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Investment Securities
 9 Months Ended
Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]  
Investment Securities Investment Securities
The following table presents the amortized cost and fair value of investment securities available-for-sale at the dates indicated:
September 30, 2020
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
(Dollars in thousands)
Debt Securities:
U.S. Government Agencies
$41,994 $16 $(178)$41,832 
Obligations of States and Political Subdivisions
20,761 1,290 — 22,051 
Mortgage-Backed Securities - Government-Sponsored Enterprises
88,735 4,049 — 92,784 
Total Debt Securities
151,490 5,355 (178)156,667 
Marketable Equity Securities:
Mutual Funds
1,022 
Other
1,267 
Total Marketable Equity Securities
2,289 
Total Available-for-Sale Securities
$158,956 
December 31, 2019
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
(Dollars in thousands)
Debt Securities:
U.S. Government Agencies
$47,993 $227 $(164)$48,056 
Obligations of States and Political Subdivisions
25,026 819 (2)25,843 
Mortgage-Backed Securities - Government-Sponsored Enterprises
118,282 2,601 (107)120,776 
Total Debt Securities
191,301 3,647 (273)194,675 
Marketable Equity Securities:
Mutual Funds
997 
Other
1,713 
Total Marketable Equity Securities
2,710 
Total Available-for-Sale Securities
$197,385 
The following tables show the Company’s gross unrealized losses and fair value, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position, at the dates indicated:
September 30, 2020
Less than 12 months
12 Months or Greater
Total
Number
of
Securities
Fair
Value
Gross
Unrealized
Losses
Number
of
Securities
Fair
Value
Gross
Unrealized
Losses
Number
of
Securities
Fair
Value
Gross
Unrealized
Losses
(Dollars in thousands)
U.S. Government Agencies
8 $33,815 $(178)— $— $— 8 $33,815 $(178)
Total8 $33,815 $(178)— $— $— 8 $33,815 $(178)
December 31, 2019
Less than 12 months
12 Months or Greater
Total
Number
of
Securities
Fair
Value
Gross
Unrealized
Losses
Number
of
Securities
Fair
Value
Gross
Unrealized
Losses
Number
of
Securities
Fair
Value
Gross
Unrealized
Losses
(Dollars in thousands)
U.S. Government Agencies
6 $16,116 $(83)6 $13,938 $(81)12 $30,054 $(164)
Obligations of States and Political Subdivisions
— — — 1 509 (2)1 509 (2)
Mortgage Backed Securities- Government Sponsored Enterprises
7 20,003 (104)1 1,711 (3)8 21,714 (107)
Total
13 $36,119 $(187)8 $16,158 $(86)21 $52,277 $(273)
For debt securities, the Company does not believe that any individual unrealized loss as of September 30, 2020 or December 31, 2019, represents an other-than-temporary impairment. The Company performs a review of the entire securities portfolio on a quarterly basis to identify securities that may indicate an other-than-temporary impairment. The Company’s management considers the length of time and the extent to which the fair value has been less than cost, and the financial condition of the issuer. The securities that are temporarily impaired at September 30, 2020 and December 31, 2019 relate principally to changes in interest rates subsequent to the acquisition of the specific securities. The Company does not intend to sell, or it is not more likely than not that it will be required to sell any of the securities in an unrealized loss position before recovery of its amortized cost or maturity of the security.
The following table presents the scheduled maturities of debt securities as of the date indicated:
September 30, 2020
Amortized
Cost
Fair
Value
(Dollars in thousands)
Due in One Year or Less
$— $— 
Due after One Year through Five Years
4,303 4,380 
Due after Five Years through Ten Years
55,267 56,462 
Due after Ten Years
91,920 95,825 
Total
$151,490 $156,667 
The following table presents gross gain and loss of sales of available-for-sale investment securities for the periods indicated.
Three Months Ended
September 30,		Nine Months Ended
September 30,
2020201920202019
Debt Securities
Gross Gain$— $50 $489 $62 
Gross Loss— (47)— (112)
Net Gain (Loss) on Sales of Investment Securities$— $3 $489 $(50)
Marketable equity securities are measured at fair value with changes in fair value included in Change in Fair Value of Marketable Equity Securities on the Consolidated Statement of (Loss) Income. Realized gains and losses on sales of marketable equity securities are included in Net Gain (Loss) on Sales of Investment Securities on the Consolidated Statement of (Loss) Income. There were no sales of marketable equity securities for the three and nine months ended September 30, 2020 and 2019, respectively.