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INVESTMENT SECURITIES (Tables)
 12 Months Ended
Dec. 31, 2018
INVESTMENT SECURITIES [Abstract]  
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, 2018 and 2017 were as follows (in thousands):
     
Gross
  
Gross
    
  
Amortized
  
Unrealized
  
Unrealized
  
Fair
 
December 31, 2018
 
Cost
  
Gains
  
Losses
  
Value
 
Available-for-sale securities:
            
  U.S. Agency securities
 
$
106,516
  
$
509
  
$
(640
)
 
$
106,385
 
  U.S. Treasuries
  
33,813
   
-
   
(455
)
  
33,358
 
  Obligations of state and
                
    political subdivisions
  
52,074
   
150
   
(177
)
  
52,047
 
  Corporate obligations
  
3,000
   
34
   
-
   
3,034
 
  Mortgage-backed securities in
                
    government sponsored entities
  
46,839
   
59
   
(712
)
  
46,186
 
Total available-for-sale securities
 
$
242,242
  
$
752
  
$
(1,984
)
 
$
241,010
 

     
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
 
                 
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, 2018 and 2017 (in thousands).  As of December 31, 2018, the Company owned 110 securities each of  whose fair value was less than its cost basis.
 
 
Less than Twelve Months
  
Twelve Months or Greater
  
Total
 
     
Gross
     
Gross
     
Gross
 
  
Fair
  
Unrealized
  
Fair
  
Unrealized
  
Fair
  
Unrealized
 
2018
 
Value
  
Losses
  
Value
  
Losses
  
Value
  
Losses
 
U.S. agency securities
 
$
5,981
  
$
(5
)
 
$
52,673
  
$
(635
)
 
$
58,654
  
$
(640
)
U.S. Treasuries
  
4,948
   
(31
)
  
28,410
   
(424
)
  
33,358
   
(455
)
Obligations of states and
                        
     political subdivisions
  
8,979
   
(22
)
  
12,441
   
(155
)
  
21,420
   
(177
)
Mortgage-backed securities in
                        
     government sponsored entities
  
5,272
   
(18
)
  
32,570
   
(694
)
  
37,842
   
(712
)
    Total securities
 
$
25,180
  
$
(76
)
 
$
126,094
  
$
(1,908
)
 
$
151,274
  
$
(1,984
)
 
                        
2017
                        
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
)
Gross Gains and Losses on Available-for-sale Securities
Gross gains and gross losses were realized as follows on available for sale securities (in thousands):
 
 
2018
  
2017
  
2016
 
Gross gains
 
$
160
  
$
1,205
  
$
312
 
Gross losses
  
(179
)
  
(170
)
  
(57
)
Net (losses) gains
 
$
(19
)
 
$
1,035
  
$
255
 
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity
The amortized cost and fair value of debt securities at December 31, 2018, by contractual maturity are shown below (in thousands).

  
Amortized
    
 
 
Cost
  
Fair Value
 
Available-for-sale securities:
      
  Due in one year or less
 
$
23,212
  
$
23,138
 
  Due after one year through five years
  
111,439
   
110,666
 
  Due after five years through ten years
  
55,904
   
55,838
 
  Due after ten years
  
51,687
   
51,368
 
Total
 
$
242,242
  
$
241,010