SECURITIES

The amortized cost, gross unrealized gains and losses and estimated fair value of securities at December 31, 2018 and 2017 are summarized as follows (in thousands):



	December 31, 2018
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Trading:
Corporate bonds	$	27,203						$	25,896

Available-for-Sale:
U.S. Government and agency obligations	$	151,012	$	149	$	(2,049	)	$	149,112
Municipal bonds	116,548		1,806		(532		)	117,822
Corporate bonds	3,556		—		(61		)	3,495
Mortgage-backed or related securities	1,355,258		5,210		(16,607		)	1,343,861
Asset-backed securities	22,047		6		(120		)	21,933
	$	1,648,421	$	7,171	$	(19,369	)	$	1,636,223
Held-to-Maturity:
U.S. Government and agency obligations	$	1,006	$	14	$	(1	)	$	1,019
Municipal bonds:	176,663		1,727		(2,578		)	175,812
Corporate bonds	3,736		—		(13		)	3,723
Mortgage-backed or related securities	52,815		66		(898		)	51,983
	$	234,220	$	1,807	$	(3,490	)	$	232,537



	December 31, 2017
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Trading:
Municipal bonds	$	100						$	100
Corporate bonds	27,132							22,058
Equity securities	14							160
	$	27,246						$	22,318
Available-for-Sale:
U.S. Government and agency obligations	$	72,829	$	68	$	(431	)	$	72,466
Municipal bonds	68,513		665		(445		)	68,733
Corporate bonds	5,431		6		(44		)	5,393
Mortgage-backed or related securities	745,956		1,003		(7,402		)	739,557
Asset-backed securities	27,667		184		(93		)	27,758
Equity securities	5,716		10		(148		)	5,578
	$	926,112	$	1,936	$	(8,563	)	$	919,485
Held-to-Maturity:
U.S. Government and agency obligations	$	1,024	$	29	$	—		$	1,053
Municipal bonds:	189,860		3,385		(1,252		)	191,993
Corporate bonds	3,978		7		—			3,985
Mortgage-backed or related securities	65,409		266		(518		)	65,157
	$	260,271	$	3,687	$	(1,770	)	$	262,188

At December 31, 2018 and 2017, the gross unrealized losses and the fair value for securities available-for-sale and held-to-maturity aggregated by the length of time that individual securities have been in a continuous unrealized loss position was as follows (in thousands):



	December 31, 2018
	Less Than 12 Months					12 Months or More					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Available-for-Sale:
U.S. Government and agency obligations	$	75,885	$	(1,240	)	$	50,508	$	(809	)	$	126,393	$	(2,049	)
Municipal bonds	6,422		(54		)	27,231		(478		)	33,653		(532		)
Corporate bonds	3,199		(56		)	295		(5		)	3,494		(61		)
Mortgage-backed or related securities	316,074		(2,939		)	571,989		(13,668		)	888,063		(16,607		)
Asset-backed securities	10,582		(24		)	9,913		(96		)	20,495		(120		)
	$	412,162	$	(4,313	)	$	659,936	$	(15,056	)	$	1,072,098	$	(19,369	)
Held-to-Maturity:
U.S. Government and agency obligations	$	145	$	(1	)	$	—	$	—		$	145	$	(1	)
Municipal bonds	29,898		(274		)	44,637		(2,304		)	74,535		(2,578		)
Corporate bonds	—		—			487		(13		)	487		(13		)
Mortgage-backed or related securities	10,761		(220		)	30,035		(678		)	40,796		(898		)
	$	40,804	$	(495	)	$	75,159	$	(2,995	)	$	115,963	$	(3,490	)



	December 31, 2017
	Less Than 12 Months					12 Months or More					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Available-for-Sale:
U.S. Government and agency obligations	$	31,276	$	(211	)	$	23,341	$	(220	)	$	54,617	$	(431	)
Municipal bonds	20,879		(185		)	13,360		(260		)	34,239		(445		)
Corporate bonds	296		(4		)	4,682		(40		)	4,978		(44		)
Mortgage-backed or related securities	559,916		(5,138		)	100,662		(2,264		)	660,578		(7,402		)
Asset-backed securities	—		—			9,926		(93		)	9,926		(93		)
Equity securities	5,480		(148		)	—		—			5,480		(148		)
	$	617,847	$	(5,686	)	$	151,971	$	(2,877	)	$	769,818	$	(8,563	)
Held-to-Maturity:
Municipal bonds	$	21,839	$	(171	)	$	34,314	$	(1,081	)	$	56,153	$	(1,252	)
Mortgage-backed or related securities	38,023		(378		)	4,434		(140		)	42,457		(518		)
	$	59,862	$	(549	)	$	38,748	$	(1,221	)	$	98,610	$	(1,770	)

At December 31, 2018, there were 271 securities—available-for-sale with unrealized losses, compared to 226 at December 31, 2017. At December 31, 2018, there were 90 securities—held-to-maturity with unrealized losses, compared to 66 at December 31, 2017. Management does not believe that any individual unrealized loss as of December 31, 2018 or 2017 represented OTTI. The decline in fair market value of these securities was generally due to changes in interest rates.

There were no sales of securities—trading for the year ended December 31, 2018. Sales of securities—trading totaled $1.3 million with a resulting net gain of $28,000 for the year ended December 31, 2017. Sales of securities—trading for the year ended December 31, 2016 totaled $7.8 million with a resulting net gain of $530,000. There were no securities—trading in a nonaccrual status at both December 31, 2018 and 2017. Net unrealized holding gains of $3.8 million and $658,000 were recognized in 2018 and 2017, respectively.

Sales of securities—available-for-sale totaled $214.6 million with a resulting net loss of $839,000 for the year ended December 31, 2018. Sales of securities—available-for-sale totaled $522.6 million with a resulting net loss of $2.1 million for the year ended December 31, 2017. Sales of securities—available-for-sale totaled $369.8 million with a resulting net gain of $311,000 for the year ended December 31, 2016. There were no securities—available-for-sale in a nonaccrual status at December 31, 2018 and 2017.

There were no sales of securities—held-to-maturity during the years ended December 31, 2018, 2017 or 2016. There were no securities—held-to-maturity in a nonaccrual status at December 31, 2018 and 2017 although there were partial calls of securities that resulted in a net gain of $2,000 for the year ended December 31, 2018.

The amortized cost and estimated fair value of securities at December 31, 2018, by contractual maturity, are shown below (in thousands). Expected maturities will differ from contractual maturities because some securities may be called or prepaid with or without call or prepayment penalties.



	December 31, 2018
	Trading				Available-for-Sale				Held-to-Maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
Maturing in one year or less	$	—	$	—	$	10,680	$	10,661	$	2,885	$	2,875
Maturing after one year through five years	—		—		84,333		84,140		60,124		59,591
Maturing after five years through ten years	—		—		383,987		381,628		62,942		63,352
Maturing after ten years through twenty years	27,203		25,896		210,917		210,883		70,968		71,378
Maturing after twenty years	—		—		958,504		948,911		37,301		35,341
	$	27,203	$	25,896	$	1,648,421	$	1,636,223	$	234,220	$	232,537

The following table presents, as of December 31, 2018, investment securities which were pledged to secure borrowings, public deposits or other obligations as permitted or required by law (in thousands):



	Carrying Value		Amortized Cost		Fair Value
Purpose or beneficiary:
State and local governments public deposits	$	143,336	$	143,505	$	143,887
Interest rate swap counterparties	11,356		11,576		11,344
Repurchase transaction accounts	154,042		155,014		154,042
Other	3,827		3,827		3,719
Total pledged securities	$	312,561	$	313,922	$	312,992