3. INVESTMENT SECURITIES

The amortized cost, unrealized gains and losses and estimated fair values of investments in debt and other securities at March 31, 2019 are summarized as follows:

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

Investment securities available-for-sale:
U.S. Treasury Securities	$	43,402	$	258	$	(100	)	$	43,560
Securities of U.S. government agencies and corporations		33,670		109		(154	)		33,625
Obligations of states and political subdivisions		22,663		272		(72	)		22,863
Collateralized mortgage obligations		66,511		67		(1,447	)		65,131
Mortgage-backed securities		135,755		295		(2,580	)		133,470
Total debt securities	$	302,001	$	1,001	$	(4,353	)	$	298,649

The amortized cost, unrealized gains and losses and estimated fair values of investments in debt and other securities at December 31, 2018 are summarized as follows:

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

Investment securities available-for-sale:
U.S. Treasury Securities	$	50,825	$	14	$	(157	)	$	50,682
Securities of U.S. government agencies and corporations		42,215		89		(228	)		42,076
Obligations of states and political subdivisions		19,110		181		(123	)		19,168
Collateralized mortgage obligations		65,615		34		(1,850	)		63,799
Mortgage-backed securities		142,297		147		(3,532	)		138,912
Total debt securities	$	320,062	$	465	$	(5,890	)	$	314,637

The Company had $17,000,000 and $11,115,000 proceeds from calls and maturities of available-for-sale securities for the three months ended March 31, 2019 and March 31, 2018, respectively. There were no gross realized gains from sales/calls of available-for-sale securities for each of the three months ended March 31, 2019 and March 31, 2018. There were no gross realized losses from sales/calls of available-for-sale securities for each of the three months ended March 31, 2019 and March 31, 2018.

The amortized cost and estimated market value of debt and other securities at March 31, 2019, 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	$	37,748	$	37,645
Due after one year through five years		51,955		52,120
Due after five years through ten years		5,097		5,303
Due after ten years		4,935		4,980
Subtotal		99,735		100,048
MBS & CMO		202,266		198,601
Total	$	302,001	$	298,649

Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. In addition, factors such as prepayments and interest rates may affect the yield on the carrying value of mortgage-related securities.

An analysis of gross unrealized losses of the available-for-sale investment securities portfolio as of March 31, 2019, 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	$	4,996	$	(2	)	$	15,407	$	(98	)	$	20,403	$	(100	)
Securities of U.S. government agencies and corporations		998		(1	)		20,576		(153	)		21,574		(154	)
Obligations of states and political subdivisions		698		(1	)		8,591		(71	)		9,289		(72	)
Collateralized Mortgage obligations		2,048		(2	)		51,133		(1,445	)		53,181		(1,447	)
Mortgage-backed securities		1,929		(14	)		106,343		(2,566	)		108,272		(2,580	)
Total	$	10,669	$	(20	)	$	202,050	$	(4,333	)	$	212,719	$	(4,353	)

No decline in value was considered “other-than-temporary” during the first three months of 2019. Twenty securities, all considered investment grade, which had a fair value of $10,669,000 and a total unrealized loss of $20,000 have been in an unrealized loss position for less than twelve months as of March 31, 2019. Two hundred five securities, all considered investment grade, which had a fair value of $202,050,000 and a total unrealized loss of $4,333,000 have been in an unrealized loss position for more than twelve months as of March 31, 2019. The unrealized losses on the Company's investment securities were caused by market conditions for these types of investments, particularly changes in risk-free interest rates. The Company does not intend to sell the securities and has concluded it is not more likely than not that we will be required to sell these securities prior to recovery of their anticipated cost basis. Therefore, the Company does not consider these investments to be other than temporarily impaired as of March 31, 2019.

The fair value of investment securities could decline in the future if the general economy deteriorates, inflation increases, credit ratings decline, the issuer's financial condition deteriorates, or the liquidity for securities declines. As a result, other than temporary impairments may occur in the future.

An analysis of gross unrealized losses of the available-for-sale investment securities portfolio as of December 31, 2018, 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	$	37,805	$	(67	)	$	5,951	$	(90	)	$	43,756	$	(157	)
Securities of U.S. government agencies and corporations		16,959		(39	)		13,540		(189	)		30,499		(228	)
Obligations of states and political subdivisions		847		(2	)		9,134		(121	)		9,981		(123	)
Collateralized Mortgage obligations		2,217		(6	)		53,217		(1,844	)		55,434		(1,850	)
Mortgage-backed securities		16,358		(123	)		105,361		(3,409	)		121,719		(3,532	)
Total	$	74,186	$	(237	)	$	187,203	$	(5,653	)	$	261,389	$	(5,890	)

Investment securities carried at $34,363,000 and $36,781,000 at March 31, 2019 and December 31, 2018, respectively, were pledged to secure public deposits or for other purposes as required or permitted by law.