The amortized cost, gross unrealized gains and losses, and fair values of our investment securities portfolio at March 31, 2020 and December 31, 2019 are as follows:



	March 31, 2020
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
(In Thousands)	Cost		Gains		Losses			Value
Available for sale (AFS):
Mortgage-backed securities	$	4,874	$	125	$	—		$	4,999
State and political securities	87,545		4,574		(79		)	92,040
Other debt securities	59,323		543		(1,383		)	58,483
Total debt securities	$	151,742	$	5,242	$	(1,462	)	$	155,522

Investment equity securities:
Other equity securities	$	1,300	$	7	$	(26	)	$	1,281

Trading:
Other equity securities	$	50	$	—	$	(13	)	$	37



	December 31, 2019
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
(In Thousands)	Cost		Gains		Losses			Value
Available for sale (AFS):
Mortgage-backed securities	$	4,956	$	56	$	(46	)	$	4,966
State and political securities	79,064		3,299		(77		)	82,286
Other debt securities	61,492		401		(526		)	61,367
Total debt securities	$	145,512	$	3,756	$	(649	)	$	148,619

Investment equity securities:
Other equity securities	$	1,300	$	—	$	(39	)	$	1,261

Trading:
Other equity securities	$	50	$	3	$	(2	)	$	51

The following tables show the Company’s gross unrealized losses and fair value, aggregated by investment category and length of time, that the individual debt securities have been in a continuous unrealized loss position, at March 31, 2020 and December 31, 2019.



	March 31, 2020
	Less than Twelve Months					Twelve Months or Greater					Total
			Gross					Gross					Gross
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
(In Thousands)	Value		Losses			Value		Losses			Value		Losses
Available for sale (AFS):
Mortgage-backed securities	$	—	$	—		$	—	$	—		$	—	$	—
State and political securities	5,887		(61		)	242		(18		)	6,129		(79		)
Other debt securities	21,691		(1,068		)	11,185		(315		)	32,876		(1,383		)
Total debt securities	$	27,578	$	(1,129	)	$	11,427	$	(333	)	$	39,005	$	(1,462	)



	December 31, 2019
	Less than Twelve Months					Twelve Months or Greater					Total
			Gross					Gross					Gross
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
(In Thousands)	Value		Losses			Value		Losses			Value		Losses
Available for sale (AFS):
Mortgage-backed securities	$	—	$	—		$	2,115	$	(46	)	$	2,115	$	(46	)
State and political securities	7,958		(40		)	224		(37		)	8,182		(77		)
Other debt securities	13,373		(216		)	14,258		(310		)	27,631		(526		)
Total debt securities	$	21,331	$	(256	)	$	16,597	$	(393	)	$	37,928	$	(649	)

At March 31, 2020, there were a total of 24 securities in a continuous unrealized loss position for less than twelve months and 9 individual securities that were in a continuous unrealized loss position for twelve months or greater.

The Company reviews its position quarterly and has determined that, at March 31, 2020, the declines outlined in the above table represent temporary declines and the Company does not intend to sell and does not believe it will be required to sell these securities before recovery of their cost basis, which may be at maturity. The Company has concluded that the unrealized losses disclosed above are not other than temporary but are the result of interest rate changes, sector credit ratings changes, or company-specific ratings changes that are not expected to result in the non-collection of principal and interest during the period.

The amortized cost and fair value of debt securities at March 31, 2020, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities since borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.



(In Thousands)	Amortized Cost		Fair Value
Due in one year or less	$	5,642	$	5,657
Due after one year to five years	55,063		55,073
Due after five years to ten years	67,078		70,403
Due after ten years	23,959		24,389
Total	$	151,742	$	155,522

Total gross proceeds from sales of debt securities available for sale for the three months ended March 31, 2020 was $2,774,000, a decrease from the 2019 total $6,986,000.



	Three Months Ended March 31,
(In Thousands)	2020		2019
Available for sale (AFS):
Gross realized gains:
State and political securities	$	1	$	15
Other debt securities	20		4
Total gross realized gains	$	21	$	19

Gross realized losses:
State and political securities	$	—	$	2
Other debt securities	—		4
Total gross realized losses	$	—	$	6

There were no impairment charges included in gross realized losses for the three months ended March 31, 2020 and 2019, respectively.

Investment securities with a carrying value of approximately $87,695,000 and $74,163,000 at March 31, 2020 and December 31, 2019, respectively, were pledged to secure certain deposits, repurchase agreements, and for other purposes as required by law.

At March 31, 2020 and December 31, 2019, we had $1,281,000 and $1,261,000, respectively, in equity securities recorded at fair value. The following is a summary of unrealized and realized gains and losses recognized in net income on equity securities during the three months ended March 31, 2020 and 2019:



	Three Months Ended March 31,
(In Thousands)	2020		2019
Net (losses) gains recognized in equity securities during the period	$	20	$	43
Less: Net gains realized on the sale of equity securities during the period	—		—
Unrealized (losses) gains recognized in equity securities held at reporting date	$	20	$	43



	Three Months Ended March 31,
(In Thousands)	2020			2019
Net gains on sale transactions	$	—		$	5
Net mark-to-market (losses) gains	(14		)	5
Net (loss) gain on trading account securities	$	(14	)	$	10