Securities

3 Months Ended

Mar. 31, 2019

Investments Debt And Equity Securities [Abstract]

(3) Securities

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

March 31, 2019	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury securities and obligations of U.S. government agencies	$	22,098	$	147	$	(76	)	$	22,169
Obligations of states and political subdivisions		175,863		7,543		(81	)		183,325
Mortgage-backed securities in government sponsored entities		142,860		2,199		(619	)		144,440
Total debt securities	$	340,821	$	9,889	$	(776	)	$	349,934

December 31, 2018	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury securities and obligations of U.S. government agencies	$	30,623	$	202	$	(140	)	$	30,685
Obligations of states and political subdivisions		168,993		3,680		(602	)		172,071
Mortgage-backed securities in government sponsored entities		143,707		1,024		(1,193	)		143,538
Total debt securities	$	343,323	$	4,906	$	(1,935	)	$	346,294

The amortized cost and fair value of securities at March 31, 2019, 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	$	10,927	$	10,877
Due after one year through five years		16,275		16,469
Due after five years through ten years		24,424		25,631
Due after ten years		146,335		152,517
Mortgage-backed securities		142,860		144,440
Total securities available for sale	$	340,821	$	349,934

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

	Three Months Ended
	March 31,
	2019		2018
Sale proceeds	$	17,570	$	—
Gross realized gains		47		—
Gross realized losses		43		—

Securities were pledged to secure public deposits, other deposits and liabilities as required by law. The carrying value of pledged securities was approximately $134,315 and $114,145 as of March 31, 2019 and December 31, 2018, respectively.

Securities with unrealized losses at March 31, 2019 and December 31, 2018 not recognized in income are as follows:

March 31, 2019	12 Months or less				More than 12 months					Total
Description of Securities	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
U.S. Treasury securities and obligations of U.S. government agencies	$	—	$	—	$	11,486	$	(76	)	$	11,486	$	(76	)
Obligations of states and political subdivisions		—		—		5,907		(81	)		5,907		(81	)
Mortgage-backed securities in gov’t sponsored entities		—		—		37,584		(619	)		37,584		(619	)
Total temporarily impaired	$	—	$	—	$	54,977	$	(776	)	$	54,977	$	(776	)

December 31, 2018	12 Months or less					More than 12 months					Total
Description of Securities	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
U.S. Treasury securities and obligations of U.S. government agencies	$	—	$	—		$	16,469	$	(140	)	$	16,469	$	(140	)
Obligations of states and political subdivisions		8,008		(71	)		25,890		(531	)		33,898		(602	)
Mortgage-backed securities in gov’t sponsored entities		6,630		(90	)		40,333		(1,103	)		46,963		(1,193	)
Total temporarily impaired	$	14,638	$	(161	)	$	82,692	$	(1,774	)	$	97,330	$	(1,935	)

At March 31, 2019, there were fifty-nine 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. 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.

The following table presents the net gains and losses on equity investments recognized in earnings for the three-months ended March 31, 2019 and 2018, and the portion of unrealized gains and losses for the period that relates to equity investments held at March 31, 2019 and 2018:

	Three Months Ended March 31,
	2019		2018
Net gains recognized on equity securities during the period	$	2	$	40
Less: Net gains (losses) realized on the sale of equity securities during the period		—		—
Unrealized gains recognized in equity securities held at reporting date	$	2	$	40