Securities

6 Months Ended

Jun. 30, 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:

	June 30, 2020
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value
Obligations of U.S. Government corporations and agencies	$	58,895	$	3,071	$	-	$	61,966
Obligations of states and political subdivisions		14,956		1,328		-		16,284
	$	73,851	$	4,399	$	-	$	78,250

	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.

	June 30, 2020
(In thousands)	Amortized Cost		Fair Value
Due after one year through five years	$	17,305	$	18,360
Due after five years through ten years		10,020		10,588
Due after ten years		46,526		49,302
	$	73,851	$	78,250

During the six months ended June 30, 2020 and 2019, securities purchased were $2.3 million and $15.6 million, respectively. During the six months ended June 30, 2020 and 2019, proceeds from maturities, calls and principal payments of securities were $6.3 million and $4.1 million, respectively.  During the six months ended June 30, 2020 there were no securities sold.  During the six months ended June 30, 2019, securities sold were $13.9 million.  There were no impairment losses on securities during the three and six months ended June 30, 2020 and 2019.

There were no securities with gross unrealized losses at June 30, 2020.  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 December 31, 2019.

(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	)

The carrying value of securities pledged to secure deposits and for other purposes was $16.9 million and $16.6 million at June 30, 2020 and December 31, 2019, respectively.