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SECURITIES | 9 Months Ended
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Sep. 30, 2018
Investments, Debt and Equity Securities [Abstract] |
SECURITIES | SECURITIES Amortized cost and estimated fair value of securities available for sale are as follows (in thousands):
|  | September 30, 2018
|  | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Estimated Fair Value
Obligations of U.S. Government and U.S. Government sponsored enterprises |  | $ | 10,487 |  |  | $ | 8 |  |  | $ | 42 |  |  | $ | 10,453 |
Mortgage-backed securities, residential |  | 196,977 |  |  | 58 |  |  | 10,258 |  |  | 186,777 |
Obligations of states and political subdivisions |  | 46,544 |  |  | 17 |  |  | 1,016 |  |  | 45,545 |
Corporate bonds and notes |  | 249 |  |  | 1 |  |  | — |  |  | 250 |
SBA loan pools |  | 3,494 |  |  | — |  |  | 46 |  |  | 3,448 |
Total |  | $ | 257,751 |  |  | $ | 84 |  |  | $ | 11,362 |  |  | $ | 246,473 |
|  | December 31, 2017
|  | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Estimated Fair Value
Obligations of U.S. Government and U.S. Government sponsored enterprises |  | $ | 15,492 |  |  | $ | 20 |  |  | $ | 21 |  |  | $ | 15,491 |
Mortgage-backed securities, residential |  | 224,939 |  |  | 136 |  |  | 5,166 |  |  | 219,909 |
Obligations of states and political subdivisions |  | 52,928 |  |  | 355 |  |  | 151 |  |  | 53,132 |
Corporate bonds and notes |  | 249 |  |  | 2 |  |  | — |  |  | 251 |
SBA loan pools |  | 4,339 |  |  | 1 |  |  | 32 |  |  | 4,308 |
Total |  | $ | 297,947 |  |  | $ | 514 |  |  | $ | 5,370 |  |  | $ | 293,091 |
Amortized cost and estimated fair value of securities held to maturity are as follows (in thousands):
|  | September 30, 2018
|  | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Estimated Fair Value
Obligations of states and political subdivisions |  | $ | 2,123 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,123 |
Time deposits with other financial institutions |  | 2,080 |  |  | — |  |  | 13 |  |  | 2,067 |
Total |  | $ | 4,203 |  |  | $ | — |  |  | $ | 13 |  |  | $ | 4,190 |
|  | December 31, 2017
|  | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Estimated Fair Value
Obligations of states and political subdivisions |  | $ | 1,946 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,946 |
Time deposits with other financial institutions |  | 1,835 |  |  | — |  |  | 5 |  |  | 1,830 |
Total |  | $ | 3,781 |  |  | $ | — |  |  | $ | 5 |  |  | $ | 3,776 |
The amortized cost and estimated fair value of debt securities are shown below by expected maturity. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately (in thousands):
|  | September 30, 2018
|  | Available for Sale |  | Held to Maturity
|  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Within one year |  | $ | 16,284 |  |  | $ | 16,241 |  |  | $ | 1,785 |  |  | $ | 1,781 |
After one, but within five years |  | 15,932 |  |  | 15,728 |  |  | 2,185 |  |  | 2,176 |
After five, but within ten years |  | 24,580 |  |  | 23,831 |  |  | 233 |  |  | 233 |
After ten years |  | 484 |  |  | 448 |  |  | — |  |  | — |
|  | 57,280 |  |  | 56,248 |  |  | 4,203 |  |  | 4,190 |
Mortgage-backed securities, residential |  | 196,977 |  |  | 186,777 |  |  | — |  |  | — |
SBA loan pools |  | 3,494 |  |  | 3,448 |  |  | — |  |  | — |
Total |  | $ | 257,751 |  |  | $ | 246,473 |  |  | $ | 4,203 |  |  | $ | 4,190 |
The proceeds from sales and calls of securities resulting in gains or losses for the three months ended September 30, 2018 and 2017 are listed below (in thousands):
|  | 2018 |  | 2017
Proceeds |  | $ | — |  |  | $ | 545 |
Gross gains |  | — |  |  | — |
Tax expense |  | — |  |  | — |
The proceeds from sales and calls of securities resulting in gains or losses for the nine months ended September 30, 2018 and 2017 are listed below (in thousands):
|  | 2018 |  | 2017
Proceeds |  | $ | — |  |  | $ | 1,620 |
Gross gains |  | — |  |  | 12 |
Tax expense |  | — |  |  | 4 |
The following tables summarize the investment securities available for sale with unrealized losses at September 30, 2018 and December 31, 2017 by aggregated major security type and length of time in a continuous unrealized loss position (in thousands):
| Less than 12 months |  | 12 months or longer |  | Total
September 30, 2018 | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Obligations of U.S. Government and U.S. Government sponsored enterprises | $ | 9,953 |  |  | $ | 42 |  |  | $ | — |  |  | $ | — |  |  | $ | 9,953 |  |  | $ | 42 |
Mortgage-backed securities, residential | 11,248 |  |  | 448 |  |  | 173,420 |  |  | 9,810 |  |  | 184,668 |  |  | 10,258 |
Obligations of states and political subdivisions | 38,405 |  |  | 746 |  |  | 4,250 |  |  | 270 |  |  | 42,655 |  |  | 1,016 |
SBA loan pools | 214 |  |  | 1 |  |  | 3,234 |  |  | 45 |  |  | 3,448 |  |  | 46 |
Total temporarily impaired securities | $ | 59,820 |  |  | $ | 1,237 |  |  | $ | 180,904 |  |  | $ | 10,125 |  |  | $ | 240,724 |  |  | $ | 11,362 |
| Less than 12 months |  | 12 months or longer |  | Total
December 31, 2017 | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Obligations of U.S. Government and U.S. Government sponsored enterprises | $ | 14,982 |  |  | $ | 21 |  |  | $ | — |  |  | $ | — |  |  | $ | 14,982 |  |  | $ | 21 |
Mortgage-backed securities, residential | 83,562 |  |  | 1,013 |  |  | 131,165 |  |  | 4,153 |  |  | 214,727 |  |  | 5,166 |
Obligations of states and political subdivisions | 20,526 |  |  | 133 |  |  | 271 |  |  | 18 |  |  | 20,797 |  |  | 151 |
SBA loan pools | 3,937 |  |  | 32 |  |  | — |  |  | — |  |  | 3,937 |  |  | 32 |
Total temporarily impaired securities | $ | 123,007 |  |  | $ | 1,199 |  |  | $ | 131,436 |  |  | $ | 4,171 |  |  | $ | 254,443 |  |  | $ | 5,370 |
Other-Than-Temporary Impairment As of September 30, 2018, the majority of the Corporation’s unrealized losses in the investment securities portfolio related to mortgage-backed securities. At September 30, 2018, all of the unrealized losses related to mortgage-backed securities were issued by U.S. government sponsored entities, Fannie Mae and Freddie Mac. Because the decline in fair value is attributable to changes in interest rates and not credit quality, and because it is not likely that the Corporation will be required to sell these securities before their anticipated recovery, the Corporation does not consider these securities to be other-than-temporarily impaired at September 30, 2018. Equity Investments Beginning January 1, 2018, upon adoption of ASU 2016-01, equity securities with readily determinable fair values are stated at fair value with realized and unrealized gains and losses reported in the consolidated statement of income. For periods prior to adoption, equity investments were classified as available-for-sale and stated at fair value with unrealized gains and losses reports as a separate component of accumulated other comprehensive income, net of tax. The Corporation recognized a change in fair value of equity investments of $2.1 million during the three and nine month period ending September 30, 2018, primarily related to the sale of Visa Class B shares during the third quarter of 2018.

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