INVESTMENT SECURITIES (Tables)

3 Months Ended

Mar. 31, 2017

Amortized Cost, Unrealized Gains and Losses and Estimated Fair Values of Investments in Debt and Other Securities

The amortized cost, unrealized gains and losses and estimated fair values of investments in debt and other securities at March 31, 2017 are summarized as follows:

(in thousands)	Amortized cost		Unrealized gains		Unrealized losses			Estimated fair value

Investment securities available-for-sale:
U.S. Treasury Securities	$	28,699	$	—	$	(91	)	$	28,608
Securities of U.S. government agencies and corporations		22,376		5		(155	)		22,226
Obligations of states and political subdivisions		30,471		268		(152	)		30,587
Collateralized mortgage obligations		53,695		—		(1,013	)		52,682
Mortgage-backed securities		160,966		281		(1,907	)		159,340
Total debt securities	$	296,207	$	554	$	(3,318	)	$	293,443

The amortized cost, unrealized gains and losses and estimated fair values of investments in debt and other securities at December 31, 2016 are summarized as follows:

(in thousands)	Amortized cost		Unrealized gains		Unrealized losses			Estimated fair value

Investment securities available-for-sale:
U.S. Treasury Securities	$	28,738	$	2	$	(88	)	$	28,652
Securities of U.S. government agencies and corporations		24,382		2		(187	)		24,197
Obligations of states and political subdivisions		30,870		271		(253	)		30,888
Collateralized mortgage obligations		51,002		1		(1,065	)		49,938
Mortgage-backed securities		144,883		280		(1,759	)		143,404
Total debt securities	$	279,875	$	556	$	(3,352	)	$	277,079

Amortized Cost and Estimated Fair Value of Debt and Other Securities by Contractual Maturity

The amortized cost and estimated market value of debt and other securities at March 31, 2017, by contractual and expected maturity, are shown in the following table:

(in thousands)	Amortized cost		Estimated fair value

Maturity in years:
Due in one year or less	$	28,548	$	28,535
Due after one year through five years		45,642		45,378
Due after five years through ten years		7,356		7,508
Due after ten years		—		—
Subtotal		81,546		81,421
MBS & CMO		214,661		212,022
Total		296,207		293,443

Analysis of Gross Unrealized Losses of the Available-for-sale Investment Securities Portfolio

An analysis of gross unrealized losses of the available-for-sale investment securities portfolio as of March 31, 2017, follows:

	Less than 12 months					12 months or more					Total
(in thousands)	Fair Value		Unrealized losses			Fair Value		Unrealized losses			Fair Value		Unrealized losses

U.S. Treasury securities	$	28,608	$	(91	)	$	—	$	—		$	28,608	$	(91	)
Securities of U.S. government agencies and corporations		19,221		(155	)		—		—			19,221		(155	)
Obligations of states and political subdivisions		15,971		(147	)		996		(5	)		16,967		(152	)
Collateralized Mortgage obligations		47,541		(1,013	)		—		—			47,541		(1,013	)
Mortgage-backed securities		126,384		(1,829	)		6,304		(78	)		132,688		(1,907	)
Total	$	237,725	$	(3,235	)	$	7,300	$	(83	)	$	245,025	$	(3,318	)

An analysis of gross unrealized losses of the available-for-sale investment securities portfolio as of December 31, 2016, follows:

	Less than 12 months					12 months or more					Total
(in thousands)	Fair Value		Unrealized losses			Fair Value		Unrealized losses			Fair Value		Unrealized losses

U.S. Treasury Securities	$	23,564	$	(88	)	$	—	$	—		$	23,564	$	(88	)
Securities of U.S. government agencies and corporations		22,195		(187	)		—		—			22,195		(187	)
Obligations of states and political subdivisions		16,168		(245	)		996		(8	)		17,164		(253	)
Collateralized Mortgage obligations		49,805		(1,065	)		—		—			49,805		(1,065	)
Mortgage-backed securities		109,092		(1,678	)		4,829		(81	)		113,921		(1,759	)
Total	$	220,824	$	(3,263	)	$	5,825	$	(89	)	$	226,649	$	(3,352	)