SECURITIES

Amortized cost and estimated fair value of securities available for sale are as follows (in thousands):



	June 30, 2019
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
Obligations of U.S. Government and U.S. Government sponsored enterprises	$	4,999	$	—	$	4	$	4,995
Mortgage-backed securities, residential	200,665		1,101		1,378		200,388
Obligations of states and political subdivisions	45,194		1,227		5		46,416
Corporate bonds and notes	249		1		—		250
SBA loan pools	17,124		148		35		17,237
Total	$	268,231	$	2,477	$	1,422	$	269,286



	December 31, 2018
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
Obligations of U.S. Government and U.S. Government sponsored enterprises	$	5,489	$	10	$	27	$	5,472
Mortgage-backed securities, residential	189,111		146		6,065		183,192
Obligations of states and political subdivisions	44,390		70		308		44,152
Corporate bonds and notes	249		—		2		247
SBA loan pools	9,257		—		62		9,195
Total	$	248,496	$	226	$	6,464	$	242,258

Amortized cost and estimated fair value of securities held to maturity are as follows (in thousands):



	June 30, 2019
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
Obligations of states and political subdivisions	$	1,750	$	—	$	—	$	1,750
Time deposits with other financial institutions	2,340		9		—		2,349
Total	$	4,090	$	9	$	—	$	4,099



	December 31, 2018
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
Obligations of states and political subdivisions	$	3,020	$	—	$	—	$	3,020
Time deposits with other financial institutions	1,855		—		17		1,838
Total	$	4,875	$	—	$	17	$	4,858

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):



	June 30, 2019
	Available for Sale				Held to Maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Within one year	$	8,167	$	8,169	$	1,928	$	1,926
After one, but within five years	6,465		6,609		2,162		2,173
After five, but within ten years	34,706		35,759		—		—
After ten years	1,104		1,124		—		—
	50,442		51,661		4,090		4,099
Mortgage-backed securities, residential	200,665		200,388		—		—
SBA loan pools	17,124		17,237		—		—
Total	$	268,231	$	269,286	$	4,090	$	4,099

The proceeds from sales and calls of securities resulting in gains or losses for the three months ended June 30, 2019 and 2018 are listed below (in thousands):



	2019			2018
Proceeds	$	15,200		$	—
Gross gains	79			—
Gross losses	(60		)	—
Tax expense	5			—

The proceeds from sales and calls of securities resulting in gains or losses for the six months ended June 30, 2019 and 2018 are listed below (in thousands):



	2019			2018
Proceeds	$	15,200		$	—
Gross gains	79			—
Gross losses	(60		)	—
Tax expense	5			—

The following tables summarize the investment securities available for sale with unrealized losses at June 30, 2019 and December 31, 2018 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
June 30, 2019	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Obligations of U.S. Government and U.S. Government sponsored enterprises	$	—	$	—	$	4,995	$	4	$	4,995	$	4
Mortgage-backed securities, residential	—		—		133,078		1,378		133,078		1,378
Obligations of states and political subdivisions	480		1		323		4		803		5
SBA loan pools	—		—		1,540		35		1,540		35
Total temporarily impaired securities	$	480	$	1	$	139,936	$	1,421	$	140,416	$	1,422



	Less than 12 months				12 months or longer				Total
December 31, 2018	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Obligations of U.S. Government and U.S. Government sponsored enterprises	$	—	$	—	$	4,969	$	27	$	4,969	$	27
Mortgage-backed securities, residential	—		—		171,481		6,065		171,481		6,065
Obligations of states and political subdivisions	10,868		38		21,345		270		32,213		308
Corporate bonds and notes	247		2		—		—		247		2
SBA loan pools	5,985		17		3,210		45		9,195		62
Total temporarily impaired securities	$	17,100	$	57	$	201,005	$	6,407	$	218,105	$	6,464

Other-Than-Temporary Impairment

As of June 30, 2019, the majority of the Corporation’s unrealized losses in the investment securities portfolio related to mortgage-backed securities. At June 30, 2019, 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 June 30, 2019.

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.