2. SECURITIES

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

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
March 31, 2020
Available for sale:
U.S. government and agencies	$	4,750	$	85	$	—		$	4,835
State and municipal		206,206		3,537		(89	)		209,654
Mortgage-backed securities		361,847		14,234		—			376,081
Collateralized mortgage obligations		107,380		237		(207	)		107,410
Asset-backed and other amortizing securities		34,524		2,287		—			36,811
	$	714,707	$	20,380	$	(296	)	$	734,791

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
December 31, 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

The amortized cost and fair value of securities at March 31, 2020 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	$	5,772	$	5,862
After 1 year through 5 years		—		—
After 5 years through 10 years		15,730		16,150
After 10 years		189,454		192,477
Other		503,751		520,302
	$	714,707	$	734,791

At both March 31, 2020 and December 31, 2019, 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 $260.5 million and $211.0 million at March 31, 2020 and December 31, 2019, 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 the periods indicated, by the duration 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
March 31, 2020
U.S. government and agencies	$	—	$	—	$	—	$	—	$	—	$	—
State and municipal		21,741		88		384		1		22,125		89
Mortgage-backed securities		—		—		—		—		—		—
Collateralized mortgage obligations		10,071		207		—		—		10,071		207
Asset-backed and other amortizing securities		—		—		—		—		—		—
	$	31,812	$	295	$	384	$	1	$	32,196	$	296

December 31, 2019
U.S. government and agencies	$	—	$	—	$	—	$	—	$	—	$	—
State and municipal		58,389		910		387		1		58,776		911
Mortgage-backed securities		284,120		3,070		4,661		40		288,781		3,110
Collateralized mortgage obligations		60,039		169		—		—		60,039		169
Asset-backed and other amortizing securities		2,661		9		—		—		2,661		9
	$	405,209	$	4,158	$	5,048	$	41	$	410,257	$	4,199

There were 12 securities with an unrealized loss at March 31, 2020. 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 March 31, 2020, management believes the impairments detailed in the table above are temporary and no impairment loss has been realized in the Company’s consolidated financial statements.