SECURITIES AVAILABLE FOR SALE

12 Months Ended

Dec. 31, 2018

Investments, Debt and Equity Securities [Abstract]

At December 31, 2018 and 2017 all investment securities were classified as AFS. The following table summarizes amortized cost and fair value of AFS securities, and the corresponding amounts of gross unrealized gains and losses recognized in AOCI, at December 31, 2018 and 2017.


(Dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
December 31, 2018


States and political subdivisions	$	144,596	$	1,919	$	1,511	$	145,004

GSE residential CMOs	110,421		332		2,689		108,064

Private label residential CMOs	144		0		1		143
Private label commercial CMOs	75,911		55		921		75,045
Asset-backed and other	138,535		126		1,073		137,588
Totals	$	469,607	$	2,432	$	6,195	$	465,844


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 December 31, 2018 and 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
December 31, 2018


States and political subdivisions	27	$	46,585	$	662	6	$	23,036	$	849	33	$	69,621	$	1,511

GSE residential CMOs	1	18,037		122		7	46,168		2,567		8	64,205		2,689

Private label residential CMOs	1	143		1		0	0		0		1	143		1
Private label commercial CMOs	11	56,499		712		2	6,349		209		13	62,848		921
Asset-backed and other	6	78,900		859		3	10,808		214		9	89,708		1,073
Totals	46	$	200,164	$	2,356	18	$	86,361	$	3,839	64	$	286,525	$	6,195
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

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, 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 December 31, 2018 or at December 31, 2017.

Private Label Residential CMOs, Private Label Commercial CMOs and Asset-backed and Other. 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, 2018 or at December 31, 2017.

The following table summarizes amortized cost and fair value of AFS securities by contractual maturity at December 31, 2018. 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	$	799	$	800
Due after one year through five years	2,531		2,542
Due after five years through ten years	37,168		37,229
Due after ten years	104,098		104,433
CMOs	186,476		183,252
Asset-backed and other	138,535		137,588
	$	469,607	$	465,844

The following table summarizes proceeds from sales of AFS securities and gross gains and gross losses for the years ended December 31.


(Dollars in thousands)	2018		2017		2016

Proceeds from sale of AFS securities	$	156,364	$	162,320	$	64,742
Gross gains	1,681		1,477		1,468
Gross losses	675		287		48

AFS securities with a fair value of $164,233,000 and $319,907,000 at December 31, 2018 and December 31, 2017 were pledged to secure public funds and for other purposes as required or permitted by law.