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SECURITIES
 3 Months Ended
Mar. 31, 2017
SECURITIES [Abstract]  
SECURITIES
NOTE  2 –SECURITIES

Amortized cost and fair value of investment securities, by category, at March 31, 2017 are summarized as follows:

2017
 
Amortized Cost
  
Unrealized Gains
  
Unrealized Losses
  
Fair Value
 
Available for sale
            
Mortgage-backed securities
            
U. S. sponsored agency MBS - residential
 
$
199,976
  
$
495
  
$
(1,403
)
 
$
199,068
 
U. S. sponsored agency CMO’s - residential
  
67,091
   
747
   
(518
)
  
67,320
 
Total mortgage-backed securities of government sponsored agencies
  
267,067
   
1,242
   
(1,921
)
  
266,388
 
U. S. government sponsored agency securities
  
24,108
   
15
   
(110
)
  
24,013
 
Obligations of states and political subdivisions
  
15,380
   
124
   
(32
)
  
15,472
 
Total available for sale
 
$
306,555
  
$
1,381
  
$
(2,063
)
 
$
305,873
 

Amortized cost and fair value of investment securities, by category, at December 31, 2016 are summarized as follows:

2016
 
Amortized Cost
  
Unrealized Gains
  
Unrealized Losses
  
Fair Value
 
Available for sale
            
Mortgage-backed securities
            
U. S. sponsored agency MBS - residential
 
$
177,105
  
$
245
  
$
(3,173
)
 
$
174,177
 
U. S. sponsored agency CMO’s - residential
  
73,163
   
761
   
(657
)
  
73,267
 
Total mortgage-backed securities of government sponsored agencies
  
250,268
   
1,006
   
(3,830
)
  
247,444
 
U. S. government sponsored agency securities
  
24,652
   
23
   
(174
)
  
24,501
 
Obligations of states and political subdivisions
  
16,645
   
111
   
(94
)
  
16,662
 
Total available for sale
 
$
291,565
  
$
1,140
  
$
(4,098
)
 
$
288,607
 

The amortized cost and fair value of securities at March 31, 2017 by contractual maturity are shown below.  Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

  
Amortized
Cost
  
Fair
Value
 
Available for sale
      
Due in one year or less
 
$
8,659
  
$
8,681
 
Due after one year through five years
  
24,100
   
24,085
 
Due after five years through ten years
  
6,168
   
6,165
 
Due after ten years
  
561
   
554
 
Mortgage-backed securities of government sponsored agencies
  
267,067
   
266,388
 
Total available for sale
 
$
306,555
  
$
305,873
 

There were no sales of securities during the first three months of 2017.  During the first three months of 2016 the Company sold $47,000 of securities and realized a gain of $4,000.

Securities with unrealized losses at March 31, 2017 aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position are as follows:

 
Less than 12 Months
 
12 Months or More
 
Total
 
Description of Securities
Fair Value
 
Unrealized Loss
 
Fair Value
 
Unrealized Loss
 
Fair Value
 
Unrealized Loss
 
             
U.S government sponsored agency securities
 
$
15,724
  
$
(110
)
 
$
-
  
$
-
  
$
15,724
  
$
(110
)
U.S government sponsored agency MBS – residential
  
135,403
   
(1,403
)
  
-
   
-
   
135,403
   
(1,403
)
U.S government sponsored agency CMO – residential
  
16,821
   
(273
)
  
8,309
   
(245
)
  
25,130
   
(518
)
Obligations of states and political subdivisions
  
4,903
   
(26
)
  
600
   
(6
)
  
5,503
   
(32
)
Total temporarily impaired
 
$
172,851
  
$
(1,813
)
 
$
8,909
  
$
(250
)
 
$
181,760
  
$
(2,063
)
 
Securities with unrealized losses at December 31, 2016 aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position are as follows:

 
Less than 12 Months
 
12 Months or More
 
Total
 
Description of Securities
Fair Value
 
Unrealized Loss
 
Fair Value
 
Unrealized Loss
 
Fair Value
 
Unrealized Loss
 
             
U.S government sponsored agency securities
 
$
17,207
  
$
(174
)
 
$
-
  
$
-
  
$
17,207
  
$
(174
)
U.S government sponsored agency MBS – residential
  
157,022
   
(3,173
)
  
-
   
-
   
157,022
   
(3,173
)
U.S government sponsored agency CMO’s – residential
  
18,374
   
(373
)
  
8,750
   
(284
)
  
27,124
   
(657
)
Obligations of states and political subdivisions
  
7,961
   
(94
)
  
-
   
-
   
7,961
   
(94
)
Total temporarily impaired
 
$
200,564
  
$
(3,814
)
 
$
8,750
  
$
(284
)
 
$
209,314
  
$
(4,098
)

The investment portfolio is predominately high credit quality interest-bearing bonds with defined maturity dates backed by the U.S. Government or Government sponsored entities.  The unrealized losses at March 31, 2017 and December 31, 2016 are price changes resulting from changes in the interest rate environment and are considered to be temporary declines in the value of the securities.  Management does not intend to sell and it is likely that management will not be required to sell the securities prior to their anticipated recovery.  Their fair value is expected to recover as the bonds approach their maturity date and/or market conditions improve.