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INVESTMENT SECURITIES (Tables)
 12 Months Ended
Dec. 31, 2017
INVESTMENT SECURITIES [Abstract]  
Summary of amortized cost and fair value of investment securities
The amortized cost, gross unrealized gains and losses, and fair value of investment securities at December 31, 2017 and 2016 were as follows (in thousands):
 
     
Gross
  
Gross
    
  
Amortized
  
Unrealized
  
Unrealized
  
Fair
 
2017
 
Cost
  
Gains
  
Losses
  
Value
 
Available-for-sale securities:
            
  U.S. Agency securities
 
$
99,454
  
$
26
  
$
(593
)
 
$
98,887
 
  U.S. Treasuries
  
28,782
   
-
   
(178
)
  
28,604
 
  Obligations of state and
                
    political subdivisions
  
78,409
   
820
   
(139
)
  
79,090
 
  Corporate obligations
  
3,000
   
83
   
-
   
3,083
 
  Mortgage-backed securities in
                
    government sponsored entities
  
45,385
   
19
   
(377
)
  
45,027
 
  Equity securities in financial institutions
  
92
   
-
   
(1
)
  
91
 
Total available-for-sale securities
 
$
255,122
  
$
948
  
$
(1,288
)
 
$
254,782
 
                 
     
Gross
  
Gross
    
  
Amortized
  
Unrealized
  
Unrealized
  
Fair
 
2016
 
Cost
  
Gains
  
Losses
  
Value
 
Available-for-sale securities:
            
  U.S. Agency securities
 
$
170,276
  
$
407
  
$
(269
)
 
$
170,414
 
  U.S. Treasuries
  
2,999
   
1
   
-
   
3,000
 
  Obligations of state and
                
    political subdivisions
  
95,956
   
1,463
   
(493
)
  
96,926
 
  Corporate obligations
  
3,000
   
50
   
-
   
3,050
 
  Mortgage-backed securities in
                
    government sponsored entities
  
37,987
   
88
   
(347
)
  
37,728
 
  Equity securities in financial institutions
  
1,821
   
1,078
   
-
   
2,899
 
Total available-for-sale securities
 
$
312,039
  
$
3,087
  
$
(1,109
)
 
$
314,017
 
Unrealized losses and fair value of investments
 
The following table shows the Company's gross unrealized losses and fair value, aggregated by investment category and length of time, that the individual securities have been in a continuous unrealized loss position, at December 31, 2017 and 2016 (in thousands).  As of December 31, 2017, the Company owned 122 securities whose fair value was less than their cost basis.
 
 
 
Less than Twelve Months
  
Twelve Months or Greater
  
Total
 
     
Gross
     
Gross
     
Gross
 
  
Fair
  
Unrealized
  
Fair
  
Unrealized
  
Fair
  
Unrealized
 
2017
 
Value
  
Losses
  
Value
  
Losses
  
Value
  
Losses
 
U.S. Agency securities
 
$
74,952
  
$
(421
)
 
$
16,928
  
$
(172
)
 
$
91,880
  
$
(593
)
U.S. Treasuries
  
28,604
   
(178
)
  
-
   
-
   
28,604
   
(178
)
Obligations of states and
                        
     political subdivisions
  
14,885
   
(85
)
  
5,958
   
(54
)
  
20,843
   
(139
)
Mortgage-backed securities in
                        
     government sponsored entities
  
27,154
   
(190
)
  
13,822
   
(187
)
  
40,976
   
(377
)
  Equity securities in financial institutions
  
91
   
(1
)
  
-
   
-
   
91
   
(1
)
    Total securities
 
$
145,686
  
$
(875
)
 
$
36,708
  
$
(413
)
 
$
182,394
  
$
(1,288
)
                         
2016
                        
U.S. Agency securities
 
$
50,947
  
$
(269
)
 
$
-
  
$
-
  
$
50,947
  
$
(269
)
Obligations of states and
                        
     political subdivisions
  
28,398
   
(472
)
  
767
   
(21
)
  
29,165
   
(493
)
Mortgage-backed securities in
                        
     government sponsored entities
  
26,717
   
(330
)
  
753
   
(17
)
  
27,470
   
(347
)
    Total securities
 
$
106,062
  
$
(1,071
)
 
$
1,520
  
$
(38
)
 
$
107,582
  
$
(1,109
)
 
Gross gains and losses on available-for-sale securities
Gross gains and gross losses were realized as follows (in thousands):
 
 
2017
  
2016
  
2015
 
Gross gains
 
$
1,205
  
$
312
  
$
440
 
Gross losses
  
(170
)
  
(57
)
  
(11
)
Net (losses) gains
 
$
1,035
  
$
255
  
$
429
 
 
Summary of amortized cost and fair value of debt securities by contractual maturity
The amortized cost and fair value of debt securities at December 31, 2017, by contractual maturity are shown below (in thousands). Municipal securities that have been refunded and will therefore pay-off on the call date are reflected in the table below utilizing the call date as the date of repayment as payment is guaranteed on that day:
  
Amortized
    
 
 
Cost
  
Fair Value
 
Available-for-sale securities:
      
  Due in one year or less
 
$
45,328
  
$
45,369
 
  Due after one year through five years
  
118,597
   
118,331
 
  Due after five years through ten years
  
31,687
   
31,676
 
  Due after ten years
  
59,418
   
59,315
 
Total
 
$
255,030
  
$
254,691