NOTE

– SECURITIES

The amortized cost, unrealized gains and losses on securities, and fair value of securities as of

December 31, 2020

and

2019

are as follows:

	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair Value
2020	(In Thousands)
Available-for-sale:
Obligations of states and political
subdivisions	$	93,406	$	6,400	$	1	$	99,805
Mortgage-backed		90,712		2,904		5		93,611
Other		1,151		13		-		1,164

Total	$	185,269	$	9,317	$	6	$	194,580

2019	(In Thousands)
Available-for-sale:
Obligations of states and political
subdivisions	$	70,043	$	2,593	$	82	$	72,554
Mortgage-backed		108,907		1,292		158		110,041
Other		1,025		-		9		1,016

Total	$	179,975	$	3,885	$	249	$	183,611

The amortized cost and fair value of securities at

December 31, 2020

by contractual maturity, are shown below. Actual maturities

may

differ from contractual maturities because borrowers

may

have the right to call or prepay obligations with or without call or prepayment penalties.

	(in thousands)
	Amortized Cost		Fair value

Due in one year or less	$	560	$	562
Due after one year through five years		6,557		6,712
Due after five years through ten years		23,372		24,614
Due after ten years		153,629		161,528
Other securities having no maturity date		1,151		1,164
Total	$	185,269	$	194,580

Securities with a carrying value of

$33.6

llion at

December 31, 2020

and

$26.0

million at

December 31, 2019

were pledged to secure public deposits and for other purposes as required or permitted by law.

The following table presents gross unrealized losses and fair value of debt securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at

December 31, 2020

and

2019

	(in thousands)
	Securities in a continuous unrealized loss position
	Less than 12 months				12 months or more				Total
2020	Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses		Total Fair value
Obligations of states and political subdivisions	$	1	$	413	$	-	$	-	$	1	$	413
Mortgage-backed		5		2,203		-		-		5		2,203
Other		-		-		-		-		-		-
Total temporarily impaired securities	$	6	$	2,616	$	-	$	-	$	6	$	2,616

	Less than 12 months				12 months or more				Total
2019	Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses		Total Fair value
Obligations of states and political subdivisions	$	82	$	3,816	$	-	$	-	$	82	$	3,816
Mortgage-backed		69		9,633		89		14,808		158		24,441
Other		-		-		9		991		9		991
Total temporarily impaired securities	$	151	$	13,449	$	98	$	15,799	$	249	$	29,248

There we

securities in an unrealized loss position at

December 31, 2020

none

of which were in a continuous unrealized loss position for

months or

more. There were

securities in an unrealized loss position at

December 31, 2019

of which were in a continuous unrealized loss position for

months or more. Management has considered industry analyst reports, whether downgrades by bond rating agencies have occurred, sector credit reports, issuer's financial condition and prospects, the Corporation's ability and intent to hold securities to maturity, and volatility in the bond market, in concluding that the unrealized losses as of

December 31, 2020

were primarily the result of customary and expected fluctuations in the bond market. As a result, all security impairments as of

December 31, 2020

are considered to be temporary.

Gross realized gains from sale of securities, including securities calls, amounte

d to

$289,000

2020

$4,000

2019

and

$90,000

2018

with the income tax provision applicable to such gains amounting to

$61,000

2020

$1,000

2019

and

$19,000

2018

Gross realized losses from sale of securities amounted to

$96,000

2018

ith related income tax effect o

$20,000

2018.

There were

gross realized losses from sale of securities in

2020

2019.