SECURITIES

Amortized cost and estimated fair value of securities available for sale are as follows (in thousands):



	March 31, 2019
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
Obligations of U.S. Government and U.S. Government sponsored enterprises	$	5,492	$	9	$	13	$	5,488
Mortgage-backed securities, residential	207,277		283		3,622		203,938
Obligations of states and political subdivisions	47,733		619		20		48,332
Corporate bonds and notes	250		—		1		249
SBA loan pools	8,777		—		63		8,714
Total	$	269,529	$	911	$	3,719	$	266,721



	December 31, 2018
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
Obligations of U.S. Government and U.S. Government sponsored enterprises	$	5,489	$	10	$	27	$	5,472
Mortgage-backed securities, residential	189,111		146		6,065		183,192
Obligations of states and political subdivisions	44,390		70		308		44,152
Corporate bonds and notes	249		—		2		247
SBA loan pools	9,257		—		62		9,195
Total	$	248,496	$	226	$	6,464	$	242,258

Amortized cost and estimated fair value of securities held to maturity are as follows (in thousands):



	March 31, 2019
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
Obligations of states and political subdivisions	$	2,006	$	—	$	—	$	2,006
Time deposits with other financial institutions	1,855		—		4		1,851
Total	$	3,861	$	—	$	4	$	3,857



	December 31, 2018
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
Obligations of states and political subdivisions	$	3,020	$	—	$	—	$	3,020
Time deposits with other financial institutions	1,855		—		17		1,838
Total	$	4,875	$	—	$	17	$	4,858

The amortized cost and estimated fair value of debt securities are shown below by expected maturity. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately (in thousands):



	March 31, 2019
	Available for Sale				Held to Maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Within one year	$	11,600	$	11,592	$	1,866	$	1,863
After one, but within five years	13,500		13,590		1,995		1,994
After five, but within ten years	26,902		27,402		—		—
After ten years	1,473		1,485		—		—
	53,475		54,069		3,861		3,857
Mortgage-backed securities, residential	207,277		203,938		—		—
SBA loan pools	8,777		8,714		—		—
Total	$	269,529	$	266,721	$	3,861	$	3,857

There were no proceeds from sales and calls of securities resulting in gains or losses for the three months ended March 31, 2019 and 2018.

The following tables summarize the investment securities available for sale with unrealized losses at March 31, 2019 and December 31, 2018 by aggregated major security type and length of time in a continuous unrealized loss position (in thousands):



	Less than 12 months				12 months or longer				Total
March 31, 2019	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Obligations of U.S. Government and U.S. Government sponsored enterprises	$	—	$	—	$	4,984	$	13	$	4,984	$	13
Mortgage-backed securities, residential	10,651		—		158,684		3,622		169,335		3,622
Obligations of states and political subdivisions	1,387		—		4,285		20		5,672		20
Corporate bonds and notes	249		1		—		—		249		1
SBA loan pools	5,668		18		3,046		45		8,714		63
Total temporarily impaired securities	$	17,955	$	19	$	170,999	$	3,700	$	188,954	$	3,719



	Less than 12 months				12 months or longer				Total
December 31, 2018	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Obligations of U.S. Government and U.S. Government sponsored enterprises	$	—	$	—	$	4,969	$	27	$	4,969	$	27
Mortgage-backed securities, residential	—		—		171,481		6,065		171,481		6,065
Obligations of states and political subdivisions	10,868		38		21,345		270		32,213		308
Corporate bonds and notes	247		2		—		—		247		2
SBA loan pools	5,985		17		3,210		45		9,195		62
Total temporarily impaired securities	$	17,100	$	57	$	201,005	$	6,407	$	218,105	$	6,464

Other-Than-Temporary Impairment

As of March 31, 2019, the majority of the Corporation’s unrealized losses in the investment securities portfolio related to mortgage-backed securities. At March 31, 2019, all of the unrealized losses related to mortgage-backed securities were issued by U.S. government sponsored entities, Fannie Mae and Freddie Mac. Because the decline in fair value is attributable to changes in interest rates and not credit quality, and because it is not likely that the Corporation will be required to sell these securities before their anticipated recovery, the Corporation does not consider these securities to be other-than-temporarily impaired at March 31, 2019.

Equity Investments

Beginning January 1, 2018, upon adoption of ASU 2016-01, equity securities with readily determinable fair values are stated at fair value with realized and unrealized gains and losses reported in the consolidated statement of income.