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Securities
 3 Months Ended
Mar. 31, 2018
Investments, Debt and Equity Securities [Abstract]  
Securities
SECURITIES

The amortized cost and estimated fair value of securities available for sale and securities held to maturity, with gross unrealized gains and losses, follows:
 
March 31, 2018
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
 
(In thousands)
 
 
 
 
 
 
 
 
Securities Held to Maturity:
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
Government-sponsored enterprises
$
30,678

 
$
—

 
$
(1,187
)
 
$
29,491

Government-sponsored mortgage-backed and collateralized mortgage obligations
245,585

 
15

 
(6,892
)
 
238,708

SBA asset-backed securities
27,773

 
—

 
(500
)
 
27,273

Total securities held to maturity
$
304,036

 
$
15

 
$
(8,579
)
 
$
295,472


 
December 31, 2017
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
 
(In thousands)
Securities Available for Sale:
 
 
 
 
 
 
 
Marketable equity securities
$
9,437

 
$
755

 
$
(472
)
 
$
9,720

 
 
 
 
 
 
 
 


Securities Held to Maturity:
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
Government-sponsored enterprises
$
30,673

 
$
—

 
$
(894
)
 
$
29,779

Government-sponsored mortgage-backed and collateralized mortgage obligations
244,668

 
30

 
(3,437
)
 
241,261

SBA asset-backed securities
28,375

 
28

 
(329
)
 
28,074

Total securities held to maturity
$
303,716

 
$
58

 
$
(4,660
)
 
$
299,114



The amortized cost and estimated fair value of debt securities by contractual maturity at March 31, 2018 are included in the following table. Expected maturities will differ from contractual maturities because the issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Based on expected maturities, the mortgage and asset-backed securities and collateralized mortgage obligations, included below, have a 4.1 year weighted average duration.
 
Amortized Cost
 
Fair Value
 
(In thousands)
After 1 year through 5 years
$
15,630

 
$
15,225

After 5 years through 10 years
15,048

 
14,266

 
30,678

 
29,491

Mortgage and asset-backed securities and collateralized mortgage obligations
273,358

 
265,981

 
$
304,036

 
$
295,472



For the three months ended March 31, 2018, net unrealized gains on equity securities held at the end of the period are $214,000. For the three months ended March 31, 2017, proceeds from sales of securities available for sale amounted to $44.9 million, gross realized gains amounted to $267,000, and gross realized losses amounted to $1.3 million.

Information pertaining to securities with gross unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows:
 
March 31, 2018
 
Less Than Twelve Months
 
More Than Twelve Months
 
Gross
Unrealized
Losses
 
Fair
Value
 
Gross
Unrealized
Losses
 
Fair
Value
 
(In thousands)
 
 
 
 
 
 
 
 
Securities Held to Maturity:
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
Government-sponsored enterprises
$
(206
)
 
$
8,429

 
$
(981
)
 
$
21,062

Government-sponsored mortgage-backed and collateralized mortgage obligations
(3,208
)
 
121,191

 
(3,684
)
 
112,427

SBA asset-backed securities
(142
)
 
16,286

 
(358
)
 
10,987

Total temporarily impaired held-to-maturity securities
$
(3,556
)
 
$
145,906

 
$
(5,023
)
 
$
144,476



The Company continually reviews securities for the existence of other-than-temporary impairment ("OTTI"), taking into consideration current market conditions, the extent and nature of changes in fair value, issuer rating changes and trends, the credit worthiness of the obligor of the security, volatility of earnings, current analysts’ evaluations, the Company’s intent to sell the security, or whether it is more likely than not that the Company will be required to sell the security before its anticipated recovery, as well as other qualitative factors. The term “other-than-temporary” is not intended to indicate that the decline is permanent, but indicates that the prospects for a near-term recovery of value is not necessarily favorable, or that there is a lack of evidence to support a realizable value equal to or greater than the carrying value of the investment.

At March 31, 2018, multiple debt securities have unrealized losses with aggregate depreciation of approximately 2.9% from the Company’s amortized cost basis. The unrealized losses were primarily caused by interest rate fluctuations. It is expected that none of these securities would be settled at a price less than the par value of the investment. Because the decline in fair value is attributable to changes in interest rates and not to credit quality and it is more likely than not that the Company will recover their amortized cost bases by maturity, the Company does not consider these securities to be other-than-temporarily impaired at March 31, 2018. Management has the ability and intent to hold the securities until maturity.

 
December 31, 2017
 
Less Than Twelve Months
 
More Than Twelve Months
 
Gross
Unrealized
Losses
 
Fair
Value
 
Gross
Unrealized
Losses
 
Fair
Value
 
(In thousands)
Securities Available for Sale:
 
 
 
 
 
 
 
Temporarily impaired marketable equity securities
$
(449
)
 
$
4,310

 
$
(23
)
 
$
443


 
December 31, 2017
 
Less Than Twelve Months
 
More Than Twelve Months
 
Gross
Unrealized
Losses
 
Fair
Value
 
Gross
Unrealized
Losses
 
Fair
Value
 
(In thousands)
Securities Held to Maturity:
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
Government-sponsored enterprises
$
(109
)
 
$
8,521

 
$
(785
)
 
$
21,258

Government-sponsored mortgage-backed and collateralized mortgage obligations
(1,563
)
 
119,782

 
(1,874
)
 
111,712

SBA asset-backed securities
(34
)
 
9,897

 
(295
)
 
11,423

Total temporarily impaired securities held to maturity
$
(1,706
)
 
$
138,200

 
$
(2,954
)
 
$
144,393