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Investments (Tables)
 6 Months Ended
Jun. 30, 2016
Investments, Debt and Equity Securities [Abstract]  
Schedule of Available-for-sale and Held-to-Maturity Securities Reconciliation
The following table presents the amortized cost, gross unrealized gains and losses and fair value of securities available for sale and held to maturity:
 
 
June 30, 2016
(in thousands)
Amortized Cost
 
Gross
Unrealized Gains
 
Gross
Unrealized Losses
 
Fair Value
Available for sale securities:
 
 
 
 
 
 
 
    Obligations of U.S. Government-sponsored enterprises
$
98,064

 
$
1,622

 
$
—

 
$
99,686

    Obligations of states and political subdivisions
37,468

 
1,804

 
(307
)
 
38,965

    Agency mortgage-backed securities
333,549

 
6,587

 
(273
)
 
339,863

          Total securities available for sale
$
469,081

 
$
10,013

 
$
(580
)
 
$
478,514

Held to maturity securities:
 
 
 
 
 
 
 
    Obligations of states and political subdivisions
$
14,795

 
$
471

 
$
(3
)
 
$
15,263

    Agency mortgage-backed securities
27,719

 
855

 
—

 
28,574

          Total securities held to maturity
$
42,514

 
$
1,326


$
(3
)

$
43,837



 
December 31, 2015
(in thousands)
Amortized Cost
 
Gross
Unrealized Gains
 
Gross
Unrealized Losses
 
Fair Value
Available for sale securities:
 
 
 
 
 
 
 
    Obligations of U.S. Government-sponsored enterprises
$
98,699

 
$
309

 
$
—

 
$
99,008

    Obligations of states and political subdivisions
40,700

 
1,343

 
(342
)
 
41,701

    Agency mortgage-backed securities
311,516

 
2,046

 
(2,501
)
 
311,061

          Total securities available for sale
$
450,915

 
$
3,698

 
$
(2,843
)
 
$
451,770

Held to maturity securities:
 
 
 
 
 
 
 
   Obligations of states and political subdivisions
$
14,831

 
$
63

 
$
(50
)
 
$
14,844

   Agency mortgage-backed securities
28,883

 
—

 
(286
)
 
28,597

          Total securities held to maturity
$
43,714

 
$
63

 
$
(336
)
 
$
43,441
Schedule of Available-for-sale and Held-to-Maturity Securities Reconciliation
The following table presents the amortized cost, gross unrealized gains and losses and fair value of securities available for sale and held to maturity:
 
 
June 30, 2016
(in thousands)
Amortized Cost
 
Gross
Unrealized Gains
 
Gross
Unrealized Losses
 
Fair Value
Available for sale securities:
 
 
 
 
 
 
 
    Obligations of U.S. Government-sponsored enterprises
$
98,064

 
$
1,622

 
$
—

 
$
99,686

    Obligations of states and political subdivisions
37,468

 
1,804

 
(307
)
 
38,965

    Agency mortgage-backed securities
333,549

 
6,587

 
(273
)
 
339,863

          Total securities available for sale
$
469,081

 
$
10,013

 
$
(580
)
 
$
478,514

Held to maturity securities:
 
 
 
 
 
 
 
    Obligations of states and political subdivisions
$
14,795

 
$
471

 
$
(3
)
 
$
15,263

    Agency mortgage-backed securities
27,719

 
855

 
—

 
28,574

          Total securities held to maturity
$
42,514

 
$
1,326


$
(3
)

$
43,837



 
December 31, 2015
(in thousands)
Amortized Cost
 
Gross
Unrealized Gains
 
Gross
Unrealized Losses
 
Fair Value
Available for sale securities:
 
 
 
 
 
 
 
    Obligations of U.S. Government-sponsored enterprises
$
98,699

 
$
309

 
$
—

 
$
99,008

    Obligations of states and political subdivisions
40,700

 
1,343

 
(342
)
 
41,701

    Agency mortgage-backed securities
311,516

 
2,046

 
(2,501
)
 
311,061

          Total securities available for sale
$
450,915

 
$
3,698

 
$
(2,843
)
 
$
451,770

Held to maturity securities:
 
 
 
 
 
 
 
   Obligations of states and political subdivisions
$
14,831

 
$
63

 
$
(50
)
 
$
14,844

   Agency mortgage-backed securities
28,883

 
—

 
(286
)
 
28,597

          Total securities held to maturity
$
43,714

 
$
63

 
$
(336
)
 
$
43,441
Investments Classified by Contractual Maturity Date
The amortized cost and estimated fair value of debt securities at June 30, 2016, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The weighted average life of the mortgage-backed securities is approximately 4 years.
 
 
Available for sale
 
Held to maturity
(in thousands)
Amortized Cost
 
Estimated Fair Value
 
Amortized Cost
 
Estimated Fair Value
Due in one year or less
$
52,681

 
$
53,030

 
$
—

 
$
—

Due after one year through five years
70,311

 
72,722

 
7,365

 
7,569

Due after five years through ten years
9,009

 
9,607

 
7,430

 
7,694

Due after ten years
3,531

 
3,292

 
—

 
—

Agency mortgage-backed securities
333,549

 
339,863

 
27,719

 
28,574

 
$
469,081

 
$
478,514


$
42,514


$
43,837
Schedule of Unrealized Loss on Investments
The following table represents a summary of investment securities that had an unrealized loss:
 
 
June 30, 2016
Less than 12 months
 
12 months or more
 
Total
(in thousands)
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
Obligations of states and political subdivisions
$
—

 
$
—

 
$
3,141

 
$
310

 
$
3,141

 
$
310

Agency mortgage-backed securities
904

 
5

 
19,910

 
268

 
20,814

 
273

 
$
904

 
$
5


$
23,051


$
578


$
23,955


$
583

 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2015
Less than 12 months
 
12 months or more
 
Total
(in thousands)
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
Obligations of states and political subdivisions
$
2,199

 
$
12

 
$
9,395

 
$
380

 
$
11,594

 
$
392

Agency mortgage-backed securities
189,229

 
2,050

 
21,020

 
737

 
210,249

 
2,787

 
$
191,428

 
$
2,062


$
30,415


$
1,117


$
221,843


$
3,179
Schedule of Realized Gain (Loss)
The gross gains and gross losses realized from sales of available for sale investment securities were as follows:
 
 
Three months ended June 30,
 
Six months ended June 30,
(in thousands)
2016
 
2015
 
2016
 
2015
Gross gains realized
$
—

 
$
—

 
$
—

 
$
63

Gross losses realized
—

 
—

 
—

 
(40
)
Proceeds from sales
—

 
—

 
—

 
41,069