
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Within one year	$	1,893	$	1,914	$	—	$	—
After one year through five years	7,149		7,316		15,145		15,484
After five years through ten years	22,043		22,696		35,667		35,614
After ten years	105,870		111,179		237,731		239,201
	136,955		143,105		288,543		290,299
Investment securities not due at a single maturity date:
U.S. Government agencies	65,994		66,587		69,005		68,970
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations	237,210		234,908		181,785		178,221
Private label mortgage and asset backed securities	91,033		90,681		1,807		2,843
Other equity securities	7,500		7,423		7,500		7,416
	$	538,692	$	542,704	$	548,640	$	547,749