(4) Securities

The amortized cost and fair value of securities as of March 31, 2020 and December 31, 2019 are as follows:


	March 31, 2020
			Gross	Gross
	Amortized		unrealized	unrealized	Fair
(dollars in thousands)	cost		gains	losses	value
Securities available-for-sale:
U.S. asset backed securities	$	21,224	11	(574)	20,661
U.S. government agency mortgage-backed securities		7,888	245	(1)	8,132
U.S. government agency collateralized mortgage obligations		36,953	682	(293)	37,342
State and municipal securities		23,974	459	(16)	24,417
Total securities available-for-sale	$	90,039	1,397	(884)	90,552
Securities held to maturity:
State and municipal securities		7,747	199	—	7,946
Total securities held-to-maturity	$	7,747	199	—	7,946


	December 31, 2019
			Gross	Gross
	Amortized		unrealized	unrealized	Fair
(dollars in thousands)	cost		gains	losses	value
Securities available-for-sale:
U.S. asset backed securities	$	11,967	—	(101)	11,866
U.S. government agency mortgage-backed securities		5,457	66	(26)	5,497
U.S. government agency collateralized mortgage obligations		35,096	300	(173)	35,223
State and municipal securities		6,354	—	(84)	6,270
Total securities available-for-sale	$	58,874	366	(384)	58,856
Securities held to maturity:
State and municipal securities		8,780	223	—	9,003
Total securities held-to-maturity	$	8,780	223	—	9,003

At March 31, 2020, the Corporation had one U.S. government sponsored agency mortgage‑backed security, eleven U.S. government sponsored agency collateralized mortgage obligations, fifteen U.S. asset backed securities, and five State and municipal securities in unrealized loss positions. At December 31, 2019, the Corporation had nine U.S. asset backed securities, one U.S. Government sponsored agency mortgage‑backed security, fifteen U.S. Government sponsored agency collateralized mortgage obligations, and six State and municipal securities in unrealized loss positions. Although the Corporation’s investment portfolio overall is in a net unrealized gain position at March 31, 2020, the temporary impairment in the above noted securities is primarily the result of changes in market interest rates subsequent to purchase and the Corporation does not intend to sell these securities prior to recovery and it is more likely than not that the Corporation will not be required to sell these securities prior to recovery to satisfy liquidity needs, and therefore, no securities are deemed to be other‑than‑temporarily impaired.

The following table shows the Corporation’s investment gross unrealized losses and fair value aggregated by investment category and length of time that individual securities have been in continuous unrealized loss position at March 31, 2020 and December 31, 2019:


	March 31, 2020
	Less than 12 Months			12 Months or more		Total
	Fair		Unrealized	Fair	Unrealized	Fair	Unrealized
(dollars in thousands)	value		losses	value	losses	value	losses
Securities available-for-sale:
U.S. asset backed securities	$	19,304	(574)	—	—	19,304	(574)
U.S. government agency mortgage-backed securities		43	(1)	—	—	43	(1)
U.S. government agency collateralized mortgage obligations		11,944	(205)	2,890	(88)	14,834	(293)
State and municipal securities		5,156	(16)	—	—	5,156	(16)
Total securities available-for-sale	$	36,447	(796)	2,890	(88)	39,337	(884)


	December 31, 2019
	Less than 12 Months			12 Months or more		Total
	Fair		Unrealized	Fair	Unrealized	Fair	Unrealized
(dollars in thousands)	value		losses	value	losses	value	losses
Securities available-for-sale:
U.S. asset backed securities	$	11,866	(101)	—	—	11,866	(101)
U.S. government agency mortgage-backed securities		—	—	1,636	(26)	1,636	(26)
U.S. government agency collateralized mortgage obligations		16,283	(116)	3,108	(57)	19,391	(173)
State and municipal securities		6,270	(84)	—	—	6,270	(84)
Total securities available-for-sale	$	34,419	(301)	4,744	(83)	39,163	(384)

The amortized cost and carrying value of securities at March 31, 2020 and December 31, 2019 are shown below by contractual maturities. Actual maturities may differ from contractual maturities as issuers may have the right to call or repay obligations with or without call or prepayment penalties.


	March 31, 2020					December 31, 2019
	Available-for-sale			Held-to-maturity		Available-for-sale			Held-to-maturity
	Amortized		Fair	Amortized	Fair	Amortized		Fair	Amortized	Fair
(dollars in thousands)	cost		value	cost	value	cost		value	cost	value
Investment securities:
Due in one year or less	$	—	—	—	—	$	—	—	—	—
Due after one year through five years		—	—	3,227	3,285		—	—	4,242	4,311
Due after five years through ten years		2,299	2,288	4,520	4,661		1,329	1,324	4,538	4,692
Due after ten years		42,899	42,790	—	—		16,992	16,812	—	—
Subtotal		45,198	45,078	7,747	7,946		18,321	18,136	8,780	9,003
Mortgage-related securities		44,841	45,474	—	—		40,553	40,720	—	—
Total	$	90,039	90,552	7,747	7,946	$	58,874	58,856	8,780	9,003