SECURITIES

The amortized cost, unrealized gains, unrealized losses and estimated fair values of securities at June 30, 2018 and December 31, 2017 are summarized as follows:



	June 30, 2018
	Amortized		Unrealized				Estimated
Dollars in thousands	Cost		Gains		Losses		Fair Value
Available for Sale
Taxable debt securities
U.S. Government and agencies and corporations	$	28,830	$	224	$	372	$	28,682
Residential mortgage-backed securities:
Government-sponsored agencies	77,142		662		1,299		76,505
Nongovernment-sponsored entities	820		6		5		821
State and political subdivisions
General obligations	6,086		—		208		5,878
Other revenues	13,468		1		372		13,097
Corporate debt securities	10,893		—		168		10,725
Total taxable debt securities	137,239		893		2,424		135,708
Tax-exempt debt securities
State and political subdivisions
General obligations	74,920		741		512		75,149
Water and sewer revenues	21,858		203		105		21,956
Lease revenues	12,366		162		4		12,524
Sales tax revenues	5,235		32		29		5,238
Other revenues	32,664		226		381		32,509
Total tax-exempt debt securities	147,043		1,364		1,031		147,376
Equity securities	137		—		—		137
Total securities available for sale	$	284,419	$	2,257	$	3,455	$	283,221



	December 31, 2017
	Amortized		Unrealized				Estimated
Dollars in thousands	Cost		Gains		Losses		Fair Value
Available for Sale
Taxable debt securities
U.S. Government and agencies and corporations	$	31,260	$	498	$	145	$	31,613
Residential mortgage-backed securities:
Government-sponsored agencies	120,948		1,276		903		121,321
Nongovernment-sponsored entities	2,045		39		7		2,077
State and political subdivisions
General obligations	6,090		—		55		6,035
Other revenues	11,657		47		62		11,642
Corporate debt securities	16,375		—		130		16,245
Total taxable debt securities	188,375		1,860		1,302		188,933
Tax-exempt debt securities
State and political subdivisions
General obligations	65,560		1,530		198		66,892
Water and sewer revenues	23,108		566		3		23,671
Lease revenues	13,024		451		2		13,473
Electric revenues	6,205		128		—		6,333
Sales tax revenues	4,126		140		—		4,266
University revenues	5,272		38		9		5,301
Other revenues	19,101		616		—		19,717
Total tax-exempt debt securities	136,396		3,469		212		139,653
Equity securities	137		—		—		137
Total securities available for sale	$	324,908	$	5,329	$	1,514	$	328,723

The below information is relative to the five states where issuers with the highest volume of state and political subdivision securities held in our portfolio are located. We own no such securities of any single issuer which we deem to be a concentration.



	June 30, 2018
	Amortized		Unrealized				Estimated
Dollars in thousands	Cost		Gains		Losses		Fair Value

California	$	20,384	$	215	$	154	$	20,445
Texas	19,978		226		97		20,107
Michigan	15,800		108		216		15,692
New York	13,605		127		176		13,556
West Virginia	12,119		92		97		12,114

Management performs pre-purchase and ongoing analysis to confirm that all investment securities meet applicable credit quality standards.

The maturities, amortized cost and estimated fair values of securities at June 30, 2018, are summarized as follows:



Dollars in thousands	Amortized Cost		Estimated Fair Value
Due in one year or less	$	28,893	$	28,891
Due from one to five years	49,496		49,248
Due from five to ten years	46,075		44,936
Due after ten years	159,818		160,009
Equity securities	137		137
	$	284,419	$	283,221

The proceeds from sales, calls and maturities of securities available for sale, including principal payments received on mortgage-backed obligations, and the related gross gains and losses realized, for the six months ended June 30, 2018 and 2017 are as follows:



		Proceeds from						Gross realized
Dollars in thousands		Sales		Calls and Maturities		Principal Payments		Gains		Losses
For the Six Months Ended June 30,
2018
	Securities available for sale	$	69,235	$	1,050	$	13,393	$	1,637	$	818

2017
	Securities available for sale	$	111,176	$	2,010	$	16,355	$	230	$	198

We held 117 available for sale securities having an unrealized loss at June 30, 2018. We do not intend to sell these securities, and it is more likely than not that we will not be required to sell these securities before recovery of their amortized cost bases. We believe that this decline in value is primarily attributable to the lack of market liquidity and to changes in market interest rates and not due to credit quality. Accordingly, no other-than-temporary impairment charge to earnings is warranted at this time.

Provided below is a summary of securities available for sale which were in an unrealized loss position at June 30, 2018 and December 31, 2017.



	June 30, 2018
	Less than 12 months					12 months or more					Total
Dollars in thousands	Estimated Fair Value		Unrealized Loss			Estimated Fair Value		Unrealized Loss			Estimated Fair Value		Unrealized Loss
Temporarily impaired securities
Taxable debt securities
U.S. Government agencies and corporations	$	19,787	$	(318	)	$	2,003	$	(54	)	$	21,790	$	(372	)
Residential mortgage-backed securities:
Government-sponsored agencies	17,563		(559		)	15,311		(740		)	32,874		(1,299		)
Nongovernment-sponsored entities	13		—			585		(5		)	598		(5		)
State and political subdivisions:
General obligations	5,878		(208		)	—		—			5,878		(208		)
Other revenues	11,474		(344		)	781		(28		)	12,255		(372		)
Corporate debt securities	960		(40		)	3,661		(128		)	4,621		(168		)
Tax-exempt debt securities
State and political subdivisions:
General obligations	26,460		(370		)	3,898		(142		)	30,358		(512		)
Water and sewer revenues	5,960		(105		)	—		—			5,960		(105		)
Lease revenues	1,121		(4		)	—		—			1,121		(4		)
Sales tax revenues	2,265		(29		)	—		—			2,265		(29		)
Other revenues	21,495		(381		)	—		—			21,495		(381		)
Total temporarily impaired securities	112,976		(2,358		)	26,239		(1,097		)	139,215		(3,455		)
Total	$	112,976	$	(2,358	)	$	26,239	$	(1,097	)	$	139,215	$	(3,455	)



	December 31, 2017
	Less than 12 months					12 months or more					Total
Dollars in thousands	Estimated Fair Value		Unrealized Loss			Estimated Fair Value		Unrealized Loss			Estimated Fair Value		Unrealized Loss
Temporarily impaired securities
Taxable debt securities
U.S. Government agencies and corporations	$	10,864	$	(91	)	$	2,394	$	(54	)	$	13,258	$	(145	)
Residential mortgage-backed securities:
Government-sponsored agencies	32,156		(269		)	22,584		(634		)	54,740		(903		)
Nongovernment-sponsored entities	5		—			810		(7		)	815		(7		)
State and political subdivisions:
General obligations	6,035		(55		)	—		—			6,035		(55		)
Other revenues	7,532		(62		)	—		—			7,532		(62		)
Corporate debt securities	3,008		(39		)	1,659		(91		)	4,667		(130		)
Tax-exempt debt securities
State and political subdivisions:
General obligations	2,999		(20		)	9,937		(178		)	12,936		(198		)
Water and sewer revenues	282		(3		)	—		—			282		(3		)
Lease revenues	569		(2		)	—		—			569		(2		)
University revenues	1,749		(9		)	—		—			1,749		(9		)
Total temporarily impaired securities	65,199		(550		)	37,384		(964		)	102,583		(1,514		)
Total	$	65,199	$	(550	)	$	37,384	$	(964	)	$	102,583	$	(1,514	)