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SECURITIES AVAILABLE FOR SALE | 12 Months Ended
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Dec. 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 December 31, 2017 and 2016 and the corresponding amounts of gross unrealized gains and losses recognized in AOCI. At December 31, 2017 and 2016 all investment securities were classified as AFS.
(Dollars in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
December 31, 2017 |  |  |  |  |  |  |
States and political subdivisions | $ | 153,803 |  |  | $ | 6,133 |  |  | $ | 478 |  |  | $ | 159,458 |
GSE residential MBSs | 48,600 |  |  | 930 |  |  | 0 |  |  | 49,530 |
GSE residential CMOs | 113,658 |  |  | 296 |  |  | 2,835 |  |  | 111,119 |
Private label residential CMOs | 999 |  |  | 4 |  |  | 0 |  |  | 1,003 |
Private label commercial CMOs | 7,809 |  |  | 0 |  |  | 156 |  |  | 7,653 |
Asset-backed | 86,787 |  |  | 69 |  |  | 425 |  |  | 86,431 |
Total debt securities | 411,656 |  |  | 7,432 |  |  | 3,894 |  |  | 415,194 |
Equity securities | 50 |  |  | 64 |  |  | 0 |  |  | 114 |
Totals | $ | 411,706 |  |  | $ | 7,496 |  |  | $ | 3,894 |  |  | $ | 415,308 |
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 residential 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 December 31, 2017 and 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) | # of Securities |  | Fair Value |  | Unrealized Losses |  | # of Securities |  | Fair Value |  | Unrealized Losses |  | # of Securities |  | Fair Value |  | Unrealized Losses
December 31, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
States and political subdivisions | 7 |  |  | $ | 24,577 |  |  | $ | 473 |  |  | 1 |  |  | $ | 5,585 |  |  | $ | 5 |  |  | 8 |  |  | $ | 30,162 |  |  | $ | 478 |
GSE residential CMOs | 4 |  |  | 25,155 |  |  | 914 |  |  | 5 |  |  | 37,459 |  |  | 1,921 |  |  | 9 |  |  | 62,614 |  |  | 2,835 |
Private label commercial CMOs | 2 |  |  | 7,653 |  |  | 156 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 2 |  |  | 7,653 |  |  | 156 |
Asset-backed | 6 |  |  | 60,006 |  |  | 425 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 6 |  |  | 60,006 |  |  | 425 |
Totals | 19 |  |  | $ | 117,391 |  |  | $ | 1,968 |  |  | 6 |  |  | $ | 43,044 |  |  | $ | 1,926 |  |  | 25 |  |  | $ | 160,435 |  |  | $ | 3,894 |
December 31, 2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government Agencies | 6 |  |  | $ | 10,710 |  |  | $ | 23 |  |  | 2 |  |  | $ | 13,531 |  |  | $ | 101 |  |  | 8 |  |  | $ | 24,241 |  |  | $ | 124 |
States and political subdivisions | 25 |  |  | 58,924 |  |  | 610 |  |  | 1 |  |  | 5,075 |  |  | 567 |  |  | 26 |  |  | 63,999 |  |  | 1,177 |
GSE residential MBSs | 1 |  |  | 5,034 |  |  | 6 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 1 |  |  | 5,034 |  |  | 6 |
GSE residential CMOs | 6 |  |  | 59,534 |  |  | 3,264 |  |  | 1 |  |  | 634 |  |  | 4 |  |  | 7 |  |  | 60,168 |  |  | 3,268 |
GSE commercial CMOs | 1 |  |  | 4,856 |  |  | 292 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 1 |  |  | 4,856 |  |  | 292 |
Private label residential CMOs | 0 |  |  | 0 |  |  | 0 |  |  | 3 |  |  | 5,005 |  |  | 36 |  |  | 3 |  |  | 5,005 |  |  | 36 |
Totals | 39 |  |  | $ | 139,058 |  |  | $ | 4,195 |  |  | 7 |  |  | $ | 24,245 |  |  | $ | 708 |  |  | 46 |  |  | $ | 163,303 |  |  | $ | 4,903 |
U.S. Government Agencies and GSE Securities. The unrealized losses presented in the table above have been caused by a widening of spreads and/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 December 31, 2017 or at December 31, 2016. State and Political Subdivisions. The unrealized losses presented in the table above have been caused by a widening of spreads and/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 December 31, 2017 or at December 31, 2016. Private Label Residential CMOs. The unrealized losses presented in the table above have been caused by a widening of spreads and/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 December 31, 2017 or at December 31, 2016. Private Label Commercial CMOs and Asset-backed. The unrealized losses presented in the table above have been caused by the bid ask spread, widening of spreads and/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 December 31, 2017 or at December 31, 2016. The following table summarizes amortized cost and fair value of AFS securities at December 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 | $ | 0 |  |  | $ | 0 |
Due after one year through five years | 8,712 |  |  | 8,929 |
Due after five years through ten years | 49,958 |  |  | 51,188 |
Due after ten years | 95,133 |  |  | 99,341 |
MBSs and CMOs | 171,066 |  |  | 169,305 |
Asset-backed | 86,787 |  |  | 86,431 |
Total debt securities | 411,656 |  |  | 415,194 |
Equity securities | 50 |  |  | 114 |
Totals | $ | 411,706 |  |  | $ | 415,308 |
The following table summarizes proceeds from sales of AFS securities and gross gains and gross losses for the years ended December 31, 2017, 2016, and 2015.
| Years Ended December 31,
(Dollars in thousands) | 2017 |  | 2016 |  | 2015
Proceeds from sale of AFS securities | $ | 162,320 |  |  | $ | 64,742 |  |  | $ | 65,611 |
Gross gains | 1,477 |  |  | 1,468 |  |  | 1,948 |
Gross losses | 287 |  |  | 48 |  |  | 24 |
AFS securities with a fair value of $319,907,000 and $317,282,000 at December 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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