CASH 2018 Annual Report

141 Activities related to the sale of securities are summarized below. 2018 2017 2016 Year ended (Dollars in Thousands) Available For Sale Proceeds from sales $ 596,758 $ 457,306 $ 285,508 Gross gains on sales 2,551 4,091 1,459 Gross losses on sales 10,728 4,628 1,785 Net loss on available for sale securities (8,177) (537) (326) Held To Maturity Net carrying amount of securities sold $ — $ 5,826 $ — Gross realized gain on sales — 92 — Gross realized losses on sales — 48 — Net gain on held to maturity securities — 44 — During the fiscal 2018 fourth quarter, the Company completed a balance sheet restructuring related to the closing of the Crestmark Acquisition, selling approximately $260 million of lower-yielding AFS securities. Securities with fair values of approximately $8.0 million and $5.7 million at September 30, 2018 and 2017, respectively, were pledged as collateral for public funds on deposit. Securities with fair values of approximately $5.9 million and $3.8 million at September 30, 2018, and 2017, respectively, were pledged as collateral for individual, trust and estate deposits. Federal Home Loan Bank ("FHLB") Stock The Company’s borrowings from the FHLB are secured by a blanket collateral agreement with respect to a percentage of unencumbered loans and the pledge of specific investment securities. Such advances can be made pursuant to several different credit programs, each of which has its own interest rate and range of maturities. The investments in the FHLB stock are required investments related to the Company’s membership in and current borrowings from the FHLB of Des Moines. The investments in the FHLB of Des Moines could be adversely impacted by the financial operations of the FHLBs and actions of their regulator, the Federal Housing Finance Agency. The Company periodically evaluates investments for other than temporary impairment. There was no impairment of this investment in 2018, 2017 or 2016. The FHLB stock is carried at cost since it is generally redeemable at par value. The carrying value of the stock held at the FHLB was $23.4 million and $61.1 million at September 30, 2018 and 2017, respectively. At fiscal year-end 2018 and 2017, the Company pledged securities with fair values of approximately $1.06 billion and $1.07 billion, respectively, against specific FHLB advances. In addition, a combination of qualifying residential and other real estate loans of approximately $756.0 million and $628.0 million were pledged as collateral at September 30, 2018 and 2017, respectively. Included in Interest and Dividend Income from other investments is $1.1 million, $0.5 million and $0.6 million related to dividend income on FHLB stock for the fiscal years ended September 30, 2018, 2017 and 2016, respectively.