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2. Investment Securities | 9 Months Ended
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Sep. 30, 2016
Investments, Debt and Equity Securities [Abstract] |
2. Investment Securities | Investment securities available for sale at September 30, 2016 and December 31, 2015 are as follows:
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  |
|  | September 30, 2016
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value
Mortgage-backed securities |  | $ | 71,359 |  |  |  | 2,083 |  |  |  | 49 |  |  |  | 73,393
U.S. Government |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
sponsored enterprises |  |  | 38,575 |  |  |  | 743 |  |  |  | 240 |  |  |  | 39,078
State and political subdivisions |  |  | 138,672 |  |  |  | 8,481 |  |  |  | 11 |  |  |  | 147,142
Corporate bonds |  |  | 1,505 |  |  |  | 20 |  |  |  | - |  |  |  | 1,525
Trust preferred securities |  |  | 750 |  |  |  | - |  |  |  | - |  |  |  | 750
Equity securities |  |  | 264 |  |  |  | 271 |  |  |  | - |  |  |  | 535
Total |  | $ | 251,125 |  |  |  | 11,598 |  |  |  | 300 |  |  |  | 262,423
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  |
|  | December 31, 2015
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value
Mortgage-backed securities |  | $ | 76,406 |  |  |  | 1,526 |  |  |  | 45 |  |  |  | 77,887
U.S. Government |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
sponsored enterprises |  |  | 38,173 |  |  |  | 399 |  |  |  | 155 |  |  |  | 38,417
State and political subdivisions |  |  | 141,500 |  |  |  | 6,817 |  |  |  | 72 |  |  |  | 148,245
Corporate bonds |  |  | 1,928 |  |  |  | - |  |  |  | 22 |  |  |  | 1,906
Trust preferred securities |  |  | 750 |  |  |  | - |  |  |  | - |  |  |  | 750
Equity securities |  |  | 748 |  |  |  | 577 |  |  |  | - |  |  |  | 1,325
Total |  | $ | 259,505 |  |  |  | 9,319 |  |  |  | 294 |  |  |  | 268,530
The current fair value and associated unrealized losses on investments in securities with unrealized losses at September 30, 2016 and December 31, 2015 are summarized in the tables below, with the length of time the individual securities have been in a continuous loss position.
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | September 30, 2016
|  | Less than 12 Months |  |  | 12 Months or More |  |  | Total
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses
Mortgage-backed securities |  | $ | 5,795 |  |  |  | 49 |  |  |  | - |  |  |  | - |  |  |  | 5,795 |  |  |  | 49
U.S. Government |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
sponsored enterprises |  |  | 7,517 |  |  |  | 66 |  |  |  | 9,685 |  |  |  | 174 |  |  |  | 17,202 |  |  |  | 240
State and political subdivisions |  |  | 426 |  |  |  | 1 |  |  |  | 582 |  |  |  | 10 |  |  |  | 1,008 |  |  |  | 11
Total |  | $ | 13,738 |  |  |  | 116 |  |  |  | 10,267 |  |  |  | 184 |  |  |  | 24,005 |  |  |  | 300
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | December 31, 2015
|  | Less than 12 Months |  |  | 12 Months or More |  |  | Total
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses
Mortgage-backed securities |  | $ | 7,891 |  |  |  | 45 |  |  |  | - |  |  |  | - |  |  |  | 7,891 |  |  |  | 45
U.S. Government |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
sponsored enterprises |  |  | 3,074 |  |  |  | 13 |  |  |  | 10,828 |  |  |  | 142 |  |  |  | 13,902 |  |  |  | 155
State and political subdivisions |  |  | 2,198 |  |  |  | 4 |  |  |  | 3,930 |  |  |  | 68 |  |  |  | 6,128 |  |  |  | 72
Corporate bonds |  |  | 1,500 |  |  |  | 22 |  |  |  | - |  |  |  | - |  |  |  | 1,500 |  |  |  | 22
Total |  | $ | 14,663 |  |  |  | 84 |  |  |  | 14,758 |  |  |  | 210 |  |  |  | 29,421 |  |  |  | 294
At September 30, 2016, unrealized losses in the investment securities portfolio relating to debt securities totaled $300,000. The unrealized losses on these debt securities arose due to changing interest rates and are considered to be temporary. From the September 30, 2016 tables above, two out of 170 securities issued by state and political subdivisions contained unrealized losses, 10 out of 82 securities issued by U.S. Government sponsored enterprises contained unrealized losses, and no securities issued by corporations contained unrealized losses. These unrealized losses are considered temporary because of acceptable financial condition and results of operations of entities that issued each security and the repayment sources of principal and interest on U.S. Government sponsored enterprises, including mortgage-backed securities, are government backed. The amortized cost and estimated fair value of investment securities available for sale at September 30, 2016, by contractual maturity, are shown below. Expected maturities of mortgage-backed securities will differ from contractual maturities because borrowers have the right to call or prepay obligations with or without call or prepayment penalties.
September 30, 2016 |  |  |  |  |
(Dollars in thousands) |  |  |  |  |
|  | Amortized Cost |  |  | Estimated Fair Value
Due within one year |  | $ | 8,444 |  |  |  | 8,500
Due from one to five years |  |  | 76,972 |  |  |  | 81,294
Due from five to ten years |  |  | 83,725 |  |  |  | 87,937
Due after ten years |  |  | 10,361 |  |  |  | 10,764
Mortgage-backed securities |  |  | 71,359 |  |  |  | 73,393
Equity securities |  |  | 264 |  |  |  | 535
Total |  | $ | 251,125 |  |  |  | 262,423
Proceeds from sales of securities available for sale during the nine months ended September 30, 2016 were $804,000 and resulted in gross gains of $324,000. No securities available for sale were sold during the three months ended September 30, 2016, or the three and nine months ended September 30, 2015. Securities with a fair value of approximately $85.2 million and $91.0 million at September 30, 2016 and December 31, 2015, respectively, were pledged to secure public deposits and for other purposes as required by law.

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