Securities

The amortized cost, unrealized gross gains and losses recognized in accumulated other comprehensive income (loss), and fair value of Securities Available-for-Sale were as follows:



Securities Available-for-Sale:	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
2017
Obligations of State and Political Subdivisions	$	267,437	$	6,733	$	(861	)	$	273,309
MBS/CMO – Residential	476,205		416		(9,289		)	467,332
Equity Securities	353		—		—			353
Total	$	743,995	$	7,149	$	(10,150	)	$	740,994

2016
Obligations of State and Political Subdivisions	$	247,350	$	3,847	$	(3,678	)	$	247,519
MBS/CMO - Residential	471,852		480		(10,418		)	461,914
Equity Securities	353		—		—			353
Total	$	719,555	$	4,327	$	(14,096	)	$	709,786

Equity securities that do not have readily determinable fair values are included in the above totals and are evaluated for impairment on a periodic basis. All mortgage-backed securities in the above table are residential mortgage-backed securities and guaranteed by government sponsored entities.

The amortized cost and fair value of Securities at December 31, 2017 by contractual maturity are shown below. Expected maturities may differ from contractual maturities because some issuers have the right to call or prepay certain obligations with or without call or prepayment penalties. Mortgage-backed and Equity Securities are not due at a single maturity date and are shown separately.



	Amortized Cost		Fair Value
Securities Available-for-Sale:
Due in one year or less	$	2,706	$	2,739
Due after one year through five years	23,789		24,531
Due after five years through ten years	78,661		81,215
Due after ten years	162,281		164,824
MBS/CMO - Residential	476,205		467,332
Equity Securities	353		353
Total	$	743,995	$	740,994



	2017		2016		2015
Proceeds from the Sales of Securities are summarized below:	Available- for-Sale		Available- for-Sale		Available- for-Sale

Proceeds from Sales	$	49,459	$	165,102	$	18,999
Gross Gains on Sales	596		1,979		725

Income Taxes on Gross Gains	209		693		254

The carrying value of securities pledged to secure repurchase agreements, public and trust deposits, and for other purposes as required by law was $165,404 and $186,572 as of December 31, 2017 and 2016, respectively.

Below is a summary of securities with unrealized losses as of year-end 2017 and 2016, presented by length of time the securities have been in a continuous unrealized loss position:



	Less than 12 Months					12 Months or More					Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
At December 31, 2017
Obligations of State and Political Subdivisions	$	33,230	$	(237	)	$	24,161	$	(624	)	$	57,391	$	(861	)
MBS/CMO - Residential	172,354		(2,048		)	250,520		(7,241		)	422,874		(9,289		)
Equity Securities	—		—			—		—			—		—
Total	$	205,584	$	(2,285	)	$	274,681	$	(7,865	)	$	480,265	$	(10,150	)



	Less than 12 Months					12 Months or More					Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
At December 31, 2016
Obligations of State and Political Subdivisions	$	108,918	$	(3,678	)	$	—	$	—		$	108,918	$	(3,678	)
MBS/CMO - Residential	356,040		(8,782		)	47,271		(1,636		)	403,311		(10,418		)
Equity Securities	—		—			—		—			—		—
Total	$	464,958	$	(12,460	)	$	47,271	$	(1,636	)	$	512,229	$	(14,096	)

Securities are written down to fair value when a decline in fair value is not considered temporary. In estimating other-than-temporary losses, management considers many factors, including: (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, (3) whether the market decline was affected by macroeconomic conditions, and (4) whether the Company has the intent to sell the debt security or more likely than not will be required to sell the debt security before its anticipated recovery. The Company doesn’t intend to sell or expect to be required to sell these securities, and the decline in fair value is largely due to changes in market interest rates, therefore, the Company does not consider these securities to be other-than-temporarily impaired. All mortgage-backed securities and collateralized mortgages obligations (MBS/CMO - Residential) in the Company’s portfolio are guaranteed by government sponsored entities, are investment grade, and are performing as expected.

The Company’s equity securities consist of one non-controlling investment in a single banking organization at December 31, 2017 and 2016. The original investment totaled $1,350 and other-than-temporary impairment was previously recorded totaling $997. When a decline in fair value below cost is deemed to be other-than-temporary, the unrealized loss must be recognized as a charge to earnings.