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Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2018
Investments, Debt and Equity Securities [Abstract]  
Available For Sale And Held For Maturity Securities [Table Text Block]
The amortized cost, gross unrealized gains and losses and estimated fair values for available-for-sale and held-to-maturity securities by major security type at June 30, 2018 and December 31, 2017 were as follows (in thousands):
 
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized (Losses)
 
Fair Value
June 30, 2018
 
 
 
 
 
 
 
Available-for-sale:
 
 
 
 
 
 
 
U.S. Treasury securities and obligations of U.S. government corporations & agencies
$
127,342

 
$
—

 
$
(4,304
)
 
$
123,038

Obligations of states and political subdivisions
176,376

 
1,064

 
(2,200
)
 
175,240

Mortgage-backed securities: GSE residential
323,238

 
359

 
(7,926
)
 
315,671

Trust preferred securities
—

 
—

 
—

 
—

Other securities
2,187

 
167

 
—

 
2,354

Total available-for-sale
$
629,143

 
$
1,590

 
$
(14,430
)
 
$
616,303

Held-to-maturity:
 
 
 
 
 
 
 
U.S. Treasury securities and obligations of U.S. government corporations & agencies
$
69,383

 
$
—

 
$
(1,858
)
 
$
67,525

 
 
 
 
 
 
 
 
December 31, 2017
 
 
 
 
 
 
 
Available-for-sale:
 
 
 
 
 
 
 
U.S. Treasury securities and obligations of U.S. government corporations & agencies
$
115,796

 
$
8

 
$
(2,034
)
 
$
113,770

Obligations of states and political subdivisions
165,037

 
2,254

 
(1,025
)
 
166,266

Mortgage-backed securities: GSE residential
295,778

 
493

 
(2,460
)
 
293,811

Trust preferred securities
2,893

 
—

 
(345
)
 
2,548

Other securities
2,039

 
145

 
—

 
2,184

Total available-for-sale
$
581,543

 
$
2,900

 
$
(5,864
)
 
$
578,579

Held-to-maturity:
 
 
 
 
 
 
 
U.S. Treasury securities and obligations of U.S. government corporations & agencies
$
69,332

 
$
103

 
$
(978
)
 
$
68,457
Realized Gains and Losses From Sale of Securities
Realized gains and losses resulting from sales of securities were as follows during the six months ended June 30, 2018 and 2017 (in thousands):
 
Three months ended June 30,
 
Six months ended June 30,
 
2018
 
2017
 
2018
 
2017
Gross gains
$
921

 
$
352

 
$
941

 
$
352

Gross losses
(40
)
 
(17
)
 
(40
)
 
(17
)
Investments Classified by Contractual Maturity Date
The following table indicates the expected maturities of investment securities classified as available-for-sale presented at fair value, and held-to-maturity presented at amortized cost, at June 30, 2018 and the weighted average yield for each range of maturities (dollars in thousands):
 
One year or less
 
After 1 through 5 years
 
After 5 through 10 years
 
After ten years
 
Total
Available-for-sale:
 
 
 
 
 
 
 
 
 
U.S. Treasury securities and obligations of U.S. government corporations and agencies
$
85,405

 
$
37,633

 
$
—

 
$
—

 
$
123,038

Obligations of state and political subdivisions
16,785

 
77,266

 
80,129

 
1,060

 
175,240

Mortgage-backed securities: GSE residential
—

 
104,930

 
176,494

 
34,247

 
315,671

Trust preferred securities
—

 
—

 
—

 
—

 
—

Other securities
—

 
2,013

 
—

 
341

 
2,354

Total available-for-sale investments
$
102,190

 
$
221,842

 
$
256,623

 
$
35,648

 
$
616,303

Weighted average yield
2.35
%
 
2.68
%
 
2.92
%
 
3.40
%
 
2.77
%
Full tax-equivalent yield
2.52
%
 
3.05
%
 
3.28
%
 
3.43
%
 
3.08
%
Held to Maturity:
 
 
 
 
 
 
 
 
 
U.S. Treasury securities and obligations of U.S. government corporations and agencies
$
39,994

 
$
29,389

 
$
—

 
$
—

 
$
69,383

Weighted average yield
1.76
%
 
2.08
%
 
—
%
 
—
%
 
2.68
%
Full tax-equivalent yield
1.76
%
 
2.08
%
 
—
%
 
—
%
 
2.68
%

The weighted average yields are calculated on the basis of the amortized cost and effective yields weighted for the scheduled maturity of each security. Tax-equivalent yields have been calculated using a 21% tax rate.  With the exception of obligations of the U.S. Treasury and other U.S. government agencies and corporations, there were no investment securities of any single issuer, the book value of which exceeded 10% of stockholders' equity at June 30, 2018.
Fair value of investments with sustained gross unrealized losses
The following table presents the aging of gross unrealized losses and fair value by investment category as of June 30, 2018 and December 31, 2017 (in thousands):
 
Less than 12 months
 
12 months or more
 
Total
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
June 30, 2018
 
 
 
 
 
 
 
 
 
 
 
Available-for-sale:
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury securities and obligations of U.S. government corporations and agencies
$
74,660

 
$
(1,917
)
 
$
48,378

 
$
(2,387
)
 
$
123,038

 
$
(4,304
)
Obligations of states and political subdivisions
72,991

 
(1,357
)
 
14,936

 
(843
)
 
87,927

 
(2,200
)
Mortgage-backed securities: GSE residential
211,083

 
(4,680
)
 
68,005

 
(3,246
)
 
279,088

 
(7,926
)
Total
$
358,734

 
$
(7,954
)
 
$
131,319

 
$
(6,476
)
 
$
490,053

 
$
(14,430
)
Held-to-maturity:
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury securities and obligations of U.S. government corporations and agencies
$
29,438

 
$
(387
)
 
$
38,087

 
$
(1,471
)
 
$
67,525

 
$
(1,858
)
December 31, 2017
 

 
 

 
 

 
 

 
 

 
 

Available-for-sale:
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury securities and obligations of U.S. government corporations and agencies
$
58,584

 
$
(540
)
 
$
47,972

 
$
(1,494
)
 
$
106,556

 
$
(2,034
)
Obligations of states and political subdivisions
42,618

 
(769
)
 
9,267

 
(256
)
 
51,885

 
(1,025
)
Mortgage-backed securities: GSE residential
187,949

 
(1,942
)
 
22,609

 
(518
)
 
210,558

 
(2,460
)
Trust preferred securities
—

 
—

 
2,548

 
(345
)
 
2,548

 
(345
)
Total
$
289,151

 
$
(3,251
)
 
$
82,396

 
$
(2,613
)
 
$
371,547

 
$
(5,864
)
Held-to-maturity:
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury securities and obligations of U.S. government corporations and agencies
$
34,101

 
$
(525
)
 
$
14,540

 
$
(453
)
 
$
48,641

 
$
(978
)
Credit Losses Recognized on Investments
Credit Losses Recognized on Investments. The following table provides information about the trust preferred security for which only a credit loss was recognized in income and other losses were recorded in other comprehensive income (loss) for the six months ended June 30, 2018 and 2017 (in thousands).

 
Accumulated Credit Losses
 
June 30, 2018
 
June 30, 2017
Credit losses on trust preferred securities held
 
 
 
Beginning of period
$
1,111

 
$
1,111

Additions related to OTTI losses not previously recognized
—

 
—

Reductions due to sales / (recoveries)
(1,111
)
 
—

Reductions due to change in intent or likelihood of sale
—

 
—

Additions related to increases in previously recognized OTTI losses
—

 
—

Reductions due to increases in expected cash flows
—

 
—

End of period
$
—

 
$
1,111



On May 29, 2018 the Company sold its trust preferred security. This sale resulted in recovery of all of the book value of the security. The net proceeds exceeded the aggregate book value of these securities by approximately $846,000 and this amount was recorded as a security gain during the second quarter of 2018.