(3) Securities

The amortized cost and fair market value of available for sale securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive loss were as follows:


March 31, 2017	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury securities and obligations of U.S. government agencies	$	37,037	$	133	$	(72	)	$	37,098
Obligations of states and political subdivisions		100,333		3,569		(429	)		103,473
Mortgage-backed securities in government sponsored entities		81,898		560		(541	)		81,917

Total debt securities		219,268		4,262		(1,042	)		222,488
Equity securities in financial institutions		481		276		—			757

Total	$	219,749	$	4,538	$	(1,042	)	$	223,245


December 31, 2016	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury securities and obligations of U.S. government agencies	$	37,406	$	117	$	(77	)	$	37,446
Obligations of states and political subdivisions		92,177		3,395		(574	)		94,998
Mortgage-backed securities in government sponsored entities		62,756		483		(597	)		62,642

Total debt securities		192,339		3,995		(1,248	)		195,086
Equity securities in financial institutions		481		297		—			778

Total	$	192,820	$	4,292	$	(1,248	)	$	195,864

The amortized cost and fair value of securities at March 31, 2017, by contractual maturity, is shown below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Securities not due at a single maturity date, primarily mortgage-backed securities and equity securities are shown separately.


Available for sale	Amortized Cost		Fair Value
Due in one year or less	$	6,158	$	6,158
Due after one year through five years		31,702		31,851
Due after five years through ten years		30,831		32,437
Due after ten years		68,679		70,125
Mortgage-backed securities		81,898		81,917
Equity securities		481		757

Total securities available for sale	$	219,749	$	223,245

Proceeds from sales of securities, gross realized gains and gross realized losses were as follows:


	Three months ended
	March 31,
	2017		2016
Sale proceeds	$	—	$	—
Gross realized gains		—		—
Gross realized losses		—		—
Losses from securities called or settled by the issuer		—		(5	)

Securities were pledged to secure public deposits, other deposits and liabilities as required by law. The carrying value of pledged securities was approximately $143,203 and $139,179 as of March 31, 2017 and December 31, 2016, respectively.

Securities with unrealized losses at March 31, 2017 and December 31, 2016 not recognized in income are as follows:


March 31, 2017	12 Months or less					More than 12 months					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
Description of Securities	Value		Loss			Value		Loss			Value		Loss
U.S. Treasury securities and obligations of U.S. government agencies	$	14,197	$	(57	)	$	851	$	(15	)	$	15,048	$	(72	)
Obligations of states and political subdivisions		16,584		(412	)		515		(17	)		17,099		(429	)
Mortgage-backed securities in gov’t sponsored entities		42,246		(515	)		2,075		(26	)		44,321		(541	)

Total temporarily impaired	$	73,027	$	(984	)	$	3,441	$	(58	)	$	76,468	$	(1,042	)


December 31, 2016	12 Months or less					More than 12 months					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
Description of Securities	Value		Loss			Value		Loss			Value		Loss
U.S. Treasury securities and obligations of U.S. government agencies	$	13,271	$	(61	)	$	893	$	(16	)	$	14,164	$	(77	)
Obligations of states and political subdivisions		17,167		(558	)		519		(16	)		17,686		(574	)
Mortgage-backed securities in gov’t sponsored entities		35,453		(566	)		2,849		(31	)		38,302		(597	)

Total temporarily impaired	$	65,891	$	(1,185	)	$	4,261	$	(63	)	$	70,152	$	(1,248	)

At March 31, 2017, there were sixty-seven securities in the portfolio with unrealized losses mainly due to higher market rates when compared to the time of purchase. Unrealized losses on securities have not been recognized into income because the issuers’ securities are of high credit quality, management has the intent and ability to hold these securities for the foreseeable future, and the decline in fair value is largely due to market yields increasing across the municipal sector. The fair value is expected to recover as the securities approach their maturity date or reset date. The Company does not intend to sell until recovery and does not believe selling will be required before recovery.