Investment in Securities

3 Months Ended

Mar. 31, 2016

Investments, Debt and Equity Securities [Abstract]

Investment in Securities

Note 11 – Investment in Securities

Investment securities available-for-sale are recorded at fair value on a recurring basis. The Company’s investment securities available-for-sale are measured at fair value using Level 2 valuations. The market evaluation utilizes several sources which include “observable inputs” rather than “significant unobservable inputs” and therefore fall into the Level 2 category. The amortized cost, gross unrealized gains, gross unrealized losses and fair value of investment securities are summarized as follows:

	March 31, 2016
			Gross		Gross
	Amortized		Unrealized		Unrealized
(In thousands)	Cost		Gains		Losses		Fair Value
State and political subdivisions	$	349,614	$	15,905	$	—	$	365,519
Certificates of deposit		7,626		—		—		7,626
Total	$	357,240	$	15,905	$	—	$	373,145

	December 31, 2015
			Gross		Gross
	Amortized		Unrealized		Unrealized
(In thousands)	Cost		Gains		Losses		Fair Value
State and political subdivisions	$	356,531	$	12,552	$	13	$	369,070
Certificates of deposit		6,626		—		—		6,626
Total	$	363,157	$	12,552	$	13	$	375,696

There were zero securities in an unrealized loss position as of March 31, 2016. There were 5 securities, or 1% of the total (1 greater than 12 months), in an unrealized loss position as of December 31, 2015. The fair values of securities with unrealized losses are as follows:

	December 31, 2015
	Less than 12 months				12 months or more				Total
	Estimated		Unrealized		Estimated		Unrealized		Estimated		Unrealized
(In thousands)	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
State and political subdivisions	$	3,638	$	5	$	1,208	$	8	$	4,846	$	13
Certificates of deposit		—		—		—		—		—		—
Total	$	3,638	$	5	$	1,208	$	8	$	4,846	$	13

The amortized cost and fair value of investment securities by contractual maturity are shown in the following table. Expected maturities may differ from contractual maturities because borrowers have the right to prepay obligations with or without prepayment penalties.

	March 31, 2016
(In thousands)	Amortized Cost		Fair Value
Due in 1 year or less	$	39,256	$	39,811
Due after 1 year through 5 years		58,997		61,414
Due after 5 years through 10 years		127,684		135,214
Due after 10 years		131,303		136,706
Total	$	357,240	$	373,145

Proceeds from sales of investment securities classified as available for sale were $19,039,000 for the three months ended March 31, 2016. Gross realized gains were $308,000 for the three months ended March 31, 2016. There was one security totaling $3,750,000 pledged to secure public deposits and for other purposes at March 31, 2016.