SECURITIES

The following table presents the fair values of our securities portfolio at the dates presented:



(dollars in thousands)	March 31, 2019			December 31, 2018
Debt securities available-for-sale		$	675,922		$	680,056
Marketable equity securities		4,498			4,816
Total Securities		$	680,420		$	684,872

Debt Securities Available-for-Sale

The following tables present the amortized cost and fair value of debt securities available-for-sale as of the dates presented:



	March 31, 2019													December 31, 2018
(dollars in thousands)	Amortized Cost			Gross Unrealized Gains			Gross Unrealized Losses				Fair Value			Amortized Cost			Gross Unrealized Gains			Gross Unrealized Losses				Fair Value
U.S. Treasury securities		$	9,961		$	—		$	(124	)		$	9,837		$	9,958		$	—		$	(222	)		$	9,736
Obligations of U.S. government corporations and agencies		129,263			373			(267		)		129,369			129,267			68			(1,074		)		128,261
Collateralized mortgage obligations of U.S. government corporations and agencies		153,717			1,608			(1,166		)		154,159			149,849			795			(1,985		)		148,659
Residential mortgage-backed securities of U.S. government corporations and agencies		22,481			229			(196		)		22,514			24,564			203			(417		)		24,350
Commercial mortgage-backed securities of U.S. government corporations and agencies		239,196			272			(1,914		)		237,554			251,660			—			(4,876		)		246,784
Obligations of states and political subdivisions		119,020			3,480			(11		)		122,489			119,872			2,448			(54		)		122,266
Total Debt Securities Available-for-Sale		$	673,638		$	5,962		$	(3,678	)		$	675,922		$	685,170		$	3,514		$	(8,628	)		$	680,056

The following tables present the fair value and the age of gross unrealized losses on debt securities available-for-sale by investment category as of the dates presented:



	March 31, 2019
	Less Than 12 Months						12 Months or More						Total
(dollars in thousands)	Number of Securities	Fair Value		Unrealized Losses			Number of Securities	Fair Value		Unrealized Losses			Number of Securities	Fair Value		Unrealized Losses
U.S. Treasury securities	—	$	—	$	—		1	$	9,837	$	(124	)	1	$	9,837	$	(124	)
Obligations of U.S. government corporations and agencies	—	—		—			8	65,828		(267		)	8	65,828		(267		)
Collateralized mortgage obligations of U.S. government corporations and agencies	1	2,367		(5		)	14	72,936		(1,161		)	15	75,303		(1,166		)
Residential mortgage-backed securities of U.S. government corporations and agencies	—	—		—			5	11,297		(196		)	5	11,297		(196		)
Commercial mortgage-backed securities of U.S. government corporations and agencies	—	—		—			24	215,320		(1,914		)	24	215,320		(1,914		)
Obligations of states and political subdivisions	—	—		—			1	5,225		(11		)	1	5,225		(11		)
Total Temporarily Impaired Debt Securities	1	$	2,367	$	(5	)	53	$	380,443	$	(3,673	)	54	$	382,810	$	(3,678	)



	December 31, 2018
	Less Than 12 Months						12 Months or More						Total
(dollars in thousands)	Number of Securities	Fair Value		Unrealized Losses			Number of Securities	Fair Value		Unrealized Losses			Number of Securities	Fair Value		Unrealized Losses
U.S. Treasury securities	—	$	—	$	—		1	$	9,736	$	(222	)	1	$	9,736	$	(222	)
Obligations of U.S. government corporations and agencies	7	67,649		(613		)	6	35,760		(461		)	13	103,409		(1,074		)
Collateralized mortgage obligations of U.S. government corporations and agencies	2	12,495		(44		)	14	76,179		(1,941		)	16	88,674		(1,985		)
Residential mortgage-backed securities of U.S. government corporations and agencies	2	2,327		(45		)	3	9,241		(372		)	5	11,568		(417		)
Commercial mortgage-backed securities of U.S. government corporations and agencies	8	75,466		(1,032		)	19	171,318		(3,844		)	27	246,784		(4,876		)
Obligations of states and political subdivisions	2	9,902		(23		)	1	5,247		(31		)	3	15,149		(54		)
Total Temporarily Impaired Debt Securities	21	$	167,839	$	(1,757	)	44	$	307,481	$	(6,871	)	65	$	475,320	$	(8,628	)

We do not believe any individual unrealized loss as of March 31, 2019 represents an other than temporary impairment, or OTTI. At March 31, 2019 there were 54 debt securities in an unrealized loss position and at December 31, 2018, there were 65 debt securities in an unrealized loss position. The unrealized losses on debt securities were primarily attributable to changes in interest rates and not related to the credit quality of these issuers. All debt securities were determined to be investment grade and paying principal and interest according to the contractual terms of the security. We do not intend to sell and it is more likely than not that we will not be required to sell any of the securities in an unrealized loss position before recovery of their amortized cost.

The following table presents net unrealized gains and losses, net of tax, on debt securities available-for-sale included in accumulated other comprehensive income/(loss), for the periods presented:



	March 31, 2019									December 31, 2018
(dollars in thousands)	Gross Unrealized Gains			Gross Unrealized Losses			Net Unrealized (Losses)/Gains			Gross Unrealized Gains			Gross Unrealized Losses			Net Unrealized Gains/(Losses)
Total unrealized gains/(losses) on debt securities available-for-sale	$	5,962		$	(3,678	)	$	2,284		$	3,514		$	(8,628	)	$	(5,114	)
Income tax (expense) benefit	(1,271		)	784			(487		)	(746		)	1,832			1,086
Net Unrealized Gains/(Losses), Net of Tax Included in Accumulated Other Comprehensive Income/(Loss)	$	4,691		$	(2,894	)	$	1,797		$	2,768		$	(6,796	)	$	(4,028	)

The amortized cost and fair value of debt securities available-for-sale at March 31, 2019 by contractual maturity are included in the table below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.



	March 31, 2019
(dollars in thousands)	Amortized Cost		Fair Value
Obligations of the U.S. Treasury, U.S. government corporations and agencies, and obligations of states and political subdivisions
Due in one year or less	$	30,673	$	30,661
Due after one year through five years	137,885		138,709
Due after five years through ten years	66,445		68,060
Due after ten years	23,241		24,265
Debt Securities Available-for-Sale With Maturities	258,244		261,695
Collateralized mortgage obligations of U.S. government corporations and agencies	153,717		154,159
Residential mortgage-backed securities of U.S. government corporations and agencies	22,481		22,514
Commercial mortgage-backed securities of U.S. government corporations and agencies	239,196		237,554
Total Debt Securities Available-for-Sale	$	673,638	$	675,922

Debt securities with carrying values of $214.1 million at March 31, 2019 and $236.0 million at December 31, 2018 were pledged for various regulatory and legal requirements.

Marketable Equity Securities

The following table presents realized and unrealized net gains and losses for our marketable equity securities for the periods presented:



	Three Months Ended March 31,
(dollars in thousands)	2019			2018
Marketable Equity Securities
Net market (losses)/gains recognized	$	(318	)	$	52
Less: Net gains recognized for equity securities sold	—			—
Unrealized (Losses)/Gains on Equity Securities Still Held	$	(318	)	$	52

Prior to January 1, 2018, net unrealized gains and losses, net of tax, on marketable equity securities were included in AOCI for the periods presented. Net unrealized gains and losses, net of tax, on marketable equity securities of $0.9 million were reclassified from AOCI to retained earnings at January 1, 2018. As of January 1, 2018, gains and losses on marketable equity securities are included in other noninterest income on the Consolidated Statements of Comprehensive Income.