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Securities (Tables)
 9 Months Ended
Sep. 30, 2019
Investments, Debt and Equity Securities [Abstract]  
Schedule of amortized cost and estimated fair value of investments in debt securities
The amortized cost and fair value of investments in debt securities at September 30, 2019 were as follows (dollars in thousands):
 
September 30, 2019
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
 
Fair Value
Securities available for sale:
 
 
 
 
 
 
 
Federal agencies and GSEs
$
119,682

 
$
1,837

 
$
263

 
$
121,256

Mortgage-backed and CMOs
133,533

 
1,875

 
207

 
135,201

State and municipal
43,012

 
871

 
28

 
43,855

Corporate
8,015

 
163

 
—

 
8,178

Total securities available for sale
$
304,242

 
$
4,746

 
$
498

 
$
308,490

The Company adopted ASU 2016-01 effective January 1, 2018. The Company recognized in income a $333,000 change in the fair value of equity securities during the nine months of 2019. During the nine months ended September 30, 2019, the Company sold $445,000 in equity securities at fair value and had no remaining equity securities at September 30, 2019. The Company had equity securities with a fair value of $2,087,000 at September 30, 2018 and recognized in income a $312,000 change in the fair value of equity securities during the nine months of 2018. During the 2018 period, the Company sold $431,000 in equity securities at fair value.
The amortized cost and fair value of investments in debt securities at December 31, 2018 were as follows (dollars in thousands):
 
December 31, 2018
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
 
Fair Value
Securities available for sale:
 
 
 
 
 
 
 
Federal agencies and GSEs
$
137,070

 
$
442

 
$
3,473

 
$
134,039

Mortgage-backed and CMOs
113,883

 
385

 
2,401

 
111,867

State and municipal
80,022

 
411

 
531

 
79,902

Corporate
6,799

 
68

 
22

 
6,845

Total securities available for sale
$
337,774

 
$
1,306

 
$
6,427

 
$
332,653
Cost of restricted stock
The cost of restricted stock at September 30, 2019 and December 31, 2018 was as follows (dollars in thousands):
 
September 30, 2019
 
December 31, 2018
FRB stock
$
6,406

 
$
3,621

FHLB stock
2,215

 
1,626

Total restricted stock
$
8,621

 
$
5,247
Fair value of gross unrealized losses by investment
The table below shows estimated fair value and gross unrealized losses, aggregated by investment category and length of time that individual securities had been in a continuous unrealized loss position, at December 31, 2018 (dollars in thousands):
 
Total
 
Less than 12 Months
 
12 Months or More
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
Federal agencies and GSEs
$
103,797

 
$
3,473

 
$
14,982

 
$
8

 
$
88,815

 
$
3,465

Mortgage-backed and CMOs
86,852

 
2,401

 
5,473

 
15

 
81,379

 
2,386

State and municipal
39,755

 
531

 
7,199

 
18

 
32,556

 
513

Corporate
484

 
22

 
—

 
—

 
484

 
22

Total
$
230,888

 
$
6,427

 
$
27,654

 
$
41

 
$
203,234

 
$
6,386

Available for sale securities that have been in a continuous unrealized loss position, at September 30, 2019, are as follows (dollars in thousands):
 
Total
 
Less than 12 Months
 
12 Months or More
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
Federal agencies and GSEs
$
59,141

 
$
263

 
$
1,889

 
$
30

 
$
57,252

 
$
233

Mortgage-backed and CMOs
32,617

 
207

 
7,468

 
12

 
25,149

 
195

State and municipal
4,579

 
28

 
3,428

 
19

 
1,151

 
9

Total
$
96,337

 
$
498

 
$
12,785

 
$
61

 
$
83,552

 
$
437
Schedule of gross realized gains and losses on and proceeds from sale of securities
The following table presents the gross realized gains and losses on and the proceeds from the sale of securities available for sale during the three and nine months ended September 30, 2019 and 2018 (dollars in thousands):
 
Three Months Ended September 30, 2019
 
Nine Months Ended September 30, 2019
Realized gains (losses):
 
 
 
Gross realized gains
$
—

 
$
194

Gross realized losses
—

 
(54
)
Net realized gains
$
—

 
$
140

Proceeds from sales of securities
$
—

 
$
29,878

 
 
 
 
 
Three Months Ended September 30, 2018
 
Nine Months Ended September 30, 2018
Realized gains (losses):
 
 
 
Gross realized gains
$
237

 
$
342

Gross realized losses
(164
)
 
(261
)
Net realized gains
$
73

 
$
81

Proceeds from sales of securities
$
35,541

 
$
57,607