Note 2: Securities Available For Sale

The amortized cost and approximate fair values, together with gross unrealized gains and losses, of securities were as follows:


	March 31, 2020
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In thousands)
Available-for-sale securities:
Treasury notes	$	1,994	$	49	$	—	$	2,043
Federal agencies		306,152		423		—		306,575
Municipals		5,566		385		—		5,951
Mortgage-backed - Government-sponsored entity (GSE) - residential		24,142		343		1		24,484
Total available-for-sale securities	$	337,854	$	1,200	$	1	$	339,053


	December 31, 2019
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In thousands)
Available-for-sale securities:
Treasury notes	$	4,744	$	21	$	—	$	4,765
Federal agencies		244,986		24		37		244,973
Municipals		5,577		360		—		5,937
Mortgage-backed - Government-sponsored entity (GSE) - residential		34,357		213		2		34,568
Total available-for-sale securities	$	289,664	$	618	$	39	$	290,243

The amortized cost and fair value of available-for-sale securities at March 31, 2020 and December 31, 2019, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.


	March 31, 2020				December 31, 2019
	Amortized		Fair		Amortized		Fair
	Cost		Value		Cost		Value
Contractual Maturity	(In thousands)
Within one year	$	20,500	$	20,563	$	23,250	$	23,233
After one through five years		287,914		288,337		226,748		226,783
After five through ten years		—		—		—		—
After ten years		5,298		5,669		5,309		5,659
		313,712		314,569		255,307		255,675
Mortgage-backed - Government-sponsored entity (GSE) - residential		24,142		24,484		34,357		34,568
	$	337,854	$	339,053	$	289,664	$	290,243

During the three months ended March 31, 2020, no securities available-for-sale were sold. During the three months ended March 31, 2019, $31.1 million of securities available-for-sale were sold, and a net gain of $127,000 was recognized, consisting of $361,000 in gains and $234,000 of losses.

The following tables show the Company’s investments’ gross unrealized losses and fair value of the Company’s investments with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment class and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2020 and December 31, 2019:


	March 31, 2020
					12 Months or
	Less than 12 Months				Longer				Total
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
	(In thousands)
Available-for-sale securities:
Treasury notes	$	—	$	—	$	—	$	—	$	—	$	—
Federal agencies		—		—		—		—		—		—
Mortgage-backed - Government-sponsored entity (GSE) - residential		1,113		1		—		—		1,113		1
	$	1,113	$	1	$	—	$	—	$	1,113	$	1


	December 31, 2019
					12 Months or
	Less than 12 Months				Longer				Total
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
	(In thousands)
Available-for-sale securities:
Treasury notes	$	—	$	—	$	—	$	—	$	—	$	—
Federal agencies		94,963		37		—		—		94,963	$	37
Municipals		—		—		—		—		—	$	—
Mortgage-backed - Government-sponsored entity (GSE) - residential		809		2		—		—		809		2
	$	95,772	$	39	$	—	$	—	$	95,772	$	39

Other-than-temporary Impairment

Unrealized losses on securities have not been recognized to income because the Company has the intent and ability to hold the securities for the foreseeable future, and the decline in fair value is primarily due to increased market interest rates. The fair value is expected to recover as the securities approach the maturity date.