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SECURITIES AVAILABLE FOR SALE | 3 Months Ended
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Mar. 31, 2017
Investments, Debt and Equity Securities [Abstract] |
SECURITIES AVAILABLE FOR SALE | SECURITIES AVAILABLE FOR SALE The following table summarizes amortized cost and fair value of AFS securities at March 31, 2017 and December 31, 2016, and the corresponding amounts of gross unrealized gains and losses recognized in AOCI. At March 31, 2017 and December 31, 2016 all investment securities were classified as AFS.
(Dollars in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
March 31, 2017 |  |  |  |  |  |  |
U.S. Government Agencies | $ | 8,541 |  |  | $ | 0 |  |  | $ | 50 |  |  | $ | 8,491 |
States and political subdivisions | 182,221 |  |  | 2,522 |  |  | 867 |  |  | 183,876 |
GSE residential MBSs | 107,928 |  |  | 983 |  |  | 0 |  |  | 108,911 |
GSE residential CMOs | 115,645 |  |  | 400 |  |  | 2,961 |  |  | 113,084 |
GSE commercial CMOs | 5,144 |  |  | 0 |  |  | 205 |  |  | 4,939 |
Private label CMOs | 4,220 |  |  | 5 |  |  | 27 |  |  | 4,198 |
Total debt securities | 423,699 |  |  | 3,910 |  |  | 4,110 |  |  | 423,499 |
Equity securities | 50 |  |  | 52 |  |  | 0 |  |  | 102 |
Totals | $ | 423,749 |  |  | $ | 3,962 |  |  | $ | 4,110 |  |  | $ | 423,601 |
December 31, 2016 |  |  |  |  |  |  |
U.S. Government Agencies | $ | 39,569 |  |  | $ | 147 |  |  | $ | 124 |  |  | $ | 39,592 |
States and political subdivisions | 163,677 |  |  | 1,782 |  |  | 1,177 |  |  | 164,282 |
GSE residential MBSs | 116,022 |  |  | 928 |  |  | 6 |  |  | 116,944 |
GSE residential CMOs | 72,411 |  |  | 240 |  |  | 3,268 |  |  | 69,383 |
GSE commercial CMOs | 5,148 |  |  | 0 |  |  | 292 |  |  | 4,856 |
Private label CMOs | 5,042 |  |  | 0 |  |  | 36 |  |  | 5,006 |
Total debt securities | 401,869 |  |  | 3,097 |  |  | 4,903 |  |  | 400,063 |
Equity securities | 50 |  |  | 41 |  |  | 0 |  |  | 91 |
Totals | $ | 401,919 |  |  | $ | 3,138 |  |  | $ | 4,903 |  |  | $ | 400,154 |
The following table summarizes AFS securities with unrealized losses at March 31, 2017 and December 31, 2016, aggregated by major security type and length of time in a continuous unrealized loss position.
| Less Than 12 Months |  | 12 Months or More |  | Total
(Dollars in thousands) | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
March 31, 2017 |  |  |  |  |  |  |  |  |  |  |
U.S. Government Agencies | $ | 0 |  |  | $ | 0 |  |  | $ | 8,491 |  |  | $ | 50 |  |  | $ | 8,491 |  |  | $ | 50 |
States and political subdivisions | 43,443 |  |  | 565 |  |  | 5,326 |  |  | 302 |  |  | 48,769 |  |  | 867 |
GSE residential CMOs | 63,943 |  |  | 2,957 |  |  | 551 |  |  | 4 |  |  | 64,494 |  |  | 2,961 |
GSE commercial CMOs | 4,939 |  |  | 205 |  |  | 0 |  |  | 0 |  |  | 4,939 |  |  | 205 |
Private label CMOs | 0 |  |  | 0 |  |  | 2,009 |  |  | 27 |  |  | 2,009 |  |  | 27 |
Totals | $ | 112,325 |  |  | $ | 3,727 |  |  | $ | 16,377 |  |  | $ | 383 |  |  | $ | 128,702 |  |  | $ | 4,110 |
December 31, 2016 |  |  |  |  |  |  |  |  |  |  |
U.S. Government Agencies | $ | 10,710 |  |  | $ | 23 |  |  | $ | 13,531 |  |  | $ | 101 |  |  | $ | 24,241 |  |  | $ | 124 |
States and political subdivisions | 58,924 |  |  | 610 |  |  | 5,075 |  |  | 567 |  |  | 63,999 |  |  | 1,177 |
GSE residential MBSs | 5,034 |  |  | 6 |  |  | 0 |  |  | 0 |  |  | 5,034 |  |  | 6 |
GSE residential CMOs | 59,534 |  |  | 3,264 |  |  | 634 |  |  | 4 |  |  | 60,168 |  |  | 3,268 |
GSE commercial CMOs | 4,856 |  |  | 292 |  |  | 0 |  |  | 0 |  |  | 4,856 |  |  | 292 |
Private label CMOs | 0 |  |  | 0 |  |  | 5,005 |  |  | 36 |  |  | 5,005 |  |  | 36 |
Totals | $ | 139,058 |  |  | $ | 4,195 |  |  | $ | 24,245 |  |  | $ | 708 |  |  | $ | 163,303 |  |  | $ | 4,903 |
The Company had 32 securities and 46 securities at March 31, 2017 and December 31, 2016 for which the security's amortized cost exceeds its fair value: U.S. Government Agencies and GSE Securities. At March 31, 2017, a total of 10 U.S. Government Agencies and GSE CMO securities have unrealized losses, 8 of which are in the less than 12 months category, and 2 of which are in the more than 12 months category. At December 31, 2016, the Company had 17 such securities, including GSE MBSs, with unrealized losses, 14 of which were in the less than 12 months category, and 3 of which were in the more than 12 months category. These unrealized losses have been caused by a widening of spreads or a rise in interest rates from the time these securities were purchased. The contractual terms of these securities do not permit the issuer to settle the securities at a price less than its par value basis. Because the Company does not intend to sell these securities and it is not more likely than not that the Company will be required to sell them before recovery of their amortized cost basis, which may be maturity, the Company does not consider these securities to be OTTI at March 31, 2017 or at December 31, 2016. State and Political Subdivisions. At March 31, 2017, a total of 20 state and political subdivision securities have unrealized losses, 19 of which are in the less than 12 months category, and 1 of which is in the more than 12 months category. At December 31, 2016, the Company had 26 such securities with unrealized losses, 25 of which were in the less than 12 months category, and 1 of which was in the more than 12 months category. These unrealized losses have been caused by a widening of spreads or a rise in interest rates from the time these securities were purchased. Management considers the investment rating, the state of the issuer of the security and other credit support in determining whether the security is OTTI. Because the Company does not intend to sell these securities and it is not more likely than not that the Company will be required to sell them before recovery of their amortized cost basis, which may be maturity, the Company does not consider these securities to be OTTI at March 31, 2017 or at December 31, 2016. Private Label CMOs. At March 31, 2017, a total of 2 private label CMOs have unrealized losses, all of which were in the more than 12 months category. At December 31, 2016, 3 private label securities had an amortized cost which exceeded their fair value in the less than 12 months category. These unrealized losses have been caused by a widening of spreads or a rise in interest rates from the time the securities were purchased. Because the Company does not intend to sell these securities and it is not more likely than not that the Company will be required to sell them before recovery of their amortized cost basis, which may be maturity, the Company does not consider these securities to be OTTI at March 31, 2017 or at December 31, 2016. The following table summarizes amortized cost and fair value of AFS securities at March 31, 2017 by contractual maturity. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.
| Available for Sale
(Dollars in thousands) | Amortized Cost |  | Fair Value
Due in one year or less | $ | 15 |  |  | $ | 15 |
Due after one year through five years | 8,641 |  |  | 8,797 |
Due after five years through ten years | 75,809 |  |  | 76,742 |
Due after ten years | 106,297 |  |  | 106,813 |
MBSs and CMOs | 232,937 |  |  | 231,132 |
Total debt securities | 423,699 |  |  | 423,499 |
Equity securities | 50 |  |  | 102 |
| $ | 423,749 |  |  | $ | 423,601 |
The following table summarizes proceeds from sales of AFS securities and gross gains and gross losses for the three months ended March 31, 2017 and 2016.
| Three months ended March 31,
| 2017 |  | 2016
Proceeds from sale of AFS securities | $ | 35,072,000 |  |  | $ | 64,743,000 |
Gross gains | 153,000 |  |  | 1,468,000 |
Gross losses | 150,000 |  |  | 48,000 |
AFS securities with a fair value of $311,103,000 and $317,282,000 at March 31, 2017 and December 31, 2016 were pledged to secure public funds and for other purposes as required or permitted by law.

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