7. Securities

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



	March 31, 2018
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In Thousands)
Available for Sale:
States and political subdivisions	$	108,850	$	628	$	(2,587)	$	106,891
Corporate obligations		10,020		-		(253)		9,767
Mortgage-backed securities-
government sponsored entities		155,473		21		(6,290)		149,204
Total debt securities	$	274,343	$	649	$	(9,130)	$	265,862



	December 31, 2017
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value

	(In Thousands)
Available for Sale:
U.S. Treasury securities	$	2,001	$	-	$	(3)	$	1,998
States and political subdivisions		120,000		1,535		(1,057)		120,478
Corporate obligations		10,068		16		(95)		9,989
Mortgage-backed securities-government
sponsored entities		152,901		17		(4,262)		148,656
Total debt securities	$	284,970	$	1,568	$	(5,417)	$	281,121

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, 2018
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
States and political subdivisions	$	37,210	$	(849)	$	43,704	$	(1,738)	$	80,914	$	(2,587)
Corporate obligations		2,076		(21)		6,691		(232)		8,767		(253)
Mortgage-backed securities-government sponsored entities		27,364		(631)		119,295		(5,659)		146,659		(6,290)
	$	66,650	$	(1,501)	$	169,690	$	(7,629)	$	236,340	$	(9,130)



	December 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	$	-	$	-	$	1,998	$	(3)	$	1,998	$	(3)
States and political subdivisions		17,310		(228)		44,948		(829)		62,258		(1,057)
Corporate obligations		-		-		6,859		(95)		6,859		(95)
Mortgage-backed securities-government sponsored entities		22,250		(320)		125,846		(3,942)		148,096		(4,262)
	$	39,560	$	(548)	$	179,651	$	(4,869)	$	219,211	$	(5,417)

At March 31, 2018, the Company had 80 debt securities in an unrealized loss position in the less than twelve months category and 160 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 2018. 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, 2018 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	$	3,553	$	3,560
Due after one year through five years		21,918		21,558
Due after five years through ten years		43,127		41,439
Due after ten years		50,272		50,101

Mortgage-backed securities-government sponsored entities		155,473		149,204
	$	274,343	$	265,862

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



	Three Months
	Ended March 31,
	2018		2017
Gross realized gains	$	142	$	12
Gross realized losses		-		(6)
Net realized gain	$	142	$	6
Proceeds from sales of securities	$	10,761	$	4

Securities with a carrying value of $216,435,000 and $230,852,000 at March 31, 2018 and 2017, respectively, were pledged to secure public deposits, securities sold under agreements to repurchase and for other purposes as required or permitted by law.