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
September 30, 2020
Available for sale:
U.S. government and agencies	$	4,750	$	35	$	—		$	4,785
State and municipal		242,010		8,248		(428	)		249,830
Mortgage-backed securities		309,227		15,778		—			325,005
Collateralized mortgage obligations		107,249		—		(472	)		106,777
Asset-backed and other amortizing securities		32,614		2,313		—			34,927
Other securities		5,000		10		(5	)		5,005
	$	700,850	$	26,384	$	(905	)	$	726,329

	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 September 30, 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	$	5,760	$	5,800
After 1 year through 5 years		1,246		1,343
After 5 years through 10 years		20,825		21,658
After 10 years		223,930		230,820
Other		449,089		466,708
	$	700,850	$	726,329

At both September 30, 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 $260.0 million and $211.0 million at September 30, 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
September 30, 2020
U.S. government and agencies	$	—	$	—	$	—	$	—	$	—	$	—
State and municipal		34,380		428		—		—		34,380		428
Mortgage-backed securities		—		—		—		—		—		—
Collateralized mortgage obligations		106,777		472		—		—		106,777		472
Asset-backed and other amortizing securities		3,495		5		—		—		3,495		5
	$	144,652	$	905	$	—	$	—	$	144,652	$	905

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 eight securities with an unrealized loss at September 30, 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 September 30, 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.