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INVESTMENT SECURITIES
 9 Months Ended
Sep. 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 September 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
  
$
29,738
    
$
1,135
    
$
—
    
$
30,873
  
Securities of U.S. government agencies and corporations
    
77,912
      
1,353
      
(20
)
    
79,245
  
Obligations of states and political subdivisions
    
30,619
      
1,639
      
(17
)
    
32,241
  
Collateralized mortgage obligations
    
76,359
      
2,158
      
—
      
78,517
  
Mortgage-backed securities
    
137,823
      
4,693
      
(23
)
    
142,493
  
                                 
Total debt securities
  
$
352,451
    
$
10,978
    
$
(60
)
  
$
363,369
  

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 $15,487,000 and $10,974,000 in proceeds from sales, calls and maturities of available-for-sale securities for the three-month periods ended September 30, 2020 and 2019, respectively.  The Company had $47,531,000 and $43,657,000 in proceeds from sales, calls and maturities of available-for-sale securities for the nine-month periods ended September 30, 2020 and 2019, respectively.  Gross realized gains on sales/calls of available-for-sale securities were $254,000 and $0 for the three-month periods ended September 30, 2020 and 2019, respectively.  There were no gross realized losses from sales of available-for-sale securities for the three-month periods ended September 30, 2020 and 2019, respectively.  Gross realized gains on sales/calls of available-for-sale securities were $342,000 and $47,000 for the nine-month periods ended September 30, 2020 and 2019, respectively.  Gross realized losses on sales of available-for-sale securities were $46,000 and $53,000 for the nine-month periods ended September 30, 2020 and 2019, respectively.

The amortized cost and estimated market value of debt and other securities at September 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
  
$
21,869
    
$
22,006
  
Due after one year through five years
    
75,120
      
77,293
  
Due after five years through ten years
    
21,753
      
22,565
  
Due after ten years
    
19,527
      
20,495
  
Subtotal 
    
138,269
      
142,359
  
MBS & CMO
    
214,182
      
221,010
  
Total
  
$
352,451
    
$
363,369
  

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.

An analysis of gross unrealized losses of the available-for-sale investment securities portfolio as of September 30, 2020, follows:

  (in thousands)
  
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
  
$
—
    
$
—
    
$
—
    
$
—
    
$
—
    
$
—
  
Securities of U.S. government agencies and corporations
    
6,482
      
(20
)
    
—
      
—
      
6,482
      
(20
)
Obligations of states and political subdivisions
    
2,163
      
(17
)
    
—
      
—
      
2,163
      
(17
)
Collateralized Mortgage obligations
    
—
      
—
      
—
      
—
      
—
      
—
  
Mortgage-backed securities
    
2,642
      
(23
)
    
—
      
—
      
2,642
      
(23
)
Total
  
$
11,287
    
$
(60
)
  
$
—
    
$
—
    
$
11,287
    
$
(60
)

An analysis of gross unrealized losses of the available-for-sale investment securities portfolio as of December 31, 2019, follows:

  (in thousands)
  
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 $43,601,000 and $37,943,000 at September 30, 2020 and December 31, 2019, respectively, were pledged to secure public deposits or for other purposes as required or permitted by law.