CASH 2018 Special Proxy Statement

CRESTMARK BANCORP, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 3 – SECURITIES AVAILABLE FOR SALE (Continued) The amortized cost and fair value of securities available for sale are shown by expected maturity at yearend 2017. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Amortized Cost Fair Value Due in less than one year . . . . . . . . . . . . . . . . . . . . . $ 4,032,803 $ 4,026,146 Due in one through five years . . . . . . . . . . . . . . . . . 21,106,608 20,800,535 Due in five through 10 years . . . . . . . . . . . . . . . . . . — — Due in greater than ten years . . . . . . . . . . . . . . . . . . 135,000 139,686 Mortgage-backed securities: residential . . . . . . . . . 1,110,779 1,120,301 Other securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000,000 1,877,139 $28,385,190 $27,963,807 During 2017 and 2016 no securities available for sale were sold. During 2015, $250,000 of securities available for sale were sold for a gross gain of $253,624. There were no securities pledged at year-end 2017 or 2016. Securities available for sale with unrealized losses at year-end 2017 and 2016, aggregated by 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 Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss 2017 U.S. Treasury and federal agency . . . . . . . . . . . . . . . $3,992,847 $ (6,718) $20,587,448 $(303,593) $24,580,295 $(310,311) Municipal bonds . . . . . . . . . — — 213,087 (2,481) 213,087 (2,481) Mortgage-backed securities: residental . . . . — — 694,696 (7,073) 694,696 (7,073) Other securities . . . . . . . . . . — — 1,877,139 (122,861) 1,877,139 (122,861) $3,992,847 $ (6,718) $23,372,370 $(436,008) $27,365,217 $(442,726) 2016 U.S. Treasury and federal agency . . . . . . . . . . . . . . . $ — $ — $12,860,185 $(187,247) $12,860,185 $(187,247) Municipal bonds . . . . . . . . . $ 209,857 $ (8,622) — — 209,857 (8,622) Mortgage-backed securities: residental . . . . $ 879,567 $ (6,483) — — 879,567 (6,483) Other securities . . . . . . . . . . — — 1,877,139 (122,861) 1,877,139 (122,861) $1,089,424 $(15,105) $14,737,324 $(310,108) $15,826,748 $(325,213) Unrealized losses on securities available for sale have not been recognized into income because the issuers’ securities are of high credit quality, 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, and the decline in fair value is largely due to changes in interest rates and other market conditions. The fair value is expected to recover as the interest rates F-16