Securities

12 Months Ended

Dec. 31, 2017

Securities

Securities

Note 3: Securities

The amortized cost and approximate fair values, together with gross unrealized gains and losses, of securities are as follows:

	December 31, 2017
			Gross		Gross		Approximate
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In thousands)
Available-for-sale securities:
Treasury notes	$	1,000	$	—	$	8	$	992
Federal agencies		376,414		—		1,683		374,731
Municipals		6,688		—		—		6,688
Mortgage-backed - Government-sponsored entity (GSE) - residential		25,960		—		—		25,960
Total available-for-sale securities	$	410,062	$	—	$	1,691	$	408,371

	December 31, 2016
			Gross		Gross		Approximate
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In thousands)
Available-for-sale securities:
Treasury notes	$	999	$	—	$	—	$	999
Federal agencies		290,050		—		1,057		288,993
Municipals		9,500		—		—		9,500
Mortgage-backed - Government-sponsored entity (GSE) - residential		26,382		—		—		26,382
Total available-for-sale securities	$	326,931	$	—	$	1,057	$	325,874

The amortized cost and fair value of available‑for‑sale securities at December 31, 2017 by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

	December 31, 2017
	Amortized		Fair
	Cost		Value
Contractual Maturity	(In thousands)
Within one year	$	164,997	$	164,321
After one through five years		212,905		211,890
After five through ten years		—		—
After ten years		6,200		6,200
		384,102		382,411
Mortgage-backed - Government-sponsored entity (GSE) - residential		25,960		25,960
	$	410,062	$	408,371

Certain investments in debt securities are reported in the financial statements at an amount less than their historical cost. Total fair value of these investments at December 31, 2017 and 2016 was $375.7 million and $275.1 million, respectively, which is approximately 92%, and 85%, respectively, of the Company’s available‑for‑sale investment portfolio.

The following tables show the Company’s gross unrealized losses and fair value of the Company’s investments with unrealized losses that are not deemed to be other‑than‑temporarily impaired, aggregated by investment class and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2017, and 2015:

	December 31, 2017
					12 Months or
	Less than 12 Months				Longer				Total
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
	(In thousands)
Available-for-sale securities:
Treasury notes	$	992	$	8	$	—	$	—	$	992	$	8
Federal agencies		191,064		903		183,667		780		374,731		1,683
	$	192,056	$	911	$	183,667	$	780	$	375,723	$	1,691

December 31, 2016

12 Months or

Less than 12 Months

Longer

Total

Gross

Gross

Gross

Fair

Unrealized

Fair

Unrealized

Fair

Unrealized

Value

Losses

Value

Losses

Value

Losses

(In thousands)

Available-for-sale securities:

Federal agencies

$

275,143

$

1,057

$

—

$

—

$

275,143

$

1,057

Unrealized losses on securities have not been recognized to income because the Company has the intent and ability to hold the securities for the foreseeable future, and the decline in fair value is primarily due to increased market interest rates. The fair value is expected to recover as the bonds approach the maturity date.

Proceeds from the sale of securities available for sale during the years ended December 31, 2017, 2016 and 2015 were $0, $7.4 million, and $0, respectively. Gross gains of $24,000 were realized on 2016 sales.