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Securities
 9 Months Ended
Sep. 30, 2019
Investments, Debt and Equity Securities [Abstract]  
Securities Securities 

The amortized cost, unrealized gross gains and losses recognized in accumulated other comprehensive income (loss), and fair value of Securities Available-for-Sale at September 30, 2019 and December 31, 2018, were as follows:
Securities Available-for-Sale: 
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
 Fair
Value
 
 
 

 
 

 
 

 
 

September 30, 2019
 
 

 
 

 
 

 
 

Obligations of State and Political Subdivisions
 
$
300,448

 
$
17,028

 
$
(4
)
 
$
317,472

MBS/CMO - Residential
 
528,362

 
5,793

 
(2,182
)
 
531,973

Total
 
$
828,810

 
$
22,821

 
$
(2,186
)
 
$
849,445

 
 
 
 
 
 
 
 
 
December 31, 2018
 
 

 
 

 
 

 
 

Obligations of State and Political Subdivisions
 
$
291,449

 
$
4,407

 
$
(1,323
)
 
$
294,533

MBS/CMO - Residential
 
529,805

 
1,029

 
(12,756
)
 
518,078

Total
 
$
821,254

 
$
5,436

 
$
(14,079
)
 
$
812,611

 
   
All mortgage-backed securities in the above table (identified above and throughout this Note 4 as "MBS/CMO - Residential") are residential mortgage-backed securities and guaranteed by government sponsored entities.

The amortized cost and fair value of securities at September 30, 2019 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 securities are not due at a single maturity date and are shown separately.
Securities Available-for-Sale:
 
Amortized
Cost
 
Fair
Value
 
 
 
 
 
Due in one year or less
 
$
2,633

 
$
2,645

Due after one year through five years
 
18,943

 
19,340

Due after five years through ten years
 
70,048

 
73,503

Due after ten years
 
208,824

 
221,984

MBS/CMO - Residential
 
528,362

 
531,973

Total
 
$
828,810

 
$
849,445

  

Proceeds from the Sales of Securities are summarized below:
 
 
Three Months Ended
 
Three Months Ended
 
 
September 30, 2019
 
September 30, 2018
 
 
 
 
 
Proceeds from Sales
 
$
53,025

 
$
5,404

Gross Gains on Sales
 
313

 
90

Income Taxes on Gross Gains
 
66

 
19

 
 
Nine Months Ended
 
Nine Months Ended
 
 
September 30, 2019
 
September 30, 2018
 
 
 
 
 
Proceeds from Sales
 
$
75,299

 
$
22,919

Gross Gains on Sales
 
984

 
434

Income Taxes on Gross Gains
 
207

 
92

The carrying value of securities pledged to secure repurchase agreements, public and trust deposits, and for other purposes as required by law was $252,264 and $211,239 as of September 30, 2019 and December 31, 2018, respectively.

Below is a summary of securities with unrealized losses as of September 30, 2019 and December 31, 2018, presented by length of time the securities have been in a continuous unrealized loss position:
 
 
Less than 12 Months
 
12 Months or More
 
Total
September 30, 2019
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
 
 
 
 
 
 
 
 
 
 
 
 
Obligations of State and Political Subdivisions
 
$
512

 
$
(4
)
 
$
—

 
$
—

 
$
512

 
$
(4
)
MBS/CMO - Residential
 
62,194

 
(215
)
 
168,306

 
(1,967
)
 
230,500

 
(2,182
)
Total
 
$
62,706

 
$
(219
)
 
$
168,306

 
$
(1,967
)
 
$
231,012

 
$
(2,186
)
 
 
Less than 12 Months
 
12 Months or More
 
Total
December 31, 2018
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
 
 
 
 
 
 
 
 
 
 
 
 
Obligations of State and Political Subdivisions
 
$
37,936

 
$
(286
)
 
$
49,071

 
$
(1,037
)
 
$
87,007

 
$
(1,323
)
MBS/CMO - Residential
 
56,386

 
(601
)
 
356,218

 
(12,155
)
 
412,604

 
(12,756
)
Total
 
$
94,322

 
$
(887
)
 
$
405,289

 
$
(13,192
)
 
$
499,611

 
$
(14,079
)


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 does not 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 mortgage 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 are listed as Other Investments on the Consolidated Balance Sheets and consist of one non-controlling investment in a single banking organization at September 30, 2019 and December 31, 2018. The original investment totaled $1,350 and other-than-temporary impairment was previously recorded totaling $997. The Company's equity securities are considered not to have readily determinable fair value and are carried at cost and evaluated for impairment. At September 30, 2019, there was no additional impairment recognized through earnings.