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Investment Securities (Tables) | 9 Months Ended
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Sep. 30, 2017
Investments, Debt and Equity Securities [Abstract] |
Held-to-maturity Securities | Our investment securities portfolio consists of obligations of state and political subdivisions, corporate bonds, U.S. government agency securities, including residential and commercial mortgage-backed securities (“MBS”) and collateralized mortgage obligations (“CMOs”) issued or guaranteed by Federal National Mortgage Association ("FNMA"), Federal Home Loan Mortgage Corporation ("FHLMC"), or Government National Mortgage Association ("GNMA"), debentures issued by government-sponsored agencies such as FNMA, Federal Farm Credit Bureau, FHLB and FHLMC, as well as privately issued CMOs, as reflected in the table below:
| September 30, 2017 |  | December 31, 2016
| Amortized | Fair | Gross Unrealized |  | Amortized | Fair | Gross Unrealized
(in thousands) | Cost | Value | Gains | (Losses) |  | Cost | Value | Gains | (Losses)
Held-to-maturity: |  |  |  |  |  |  |  |  |
Obligations of state and political subdivisions | $ | 20,213 |  | $ | 20,790 |  | $ | 577 |  | $ | — |  |  | $ | 30,856 |  | $ | 31,544 |  | $ | 694 |  | $ | (6 | )
Corporate bonds | — |  | — |  | — |  | — |  |  | 3,519 |  | 3,518 |  | — |  | (1 | )
MBS pass-through securities issued by FHLMC and FNMA | 103,624 |  | 103,904 |  | 425 |  | (145 | ) |  | 10,063 |  | 10,035 |  | 126 |  | (154 | )
CMOs issued by FHLMC | 31,285 |  | 31,455 |  | 173 |  | (3 | ) |  | — |  | — |  | — |  | — |
Total held-to-maturity | 155,122 |  | 156,149 |  | 1,175 |  | (148 | ) |  | 44,438 |  | 45,097 |  | 820 |  | (161 | )
Available-for-sale: |  |  |  |  |  |  |  |  |
Securities of U.S. government agencies: |  |  |  |  |  |  |  |  |
MBS pass-through securities issued by FHLMC and FNMA | 91,404 |  | 91,716 |  | 551 |  | (239 | ) |  | 193,998 |  | 190,566 |  | 145 |  | (3,577 | )
CMOs issued by FNMA | 11,504 |  | 11,529 |  | 68 |  | (43 | ) |  | 13,790 |  | 13,772 |  | 91 |  | (109 | )
CMOs issued by FHLMC | 35,317 |  | 35,360 |  | 56 |  | (13 | ) |  | 43,452 |  | 42,758 |  | 37 |  | (731 | )
CMOs issued by GNMA | 8,754 |  | 8,765 |  | 62 |  | (51 | ) |  | 6,844 |  | 6,945 |  | 102 |  | (1 | )
Debentures of government- sponsored agencies | 30,492 |  | 30,382 |  | — |  | (110 | ) |  | 35,486 |  | 35,403 |  | 7 |  | (90 | )
Privately issued CMOs | 127 |  | 128 |  | 1 |  | — |  |  | 419 |  | 419 |  | 1 |  | (1 | )
Obligations of state and political subdivisions | 74,903 |  | 75,181 |  | 675 |  | (397 | ) |  | 79,306 |  | 77,701 |  | 135 |  | (1,740 | )
Corporate bonds | 4,967 |  | 5,031 |  | 64 |  | — |  |  | 4,959 |  | 5,016 |  | 57 |  | — |
Total available-for-sale | 257,468 |  | 258,092 |  | 1,477 |  | (853 | ) |  | 378,254 |  | 372,580 |  | 575 |  | (6,249 | )
Total investment securities | $ | 412,590 |  | $ | 414,241 |  | $ | 2,652 |  | $ | (1,001 | ) |  | $ | 422,692 |  | $ | 417,677 |  | $ | 1,395 |  | $ | (6,410 | )
Available-for-sale Securities | Our investment securities portfolio consists of obligations of state and political subdivisions, corporate bonds, U.S. government agency securities, including residential and commercial mortgage-backed securities (“MBS”) and collateralized mortgage obligations (“CMOs”) issued or guaranteed by Federal National Mortgage Association ("FNMA"), Federal Home Loan Mortgage Corporation ("FHLMC"), or Government National Mortgage Association ("GNMA"), debentures issued by government-sponsored agencies such as FNMA, Federal Farm Credit Bureau, FHLB and FHLMC, as well as privately issued CMOs, as reflected in the table below:
| September 30, 2017 |  | December 31, 2016
| Amortized | Fair | Gross Unrealized |  | Amortized | Fair | Gross Unrealized
(in thousands) | Cost | Value | Gains | (Losses) |  | Cost | Value | Gains | (Losses)
Held-to-maturity: |  |  |  |  |  |  |  |  |
Obligations of state and political subdivisions | $ | 20,213 |  | $ | 20,790 |  | $ | 577 |  | $ | — |  |  | $ | 30,856 |  | $ | 31,544 |  | $ | 694 |  | $ | (6 | )
Corporate bonds | — |  | — |  | — |  | — |  |  | 3,519 |  | 3,518 |  | — |  | (1 | )
MBS pass-through securities issued by FHLMC and FNMA | 103,624 |  | 103,904 |  | 425 |  | (145 | ) |  | 10,063 |  | 10,035 |  | 126 |  | (154 | )
CMOs issued by FHLMC | 31,285 |  | 31,455 |  | 173 |  | (3 | ) |  | — |  | — |  | — |  | — |
Total held-to-maturity | 155,122 |  | 156,149 |  | 1,175 |  | (148 | ) |  | 44,438 |  | 45,097 |  | 820 |  | (161 | )
Available-for-sale: |  |  |  |  |  |  |  |  |
Securities of U.S. government agencies: |  |  |  |  |  |  |  |  |
MBS pass-through securities issued by FHLMC and FNMA | 91,404 |  | 91,716 |  | 551 |  | (239 | ) |  | 193,998 |  | 190,566 |  | 145 |  | (3,577 | )
CMOs issued by FNMA | 11,504 |  | 11,529 |  | 68 |  | (43 | ) |  | 13,790 |  | 13,772 |  | 91 |  | (109 | )
CMOs issued by FHLMC | 35,317 |  | 35,360 |  | 56 |  | (13 | ) |  | 43,452 |  | 42,758 |  | 37 |  | (731 | )
CMOs issued by GNMA | 8,754 |  | 8,765 |  | 62 |  | (51 | ) |  | 6,844 |  | 6,945 |  | 102 |  | (1 | )
Debentures of government- sponsored agencies | 30,492 |  | 30,382 |  | — |  | (110 | ) |  | 35,486 |  | 35,403 |  | 7 |  | (90 | )
Privately issued CMOs | 127 |  | 128 |  | 1 |  | — |  |  | 419 |  | 419 |  | 1 |  | (1 | )
Obligations of state and political subdivisions | 74,903 |  | 75,181 |  | 675 |  | (397 | ) |  | 79,306 |  | 77,701 |  | 135 |  | (1,740 | )
Corporate bonds | 4,967 |  | 5,031 |  | 64 |  | — |  |  | 4,959 |  | 5,016 |  | 57 |  | — |
Total available-for-sale | 257,468 |  | 258,092 |  | 1,477 |  | (853 | ) |  | 378,254 |  | 372,580 |  | 575 |  | (6,249 | )
Total investment securities | $ | 412,590 |  | $ | 414,241 |  | $ | 2,652 |  | $ | (1,001 | ) |  | $ | 422,692 |  | $ | 417,677 |  | $ | 1,395 |  | $ | (6,410 | )
Investments Classified by Contractual Maturity Date | The amortized cost and fair value of investment debt securities by contractual maturity at September 30, 2017 are shown below. Expected maturities may differ from contractual maturities if the issuers of the securities have the right to call or prepay obligations with or without call or prepayment penalties.
| September 30, 2017 |  | December 31, 2016
| Held-to-Maturity |  | Available-for-Sale |  | Held-to-Maturity |  | Available-for-Sale
(in thousands) | Amortized Cost | Fair Value |  | Amortized Cost | Fair Value |  | Amortized Cost | Fair Value |  | Amortized Cost | Fair Value
Within one year | $ | 2,092 |  | $ | 2,132 |  |  | $ | 8,884 |  | $ | 8,893 |  |  | $ | 13,473 |  | $ | 13,506 |  |  | $ | 20,136 |  | $ | 20,109 |
After one but within five years | 15,206 |  | 15,565 |  |  | 67,085 |  | 67,065 |  |  | 16,706 |  | 17,150 |  |  | 58,334 |  | 58,267 |
After five years through ten years | 56,607 |  | 56,979 |  |  | 101,756 |  | 101,880 |  |  | 3,000 |  | 3,125 |  |  | 113,576 |  | 110,842 |
After ten years | 81,217 |  | 81,473 |  |  | 79,743 |  | 80,254 |  |  | 11,259 |  | 11,316 |  |  | 186,208 |  | 183,362 |
Total | $ | 155,122 |  | $ | 156,149 |  |  | $ | 257,468 |  | $ | 258,092 |  |  | $ | 44,438 |  | $ | 45,097 |  |  | $ | 378,254 |  | $ | 372,580 |
Schedule of Realized Gain (Loss) | Sales of investment securities and gross gains and losses are shown in the following table.
| Three months ended |  | Nine months ended
(in thousands) | September 30, 2017 |  | September 30, 2016 |  | September 30, 2017 |  | September 30, 2016
Available-for-sale: |  |  |  |  |  |  |
Sales proceeds | $ | — |  |  | $ | — |  |  | $ | 1,321 |  |  | $ | 68,673 |
Gross realized gains | — |  |  | — |  |  | 13 |  |  | 458 |
Gross realized losses | — |  |  | — |  |  | (3 | ) |  | (64 | )
Schedule of Unrealized Loss on Investments | There were 67 and 134 investment securities in unrealized loss positions at September 30, 2017 and December 31, 2016, respectively. Those securities are summarized and classified according to the duration of the loss period in the tables below:
September 30, 2017 | < 12 continuous months |  | ≥ 12 continuous months |  | Total securities in a loss position
(in thousands) | Fair value | Unrealized loss |  | Fair value | Unrealized loss |  | Fair value | Unrealized loss
Held-to-maturity: |  |  |  |  |  |  |  |
MBS pass-through securities issued by FHLMC and FNMA | 17,764 |  | (115 | ) |  | 31,501 |  | (30 | ) |  | 49,265 |  | (145 | )
CMOs issued by FHLMC | — |  | — |  |  | 1,505 |  | (3 | ) |  | 1,505 |  | (3 | )
Total held-to-maturity | 17,764 |  | (115 | ) |  | 33,006 |  | (33 | ) |  | 50,770 |  | (148 | )
Available-for-sale: |  |  |  |  |  |  |  |
MBS pass-through securities issued by FHLMC and FNMA | 21,619 |  | (229 | ) |  | 2,321 |  | (10 | ) |  | 23,940 |  | (239 | )
CMOs issued by FNMA | 8,005 |  | (43 | ) |  | — |  | — |  |  | 8,005 |  | (43 | )
CMOs issued by FHLMC | 15,014 |  | (13 | ) |  | — |  | — |  |  | 15,014 |  | (13 | )
CMOs issued by GNMA | 4,807 |  | (51 | ) |  | — |  | — |  |  | 4,807 |  | (51 | )
Debentures of government- sponsored agencies | 19,929 |  | (64 | ) |  | 9,953 |  | (46 | ) |  | 29,882 |  | (110 | )
Obligations of state and political subdivisions | 6,129 |  | (38 | ) |  | 18,010 |  | (359 | ) |  | 24,139 |  | (397 | )
Total available-for-sale | 75,503 |  | (438 | ) |  | 30,284 |  | (415 | ) |  | 105,787 |  | (853 | )
Total temporarily impaired securities | $ | 93,267 |  | $ | (553 | ) |  | $ | 63,290 |  | $ | (448 | ) |  | $ | 156,557 |  | $ | (1,001 | )
December 31, 2016 | < 12 continuous months |  | ≥ 12 continuous months |  | Total securities in a loss position
(in thousands) | Fair value | Unrealized loss |  | Fair value | Unrealized loss |  | Fair value | Unrealized loss
Held-to-maturity: |  |  |  |  |  |  |  |
Obligations of state and political subdivisions | $ | 2,250 |  | $ | (154 | ) |  | $ | — |  | $ | — |  |  | $ | 2,250 |  | $ | (154 | )
Corporate bonds | 3,362 |  | (6 | ) |  | — |  | — |  |  | 3,362 |  | (6 | )
MBS pass-through securities issued by FHLMC and FNMA | 3,518 |  | (1 | ) |  | — |  | — |  |  | 3,518 |  | (1 | )
Total held-to-maturity | 9,130 |  | (161 | ) |  | — |  | — |  |  | 9,130 |  | (161 | )
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |
MBS pass-through securities issued by FHLMC and FNMA | 162,016 |  | (3,577 | ) |  | — |  | — |  |  | 162,016 |  | (3,577 | )
CMOs issued by FNMA | 9,498 |  | (109 | ) |  | — |  | — |  |  | 9,498 |  | (109 | )
CMOs issued by FHLMC | 31,545 |  | (731 | ) |  | — |  | — |  |  | 31,545 |  | (731 | )
CMOs issued by GNMA | 1,583 |  | (1 | ) |  | — |  | — |  |  | 1,583 |  | (1 | )
Debentures of government- sponsored agencies | 19,951 |  | (38 | ) |  | 9,946 |  | (52 | ) |  | 29,897 |  | (90 | )
Obligations of state and political subdivisions | 59,567 |  | (1,740 | ) |  | — |  | — |  |  | 59,567 |  | (1,740 | )
Corporate bonds | 154 |  | (1 | ) |  | — |  | — |  |  | 154 |  | (1 | )
Total available-for-sale | 284,314 |  | (6,197 | ) |  | 9,946 |  | (52 | ) |  | 294,260 |  | (6,249 | )
Total temporarily impaired securities | $ | 293,444 |  | $ | (6,358 | ) |  | $ | 9,946 |  | $ | (52 | ) |  | $ | 303,390 |  | $ | (6,410 | )

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