(3) Securities

The amortized cost and fair market value of available for sale securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive loss were as follows:

March 31, 2018	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury securities and obligations of U.S. government agencies	$	29,989	$	89	$	(281	)	$	29,797
Obligations of states and political subdivisions		115,754		2,570		(661	)		117,663
Mortgage-backed securities in government sponsored entities		87,832		279		(1,529	)		86,582
Total debt securities	$	233,575	$	2,938	$	(2,471	)	$	234,042

December 31, 2017	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury securities and obligations of U.S. government agencies	$	30,450	$	100	$	(192	)	$	30,358
Obligations of states and political subdivisions		114,002		4,226		(172	)		118,056
Mortgage-backed securities in government sponsored entities		82,098		408		(690	)		81,816
Total debt securities	$	226,550	$	4,734	$	(1,054	)	$	230,230

The amortized cost and fair value of securities at March 31, 2018, by contractual maturity, is shown below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Securities not due at a single maturity date, primarily mortgage-backed securities and equity securities are shown separately.

Available for sale	Amortized Cost		Fair Value
Due in one year or less	$	13,831	$	13,776
Due after one year through five years		22,569		22,474
Due after five years through ten years		31,666		32,835
Due after ten years		77,677		78,375
Mortgage-backed securities		87,832		86,582
Total securities available for sale	$	233,575	$	234,042

No proceeds from sales of securities, gross realized gains and gross realized losses were recorded for the three months ended March 31, 2018 and 2017.

Securities were pledged to secure public deposits, other deposits and liabilities as required by law. The carrying value of pledged securities was approximately $127,808 and $122,862 as of March 31, 2018 and December 31, 2017, respectively.

Securities with unrealized losses at March 31, 2018 and December 31, 2017 not recognized in income are as follows:

March 31, 2018	12 Months or less					More than 12 months					Total
Description of Securities	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
U.S. Treasury securities and obligations of U.S. government agencies	$	17,342	$	(158	)	$	9,438	$	(123	)	$	26,780	$	(281	)
Obligations of states and political subdivisions		27,137		(410	)		7,168		(251	)		34,305		(661	)
Mortgage-backed securities in gov’t sponsored entities		50,236		(807	)		20,926		(722	)		71,162		(1,529	)
Total temporarily impaired	$	94,715	$	(1,375	)	$	37,532	$	(1,096	)	$	132,247	$	(2,471	)

December 31, 2017	12 Months or less					More than 12 months					Total
Description of Securities	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
U.S. Treasury securities and obligations of U.S. government agencies	$	20,449	$	(100	)	$	6,617	$	(92	)	$	27,066	$	(192	)
Obligations of states and political subdivisions		4,057		(41	)		7,309		(131	)		11,366		(172	)
Mortgage-backed securities in gov’t sponsored entities		29,534		(195	)		22,199		(495	)		51,733		(690	)
Total temporarily impaired	$	54,040	$	(336	)	$	36,125	$	(718	)	$	90,165	$	(1,054	)

At March 31, 2018, there were one hundred twenty-two securities in the portfolio with unrealized losses mainly due to higher market rates when compared to the time of purchase. Unrealized losses on securities have not been recognized into income because the issuers’ securities are of high credit quality, management has the intent and ability to hold these securities for the foreseeable future, and the decline in fair value is largely due to market yields increasing. The fair value is expected to recover as the securities approach their maturity date or reset date. The Company does not intend to sell until recovery and does not believe selling will be required before recovery.

The following table presents the net gains and losses on equity investments recognized in earnings at March 31, 2018, and the portion of unrealized gains and losses for the period that relates to equity investments held at March 31, 2018:

Net gains (losses) recognized in equity securities during the period	$	40
Less: Net gains (losses) realized on the sale of equity securities during the period		—
Unrealized gains (losses) recognized in equity securities held at reporting date	$	40