Securities

The amortized cost, unrealized gross gains and losses recognized in accumulated other comprehensive income (loss), and fair value of Securities Available-for-Sale were as follows:



Securities Available-for-Sale:	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
2018
Obligations of State and Political Subdivisions	$	291,449	$	4,407	$	(1,323	)	$	294,533
MBS/CMO – Residential	529,805		1,029		(12,756		)	518,078
Total	$	821,254	$	5,436	$	(14,079	)	$	812,611

2017
Obligations of State and Political Subdivisions	$	267,437	$	6,733	$	(861	)	$	273,309
MBS/CMO - Residential	476,205		416		(9,289		)	467,332
Total	$	743,642	$	7,149	$	(10,150	)	$	740,641

All mortgage-backed securities in the above table (identified above and throughout this Note 2 as "MBS/CMO - Residential") are residential mortgage-backed securities and guaranteed by government sponsored entities.

The amortized cost and fair value of Securities at December 31, 2018 by contractual maturity are shown below. Expected maturities may differ from contractual maturities because some issuers have the right to call or prepay certain obligations with or without call or prepayment penalties. Mortgage-backed Securities are not due at a single maturity date and are shown separately.



	Amortized Cost		Fair Value
Securities Available-for-Sale:
Due in one year or less	$	2,195	$	2,202
Due after one year through five years	16,401		16,689
Due after five years through ten years	82,449		84,085
Due after ten years	190,404		191,557
MBS/CMO - Residential	529,805		518,078
Total	$	821,254	$	812,611



	2018		2017		2016
Proceeds from the Sales of Securities are summarized below:	Available- for-Sale		Available- for-Sale		Available- for-Sale

Proceeds from Sales	$	91,013	$	49,459	$	165,102
Gross Gains on Sales	706		596		1,979

Income Taxes on Gross Gains	148		209		693

The carrying value of securities pledged to secure repurchase agreements, public and trust deposits, and for other purposes as required by law was $211,239 and $165,404 as of December 31, 2018 and 2017, respectively.

Below is a summary of securities with unrealized losses as of year-end 2018 and 2017, presented by length of time the securities have been in a continuous unrealized loss position:



	Less than 12 Months					12 Months or More					Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
December 31, 2018
Obligations of State and Political Subdivisions	$	37,936	$	(286	)	$	49,071	$	(1,037	)	$	87,007	$	(1,323	)
MBS/CMO - Residential	56,386		(601		)	356,218		(12,155		)	412,604		(12,756		)
Total	$	94,322	$	(887	)	$	405,289	$	(13,192	)	$	499,611	$	(14,079	)



	Less than 12 Months					12 Months or More					Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
December 31, 2017
Obligations of State and Political Subdivisions	$	33,230	$	(237	)	$	24,161	$	(624	)	$	57,391	$	(861	)
MBS/CMO - Residential	172,354		(2,048		)	250,520		(7,241		)	422,874		(9,289		)
Total	$	205,584	$	(2,285	)	$	274,681	$	(7,865	)	$	480,265	$	(10,150	)

Securities are written down to fair value when a decline in fair value is not considered temporary. In estimating other-than-temporary losses, management considers many factors, including: (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, (3) whether the market decline was affected by macroeconomic conditions, and (4) whether the Company has the intent to sell the debt security or more likely than not will be required to sell the debt security before its anticipated recovery. The Company doesn’t intend to sell or expect to be required to sell these securities, and the decline in fair value is largely due to changes in market interest rates; therefore, the Company does not consider these securities to be other-than-temporarily impaired. All mortgage-backed securities and collateralized mortgages obligations (MBS/CMO - Residential) in the Company’s portfolio are guaranteed by government sponsored entities, are investment grade, and are performing as expected.

The Company’s equity securities are listed as Other Investments on the Consolidated Balance Sheets and consist of one non-controlling investment in a single banking organization at December 31, 2018 and 2017. The original investment totaled $1,350 and other-than-temporary impairment was previously recorded totaling $997. The Company's equity securities are considered not to have readily determinable fair value and are carried at cost and evaluated for impairment. During 2018, there was no additional impairment recognized through earnings.