Securities Held to Maturity

The amortized cost of securities held to maturity and their fair values are summarized as follows:



	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(In thousands)
December 31, 2019:
U.S. Government agencies	$	6,000	$	13	$	—	$	6,013
Mortgage-backed securities	22,451		300		37		22,714
Corporate bonds	6,500		2		425		6,077
State and political subdivisions	876		16		—		892
	$	35,827	$	331	$	462	$	35,696
December 31, 2018:
U.S. Government agencies	$	8,000	$	11	$	18	$	7,993
Mortgage-backed securities	23,936		142		299		23,779
Corporate bonds	6,500		—		736		5,764
State and political subdivisions	1,040		—		7		1,033
	$	39,476	$	153	$	1,060	$	38,569

All mortgage-backed securities at December 31, 2019 and 2018 have been issued by FNMA, FHLMC or GNMA and are secured by 1-4 family residential real estate.

The amortized cost and fair value of securities held to maturity at December 31, 2019, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.



(In thousands)	Amortized Cost		Fair Value
U.S. Government agencies:
Due within one year	$	—	$	—
Due after one year through five years	—		—
Due after five through ten years	3,000		3,011
Due thereafter	3,000		3,002
	6,000		6,013
Mortgage-backed securities
Due within one year	1,151		1,153
Due after one year through five years	11,370		11,552
Due after five through ten years	2,580		2,565
Due thereafter	7,350		7,444
	22,451		22,714
Corporate Bonds
Due within one year	1,500		1,502
Due after one year through five years	—		—
Due after five years through ten years	1,000		956
Due thereafter	4,000		3,619
	6,500		6,077
State and political subdivisions
Due within one year	171		171
Due after one year through five years	705		721
Due after five years through ten years	—		—
	876		892
	$	35,827	$	35,696

There were no sales of securities held to maturity during the years ended December 31, 2019 and 2018. At December 31, 2019 and 2018, securities held to maturity with a fair value of approximately $3 million and $2 million, respectively, were pledged to secure public funds on deposit.

The following table provides the gross unrealized losses and fair value of securities in an unrealized loss position, by the length of time that such securities have been in a continuous unrealized loss position:



	Less than 12 Months				More than 12 Months				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(In thousands)
December 31, 2019:
U.S. Government agencies	$	—	$	—	$	—	$	—	$	—	$	—
Mortgage-backed securities	1,716		8		3,140		29		4,856		37
Corporate bonds	—		—		4,574		425		4,574		425
State and political subdivisions	—		—		—		—		—		—
	$	1,716	$	8	$	7,714	$	454	$	9,430	$	462
December 31, 2018:
U.S. Government agencies	$	—	$	—	$	1,982	$	18	$	1,982	$	18
Mortgage-backed securities	8		1		15,205		298		15,213		299
Corporate bonds	1,487		13		4,277		723		5,764		736
State and political subdivisions	180		1		853		6		1,033		7
	$	1,675	$	15	$	22,317	$	1,045	$	23,992	$	1,060

At December 31, 2019, management concluded that the unrecognized losses summarized above (which related to ten mortgage-backed securities and three corporate bonds, compared to two U.S. Government agency bonds, twenty mortgage-backed securities, five corporate bonds, and six state and political subdivision bonds as of December 31, 2018) are temporary in nature since they are not related to the underlying credit quality of the issuer. As of December 31, 2019, the Company did not intend to sell these securities and it is not more-likely-than-not that the Company would be required to sell these securities prior to the anticipated recovery of the remaining amortized cost. Management believes that the losses above are primarily related to the change in market interest rates. Accordingly, the Company has not recognized any other-than-temporary impairment loss on these securities.