Securities Available for Sale

Amortized cost and fair value of securities available for sale are summarized as follows.



	March 31, 2020
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. government agency securities	$	64,180	$	288	$	216	$	64,252
State, county and municipals	155,700		1,661		25		157,336
Mortgage-backed securities	203,575		6,499		121		209,953
Corporate debt securities	78,023		2,516		220		80,319
Total	$	501,478	$	10,964	$	582	$	511,860



	December 31, 2019
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. government agency securities	$	16,516	$	4	$	60	$	16,460
State, county and municipals	155,501		1,049		157		156,393
Mortgage-backed securities	193,223		2,492		697		195,018
Corporate debt securities	78,009		3,422		—		81,431
Total	$	443,249	$	6,967	$	914	$	449,302

The following table presents gross unrealized losses and the related estimated fair value of securities AFS for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time individual securities have been in a continuous unrealized loss position.



	March 31, 2020
	Less than 12 months				12 months or more				Total
($ in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Number of Securities
U.S. government agency securities	$	—	$	—	$	10,854	$	216	$	10,854	$	216	2
State, county and municipals	12,286		25		—		—		12,286		25		30
Mortgage-backed securities	9,261		32		17,829		89		27,090		121		50
Corporate debt securities	16,777		220		—		—		16,777		220		9
Total	$	38,324	$	277	$	28,683	$	305	$	67,007	$	582	91



	December 31, 2019
	Less than 12 months				12 months or more				Total
($ in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Number of Securities
U.S. government agency securities	$	1,035	$	2	$	11,091	$	58	$	12,126	$	60	6
State, county and municipals	22,451		132		7,605		25		30,056		157		56
Mortgage-backed securities	49,626		245		47,271		452		96,897		697		150
Corporate debt securities	—		—		—		—		—		—		—
Total	$	73,112	$	379	$	65,967	$	535	$	139,079	$	914	212

The Company evaluates securities AFS in unrealized loss positions to determine whether the impairment is due to credit-related factors or noncredit-related factors. In making this evaluation, management considers the extent to which the fair value has been less than cost, the financial condition and near-term prospects of the issuer, and the intent and ability of the Company to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value.

As of March 31, 2020, the Company does not consider its securities AFS with unrealized losses to be attributable to credit-related factors, as the unrealized losses in each category have occurred as a result of changes in noncredit-related factors such as changes in interest rates, market spreads and market conditions subsequent to purchase, not credit deterioration; thus, no allowance for credit losses on securities AFS was recorded. The Company has the ability and intent to hold its securities to maturity. There were no other-than-temporary impairments charged to earnings during the full year 2019.

The amortized cost and fair value of securities AFS by contractual maturity are shown below. 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; as this is particularly inherent in mortgage-backed securities, these securities are not included in the maturity categories below.



	March 31, 2020
(in thousands)	Amortized Cost		Fair Value
Due in less than one year	$	16,942	$	16,982
Due in one year through five years	235,471		237,604
Due after five years through ten years	35,066		35,929
Due after ten years	10,424		11,392
	297,903		301,907
Mortgage-backed securities	203,575		209,953
Securities AFS	$	501,478	$	511,860

Proceeds and realized gains / losses from the sale of securities AFS were as follows.



	Three Months Ended March 31,
(in thousands)	2020		2019
Gross gains	$	—	$	133
Gross losses	—		(120		)
Gains (losses) on sales of securities AFS, net	$	—	$	13
Proceeds from sales of securities AFS	$	—	$	8,076