Note

. Investment Securities

The amortized cost and fair values of investment securities, with gross unrealized gains and losses, follows:

			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
December 31, 201 9 :
Available for Sale
State and municipal securities	$	13,126,074	$	339,243	$	-	$	13,465,317
Residential mortgage-backed securities		10,935,731		144,845		30,136	$	11,050,442
	$	24,061,805	$	484,088	$	30,136	$	24,515,759

December 31, 201 8 :
Available for Sale
State and municipal securities	$	13,092,077	$	116,127	$	21,416	$	13,186,788
Residential mortgage-backed securities		12,485,167		59,282		197,470		12,346,979
	$	25,577,244	$	175,409	$	218,886	$	25,533,767

December 31, 2019

and

December 31, 2018,

there were

pledged securities.

The amortized cost and fair value at

December 31, 2019,

by contractual maturity, are shown below. Maturities

may

differ from contractual maturities in residential mortgage-backed securities because the mortgages underlying the securities

may

be called or repaid without any penalties. Therefore, stated maturities of residential mortgage-backed securities are

not

disclosed.

	Securities Available for Sale
	Amortized		Fair
	Cost		Value

Due in three months or less	$	372,480	$	373,288
Due after three months through one year		1,383,663		1,397,096
Due after one year through five years		4,340,262		4,446,310
Due after five years through ten years		3,847,841		3,967,774
Due after ten years		3,181,828		3,280,849
Residential mortgage-backed securities		10,935,731		11,050,442
	$	24,061,805	$	24,515,759

There were

proceeds from the sale of securities for the years ended

December 31, 2019

and

December 31, 2018

respectively.

Information pertaining to securities with gross unrealized losses at

December 31, 2019

and

2018

aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows:

	Less than 12 Months				12 Months or More				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
December 31, 201 9
Securities Available for Sale
Residential mortgage-backed securities	$	1,912,778	$	6,049	$	2,943,044	$	24,087	$	4,855,822	$	30,136
	$	1,912,778	$	6,049	$	2,943,044	$	24,087	$	4,855,822	$	30,136

December 31, 201 8
Securities Available for Sale
State and municipal securities	$	1,831,305	$	9,610	$	1,345,990	$	11,806	$	3,177,295	$	21,416
Residential mortgage-backed securities		2,865,546		25,266		6,034,053		172,204		8,899,599		197,470
	$	4,696,851	$	34,876	$	7,380,043	$	184,010	$	12,076,894	$	218,886

Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to (

) the length of time and 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 to retain and whether it is

not

more likely than

not

the Company will be required to sell its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. In analyzing an issuer’s financial condition, management considers whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred, and industry analysts’ reports.

December 31, 2019,

securities had unrealized losses with aggregate depreciation of

0.62%

from their amortized cost basis. Because the decline in market value is attributable to changes in interest rates and

not

credit quality, and because the Company does

not

intend to sell these securities and it is

not

more likely than

not

the Company will be required to sell these securities before recovery of the amortized cost basis, which

may

be maturity, the Company did

not

consider these investments to be other than temporarily impaired at

December 31, 2019.