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INVESTMENT SECURITIES
 12 Months Ended
Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]  
INVESTMENT SECURITIES
INVESTMENT SECURITIES

The amortized cost and estimated fair value of securities available for sale along with gross unrealized gains and losses are summarized as follows:
(dollars in thousands)
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Estimated
Fair
Value
December 31, 2018
 
 
 
 
 
 
 
State, county and municipal securities
$
149,670

 
$
1,367

 
$
(304
)
 
$
150,733

Corporate debt securities
67,123

 
718

 
(527
)
 
67,314

Mortgage-backed securities
982,183

 
4,172

 
(11,979
)
 
974,376

Total debt securities
$
1,198,976

 
$
6,257

 
$
(12,810
)
 
$
1,192,423

 
 
 
 
 
 
 
 
December 31, 2017
 
 
 
 
 
 
 
State, county and municipal securities
$
135,968

 
$
1,989

 
$
(163
)
 
$
137,794

Corporate debt securities
46,659

 
721

 
(237
)
 
47,143

Mortgage-backed securities
630,666

 
1,762

 
(6,492
)
 
625,936

Total debt securities
$
813,293

 
$
4,472

 
$
(6,892
)
 
$
810,873



The following table shows the gross unrealized losses and estimated fair value of securities aggregated by category and length of time that securities have been in a continuous unrealized loss position at December 31, 2018 and 2017.
 
 
Less Than 12 Months
 
12 Months or More
 
Total
(dollars in thousands)
 
Estimated
Fair
Value
 
Unrealized Losses
 
Estimated
Fair
Value
 
Unrealized Losses
 
Estimated
Fair
Value
 
Unrealized Losses
December 31, 2018
 
 
 
 
 
 
 
 
 
 
 
 
State, county and municipal securities
 
$
23,784

 
$
(52
)
 
$
33,873

 
$
(252
)
 
$
57,657

 
$
(304
)
Corporate debt securities
 
17,291

 
(111
)
 
17,952

 
(416
)
 
35,243

 
(527
)
Mortgage-backed securities
 
119,745

 
(580
)
 
435,749

 
(11,399
)
 
555,494

 
(11,979
)
Total debt securities
 
$
160,820

 
$
(743
)
 
$
487,574

 
$
(12,067
)
 
$
648,394

 
$
(12,810
)
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2017
 
 
 
 
 
 
 
 
 
 
 
 
State, county and municipal securities
 
$
33,976

 
$
(115
)
 
$
4,725

 
$
(48
)
 
$
38,701

 
$
(163
)
Corporate debt securities
 
3,465

 
(35
)
 
18,853

 
(202
)
 
22,318

 
(237
)
Mortgage-backed securities
 
262,353

 
(2,401
)
 
190,368

 
(4,091
)
 
$
452,721

 
(6,492
)
Total debt securities
 
$
299,794

 
$
(2,551
)
 
$
213,946

 
$
(4,341
)
 
$
513,740

 
$
(6,892
)

As of December 31, 2018, the Company’s security portfolio consisted of 531 securities, 293 of which were in an unrealized loss position. The majority of the unrealized losses are related to the Company’s mortgage-backed securities as discussed below.

At December 31, 2018, the Company held 239 mortgage-backed securities that were in an unrealized loss position, all of which were issued by U.S. government-sponsored entities and agencies. Because the decline in fair value is attributable to changes in interest rates, and not credit quality, and because the Company does not have the intent to sell these mortgage-backed securities and it is likely that it will not be required to sell the securities before their anticipated recovery, the Company does not consider these securities to be other-than-temporarily impaired at December 31, 2018.

At December 31, 2018, the Company held 41 state, county and municipal securities and 13 corporate securities that were in an unrealized loss position. Because the decline in fair value is attributable to changes in interest rates, and not credit quality, and because the Company does not have the intent to sell these securities and it is likely that it will not be required to sell the securities before their anticipated recovery, the Company does not consider these securities to be other-than-temporarily impaired at December 31, 2018.

During 2018 and 2017, the Company received timely and current interest and principal payments on all of the securities classified as corporate debt securities. The Company’s investments in subordinated debt include investments in regional and super-regional banks on which the Company prepares regular analysis through review of financial information or credit ratings. Investments in preferred securities are also concentrated in the preferred obligations of regional and super-regional banks through non-pooled investment structures. The Company did not have investments in “pooled” trust preferred securities at December 31, 2018 or 2017.

Management and the Company’s Asset and Liability Committee (the “ALCO Committee”) evaluate securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. While the majority of the unrealized losses on debt securities relate to changes in interest rates, corporate debt securities have also been affected by reduced levels of liquidity and higher risk premiums. Occasionally, management engages independent third parties to evaluate the Company’s position in certain corporate debt securities to aid management and the ALCO Committee in its determination regarding the status of impairment. The Company does not intend to sell these investment securities at an unrealized loss position at December 31, 2018, and it is more likely than not that the Company will not be required to sell these securities prior to recovery or maturity. Therefore, at December 31, 2018, these investments are not considered impaired on an other-than-temporary basis.

The amortized cost and estimated fair value of debt securities available for sale as of December 31, 2018, by contractual maturity are shown below. Maturities may differ from contractual maturities in mortgage-backed securities because the mortgages underlying the securities may be called or repaid without penalty. Securities not due at a single maturity date are shown separately. Therefore, these securities are not included in the maturity categories in the following maturity summary.
(dollars in thousands)
Amortized
Cost
 
Estimated
Fair
Value
Due in one year or less
$
16,900

 
$
16,907

Due from one year to five years
86,338

 
86,234

Due from five to ten years
84,383

 
85,595

Due after ten years
29,172

 
29,311

Mortgage-backed securities
982,183

 
974,376

 
$
1,198,976

 
$
1,192,423



Securities with a carrying value of approximately $510.0 million and $403.3 million at December 31, 2018 and 2017, respectively, serve as collateral to secure public deposits, securities sold under agreements to repurchase and for other purposes required or permitted by law.

Gains and losses on sales of securities available for sale consist of the following:
 
For the Years Ended
December 31,
(dollars in thousands)
2018
 
2017
 
2016
Gross gains on sales of securities
$
390

 
$
38

 
$
312

Gross losses on sales of securities
(301
)
 
(1
)
 
(218
)
Net realized gains on sales of securities available for sale
$
89

 
$
37

 
$
94



Total gain (loss) on securities reported on the consolidated statements of income is comprised of the following:
 
For the Years Ended
December 31,
(dollars in thousands)
2018
 
2017
 
2016
Net realized gains on sales of securities available for sale
$
89

 
$
37

 
$
94

Unrealized holding losses on equity securities
(126
)
 
—

 
—

Total gain (loss) on securities
$
(37
)
 
$
37

 
$
94