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Investment in Securities
 6 Months Ended
Jun. 30, 2019
Investments, Debt and Equity Securities [Abstract]  
Investment in Securities

Note 11 – Investment in Securities

Investment securities available-for-sale are recorded at fair value on a recurring basis. The Company’s investment securities available-for-sale are measured at fair value using Level 2 valuations. The market evaluation utilizes several sources which include “observable inputs” rather than “significant unobservable inputs” and therefore falls into the Level 2 category. The amortized cost, gross unrealized gains, gross unrealized losses and fair value of investment securities are summarized as follows:

June 30, 2019
Gross Gross  
Amortized   Unrealized      Unrealized
(In thousands)   Cost Gains Losses      Fair Value
State and political subdivisions      $     318,924      $     12,181 $     7 $     331,098
U.S. government agencies 102,091 554 347 102,298
Certificates of deposit 1,995 — — 1,995
Total $ 423,010 $ 12,735 $ 354 $ 435,391
   
December 31, 2018  
Gross Gross  
Amortized   Unrealized Unrealized
(In thousands)   Cost Gains Losses   Fair Value
State and political subdivisions $ 332,732 $ 3,791 $ 1,806 $ 334,717
U.S. government agencies 106,153 86 1,417 104,822
Certificates of deposit 1,995 — — 1,995
Total $ 440,880 $ 3,877 $ 3,223 $ 441,534

The fair values of securities with unrealized losses are as follows:

June 30, 2019  
    

Less than 12 months

      12 months or more      Total
 Estimated      Unrealized Estimated      Unrealized Estimated      Unrealized
(In thousands)    Fair Value Losses  Fair Value Losses    Fair Value Losses
State and political subdivisions $     1,007 $     — $     2,976 $     7 $     3,983 $     7
U.S. government agencies — — 33,472 347 33,472 347
Total $ 1,007 $ — $ 36,448 $ 354 $ 37,455 $ 354
   
December 31, 2018  
Less than 12 months   12 months or more   Total  
 Estimated Unrealized Estimated Unrealized Estimated Unrealized
(In thousands)    Fair Value Losses Fair Value Losses   Fair Value Losses
State and political subdivisions $ 91,248 $ 556 $ 60,546 $ 1,250 $ 151,794 $ 1,806
U.S. government agencies 30,409 130 38,005 1,287 68,414 1,417
Total $ 121,657 $ 686 $ 98,551 $ 2,537 $ 220,208 $ 3,223

There were 17 securities, or 6% of the total (15 greater than 12 months), in an unrealized loss position as of June 30, 2019. There were 136 securities, or 43% of the total (61 greater than 12 months), in an unrealized loss position as of December 31, 2018. All unrealized losses were reviewed to determine whether the losses were other than temporary. Management believes that all unrealized losses are temporary since they were market driven, and it is more likely than not that the Company will not be required to sell prior to recovery of the amortized basis.

The amortized cost and fair value of investment securities by contractual maturity are shown in the following table. Expected maturities may differ from contractual maturities because borrowers have the right to prepay obligations with or without prepayment penalties.

    June 30, 2019
(In thousands)   Amortized Cost   Fair Value
Due in 1 year or less      $     25,149      $     25,232
Due after 1 year through 5 years     114,928     116,965
Due after 5 years through 10 years     236,912     247,152
Due after 10 years     46,021     46,042
Total   $ 423,010   $ 435,391

Proceeds from sales of investment securities classified as available-for-sale were $3,547,000 and $48,977,000 for the three months ended June 30, 2019 and 2018, respectively, and were $4,648,000 and $58,520,000 for the six months ended June 30, 2019 and 2018, respectively. Gross realized gains were $8,000 for the three months ended June 30, 2019 compared to gross realized losses of $55,000 for the three months ended June 30, 2018. Gross realized gains were $19,000 for the six months ended June 30, 2019 compared to gross realized losses of $42,000 for the six months ended June 30, 2018. There were no securities pledged to secure public deposits and for other purposes at June 30, 2019.