Investment Securities

The carrying values and approximate fair values of investment securities at the periods indicated are presented below:



(In Thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
December 31, 2018
Securities available for sale
U.S. Treasury and government sponsored entities		$209,908		$391		$1,439		$208,860
Municipal securities	9,089		17		22		9,084
Corporate bonds	40,139		38		397		39,780
Collateralized loan obligations	13,990		—		104		13,886
Total securities available for sale		$273,126		$446		$1,962		$271,610
December 31, 2017
Securities available for sale
U.S. Treasury and government sponsored entities		$250,794		$3		$1,336		$249,461
Municipal securities	14,395		72		46		14,421
Corporate bonds	36,654		478		—		37,132
Collateralized loan obligations	6,000		5		—		6,005
Total securities available for sale		$307,843		$558		$1,382		$307,019

Gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2018 and 2017, were as follows:



	Less Than 12 Months				More Than 12 Months				Total
(In Thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
2018
Securities Available for Sale
U.S. Treasury and government sponsored entities		$5,030		$6		$135,807		$1,433		$140,837		$1,439
Corporate bonds	22,285		397		—		—		22,285		397
Collateralized loan obligations	13,886		104		—		—		13,886		104
Municipal securities	—		—		1,673		22		1,673		22
Total		$41,201		$507		$137,480		$1,455		$178,681		$1,962
2017
Securities Available for Sale
U.S. Treasury and government sponsored entities		$116,331		$496		$122,605		$840		$238,936		$1,336
Municipal securities	3,994		17		2,298		29		6,292		46
Total		$120,325		$513		$124,903		$869		$245,228		$1,382

The unrealized losses on investments in government sponsored entities, corporate bonds, municipal securities, and collateralized loan obligations in both periods were caused by changes in interest rates. At December 31, 2018 and 2017, there were 14 and 23 available for sale securities in an unrealized loss position, respectively, that have been in a loss position for less than twelve months. There were 23 and 17 securities with unrealized losses at December 31, 2018 and 2017, respectively, that have been at a loss position for more than twelve months. The contractual terms of these investments do not permit the issuer to settle the securities at a price less than the amortized cost of the investment. Because it is more likely than not that the Company will hold these investments until a market price recovery or maturity, these investments are not considered other-than-temporarily impaired.

At December 31, 2018 and 2017, $58.4 million and $51.6 million in securities were pledged for deposits and borrowings, respectively.

The amortized cost and fair values of debt securities at December 31, 2018, are distributed by contractual maturity as shown below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.



(In Thousands)	Amortized Cost		Fair Value		Weighted Average Yield
U.S. Treasury and government sponsored entities
Within 1 year		$68,285		$67,798	1.41	%
1-5 years	141,623		141,062		2.36	%
Total		$209,908		$208,860	2.05	%
Corporate bonds
1-5 years		$30,130		$30,103	3.45	%
5-10 years	10,009		9,677		3.51	%
Total		$40,139		$39,780	3.46	%
Collateralized loan obligations
5-10 years		$3,000		$2,990	3.86	%
Over 10 years	10,990		10,896		3.78	%
Total		$13,990		$13,886	3.80	%
Municipal securities
Within 1 year		$1,867		$1,861	1.64	%
1-5 years	7,222		7,223		2.64	%
Total		$9,089		$9,084	2.43	%

The proceeds and resulting gains and losses, computed using specific identification, from sales of investment securities for the years ending December 31, 2018, 2017, and 2016, respectively, are as follows:



(In Thousands)	Proceeds		Gross Gains		Gross Losses
2018
Available for sale securities		$—		$—		$—
2017
Available for sale securities		$25,006		$14		$3
2016
Available for sale securities		$5,785		$12		$23

A summary of interest income for the years ending December 31, 2018, 2017, and 2016 on available for sale investment securities is as follows:



(In Thousands)	2018		2017		2016
U.S. Treasury and government sponsored entities		$3,682		$2,983		$2,661
U.S. Agency mortgage-backed securities	—		—		4
Other	1,532		880		633
Total taxable interest income		$5,214		$3,863		$3,298
Municipal securities		$267		$367		$282
Total tax-exempt interest income		$267		$367		$282
Total		$5,481		$4,230		$3,580