SECURITIES

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



	September 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	$	27,504	$	163	$	388	$	27,279
Residential mortgage-backed securities:
Government-sponsored agencies	73,931		557		1,546		72,942
Nongovernment-sponsored entities	682		4		1		685
State and political subdivisions
General obligations	6,084		—		266		5,818
Other revenues	13,462		—		506		12,956
Corporate debt securities	11,914		—		227		11,687
Asset-backed securities	21,861		10		79		21,792
Total taxable debt securities	155,438		734		3,013		153,159
Tax-exempt debt securities
State and political subdivisions
General obligations	72,299		239		1,200		71,338
Water and sewer revenues	18,921		75		214		18,782
Lease revenues	13,305		32		57		13,280
Electric revenues	4,170		15		63		4,122
Other revenues	27,828		27		633		27,222
Total tax-exempt debt securities	136,523		388		2,167		134,744
Equity securities	137		—		—		137
Total securities available for sale	$	292,098	$	1,122	$	5,180	$	288,040



	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.



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

Texas	$	21,796	$	65	$	202	$	21,659
California	18,021		39		438		17,622
Michigan	14,631		40		311		14,360
West Virginia	13,258		50		179		13,129
Illinois	11,014		72		234		10,852

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 September 30, 2018, are summarized as follows:



Dollars in thousands	Amortized Cost		Estimated Fair Value
Due in one year or less	$	26,929	$	26,769
Due from one to five years	49,907		49,401
Due from five to ten years	47,782		46,343
Due after ten years	167,343		165,390
Equity securities	137		137
	$	292,098	$	288,040

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 nine months ended September 30, 2018 and 2017 are as follows:



		Proceeds from						Gross realized
Dollars in thousands		Sales		Calls and Maturities		Principal Payments		Gains		Losses
For the Nine Months Ended September 30,
2018
	Securities available for sale	$	92,048	$	1,050	$	19,770	$	1,754	$	926

2017
	Securities available for sale	$	131,345	$	2,610	$	24,349	$	416	$	358

We held 153 available for sale securities having an unrealized loss at September 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 September 30, 2018 and December 31, 2017.



	September 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	$	17,532	$	(309	)	$	3,166	$	(79	)	$	20,698	$	(388	)
Residential mortgage-backed securities:
Government-sponsored agencies	20,636		(586		)	18,981		(960		)	39,617		(1,546		)
Nongovernment-sponsored entities	—		—			501		(1		)	501		(1		)
State and political subdivisions:
General obligations	4,615		(227		)	1,203		(39		)	5,818		(266		)
Other revenues	8,339		(284		)	4,617		(222		)	12,956		(506		)
Corporate debt securities	984		(16		)	4,574		(211		)	5,558		(227		)
Asset-backed securities	16,308		(79		)	—		—			16,308		(79		)
Tax-exempt debt securities
State and political subdivisions:
General obligations	42,996		(971		)	5,002		(229		)	47,998		(1,200		)
Water and sewer revenues	10,916		(214		)	—		—			10,916		(214		)
Lease revenues	7,736		(57		)	—		—			7,736		(57		)
Electric revenues	2,407		(63		)	—		—			2,407		(63		)
Other revenues	20,865		(560		)	1,667		(73		)	22,532		(633		)
Total temporarily impaired securities	153,334		(3,366		)	39,711		(1,814		)	193,045		(5,180		)
Total	$	153,334	$	(3,366	)	$	39,711	$	(1,814	)	$	193,045	$	(5,180	)



	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	)