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Investment Securities Held to Maturity
 12 Months Ended
Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]  
Investment Securities Held to Maturity
Investment Securities Held to Maturity
Investment securities held to maturity at December 31, 2015 and 2014 are summarized as follows (in thousands):
 
2015
 
Amortized
cost
 
Gross
unrealized
gains
 
Gross
unrealized
losses
 
Fair
value
Agency obligations
$
4,096

 
9

 
(8
)
 
4,097

Mortgage-backed securities
1,597

 
61

 
—

 
1,658

State and municipal obligations
458,062

 
15,094

 
(495
)
 
472,661

Corporate obligations
9,929

 
11

 
(25
)
 
9,915

 
$
473,684

 
15,175

 
(528
)
 
488,331

 
 
2014
 
Amortized
cost
 
Gross
unrealized
gains
 
Gross
unrealized
losses
 
Fair
value
Agency obligations
$
6,813

 
17

 
(20
)
 
6,810

Mortgage-backed securities
2,816

 
123

 
—

 
2,939

State and municipal obligations
449,410

 
13,814

 
(986
)
 
462,238

Corporate obligations
10,489

 
29

 
(32
)
 
10,486

 
$
469,528

 
13,983

 
(1,038
)
 
482,473



The Company generally purchases securities for long-term investment purposes, and differences between carrying and fair values may fluctuate during the investment period. Investment securities held to maturity having a carrying value of $378,538,000 and $343,127,000 at December 31, 2015 and 2014, respectively, were pledged to secure other borrowings, securities sold under repurchase agreements and government deposits.
The amortized cost and fair value of investment securities held to maturity at December 31, 2015 by contractual maturity are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer.
 
2015
 
Amortized
cost
 
Fair
value
Due in one year or less
$
9,081

 
9,151

Due after one year through five years
52,625

 
53,554

Due after five years through ten years
218,488

 
227,203

Due after ten years
191,893

 
196,765

 
$
472,087

 
486,673


Mortgage-backed securities totaling $1.6 million at amortized cost and $1.7 million at fair value are excluded from the table above as their expected lives are expected to be shorter than the contractual maturity date due to principal prepayments.
During 2015, the Company recognized gains of $8,000 and no losses related to calls on certain securities in the held to maturity portfolio, with total proceeds from the calls totaling $26,973,000. There were no sales of securities from the held to maturity portfolio for the year ended December 31, 2015.
In 2014, the Company recognized gains of $23,000 and no losses related to calls on certain securities in the held to maturity portfolio, with total proceeds from the calls totaling $15,156,000. In addition, for the year ended December 31, 2014, the Company recognized a gross loss of $3,000, and no gross gains, related to the sales of certain securities, with the proceeds totaling $524,000. The sales of these securities were in response to the credit deterioration of the issuers.
The following table represents the Company’s disclosure on investment securities held to maturity with temporary impairment (in thousands):
 
December 31, 2015 Unrealized Losses
 
Less than 12 months
 
12 months or longer
 
Total
 
Fair value
 
Gross
unrealized
losses
 
Fair value
 
Gross
unrealized
losses
 
Fair value
 
Gross
unrealized
losses
Agency obligations
$
1,244

 
(6
)
 
278

 
(2
)
 
1,522

 
(8
)
State and municipal obligations
24,266

 
(165
)
 
17,746

 
(330
)
 
42,012

 
(495
)
Corporate obligations
5,840

 
(18
)
 
744

 
(7
)
 
6,584

 
(25
)
 
$
31,350

 
(189
)
 
18,768

 
(339
)
 
50,118

 
(528
)
 
December 31, 2014 Unrealized Losses
 
Less than 12 months
 
12 months or longer
 
Total
 
Fair value
 
Gross
unrealized
losses
 
Fair value
 
Gross
unrealized
losses
 
Fair value
 
Gross
unrealized
losses
Agency obligations
$
3,735

 
(20
)
 
—

 
—

 
3,735

 
(20
)
State and municipal obligations
27,679

 
(217
)
 
47,079

 
(769
)
 
74,758

 
(986
)
Corporate obligations
6,888

 
(32
)
 
—

 
—

 
6,888

 
(32
)
 
$
38,302

 
(269
)
 
47,079

 
(769
)
 
85,381

 
(1,038
)

Based on its detailed review of the securities portfolio, the Company believes that as of December 31, 2015, securities with unrealized loss positions shown above do not represent impairments that are other-than-temporary. The review of the portfolio for other-than-temporary impairment considered the percentage and length of time the fair value of an investment is below book value as well as general market conditions, changes in interest rates, credit risk, whether the Company has the intent to sell the securities and whether it is not more likely than not that the Company would be required to sell the securities before the anticipated recovery.
The number of securities in an unrealized loss position as of December 31, 2015 totaled 99, compared with 163 at December 31, 2014. All temporarily impaired investment securities were investment grade at December 31, 2015.