2. INVESTMENT SECURITIES

A summary of amortized cost and approximate fair value of investment securities available for sale included in the consolidated statements of condition as of September 30, 2018 and December 31, 2017 follows:

	September 30, 2018
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
(In thousands)	Cost		Gains		Losses			Value
U.S. government-sponsored agencies	$	101,646	$	3	$	(2,391	)	$	99,258
Mortgage-backed securities –residential		249,011		228		(5,343	)		243,896
SBA pool securities		4,229		—		(47	)		4,182
State and political subdivisions		18,343		27		(197	)		18,173
Corporate bond		3,000		45		—			3,045
Total	$	376,229	$	303	$	(7,978	)	$	368,554

	December 31, 2017
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
(In thousands)	Cost		Gains		Losses			Value
U.S. government-sponsored agencies	$	44,476	$	—	$	(775	)	$	43,701
Mortgage-backed securities – residential		244,913		583		(2,380	)		243,116
SBA pool securities		5,262		—		(57	)		5,205
State and political subdivisions		24,910		87		(129	)		24,868
Corporate bond		3,000		82		—			3,082
Single-issuer trust preferred security		2,999		—		(162	)		2,837
CRA investment fund		5,000		—		(176	)		4,824
Total	$	330,560	$	752	$	(3,679	)	$	327,633

The following tables present the Company’s available for sale securities in a continuous unrealized loss position and the approximate fair value of these investments as of September 30, 2018 and December 31, 2017.

	September 30, 2018
	Duration of Unrealized Loss
	Less Than 12 Months					12 Months or Longer					Total
	Approximate					Approximate					Approximate
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
(In thousands)	Value		Losses			Value		Losses			Value		Losses
U.S. government-sponsored agencies	$	53,581	$	(1,100	)	$	35,699	$	(1,291	)	$	89,280	$	(2,391	)
Mortgage-backed securities-residential		130,938		(2,033	)		94,037		(3,310	)		224,975		(5,343	)
SBA pool securities		—		—			4,182		(47	)		4,182		(47	)
State and political subdivisions		1,727		(4	)		7,258		(193	)		8,985		(197	)
Total	$	186,246	$	(3,137	)	$	141,176	$	(4,841	)	$	327,422	$	(7,978	)

	December 31, 2017
	Duration of Unrealized Loss
	Less Than 12 Months					12 Months or Longer					Total
	Approximate					Approximate					Approximate
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
(In thousands)	Value		Losses			Value		Losses			Value		Losses
U.S. government-sponsored agencies	$	32,166	$	(317	)	$	11,535	$	(458	)	$	43,701	$	(775	)
Mortgage-backed securities-residential		116,774		(1,000	)		71,646		(1,380	)		188,420		(2,380	)
SBA pool securities		—		—			5,205		(57	)		5,205		(57	)
State and political subdivisions		5,628		(97	)		3,760		(32	)		9,388		(129	)
Single-issuer trust preferred security		—		—			2,837		(162	)		2,837		(162	)
CRA investment fund		—		—			4,824		(176	)		4,824		(176	)
Total	$	154,568	$	(1,414	)	$	99,807	$	(2,265	)	$	254,375	$	(3,679	)

Management believes that the unrealized losses on investment securities available for sale are temporary and are due to interest rate fluctuations and/or volatile market conditions rather than the creditworthiness of the issuers. As of September 30, 2018, the Company does not intend to sell these securities nor is it likely that it will be required to sell the securities before their anticipated recovery; therefore, none of the securities in an unrealized loss position were determined to be other-than-temporarily impaired.

During the first quarter of 2018, the Company adopted ASU 2016-01 “Financial Instruments” which resulted in the reclassification of the Company’s investment in the CRA investment fund from available for sale to equity securities, which resulted in a loss of $37 thousand and $151 thousand for the three months and nine months ended September 30, 2018. This amount is included in securities losses on the Consolidated Statements of Income.