NOTE 3 — SECURITIES AVAILABLE FOR SALE

The carrying value and estimated fair value of securities available for sale are as follows (dollars in thousands):


	Amortized		Unrealized		Unrealized		Estimated
	Cost		Gains		Losses		Fair Value
December 31, 2018

Corporate	$	20,198	$	24	$	(158)	$	20,064
US Agencies		16,198		5		(233)		15,970
US Agencies - MBS		32,974		124		(258)		32,840
Obligations of states and political subdivisions		47,828		341		(295)		47,874

Total securities available for sale	$	117,198	$	494	$	(944)	$	116,748

December 31, 2017

Corporate	$	24,852	$	82	$	(43)	$	24,891
US Agencies		16,935		10		(99)		16,846
US Agencies - MBS		12,830		42		(156)		12,716
Obligations of states and political subdivisions		21,370		307		(233)		21,444

Total securities available for sale	$	75,987	$	441	$	(531)	$	75,897

Following is information pertaining to securities with gross unrealized losses at December 31, 2018 and 2017 aggregated by investment category and length of time these individual securities have been in a loss position (dollars in thousands):


	Less Than Twelve Months				Over Twelve Months
	Gross				Gross
	Unrealized		Fair		Unrealized		Fair
	Losses		Value		Losses		Value
December 31, 2018

Corporate	$	(50)	$	4,969	$	(108)	$	11,876
US Agencies		—		504		(233)		14,439
US Agencies - MBS		(73)		3,903		(185)		6,908
Obligations of states and political subdivisions		(29)		5,812		(266)		9,533

Total securities available for sale	$	(152)	$	15,188	$	(792)	$	42,756

December 31, 2017
Corporate		(43)		14,204		—		—
US Agencies		(87)		14,799		(12)		745
US Agencies - MBS		(67)		4,400		(89)		5,218
Obligations of states and political subdivisions		(99)		10,245		(134)		1,589

Total securities available for sale	$	(296)	$	43,648	$	(235)	$	7,552

There were 132 securities in an unrealized loss position in 2018 and 105 in 2017. The gross unrealized losses in the current portfolio are considered temporary in nature and related to interest rate fluctuations. The Corporation has both the ability and intent to hold the investment securities until their respective maturities and therefore does not anticipate the realization of the temporary losses.

Following is a summary of the proceeds from sales and calls of securities available for sale, as well as gross gains and losses for the years ended December 31 (dollars in thousands):


	2018		2017

Proceeds from sales and calls	$	48,649	$	11,651
Gross gains on sales and calls		—		253
Gross (losses) on sales and calls		—		(22)

The carrying value and estimated fair value of securities available for sale at December 31, 2018, by contractual maturity, are shown below (dollars in thousands):


	Amortized		Estimated
	Cost		Fair Value

Due in one year or less	$	13,728	$	13,583
Due after one year through five years		54,563		54,382
Due after five years through ten years		13,058		13,085
Due after ten years		2,875		2,858
Subtotal		84,224		83,908
US Agencies - MBS		32,974		32,840

Total	$	117,198	$	116,748

Contractual maturities may differ from expected maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities with a market value of $24.908 million are pledged as collateral to the Federal Home Loan Bank and $5.372 million are pledged to certain customer relationships. See Note 10 for information on securities pledged to secure borrowings from the Federal Home Loan Bank.