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INVESTMENT SECURITIES (Tables)
 3 Months Ended
Mar. 31, 2019
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 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
 
Amortized Cost and Estimated Fair Value of Debt and Other Securities by Contractual and Expected Maturity
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
 
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, 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
)
 
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
)