Note 2. Securities

Amortized costs and fair values, with gross unrealized gains and losses, of securities available-for-sale as of the dates indicated are as follows:

	March 31, 2021
(Dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)			Fair Value
U.S. Treasury securities	$	6,994	$	22	$	-		$	7,016
Obligations of U.S. Government agencies		35,331		184		(83	)		35,432
Obligations of state and political subdivisions		52,029		1,568		(438	)		53,159
Mortgage-backed securities		74,306		1,847		(214	)		75,939
Money market investments		4,558		-		-			4,558
Corporate bonds and other securities		18,294		195		(75	)		18,414
	$	191,512	$	3,816	$	(810	)	$	194,518

	December 31, 2020
(Dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)			Fair Value
U.S. Treasury securities	$	6,980	$	63	$	-		$	7,043
Obligations of U.S. Government agencies		36,858		35		(197	)		36,696
Obligations of state and political subdivisions		43,517		2,478		-			45,995
Mortgage-backed securities		70,866		2,759		(124	)		73,501
Money market investments		4,743		-		-			4,743
Corporate bonds and other securities		18,295		158		(22	)		18,431
	$	181,259	$	5,493	$	(343	)	$	186,409

The Company has a process in place to identify debt securities that could potentially have a credit or interest-rate related impairment that is other-than-temporary. This process involves monitoring late payments, pricing levels, downgrades by rating agencies, key financial ratios, financial statements, revenue forecasts, and cash flow projections as indicators of credit issues. On a quarterly basis, management reviews all securities to determine whether an other-than-temporary decline in value exists and whether losses should be recognized. Management considers relevant facts and circumstances in evaluating whether a credit or interest-rate related impairment of a security is other-than-temporary. Relevant facts and circumstances considered include: (a) the extent and length of time the fair value has been below cost; (b) the reasons for the decline in value; (c) the financial position and access to capital of the issuer, including the current and future impact of any specific events; and (d) for fixed maturity securities, the Company’s intent to sell a security or whether it is more-likely-than-not the Company will be required to sell the security before the recovery of its amortized cost which, in some cases, may extend to maturity.

The Company has not recorded impairment charges through income on securities for the three months ended March 31, 2021 or 2020.

The amortized cost and fair value of securities by contractual maturity are shown below:

	March 31, 2021
(Dollars in thousands)	Amortized Cost		Fair Value
Due in one year or less	$	7,094	$	7,117
Due after one year through five years		9,657		9,830
Due after five through ten years		40,403		41,494
Due after ten years		129,800		131,519
Other securities, restricted		4,558		4,558
	$	191,512	$	194,518

The Company did not recognize any net realized gains and losses on the sale of investment securities during the first quarter of 2021 or 2020.

The following tables show the gross unrealized losses and fair value of the Company’s investments with unrealized losses that are not deemed to be other-than-temporarily impaired as of March 31, 2021 and December 31, 2020, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of the dates indicated:

	March 31, 2021
	Less than 12 months				12 months or more				Total
(Dollars in thousands)	Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value
Obligations of U.S. Government agencies	$	8	$	2,068	$	75	$	11,047	$	83	$	13,115
Obligations of state and policitcal subdivisions		438		15,706		-		-		438		15,706
Mortgage-backed securities		214		10,549		-		-		214		10,549
Corporate bonds and other securities		75		6,175		-		-		75		6,175
Total securities available-for-sale	$	735	$	34,498	$	75	$	11,047	$	810	$	45,545

	December 31, 2020
	Less than 12 months				12 months or more				Total
(Dollars in thousands)	Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value
Obligations of U.S. Government agencies	$	8	$	2,810	$	189	$	17,191	$	197	$	20,001
Mortgage-backed securities		118		14,291		6		1,285		124		15,576
Corporate bonds and other securities		22		5,977		-		-		22		5,977
Total securities available-for-sale	$	148	$	23,078	$	195	$	18,476	$	343	$	41,554

The number of investments at an unrealized loss position as of March 31, 2021 and December 31, 2020 were 34 and 29, respectively. Certain investments within the Company’s portfolio had unrealized losses for more than twelve months at March 31, 2021 and December 31, 2020, as shown in the tables above. The unrealized losses were caused by changes in market interest rates and not a result of credit deterioration. Because the Company does not intend to sell the investments and management believes it is unlikely that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity, the Company does not consider the investments to be other-than-temporarily impaired at March 31, 2021 or December 31, 2020.

Restricted Securities

The restricted security category is comprised of stock in the Federal Home Loan Bank of Atlanta (FHLB), the Federal Reserve Bank (FRB), and Community Bankers' Bank (CBB). These stocks are classified as restricted securities because their ownership is restricted to certain types of entities and the securities lack a market. Therefore, FHLB, FRB, and CBB stock are carried at cost and evaluated for impairment. When evaluating these stocks for impairment, their value is determined based on the ultimate recoverability of the par value rather than by recognizing temporary declines in value. Restricted stock is viewed as a long-term investment and management believes that the Company has the ability and the intent to hold this stock until its value is recovered.