The amortized cost, gross unrealized gains and losses, and fair values of our investment securities portfolio at September 30, 2020 and December 31, 2019 are as follows:


	September 30, 2020
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(In Thousands)	Cost		Gains		Losses		Value
Available for sale (AFS):

Mortgage-backed securities	$	2,267	$	25	$	—	$	2,292

State and political securities	84,873		5,136		(13)		89,996
Other debt securities	56,915		969		(497)		57,387
Total debt securities	$	144,055	$	6,130	$	(510)	$	149,675

Investment equity securities:

Other equity securities	$	1,300	$	11	$	(20)	$	1,291


Trading:

Other equity securities	$	50	$	—	$	(15)	$	35


	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 September 30, 2020 and December 31, 2019.


	September 30, 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	4,179		(6)		904		(7)		5,083		(13)
Other debt securities	9,682		(260)		3,271		(237)		12,953		(497)
Total debt securities	$	13,861	$	(266)	$	4,175	$	(244)	$	18,036	$	(510)


	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 September 30, 2020, there were a total of 18 securities in a continuous unrealized loss position for less than twelve months and 4 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 September 30, 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 September 30, 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	$	10,744	$	10,812
Due after one year to five years	66,984		68,131
Due after five years to ten years	56,013		60,132
Due after ten years	10,314		10,600
Total	$	144,055	$	149,675

Total gross proceeds from sales of debt securities available for sale for the three and nine months ended September 30, 2020 were $32,089,000 and $37,252,000 respectively, compared to 2019 totals of $8,157,000 and 16,289,000.


	Three Months Ended September 30,				Nine Months Ended September 30,
(In Thousands)	2020		2019		2020		2019
Available for sale (AFS):
Gross realized gains:

Mortgage-backed securities	$	—	$	—	$	83	$	—

State and political securities	839		190		943		204
Other debt securities	174		—		194		4
Total gross realized gains	$	1,013	$	190	$	1,220	$	208

Gross realized losses:



State and political securities	$	—	$	1	$	—	$	3
Other debt securities	—		—		—		5
Total gross realized losses	$	—	$	1	$	—	$	8

There were no impairment charges included in gross realized losses for the three and nine months ended September 30, 2020 and 2019, respectively.

Investment securities with a carrying value of approximately $124,542,000 and $74,163,000 at September 30, 2020 and December 31, 2019, respectively, were pledged to secure certain deposits, repurchase agreements, and for other purposes as required by law.

At September 30, 2020 and December 31, 2019, we had $1,291,000 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 and nine months ended September 30, 2020 and 2019:



	Three Months Ended September 30,				Nine Months Ended September 30,
(In Thousands)	2020		2019		2020		2019
Net gains (losses) recognized in equity securities during the period(	$	—	$	(21)	$	30	$	44
Less: Net gains realized on the sale of equity securities during the period	—		—		—		—
Unrealized gains recognized in equity securities held at reporting date	$	—	$	(21)	$	30	$	44

Net gains and losses on trading account securities are as follows for the three and nine months ended September 30, 2020 and 2019:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In Thousands)	2020		2019		2020		2019
Net gains on sale transactions	$	—	$	—	$	—	$	8
Net mark-to-market (losses) gains	(2)		2		(16)		7
Net (loss) gain on trading account securities	$	(2)	$	2	$	(16)	$	15