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SECURITIES AVAILABLE FOR SALE | 6 Months Ended
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Jun. 30, 2018
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 June 30, 2018 and December 31, 2017, and the corresponding amounts of gross unrealized gains and losses recognized in AOCI. At June 30, 2018 and December 31, 2017, all investment securities were classified as AFS.
(Dollars in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
June 30, 2018 |  |  |  |  |  |  |
States and political subdivisions | $ | 169,209 |  |  | $ | 2,426 |  |  | $ | 1,717 |  |  | $ | 169,918 |
GSE residential CMOs | 117,417 |  |  | 82 |  |  | 3,627 |  |  | 113,872 |
Private label residential CMOs | 614 |  |  | 1 |  |  | 0 |  |  | 615 |
Private label commercial CMOs | 18,694 |  |  | 0 |  |  | 290 |  |  | 18,404 |
Asset-backed and other | 146,894 |  |  | 350 |  |  | 634 |  |  | 146,610 |
Totals | $ | 452,828 |  |  | $ | 2,859 |  |  | $ | 6,268 |  |  | $ | 449,419 |
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 and other | 86,837 |  |  | 133 |  |  | 425 |  |  | 86,545 |
Totals | $ | 411,706 |  |  | $ | 7,496 |  |  | $ | 3,894 |  |  | $ | 415,308 |
The following table summarizes AFS securities with unrealized losses at June 30, 2018 and December 31, 2017, 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
June 30, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
States and political subdivisions | 32 |  | $ | 58,408 |  |  | $ | 1,576 |  |  | 1 |  | $ | 5,423 |  |  | $ | 141 |  |  | 33 |  | $ | 63,831 |  |  | $ | 1,717 |
GSE residential CMOs | 4 |  | 55,583 |  |  | 1,078 |  |  | 6 |  | 35,971 |  |  | 2,549 |  |  | 10 |  | 91,554 |  |  | 3,627 |
Private label commercial CMOs | 5 |  | 18,404 |  |  | 290 |  |  | 0 |  | 0 |  |  | 0 |  |  | 5 |  | 18,404 |  |  | 290 |
Asset-backed and other | 7 |  | 88,913 |  |  | 504 |  |  | 1 |  | 4,187 |  |  | 130 |  |  | 8 |  | 93,100 |  |  | 634 |
Totals | 48 |  | $ | 221,308 |  |  | $ | 3,448 |  |  | 8 |  | $ | 45,581 |  |  | $ | 2,820 |  |  | 56 |  | $ | 266,889 |  |  | $ | 6,268 |
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 and other | 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 |
States 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 June 30, 2018 or at December 31, 2017. GSE 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 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 June 30, 2018 or at December 31, 2017. Private Label Commercial CMOs and Asset-backed and Other. 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 June 30, 2018 or at December 31, 2017. The following table summarizes amortized cost and fair value of AFS securities at June 30, 2018 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 after one year through five years | $ | 9,834 |  |  | $ | 9,901 |
Due after five years through ten years | 47,999 |  |  | 47,944 |
Due after ten years | 111,376 |  |  | 112,073 |
CMOs | 136,725 |  |  | 132,891 |
Asset-backed and other | 146,894 |  |  | 146,610 |
| $ | 452,828 |  |  | $ | 449,419 |
The following table summarizes proceeds from sales of AFS securities and gross gains and gross losses for the three and six months ended June 30, 2018 and 2017.
| Three months ended June 30, |  | Six months ended June 30,
(Dollars in thousands) | 2018 |  | 2017 |  | 2018 |  | 2017
Proceeds from sale of AFS securities | $ | 25,533 |  |  | $ | 23,581 |  |  | $ | 88,110 |  |  | $ | 58,653 |
Gross gains | 211 |  |  | 654 |  |  | 1,052 |  |  | 807 |
Gross losses | 165 |  |  | 0 |  |  | 190 |  |  | 150 |
AFS securities with a fair value of $258,043,000 and $319,907,000 at June 30, 2018 and December 31, 2017 were pledged to secure public funds and for other purposes as required or permitted by law.

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