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SECURITIES | 12 Months Ended
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Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract] |
SECURITIES | NOTE 2 – SECURITIES Information related to the fair value and amortized cost of securities available for sale and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) at December 31 is provided in the tables below.
|  |  | Gross |  | Gross |  |
| Amortized |  | Unrealized |  | Unrealized |  | Fair
(dollars in thousands) | Cost |  | Gain |  | Losses |  | Value
2018 |  |  |  |  |  |  |
U.S. Treasury securities | $994 |  | $0 |  | $(7) |  | $987
U.S. government sponsored agencies | 4,435 |  | 0 |  | (85) |  | 4,350
Mortgage-backed securities: residential | 329,516 |  | 1,392 |  | (5,496) |  | 325,412
Mortgage-backed securities: commercial | 38,712 |  | 0 |  | (571) |  | 38,141
State and municipal securities | 217,964 |  | 1,403 |  | (2,708) |  | 216,659
Total | $591,621 |  | $2,795 |  | $(8,867) |  | $585,549
2017 |  |  |  |  |  |  |
U.S. Treasury securities | $992 |  | $5 |  | $0 |  | $997
U.S. government sponsored agencies | 5,191 |  | 0 |  | (69) |  | 5,122
Mortgage-backed securities: residential | 314,650 |  | 2,099 |  | (2,975) |  | 313,774
Mortgage-backed securities: commercial | 44,208 |  | 75 |  | (72) |  | 44,211
State and municipal securities | 172,375 |  | 2,990 |  | (976) |  | 174,389
Total | $537,416 |  | $5,169 |  | $(4,092) |  | $538,493
Information regarding the fair value and amortized cost of available for sale debt securities by maturity as of December 31, 2018 is presented below. Maturity information is based on contractual maturity for all securities other than mortgage-backed securities. Actual maturities of securities may differ from contractual maturities because borrowers may have the right to prepay the obligation without prepayment penalty.
| Amortized |  | Fair
(dollars in thousands) | Cost |  | Value
Due in one year or less | $2,540 |  | $2,541
Due after one year through five years | 22,363 |  | 22,522
Due after five years through ten years | 32,702 |  | 32,656
Due after ten years | 165,788 |  | 164,277
| 223,393 |  | 221,996
Mortgage-backed securities | 368,228 |  | 363,553
Total debt securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $591,621 |  | $585,549
Security proceeds, gross gains and gross losses for 2018, 2017 and 2016 were as follows:
(dollars in thousands) | 2018 |  | 2017 |  | 2016 |
Sales of securities available for sale |  |  |  |  |  |
Proceeds | $15,302 |  | $40,877 |  | $12,095 |
Gross gains | 21 |  | 267 |  | 83 |
Gross losses | (71 | ) | (235 | ) | (17 | )
Number of securities | 29 |  | 50 |  | 15 |
Securities with carrying values of $164.7 million and $171.1 million were pledged as of December 31, 2018 and 2017, as collateral for securities sold under agreements to repurchase, borrowings from the FHLB and for other purposes as permitted or required by law. Information regarding securities with unrealized losses as of December 31, 2018 and 2017 is presented below. The tables distribute the securities between those with unrealized losses for less than twelve months and those with unrealized losses for twelve months or more.
| Less than 12 months |  | 12 months or more |  | Total
| Fair |  | Unrealized |  | Fair |  | Unrealized |  | Fair |  | Unrealized
(dollars in thousands) | Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses
2018 |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities | $0 |  | $0 |  | $987 |  | $7 |  | $987 |  | $7
U.S. government sponsored agencies | 0 |  | 0 |  | 4,350 |  | 85 |  | 4,350 |  | 85
Mortgage-backed securities: residential | 11,619 |  | 12 |  | 217,182 |  | 5,484 |  | 228,801 |  | 5,496
Mortgage-backed securities: commercial | 0 |  | 0 |  | 38,141 |  | 571 |  | 38,141 |  | 571
State and municipal securities | 26,229 |  | 124 |  | 85,982 |  | 2,584 |  | 112,211 |  | 2,708
Total temporarily impaired | $37,848 |  | $136 |  | $346,642 |  | $8,731 |  | $384,490 |  | $8,867
2017 |  |  |  |  |  |  |  |  |  |  |
U.S. government sponsored agencies | $2,353 |  | $6 |  | $2,769 |  | $63 |  | $5,122 |  | $69
Mortgage-backed securities: residential | 142,834 |  | 1,412 |  | 59,024 |  | 1,563 |  | 201,858 |  | 2,975
Mortgage-backed securities: commercial | 23,505 |  | 72 |  | 0 |  | 0 |  | 23,505 |  | 72
State and municipal securities | 8,585 |  | 47 |  | 49,552 |  | 929 |  | 58,137 |  | 976
Total temporarily impaired | $177,277 |  | $1,537 |  | $111,345 |  | $2,555 |  | $288,622 |  | $4,092
The number of securities with unrealized losses as of December 31, 2018 and 2017 is presented below.
| Less than |  | 12 months |  |
| 12 months |  | or more |  | Total
2018 |  |  |  |  |
U.S. Treasury securities | 0 |  | 1 |  | 1
U.S. government sponsored agencies | 0 |  | 2 |  | 2
Mortgage-backed securities: residential | 5 |  | 84 |  | 89
Mortgage-backed securities: commercial | 0 |  | 9 |  | 9
State and municipal securities | 35 |  | 111 |  | 146
Total temporarily impaired | 40 |  | 207 |  | 247
2017 |  |  |  |  |
U.S. government sponsored agencies | 1 |  | 1 |  | 2
Mortgage-backed securities: residential | 46 |  | 21 |  | 67
Mortgage-backed securities: commercial | 5 |  | 0 |  | 5
State and municipal securities | 17 |  | 62 |  | 79
Total temporarily impaired | 69 |  | 84 |  | 153
There were no debt securities with credit losses recognized in income during 2018, 2017 or 2016. Ninety-nine percent of the securities are backed by the U.S. government, government agencies, government sponsored agencies or are rated above investment grade, except for certain non-local or local municipal securities, which are not rated. For the government, government-sponsored agency and municipal securities, management did not have concerns of credit losses and there was nothing to indicate that full principal will not be received. Management considered the unrealized losses on these securities to be primarily interest rate driven and does not expect material losses given current market conditions unless the securities are sold. However, at this time management does not have the intent to sell and it is more likely than not that it will not be required to sell these securities before the recovery of their amortized cost basis. The Company does not have a history of actively trading securities, but keeps the securities available for sale should liquidity or other needs develop that would warrant the sale of securities. While these securities are held in the available for sale portfolio, it is management’s current intent and ability to hold them until a recovery in fair value or maturity.

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