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INVESTMENT SECURITIES (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 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
 
$
36,463
  
$
636
  
$
(29
)
 
$
37,070
 
Securities of U.S. government agencies and corporations
  
49,823
   
382
   
(57
)
  
50,148
 
Obligations of states and political subdivisions
  
22,728
   
645
   
(9
)
  
23,364
 
Collateralized mortgage obligations
  
67,618
   
358
   
(409
)
  
67,567
 
Mortgage-backed securities
  
133,053
   
777
   
(981
)
  
132,849
 
 
                
Total debt securities
 
$
309,685
  
$
2,798
  
$
(1,485
)
 
$
310,998
 

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 June 30, 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
 
$
43,519
  
$
43,519
 
Due after one year through five years
  
45,639
   
46,488
 
Due after five years through ten years
  
12,891
   
13,370
 
Due after ten years
  
6,965
   
7,205
 
Subtotal 
  
109,014
   
110,582
 
MBS & CMO
  
200,671
   
200,416
 
Total
 
$
309,685
  
$
310,998
 
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, 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
 
$
—
  
$
—
  
$
11,489
  
$
(29
)
 
$
11,489
  
$
(29
)
Securities of U.S. government agencies and corporations
  
1,984
   
(1
)
  
17,669
   
(56
)
  
19,653
   
(57
)
Obligations of states and political subdivisions
  
—
   
—
   
3,325
   
(9
)
  
3,325
   
(9
)
Collateralized Mortgage obligations
  
—
   
—
   
42,082
   
(409
)
  
42,082
   
(409
)
Mortgage-backed securities
  
1,234
   
(9
)
  
83,995
   
(972
)
  
85,229
   
(981
)
 
                        
Total
 
$
3,218
  
$
(10
)
 
$
158,560
  
$
(1,475
)
 
$
161,778
  
$
(1,485
)

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
 
 
 
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
)