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Investment Securities (Tables)
 9 Months Ended
Sep. 30, 2017
Marketable Securities [Abstract]  
Summary of Investment Security Carrying and Fair Value
The carrying values and estimated fair values of investment securities at the periods indicated are presented below:
(In Thousands)
Amortized Cost

Gross Unrealized Gains

Gross Unrealized Losses

Fair Value
September 30, 2017
 


 


 


 

Securities available for sale
 


 


 


 

U.S. Treasury and government sponsored entities

$209,745



$63



$708



$209,100

Municipal securities
17,266


128


28


17,366

Corporate bonds
34,638


444


—


35,082

Collateralized loan obligations
3,000

 
2

 
—

 
3,002

Preferred stock
5,421


391


11


5,801

Total securities available for sale

$270,070



$1,028



$747



$270,351

Securities held to maturity
 


 


 


 

Municipal securities

$897



$—



$1



$896

Total securities held to maturity

$897



$—



$1



$896

December 31, 2016
 


 


 


 

Securities available for sale
 


 


 


 

U.S. Treasury and government sponsored entities

$264,267



$150



$1,056



$263,361

Municipal securities
18,184


26


53


18,157

U.S. Agency mortgage-backed securities
2


—


—


2

Corporate bonds
44,437


295


—


44,732

Preferred stock
4,922


49


4


4,967

Total securities available for sale

$331,812



$520



$1,113



$331,219

Securities held to maturity
 


 


 


 

Municipal securities

$899



$23



$—



$922

Total securities held to maturity

$899



$23



$—



$922
Unrealized Gain (Loss) on Investments
Gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at September 30, 2017 and December 31, 2016 were as follows:

 
Less Than 12 Months
More Than 12 Months
Total
(In Thousands)
Fair Value
Unrealized Losses
Fair Value
Unrealized Losses
Fair Value
Unrealized Losses
September 30, 2017:
 
 
 
 
 
 
Securities Available for Sale
 
 
 
 
 
 
     U.S. Treasury and government sponsored entities

$74,192


$157


$92,878


$551


$167,070


$708

     Municipal Securities
1,344

7

3,014

21

4,358

28

     Preferred Stock
1,030

11

—

—

1,030

11

          Total

$76,566


$175


$95,892


$572


$172,458


$747

Securities Held to Maturity
 
 
 
 
 
 
     Municipal Securities

$856


$1


$—


$—


$856


$1

          Total

$856


$1


$—


$—


$856


$1

 
 
 
 
 
 
 
December 31, 2016:
 
 
 
 
 
 
Securities Available for Sale
 
 
 
 
 
 
     U.S. Treasury and government sponsored entities

$180,638


$1,051


$489


$5


$181,127


$1,056

     Municipal Securities
11,533

33

1,786

20

13,319

53

     Preferred Stock
—

—

1,038

4

1,038

4

          Total

$192,171


$1,084


$3,313


$29


$195,484


$1,113
Schedule of Amortized Cost and Fair Value by Contractual Maturity
The amortized cost and estimated fair values of debt securities and preferred stock at September 30, 2017, are distributed by contractual maturity as shown below.  Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.  Although preferred stock has no stated maturity, it is aggregated in the calculation of weighted average yields presented below in the category of investments that mature in ten years or more.
(In  Thousands)
Amortized Cost

Fair Value

Weighted Average Yield
US Treasury and government sponsored entities
 

 

 
Within 1 year

$103,060



$102,929


1.03
%
1-5 years
106,685


106,171


1.33
%
Total

$209,745



$209,100


1.18
%
Corporate bonds
 

 

 
Within 1 year

$4,501



$4,513


1.84
%
1-5 years
21,704


21,957


1.89
%
5-10 years
8,433


8,612


2.32
%
Total

$34,638



$35,082


1.99
%
Collateralized loan obligations
 
 
 
 
 
Over 10 years

$3,000

 

$3,002

 
3.04
%
Total

$3,000

 

$3,002

 
3.04
%
Preferred stock
 

 

 
Over 10 years

$5,421



$5,801


6.37
%
Total

$5,421



$5,801


6.37
%
Municipal securities
 

 

 
Within 1 year

$3,904



$3,911


1.37
%
1-5 years
12,770


12,873


2.26
%
5-10 years
1,489


1,478


4.78
%
Total

$18,163



$18,262


2.27
%
Schedule of Available-For-Sale Securities Proceeds, Gains, and Losses
The proceeds and resulting gains and losses, computed using specific identification, from sales of investment securities for the three and nine months ending September 30, 2017 and 2016, respectively, are as follows: 
(In Thousands)
Proceeds

Gross Gains

Gross Losses
Three Months Ended September 30, 2017
 
 
 
 
 
Available for sale securities

$14,996

 

$—

 

$3

Nine Months Ended September 30, 2017
 

 

 
Available for sale securities

$25,006



$14



$3

Nine Months Ended September 30, 2016
 

 

 
Available for sale securities

$5,785



$12



$23
Summary of Interest Income On Available-For-Sale Investment Securities
A summary of interest income for the nine months ending September 30, 2017 and 2016, on available for sale investment securities is as follows:
(In Thousands)
2017

2016
US Treasury and government sponsored entities

$2,255



$1,979

U.S. Agency mortgage-backed securities
—


4

Other
881


667

Total taxable interest income

$3,136



$2,650

Municipal securities

$281



$213

Total tax-exempt interest income

$281



$213

Total

$3,417



$2,863