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2. Investment Securities | 6 Months Ended
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Jun. 30, 2017
Investments, Debt and Equity Securities [Abstract] |
2. Investment Securities | Investment securities available for sale at June 30, 2017 and December 31, 2016 are as follows:
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  |
|  | June 30, 2017
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value
Mortgage-backed securities |  | $ | 59,302 |  |  |  | 1,257 |  |  |  | 182 |  |  |  | 60,377
U.S. Government |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
sponsored enterprises |  |  | 39,254 |  |  |  | 402 |  |  |  | 29 |  |  |  | 39,627
State and political subdivisions |  |  | 133,298 |  |  |  | 6,252 |  |  |  | 20 |  |  |  | 139,530
Corporate bonds |  |  | 1,500 |  |  |  | 36 |  |  |  | - |  |  |  | 1,536
Trust preferred securities |  |  | 250 |  |  |  | - |  |  |  | - |  |  |  | 250
Total |  | $ | 233,604 |  |  |  | 7,947 |  |  |  | 231 |  |  |  | 241,320
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | December 31, 2016
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value
Mortgage-backed securities |  | $ | 66,654 |  |  |  | 1,221 |  |  |  | 290 |  |  |  | 67,585
U.S. Government |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
sponsored enterprises |  |  | 38,188 |  |  |  | 308 |  |  |  | 274 |  |  |  | 38,222
State and political subdivisions |  |  | 137,832 |  |  |  | 4,176 |  |  |  | 152 |  |  |  | 141,856
Corporate bonds |  |  | 1,500 |  |  |  | 33 |  |  |  | - |  |  |  | 1,533
Trust preferred securities |  |  | 750 |  |  |  | - |  |  |  | - |  |  |  | 750
Total |  | $ | 244,924 |  |  |  | 5,738 |  |  |  | 716 |  |  |  | 249,946
The current fair value and associated unrealized losses on investments in securities with unrealized losses at June 30, 2017 and December 31, 2016 are summarized in the tables below, with the length of time the individual securities have been in a continuous loss position.
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | June 30, 2017
|  | Less than 12 Months |  |  | 12 Months or More |  |  | Total
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses
Mortgage-backed securities |  | $ | 14,513 |  |  |  | 182 |  |  |  | - |  |  |  | - |  |  |  | 14,513 |  |  |  | 182
U.S. Government |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
sponsored enterprises |  |  | - |  |  |  | - |  |  |  | 11,567 |  |  |  | 29 |  |  |  | 11,567 |  |  |  | 29
State and political subdivisions |  |  | 1,037 |  |  |  | 4 |  |  |  | 570 |  |  |  | 16 |  |  |  | 1,607 |  |  |  | 20
Total |  | $ | 15,550 |  |  |  | 186 |  |  |  | 12,137 |  |  |  | 45 |  |  |  | 27,687 |  |  |  | 231
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | December 31, 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 |  | $ | 15,594 |  |  |  | 290 |  |  |  | - |  |  |  | - |  |  |  | 15,594 |  |  |  | 290
U.S. Government |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
sponsored enterprises |  |  | 10,120 |  |  |  | 94 |  |  |  | 9,562 |  |  |  | 180 |  |  |  | 19,682 |  |  |  | 274
State and political subdivisions |  |  | 10,441 |  |  |  | 123 |  |  |  | 561 |  |  |  | 29 |  |  |  | 11,002 |  |  |  | 152
Total |  | $ | 36,155 |  |  |  | 507 |  |  |  | 10,123 |  |  |  | 209 |  |  |  | 46,278 |  |  |  | 716
At June 30, 2017, unrealized losses in the investment securities portfolio relating to debt securities totaled $231,000. The unrealized losses on these debt securities arose due to changing interest rates and are considered to be temporary. From the June 30, 2017 tables above, 3 out of 163 securities issued by state and political subdivisions contained unrealized losses, 15 out of 78 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 June 30, 2017, 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.
June 30, 2017 |  |  |  |  |
(Dollars in thousands) |  |  |  |  |
|  | Amortized Cost |  |  | Estimated Fair Value
Due within one year |  | $ | 14,885 |  |  |  | 15,051
Due from one to five years |  |  | 93,690 |  |  |  | 97,862
Due from five to ten years |  |  | 56,040 |  |  |  | 58,093
Due after ten years |  |  | 9,437 |  |  |  | 9,687
Mortgage-backed securities |  |  | 59,302 |  |  |  | 60,377
Trust preferred securities |  |  | 250 |  |  |  | 250
Total |  | $ | 233,604 |  |  |  | 241,320
No securities available for sale were sold during the six months ended June 30, 2017. Proceeds from sales of securities available for sale during the six months ended June 30, 2016 were $804,000 and resulted in gross gains of $324,000. Securities with a fair value of approximately $88.4 million and $95.6 million at June 30, 2017 and December 31, 2016, respectively, were pledged to secure public deposits and for other purposes as required by law.

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