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Investment Securities (Tables)
 9 Months Ended
Sep. 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 September 30, 2017 and December 31, 2016, by contractual maturity within each type:
 
At September 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
$
6,995

 
$
—

 
$
(10
)
 
$
6,985

 
$
—

 
$
—

 
$
—

 
$
—

 
6,995

 
—

 
(10
)
 
6,985

 
—

 
—

 
—

 
—

Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
After 5 years to 10 years
9,418

 
3

 
—

 
9,421

 
—

 
—

 
—

 
—

Over 10 years
29,129

 
100

 
(2
)
 
29,227

 
5,071

 
—

 
(3
)
 
5,068

 
38,547

 
103

 
(2
)
 
38,648

 
5,071

 
—

 
(3
)
 
5,068

Corporate bonds:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Within 1 year
—

 
—

 
—

 
—

 
19,810

 
2

 
(9
)
 
19,803


—

 
—

 
—

 
—

 
19,810

 
2

 
(9
)
 
19,803

Total
$
45,542

 
$
103

 
$
(12
)
 
$
45,633

 
$
24,881

 
$
2

 
$
(12
)
 
$
24,871

Securities Available-for-Sale
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government corporations and agencies:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Within 1 year
$
1,499

 
$
—

 
$
(3
)
 
$
1,496

 
$
15,000

 
$
20

 
$
—

 
$
15,020

After 1 year to 5 years
15,634

 
—

 
(40
)
 
15,594

 
17,265

 
—

 
(19
)
 
17,246


17,133

 
—

 
(43
)
 
17,090

 
32,265

 
20

 
(19
)
 
32,266

State and political subdivisions:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Within 1 year
1,258

 
4

 
—

 
1,262

 
964

 
—

 
(1
)
 
963

After 1 year to 5 years
17,838

 
52

 
(23
)
 
17,867

 
18,705

 
38

 
(75
)
 
18,668

After 5 years to 10 years
57,334

 
1,166

 
(16
)
 
58,484

 
55,541

 
829

 
(426
)
 
55,944

Over 10 years
3,120

 
9

 
(17
)
 
3,112

 
12,663

 
226

 
(114
)
 
12,775


79,550

 
1,231

 
(56
)
 
80,725

 
87,873

 
1,093

 
(616
)
 
88,350

Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
After 1 year to 5 years
4,814

 
33

 
(6
)
 
4,841

 
6,086

 
—

 
(66
)
 
6,020

After 5 years to 10 years
58,482

 
14

 
(718
)
 
57,778

 
23,479

 
—

 
(622
)
 
22,857

Over 10 years
113,530

 
133

 
(1,712
)
 
111,951

 
174,388

 
99

 
(4,794
)
 
169,693


176,826

 
180

 
(2,436
)
 
174,570

 
203,953

 
99

 
(5,482
)
 
198,570

Collateralized mortgage obligations:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Over 10 years
3,879

 
20

 
(57
)
 
3,842

 
4,659

 
—

 
(105
)
 
4,554


3,879

 
20

 
(57
)
 
3,842

 
4,659

 
—

 
(105
)
 
4,554

Corporate bonds:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Within 1 year
9,015

 
—

 
(3
)
 
9,012

 
250

 
—

 
—

 
250

After 1 year to 5 years
33,302

 
87

 
(67
)
 
33,322

 
35,923

 
34

 
(241
)
 
35,716

After 5 years to 10 years
15,176

 
43

 
(215
)
 
15,004

 
15,193

 
—

 
(516
)
 
14,677

Over 10 years
60,000

 
—

 
(2,909
)
 
57,091

 
60,000

 
27

 
(2,472
)
 
57,555


117,493

 
130

 
(3,194
)
 
114,429

 
111,366

 
61

 
(3,229
)
 
108,198

Money market mutual funds:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No stated maturity
6,624

 
—

 
—

 
6,624

 
10,784

 
—

 
—

 
10,784


6,624

 
—

 
—

 
6,624

 
10,784

 
—

 
—

 
10,784

Equity securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No stated maturity
410

 
591

 
(1
)
 
1,000

 
411

 
504

 
—

 
915


410

 
591

 
(1
)
 
1,000

 
411

 
504

 
—

 
915

Total
$
401,915

 
$
2,152

 
$
(5,787
)
 
$
398,280

 
$
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 nine months ended September 30, 2017 and 2016:
 
Nine Months Ended September 30,
(Dollars in thousands)
2017
 
2016
Securities available-for-sale:
 
 
 
Proceeds from sales
$
3,538

 
$
75,265

Gross realized gains on sales
43

 
568

Gross realized losses on sales
—

 
81

Tax expense related to net realized gains on sales
15

 
170
Amount of Securities in Unrealized Loss Position
The following table shows the fair value of securities that were in an unrealized loss position at September 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 September 30, 2017
 
 
 
 
 
 
 
 
 
 
 
Securities Held-to-Maturity
 
 
 
 
 
 
 
 
 
 
 
U.S. government corporations and agencies
$
6,985

 
$
(10
)
 
$
—

 
$
—

 
$
6,985

 
$
(10
)
Residential mortgage-backed securities
10,845

 
(2
)
 
—

 
—

 
10,845

 
(2
)
Total
$
17,830

 
$
(12
)
 
$
—

 
$
—

 
$
17,830

 
$
(12
)
Securities Available-for-Sale
 
 
 
 
 
 
 
 
 
 
 
U.S. government corporations and agencies
$
16,791

 
$
(38
)
 
$
300

 
$
(5
)
 
$
17,091

 
$
(43
)
State and political subdivisions
8,508

 
(35
)
 
4,402

 
(21
)
 
12,910

 
(56
)
Residential mortgage-backed securities
136,652

 
(1,955
)
 
22,819

 
(481
)
 
159,471

 
(2,436
)
Collateralized mortgage obligations
—

 
—

 
2,167

 
(57
)
 
2,167

 
(57
)
Corporate bonds
42,377

 
(906
)
 
49,760

 
(2,288
)
 
92,137

 
(3,194
)
Equity securities
3

 
(1
)
 
—

 
—

 
3

 
(1
)
Total
$
204,331

 
$
(2,935
)
 
$
79,448

 
$
(2,852
)
 
$
283,779

 
$
(5,787
)
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
)