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Investments (Tables)
 12 Months Ended
Dec. 31, 2017
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: 
 
December 31, 2017
(in thousands)
Amortized Cost
 
Gross
Unrealized Gains
 
Gross
Unrealized Losses
 
Fair Value
Available for sale securities:
 
 
 
 
 
 
 
    Obligations of U.S. Government-sponsored enterprises
$
99,878

 
$
6

 
$
(660
)
 
$
99,224

    Obligations of states and political subdivisions
34,181

 
674

 
(213
)
 
34,642

    Agency mortgage-backed securities
513,082

 
727

 
(6,293
)
 
507,516

          Total securities available for sale
$
647,141

 
$
1,407

 
$
(7,166
)
 
$
641,382

 
 
 
 
 
 
 
 
Held to maturity securities:
 
 
 
 
 
 
 
    Obligations of states and political subdivisions
$
14,031

 
$
69

 
$
(46
)
 
$
14,054

    Agency mortgage-backed securities
59,718

 
16

 
(330
)
 
59,404

          Total securities held to maturity
$
73,749

 
$
85

 
$
(376
)
 
$
73,458

 
 
 
 
 
 
 
 
 
December 31, 2016
(in thousands)
Amortized Cost
 
Gross
Unrealized Gains
 
Gross
Unrealized Losses
 
Fair Value
Available for sale securities:
 
 
 
 
 
 
 
    Obligations of U.S. Government-sponsored enterprises
$
107,312

 
$
348

 
$
—

 
$
107,660

    Obligations of states and political subdivisions
36,486

 
630

 
(485
)
 
36,631

    Agency mortgage-backed securities
319,345

 
1,101

 
(3,940
)
 
316,506

Total securities available for sale
$
463,143

 
$
2,079

 
$
(4,425
)
 
$
460,797

 
 
 
 
 
 
 
 
Held to maturity securities:
 
 
 
 
 
 
 
    Obligations of states and political subdivisions
$
14,759

 
$
11

 
$
(242
)
 
$
14,528

    Agency mortgage-backed securities
65,704

 
45

 
(638
)
 
65,111

Total securities held to maturity
$
80,463

 
$
56

 
$
(880
)
 
$
79,639



At December 31, 2017, and 2016, there were no holdings of securities of any one issuer in an amount greater than 10% of shareholders’ equity, other than the U.S. Government agencies and sponsored enterprises. The agency mortgage-backed securities are all issued by U.S. Government-sponsored enterprises. Securities having a fair value of $500.0 million and $407.3 million at December 31, 2017, and December 31, 2016, respectively, were pledged as collateral to secure deposits of public institutions and for other purposes as required by law or contract provisions.
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: 
 
December 31, 2017
(in thousands)
Amortized Cost
 
Gross
Unrealized Gains
 
Gross
Unrealized Losses
 
Fair Value
Available for sale securities:
 
 
 
 
 
 
 
    Obligations of U.S. Government-sponsored enterprises
$
99,878

 
$
6

 
$
(660
)
 
$
99,224

    Obligations of states and political subdivisions
34,181

 
674

 
(213
)
 
34,642

    Agency mortgage-backed securities
513,082

 
727

 
(6,293
)
 
507,516

          Total securities available for sale
$
647,141

 
$
1,407

 
$
(7,166
)
 
$
641,382

 
 
 
 
 
 
 
 
Held to maturity securities:
 
 
 
 
 
 
 
    Obligations of states and political subdivisions
$
14,031

 
$
69

 
$
(46
)
 
$
14,054

    Agency mortgage-backed securities
59,718

 
16

 
(330
)
 
59,404

          Total securities held to maturity
$
73,749

 
$
85

 
$
(376
)
 
$
73,458

 
 
 
 
 
 
 
 
 
December 31, 2016
(in thousands)
Amortized Cost
 
Gross
Unrealized Gains
 
Gross
Unrealized Losses
 
Fair Value
Available for sale securities:
 
 
 
 
 
 
 
    Obligations of U.S. Government-sponsored enterprises
$
107,312

 
$
348

 
$
—

 
$
107,660

    Obligations of states and political subdivisions
36,486

 
630

 
(485
)
 
36,631

    Agency mortgage-backed securities
319,345

 
1,101

 
(3,940
)
 
316,506

Total securities available for sale
$
463,143

 
$
2,079

 
$
(4,425
)
 
$
460,797

 
 
 
 
 
 
 
 
Held to maturity securities:
 
 
 
 
 
 
 
    Obligations of states and political subdivisions
$
14,759

 
$
11

 
$
(242
)
 
$
14,528

    Agency mortgage-backed securities
65,704

 
45

 
(638
)
 
65,111

Total securities held to maturity
$
80,463

 
$
56

 
$
(880
)
 
$
79,639



At December 31, 2017, and 2016, there were no holdings of securities of any one issuer in an amount greater than 10% of shareholders’ equity, other than the U.S. Government agencies and sponsored enterprises. The agency mortgage-backed securities are all issued by U.S. Government-sponsored enterprises. Securities having a fair value of $500.0 million and $407.3 million at December 31, 2017, and December 31, 2016, respectively, were pledged as collateral to secure deposits of public institutions and for other purposes as required by law or contract provisions.
Investments Classified by Contractual Maturity Date
The amortized cost and estimated fair value of debt securities at December 31, 2017, 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 agency 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
$
3,060

 
$
3,076

 
$
—

 
$
—

Due after one year through five years
110,910

 
110,480

 
186

 
195

Due after five years through ten years
14,573

 
14,980

 
12,977

 
12,981

Due after ten years
5,516

 
5,330

 
868

 
878

Agency mortgage-backed securities
513,082

 
507,516

 
59,718

 
59,404

 
$
647,141

 
$
641,382

 
$
73,749

 
$
73,458
Schedule of Unrealized Loss on Investments
The following table represents a summary of investment securities that had an unrealized loss:
 
 
December 31, 2017
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 U.S. Government-sponsored enterprises
$
89,309

 
$
660

 
$
—

 
$
—

 
$
89,309

 
$
660

Obligations of states and political subdivisions
13,951

 
259

 
—

 
—

 
13,951

 
259

Agency mortgage-backed securities
469,655

 
6,034

 
12,229

 
589

 
481,884

 
6,623

 
$
572,915

 
$
6,953

 
$
12,229

 
$
589

 
$
585,144

 
$
7,542

 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 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
$
21,361

 
$
408

 
$
3,553

 
$
320

 
$
24,914

 
$
728

Agency mortgage-backed securities
267,734

 
4,084

 
12,883

 
493

 
280,617

 
4,577

 
$
289,095

 
$
4,492

 
$
16,436

 
$
813

 
$
305,531

 
$
5,305
Schedule of Realized Gain (Loss)
The gross gains and losses realized from sales of available for sale investment securities were as follows:
 
 
December 31,
(in thousands)
2017
 
2016
 
2015
Gross gains realized
$
22

 
$
86

 
$
63

Gross losses realized
—

 
—

 
(40
)
Proceeds from sales
144,076

 
2,493

 
41,069