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Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2017
Investments, Debt and Equity Securities [Abstract]  
Amortized cost and estimated fair value of held to maturity securities and available for sale securities by contractual maturity
The following table shows the amortized cost and the estimated fair value of the held-to-maturity securities and available-for-sale securities at June 30, 2017 and December 31, 2016, by contractual maturity within each type:
 
At June 30, 2017
 
At December 31, 2016
(Dollars in thousands)
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
Securities Held-to-Maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government corporations and agencies:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
After 1 year to 5 years
$
5,000

 
$
1

 
$
—

 
$
5,001

 
$
—

 
$
—

 
$
—

 
$
—

 
5,000

 
1

 
—

 
5,001

 
—

 
—

 
—

 
—

Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
After 5 years to 10 years
9,849

 
—

 
(10
)
 
9,839

 
—

 
—

 
—

 
—

Over 10 years
18,868

 
50

 
(19
)
 
18,899

 
5,071

 
—

 
(3
)
 
5,068

 
28,717

 
50

 
(29
)
 
28,738

 
5,071

 
—

 
(3
)
 
5,068

Corporate bonds:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Within 1 year
10,000

 
—

 
(2
)
 
9,998

 
19,810

 
2

 
(9
)
 
19,803


10,000

 
—

 
(2
)
 
9,998

 
19,810

 
2

 
(9
)
 
19,803

Total
$
43,717

 
$
51

 
$
(31
)
 
$
43,737

 
$
24,881

 
$
2

 
$
(12
)
 
$
24,871

Securities Available-for-Sale
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government corporations and agencies:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Within 1 year
$
11,498

 
$
1

 
$
(4
)
 
$
11,495

 
$
15,000

 
$
20

 
$
—

 
$
15,020

After 1 year to 5 years
15,679

 
—

 
(27
)
 
15,652

 
17,265

 
—

 
(19
)
 
17,246


27,177

 
1

 
(31
)
 
27,147

 
32,265

 
20

 
(19
)
 
32,266

State and political subdivisions:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Within 1 year
1,560

 
—

 
—

 
1,560

 
964

 
—

 
(1
)
 
963

After 1 year to 5 years
18,115

 
63

 
(23
)
 
18,155

 
18,705

 
38

 
(75
)
 
18,668

After 5 years to 10 years
52,312

 
1,076

 
(39
)
 
53,349

 
55,541

 
829

 
(426
)
 
55,944

Over 10 years
8,533

 
201

 
(20
)
 
8,714

 
12,663

 
226

 
(114
)
 
12,775


80,520

 
1,340

 
(82
)
 
81,778

 
87,873

 
1,093

 
(616
)
 
88,350

Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
After 1 year to 5 years
5,214

 
14

 
(15
)
 
5,213

 
6,086

 
—

 
(66
)
 
6,020

After 5 years to 10 years
51,520

 
6

 
(774
)
 
50,752

 
23,479

 
—

 
(622
)
 
22,857

Over 10 years
129,141

 
108

 
(2,253
)
 
126,996

 
174,388

 
99

 
(4,794
)
 
169,693


185,875

 
128

 
(3,042
)
 
182,961

 
203,953

 
99

 
(5,482
)
 
198,570

Collateralized mortgage obligations:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Over 10 years
4,123

 
—

 
(62
)
 
4,061

 
4,659

 
—

 
(105
)
 
4,554


4,123

 
—

 
(62
)
 
4,061

 
4,659

 
—

 
(105
)
 
4,554

Corporate bonds:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Within 1 year
9,027

 
—

 
(14
)
 
9,013

 
250

 
—

 
—

 
250

After 1 year to 5 years
32,402

 
79

 
(94
)
 
32,387

 
35,923

 
34

 
(241
)
 
35,716

After 5 years to 10 years
15,182

 
—

 
(223
)
 
14,959

 
15,193

 
—

 
(516
)
 
14,677

Over 10 years
60,000

 
—

 
(3,226
)
 
56,774

 
60,000

 
27

 
(2,472
)
 
57,555


116,611

 
79

 
(3,557
)
 
113,133

 
111,366

 
61

 
(3,229
)
 
108,198

Money market mutual funds:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No stated maturity
15,532

 
—

 
—

 
15,532

 
10,784

 
—

 
—

 
10,784


15,532

 
—

 
—

 
15,532

 
10,784

 
—

 
—

 
10,784

Equity securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No stated maturity
410

 
569

 
(1
)
 
978

 
411

 
504

 
—

 
915


410

 
569

 
(1
)
 
978

 
411

 
504

 
—

 
915

Total
$
430,248

 
$
2,117

 
$
(6,775
)
 
$
425,590

 
$
451,311

 
$
1,777

 
$
(9,451
)
 
$
443,637
Information Related to Sales of Securities Available-for-Sale
The following table presents information related to sales of securities available-for-sale during the six months ended June 30, 2017 and 2016:
 
Six Months Ended June 30,
(Dollars in thousands)
2017
 
2016
Securities available-for-sale:
 
 
 
Proceeds from sales
$
3,032

 
$
73,991

Gross realized gains on sales
36

 
539

Gross realized losses on sales
—

 
82

Tax expense related to net realized gains on sales
13

 
160
Amount of Securities in Unrealized Loss Position
The following table shows the fair value of securities that were in an unrealized loss position at June 30, 2017 and December 31, 2016 by the length of time those securities were in a continuous loss position. For the investment securities in an unrealized loss position, the Corporation has concluded, based on its analysis, that the unrealized losses are primarily caused by the movement of interest rates and current market conditions. The contractual terms of these investments do not permit the issuer to settle the securities at a price less than the par value of the investment. It is more likely than not that the Corporation will not be required to sell the investment before a recovery of carrying value.
 
Less than
Twelve Months
 
Twelve Months
or Longer
 
Total
(Dollars in thousands)
Fair Value
 
Unrealized
Losses
 
Fair Value
 
Unrealized
Losses
 
Fair Value
 
Unrealized
Losses
At June 30, 2017
 
 
 
 
 
 
 
 
 
 
 
Securities Held-to-Maturity
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage-backed securities
$
12,820

 
$
(29
)
 
$
—

 
$
—

 
$
12,820

 
$
(29
)
Corporate bonds
9,998

 
(2
)
 
—

 
—

 
9,998

 
(2
)
Total
$
22,818

 
$
(31
)
 
$
—

 
$
—

 
$
22,818

 
$
(31
)
Securities Available-for-Sale
 
 
 
 
 
 
 
 
 
 
 
U.S. government corporations and agencies
$
22,146

 
$
(31
)
 
$
—

 
$
—

 
$
22,146

 
$
(31
)
State and political subdivisions
13,306

 
(74
)
 
1,706

 
(8
)
 
15,012

 
(82
)
Residential mortgage-backed securities
169,466

 
(3,042
)
 
—

 
—

 
169,466

 
(3,042
)
Collateralized mortgage obligations
1,763

 
(1
)
 
2,298

 
(61
)
 
4,061

 
(62
)
Corporate bonds
67,448

 
(1,675
)
 
33,118

 
(1,882
)
 
100,566

 
(3,557
)
Equity securities
3

 
(1
)
 
—

 
—

 
3

 
(1
)
Total
$
274,132

 
$
(4,824
)
 
$
37,122

 
$
(1,951
)
 
$
311,254

 
$
(6,775
)
At December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
Securities Held-to-Maturity
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage-backed securities
$
5,068

 
$
(3
)
 
$
—

 
$
—

 
$
5,068

 
$
(3
)
Corporate bonds
9,779

 
(9
)
 
—

 
—

 
9,779

 
(9
)
Total
$
14,847

 
$
(12
)
 
$
—

 
$
—

 
$
14,847

 
$
(12
)
Securities Available-for-Sale
 
 
 
 
 
 
 
 
 
 
 
U.S. government corporations and agencies
$
11,850

 
$
(19
)
 
$
—

 
$
—

 
$
11,850

 
$
(19
)
State and political subdivisions
40,771

 
(610
)
 
423

 
(6
)
 
41,194

 
(616
)
Residential mortgage-backed securities
192,782

 
(5,482
)
 
—

 
—

 
192,782

 
(5,482
)
Collateralized mortgage obligations
2,012

 
(26
)
 
2,542

 
(79
)
 
4,554

 
(105
)
Corporate bonds
58,535

 
(1,333
)
 
33,104

 
(1,896
)
 
91,639

 
(3,229
)
Total
$
305,950

 
$
(7,470
)
 
$
36,069

 
$
(1,981
)
 
$
342,019

 
$
(9,451
)