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INVESTMENT SECURITIES (Tables)
 6 Months Ended
Jun. 30, 2017
INVESTMENT SECURITIES [Abstract]  
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 June 30, 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
 
$
28,660
  
$
—
  
$
(94
)
 
$
28,566
 
Securities of U.S. government agencies and corporations
  
22,370
   
7
   
(154
)
  
22,223
 
Obligations of states and political subdivisions
  
30,345
   
263
   
(114
)
  
30,494
 
Collateralized mortgage obligations
  
67,465
   
10
   
(940
)
  
66,535
 
Mortgage-backed securities
  
158,154
   
218
   
(1,803
)
  
156,569
 
 
                
Total debt securities
 
$
306,994
  
$
498
  
$
(3,105
)
 
$
304,387
 

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 June 30, 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
 
$
32,376
  
$
32,341
 
Due after one year through five years
  
42,042
   
41,811
 
Due after five years through ten years
  
6,957
   
7,130
 
Due after ten years
  
—
   
—
 
Subtotal 
  
81,375
   
81,282
 
MBS & CMO
  
225,619
   
223,105
 
Total
 
$
306,994
  
$
304,387
 
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 June 30, 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
 
$
28,566
  
$
(94
)
 
$
—
  
$
—
  
$
28,566
  
$
(94
)
Securities of U.S. government agencies and corporations
  
20,215
   
(154
)
  
—
   
—
   
20,215
   
(154
)
Obligations of states and political subdivisions
  
16,860
   
(110
)
  
993
   
(4
)
  
17,853
   
(114
)
Collateralized Mortgage obligations
  
55,931
   
(940
)
  
—
   
—
   
55,931
   
(940
)
Mortgage-backed securities
  
116,730
   
(1,459
)
  
18,211
   
(344
)
  
134,941
   
(1,803
)
 
                        
Total
 
$
238,302
  
$
(2,757
)
 
$
19,204
  
$
(348
)
 
$
257,506
  
$
(3,105
)
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
 
 
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
)