Investment Securities

The carrying values and approximate fair values of investment securities at the periods indicated are presented below:



(In Thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
December 31, 2019
Securities available for sale
U.S. Treasury and government sponsored entities		$210,756		$1,133		($37	)		$211,852
Municipal securities	3,288		9		—			3,297
Corporate bonds	34,764		302		—			35,066
Collateralized loan obligations	25,980		—		(57		)	25,923
Total securities available for sale		$274,788		$1,444		($94	)		$276,138
December 31, 2018
Securities available for sale
U.S. Treasury and government sponsored entities		$209,908		$391		($1,439	)		$208,860
Municipal securities	9,089		17		(22		)	9,084
Corporate bonds	40,139		38		(397		)	39,780
Collateralized loan obligations	13,990		—		(104		)	13,886
Total securities available for sale		$273,126		$446		($1,962	)		$271,610

Gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2019 and 2018, were as follows:



	Less Than 12 Months					More Than 12 Months					Total
(In Thousands)	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
2019
Securities Available for Sale
U.S. Treasury and government sponsored entities		$39,797		($33	)		$2,996		($4	)		$42,793		($37	)
Collateralized loan obligations	14,972		(17		)	7,951		(40		)	22,923		(57		)
Total		$54,769		($50	)		$10,947		($44	)		$65,716		($94	)
2018
Securities Available for Sale
U.S. Treasury and government sponsored entities		$5,030		($6	)		$135,807		($1,433	)		$140,837		($1,439	)
Corporate bonds	—		—			1,673		(22		)	1,673		(22		)
Mortgage-backed securities	22,285		(397		)	—		—			22,285		(397		)
Collateralized loan obligations	13,886		(104		)	—		—			13,886		(104		)
Total		$41,201		($507	)		$137,480		($1,455	)		$178,681		($1,962	)

The unrealized losses on investments in both periods were caused by changes in interest rates. At December 31, 2019 and 2018, there were 8 and 14 available for sale securities in an unrealized loss position, respectively, that have been in a loss position for less than twelve months. There were 3 and 23 securities with unrealized losses at December 31, 2019 and 2018, respectively, that have been at a loss position for more than twelve months. The contractual terms of these investments do not permit the issuer to settle the securities at a price less than the amortized cost of the investment. Because it is more likely than not that the Company will hold these investments until a market price recovery or maturity, these investments are not considered other-than-temporarily impaired.

At December 31, 2019 and 2018, $30.6 million and $58.4 million in securities were pledged for deposits and borrowings, respectively.

The amortized cost and fair values of debt securities at December 31, 2019, are distributed by contractual maturity as shown below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.



(In Thousands)	Amortized Cost		Fair Value		Weighted Average Yield
U.S. Treasury and government sponsored entities
Within 1 year		$52,417		$52,668	2.30	%
1-5 years	158,339		159,184		2.07	%
Total		$210,756		$211,852	2.13	%
Corporate bonds
Within 1 year		$12,004		$12,027	2.74	%
1-5 years	17,764		17,975		2.95	%
5-10 years	4,996		5,064		2.91	%
Total		$34,764		$35,066	2.87	%
Collateralized loan obligations
5-10 years		$6,000		$5,999	3.88	%
Over 10 years	19,980		19,924		3.64	%
Total		$25,980		$25,923	3.70	%
Municipal securities
Within 1 year		$993		$994	2.15	%
1-5 years	2,295		2,303		3.97	%
Total		$3,288		$3,297	3.42	%

The proceeds and resulting gains and losses, computed using specific identification, from sales of investment securities for the years ending December 31, 2019, 2018, and 2017, respectively, are as follows:



(In Thousands)	Proceeds		Gross Gains		Gross Losses
2019
Available for sale securities		$4,219		$23		$—
2018
Available for sale securities		$—		$—		$—
2017
Available for sale securities		$25,006		$14		($3	)

A summary of interest income for the years ending December 31, 2019, 2018, and 2017 on available for sale investment securities is as follows:



(In Thousands)	2019		2018		2017
U.S. Treasury and government sponsored entities		$4,170		$3,682		$2,983
Other	2,282		1,532		880
Total taxable interest income		$6,452		$5,214		$3,863
Municipal securities		$120		$267		$367
Total tax-exempt interest income		$120		$267		$367
Total		$6,572		$5,481		$4,230