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Investments (Tables)
 3 Months Ended
Mar. 31, 2020
Investments [Abstract]  
Amortized Cost and Fair Value of Investment Securities
The amortized cost, gross unrealized gains and losses, and fair value of investment securities at March 31, 2020 and December 31, 2019 were as follows (in thousands):

     
Gross
  
Gross
    
  
Amortized
  
Unrealized
  
Unrealized
  
Fair
 
March 31, 2020
 
Cost
  
Gains
  
Losses
  
Value
 
Available-for-sale securities:
            
  U.S. agency securities
 
$
74,681
  
$
2,869
  
$
(40
)
 
$
77,510
 
  U.S. treasury securities
  
27,406
   
907
   
-
   
28,313
 
  Obligations of state and
                
    political subdivisions
  
73,276
   
1,650
   
(148
)
  
74,778
 
  Corporate obligations
  
3,250
   
97
   
-
   
3,347
 
  Mortgage-backed securities in
                
    government sponsored entities
  
71,942
   
1,919
   
(21
)
  
73,840
 
Total available-for-sale securities
 
$
250,555
  
$
7,442
  
$
(209
)
 
$
257,788
 
                 
December 31, 2019
                
Available-for-sale securities:
                
  U.S. agency securities
 
$
83,410
  
$
1,523
  
$
(70
)
 
$
84,863
 
  U.S. treasury securities
  
27,394
   
267
   
-
   
27,661
 
  Obligations of state and
                
    political subdivisions
  
60,667
   
865
   
(77
)
  
61,455
 
  Corporate obligations
  
3,250
   
78
   
-
   
3,328
 
  Mortgage-backed securities in
                
    government sponsored entities
  
63,086
   
468
   
(155
)
  
63,399
 
Total available-for-sale securities
 
$
237,807
  
$
3,201
  
$
(302
)
 
$
240,706
 
Unrealized Losses and Fair Value of Investments
The following table shows the Company’s gross unrealized losses and fair value of the Company’s investments with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time, which individual securities have been in a continuous unrealized loss position, at March 31, 2020 and December 31, 2019 (in thousands). As of March 31, 2020, the Company owned 29 securities whose fair value was less than their cost basis.


  
Less than Twelve Months
  
Twelve Months or Greater
  
Total
 
     
Gross
     
Gross
     
Gross
 
  
Fair
  
Unrealized
  
Fair
  
Unrealized
  
Fair
  
Unrealized
 
 March 31, 2020
 
Value
  
Losses
  
Value
  
Losses
  
Value
  
Losses
 
U.S. agency securities
 
$
3,765
  
$
(40
)
 
$
-
  
$
-
  
$
3,765
  
$
(40
)
Obligations of state and
                        
    political subdivisions
  
13,631
   
(148
)
  
-
   
-
   
13,631
   
(148
)
Mortgage-backed securities in
                        
   government sponsored entities
  
3,870
   
(6
)
  
3,886
   
(15
)
  
7,756
   
(21
)
    Total securities
 
$
21,266
  
$
(194
)
 
$
3,886
  
$
(15
)
 
$
25,152
  
$
(209
)
                         
                         
December 31, 2019 
                        
U.S. agency securities
 
$
14,587
  
$
(63
)
 
$
13,094
  
$
(7
)
 
$
27,681
  
$
(70
)
Obligations of states and
                        
     political subdivisions
  
7,508
   
(75
)
  
1,507
   
(2
)
  
9,015
   
(77
)
Mortgage-backed securities in
                        
   government sponsored entities
  
27,737
   
(97
)
  
9,559
   
(58
)
  
37,296
   
(155
)
    Total securities
 
$
49,832
  
$
(235
)
 
$
24,160
  
$
(67
)
 
$
73,992
  
$
(302
)
Unrealized Gains (Losses) Related to Equity Securities
The following table presents the net gains on the Company’s equity investments recognized in earnings during the three month periods ended March 31, 2020 and 2019, and the portion of unrealized gains for the period that relates to equity investments held at March 31, 2020 and 2019 (in thousands):

 
 
Three Months Ended
 
 
 
March 31,
 
Equity Securities
 
2020
  
2019
 
Net (losses) gains recognized in equity securities during the period
 
$
(254
)
 
$
11
 
Less: Net gains realized on the sale of equity securities during the period
  
-
   
-
 
Net unrealized  (losses) gains
 
$
(254
)
 
$
11
 
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity
The amortized cost and fair value of debt securities (excludes equity securities) at March 31, 2020, by contractual maturity, are shown below (in thousands):

  
Amortized
    
 
 
Cost
  
Fair Value
 
Available-for-sale debt securities:
      
  Due in one year or less
 
$
17,816
  
$
17,979
 
  Due after one year through five years
  
71,725
   
75,025
 
  Due after five years through ten years
  
49,897
   
51,081
 
  Due after ten years
  
111,117
   
113,703
 
Total
 
$
250,555
  
$
257,788