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INVESTMENT SECURITIES
 6 Months Ended
Jun. 30, 2020
INVESTMENT SECURITIES [Abstract]  
INVESTMENT SECURITIES
3. 
INVESTMENT SECURITIES
 
The amortized cost, unrealized gains and losses and estimated fair values of investments in debt and other securities at June 30, 2020 are summarized as follows:
 
(in thousands)
  
Amortized
cost
    
Unrealized
gains
    
Unrealized
losses
    
Estimated
fair value
  
 
                        
Investment securities available-for-sale:
                        
U.S. Treasury Securities
  
$
34,723
    
$
1,280
    
$
—
    
$
36,003
  
Securities of U.S. government agencies and corporations
    
41,393
      
1,350
      
—
      
42,743
  
Obligations of states and political subdivisions
    
28,916
      
1,809
      
—
      
30,725
  
Collateralized mortgage obligations
    
82,235
      
2,279
      
—
      
84,514
  
Mortgage-backed securities
    
137,688
      
4,325
      
—
      
142,013
  
Total debt securities
  
$
324,955
    
$
11,043
    
$
—
    
$
335,998
  

The amortized cost, unrealized gains and losses and estimated fair values of investments in debt and other securities at December 31, 2019 are summarized as follows:
 
(in thousands)
  
Amortized
cost
    
Unrealized
gains
    
Unrealized
losses
    
Estimated
fair value
  
 
                        
Investment securities available-for-sale:
                        
U.S. Treasury Securities
  
$
42,667
    
$
601
    
$
(13
)
  
$
43,255
  
Securities of U.S. government agencies and corporations
    
53,525
      
433
      
(46
)
    
53,912
  
Obligations of states and political subdivisions
    
26,311
      
749
      
(29
)
    
27,031
  
Collateralized mortgage obligations
    
79,470
      
349
      
(399
)
    
79,420
  
Mortgage-backed securities
    
138,733
      
999
      
(453
)
    
139,279
  
Total debt securities
  
$
340,706
    
$
3,131
    
$
(940
)
  
$
342,897
  
 
The Company had $12,000,000 and $15,683,000 in proceeds from sales, calls and maturities of available-for-sale securities for the three month periods ended June 30, 2020 and 2019, respectively. The Company had $32,044,000 and $32,683,000 in proceeds from sales, calls and maturities of available-for-sale securities for the six month periods ended June 30, 2020 and 2019, respectively  Gross realized gains on sales/calls of available-for-sale securities were $4,000 and $47,000 for the three month periods ended June 30, 2020 and 2019, respectively. Gross realized losses from sales of available-for-sale securities were $0 and $53,000 for the three month periods ended June 30, 2020 and 2019, respectively.  Gross realized gains on sales/calls of available-for-sale securities were $88,000 and $47,000 for the six month periods ended June 30, 2020 and 2019, respectively.  Gross realized losses on sales of available-for-sale securities were $46,000 and $53,000 for the six month periods ended June 30, 2020 and 2019, respectively.

The amortized cost and estimated market value of debt and other securities at June 30, 2020, by contractual or expected maturity, are shown in the following table:
 
(in thousands)
  
Amortized
cost
    
Estimated
fair value
  
 
            
Maturity in years:
            
Due in one year or less
  
$
30,481
    
$
30,670
  
Due after one year through five years
    
51,794
      
54,186
  
Due after five years through ten years
    
9,964
      
10,840
  
Due after ten years
    
12,793
      
13,775
  
Subtotal 
    
105,032
      
109,471
  
MBS & CMO
    
219,923
      
226,527
  
Total
  
$
324,955
    
$
335,998
  


Expected 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 addition, factors such as prepayments and interest rates may affect the yield on the carrying value of mortgage-related securities.


There were no gross unrealized losses in the available-for-sale investment securities portfolio as of June 30, 2020.

An analysis of gross unrealized losses of the available-for-sale investment securities portfolio as of December 31, 2019, follows:
 
 
  
Less than 12 months
    
12 months or more
    
Total
  
   
Fair Value
    
Unrealized
losses
    
Fair Value
    
Unrealized
losses
    
Fair Value
    
Unrealized
losses
  
 
                                    
U.S. Treasury Securities
  
$
10,113
    
$
(8
)
  
$
2,015
    
$
(5
)
  
$
12,128
    
$
(13
)
Securities of U.S. government agencies and corporations
    
13,187
      
(44
)
    
1,998
      
(2
)
    
15,185
      
(46
)
Obligations of states and political subdivisions
    
4,645
      
(29
)
    
—
      
—
      
4,645
      
(29
)
Collateralized Mortgage obligations
    
21,763
      
(129
)
    
21,132
      
(270
)
    
42,895
      
(399
)
Mortgage-backed securities
    
11,970
      
(28
)
    
44,433
      
(425
)
    
56,403
      
(453
)
Total
  
$
61,678
    
$
(238
)
  
$
69,578
    
$
(702
)
  
$
131,256
    
$
(940
)
 
Investment securities carried at $39,157,000 and $37,943,000 at June 30, 2020 and December 31, 2019, respectively, were pledged to secure public deposits or for other purposes as required or permitted by law.