6. Securities

The amortized cost, gross unrealized gains and losses, and fair value of securities available for sale were as follows:



	March 31, 2017
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In Thousands)
Available for Sale:
U.S. Treasury securities	$	2,004	$	-	$	(8)	$	1,996
States and political subdivisions		126,756		1,071		(2,627)		125,200
Corporate obligations		10,208		41		(142)		10,107
Mortgage-backed securities-
government sponsored entities		162,031		26		(3,981)		158,076
Total debt securities		300,999		1,138		(6,758)		295,379
Equity securities-financial services		310		112		-		422
	$	301,309	$	1,250	$	(6,758)	$	295,801



	December 31, 2016
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value

	(In Thousands)
Available for Sale:
U.S. Treasury securities	$	2,005	$	-	$	(8)	$	1,997
States and political subdivisions		127,585		884		(3,368)		125,101
Corporate obligations		10,255		37		(180)		10,112
Mortgage-backed securities-government
sponsored entities		169,124		26		(4,220)		164,930
Total debt securities		308,969		947		(7,776)		302,140
Equity securities-financial services		320		104		-		424
	$	309,289	$	1,051	$	(7,776)	$	302,564

The following tables show the Company’s investments’ gross unrealized losses and fair value aggregated by length of time that individual securities have been in a continuous unrealized loss position (in thousands):



	March 31, 2017
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury securities	$	1,996	$	(8)	$	-	$	-	$	1,996	$	(8)
States and political subdivisions		86,377		(2,623)		207		(4)		86,584		(2,627)
Corporate obligations		6,903		(142)		-		-		6,903		(142)
Mortgage-backed securities-government sponsored entities		146,400		(3,701)		9,458		(280)		155,858		(3,981)
	$	241,676	$	(6,474)	$	9,665	$	(284)	$	251,341	$	(6,758)



	December 31, 2016
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury securities	$	1,997	$	(8)	$	-	$	-	$	1,997	$	(8)
States and political subdivisions		90,109		(3,362)		205		(6)		90,314		(3,368)
Corporate obligations		6,895		(180)		-		-		6,895		(180)
Mortgage-backed securities-government sponsored entities		152,614		(3,912)		9,967		(308)		162,581		(4,220)
	$	251,615	$	(7,462)	$	10,172	$	(314)	$	261,787	$	(7,776)

At March 31, 2017, the Company has 224 debt securities in an unrealized loss position in the less than twelve months category and 12 debt securities in the twelve months or more category. In Management’s opinion the unrealized losses reflect changes in interest rates subsequent to the acquisition of specific securities. No other-than-temporary-impairment charges were recorded in 2017. Management believes that all unrealized losses represent temporary impairment of the securities as the Company does not have the intent to sell the securities and it is more likely than not that it will not have to sell the securities before recovery of its cost basis.

The amortized cost and fair value of debt securities as of March 31, 2017 by contractual maturity are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to prepay obligations with or without call or prepayment penalties.



	Available for Sale
	Amortized Cost		Fair Value
		(In Thousands)

Due in one year or less	$	4,335	$	4,328
Due after one year through five years		22,084		21,967
Due after five years through ten years		48,768		47,348
Due after ten years		63,781		63,660

Mortgage-backed securities-government sponsored agencies		162,031		158,076
	$	300,999	$	295,379

Gross realized gains and gross realized losses on sales of securities available for sale were as follows (in thousands):



	Three Months
	Ended March 31,
	2017		2016
Gross realized gains	$	12	$	64
Gross realized losses		(6)		-
Net realized gain	$	6	$	64
Proceeds from sales of securities	$	4	$	15,284

Securities with a carrying value of $230,852,000 and $102,875,000 at March 31, 2017 and 2016, respectively, were pledged to secure public deposits, securities sold under agreements to repurchase and for other purposes as required or permitted by law. The increase reflects pledging requirements resulting from the acquisition of Delaware Bancshares, Inc. (“Delaware”).