2. SECURITIES

The amortized cost and fair value of securities, with gross unrealized gains and losses, at year-end follow:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
2019
Available for sale:
U.S. government and agencies	$	4,750	$	57	$	—		$	4,807
State and municipal		94,512		1,091		(911	)		94,692
Mortgage-backed securities		463,899		3,727		(3,110	)		464,516
Collateralized mortgage obligations		107,443		15		(169	)		107,289
Asset-backed and other amortizing securities		35,833		522		(9	)		36,346
	$	706,437	$	5,412	$	(4,199	)	$	707,650

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
2018
Available for sale:
U.S. government and agencies	$	84,765	$	18	$	(76	)	$	84,707
State and municipal		32,205		480		(375	)		32,310
Mortgage-backed securities		184,267		29		(2,040	)		182,256
Asset-backed and other amortizing securities		39,799		1		(877	)		38,923
	$	341,036	$	528	$	(3,368	)	$	338,196

The amortized cost and fair value of debt securities at December 31, 2019 are presented below by contractual maturity. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Other securities are shown separately since they are not due at a single maturity date.

	Available for Sale
	Amortized Cost		Fair Value
Within 1 year	$	470	$	472
After 1 year through 5 years		5,778		5,842
After 5 years through 10 years		14,206		14,472
After 10 years		78,808		78,713
Other		607,175		608,151
	$	706,437	$	707,650

During 2018, all 122 securities designated as HTM were transferred to AFS based on ASU 2017-12. These securities had a book value of $75.2 million and a fair value of $77.6 million as of January 1, 2018, the effective date of the transfer. The unrealized gain is recorded in the change in unrealized loss on securities in other comprehensive income.

At year-end 2019 and 2018, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders’ equity.

Securities with a carrying value of approximately $211.0 million and $200.0 million at December 31, 2019 and 2018, respectively, were pledged to collateralize public deposits and for other purposes as required or permitted by law.

The following table segregates securities with unrealized losses at year-end, by the period they have been in a loss position:

	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
2019
U.S. government and agencies	$	—	$	—	$	—	$	—	$	—	$	—
State and municipal		58,389		910		387		1		58,776		911
Mortgage-backed securities		284,120		3,071		4,661		40		288,781		3,111
Collateralized mortgage obligations		60,039		168		—		—		60,039		168
Asset-backed and other amortizing securities		2,661		9		—		—		2,661		9
	$	405,209	$	4,158	$	5,048	$	41	$	410,257	$	4,199

2018
U.S. government and agencies	$	77,891	$	27	$	2,048	$	49	$	79,939	$	76
State and municipal		5,662		92		9,781		283		15,443		375
Mortgage-backed securities		108,962		293		54,035		1,747		162,997		2,040
Asset-backed and other amortizing securities		–		–		37,351		877		37,351		877
	$	192,515	$	412	$	103,215	$	2,956	$	295,730	$	3,368

There were 27 securities with an unrealized loss at December 31, 2019. Management does not believe that these losses are other than temporary as there is no intent to sell any of these securities before recovery and it is not probable that we will be required to sell any of these securities before recovery, and credit loss, if any, is not material. Any unrealized losses are largely due to increases in market interest rates over the yields available at the time the underlying securities were purchased. The fair value is expected to recover as the securities approach their maturity date or if market yields for such investments decline. Management does not believe any of the securities are impaired due to reasons of credit quality. Accordingly, as of December 31, 2019, management believes the impairments detailed in the table above are temporary and no impairment loss has been realized in the Company’s CFS.