Securities

3 Months Ended

Mar. 31, 2020

Investments Debt And Equity Securities [Abstract]

Securities

Note 2.  Securities

The amortized cost and fair value of securities available for sale, with unrealized gains and losses follows:

	March 31, 2020
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)			Fair Value
Obligations of U.S. Government corporations and agencies	$	63,144	$	2,583	$	(10	)	$	65,717
Obligations of states and political subdivisions		15,005		931		(1	)		15,935
	$	78,149	$	3,514	$	(11	)	$	81,652

	December 31, 2019
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)			Fair Value
Obligations of U.S. Government corporations and agencies	$	63,090	$	937	$	(86	)	$	63,941
Obligations of states and political subdivisions		15,054		802		(14	)		15,842
	$	78,144	$	1,739	$	(100	)	$	79,783

The amortized cost and fair value of securities available for sale, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations without penalties.

	March 31, 2020
(In thousands)	Amortized Cost		Fair Value
Due in one year or less	$	1,003	$	1,004
Due after one year through five years		17,339		18,117
Due after five years through ten years		9,793		10,117
Due after ten years		50,014		52,414
	$	78,149	$	81,652

During the three months ended March 31, 2020, there were no securities sold.  Proceeds from principal repayments were $2.1 million and securities purchased were $2.3 million. During the three months ended March 31, 2019, $13.9million of securities were sold.  Proceeds from principal repayments were $2.4 million and securities purchased were $13.1 million.  There were no impairment losses on securities during the three months ended March 31, 2020 and 2019.

The following table shows the Company’s securities with gross unrealized losses, by investment category and length of time that individual securities have been in a continuous unrealized loss position, at March 31, 2020 and December 31, 2019, respectively.

(In thousands)	Less than 12 Months					12 Months or More				Total
March 31, 2020	Fair Value		Unrealized (Losses)			Fair Value		Unrealized (Losses)		Fair Value		Unrealized (Losses)
Obligations of U.S. Government corporations and agencies	$	2,743	$	(10	)	$	-	$	-	$	2,743	$	(10	)
Obligations of states and political subdivisions		310		(1	)		-		-		310		(1	)
Total temporary impaired securities	$	3,053	$	(11	)	$	-	$	-	$	3,053	$	(11	)

(In thousands)	Less than 12 Months					12 Months or More					Total
December 31, 2019	Fair Value		Unrealized (Losses)			Fair Value		Unrealized (Losses)			Fair Value		Unrealized (Losses)
Obligations of U.S. Government corporations and agencies	$	11,460	$	(42	)	$	5,651	$	(44	)	$	17,111	$	(86	)
Obligations of states and political subdivisions		2,049		(14	)		-		-			2,049		(14	)
Total temporary impaired securities	$	13,509	$	(56	)	$	5,651	$	(44	)	$	19,160	$	(100	)

At March 31, 2020, there were 3 securities that were in a loss position due to market conditions, primarily interest rates, and not due to credit concerns.  Because the Company intends to hold these investments to maturity and it is more likely than not that the Company will not be required to sell these investments before a recovery of unrealized losses, the Company does not consider these investments to be other-than-temporarily impaired at March 31, 2020 and no other-than-temporary impairment has been recognized.

The carrying value of securities pledged to secure deposits and for other purposes was $16.7million and $16.6 million at March 31, 2020 and December 31, 2019, respectively.