Investments:

The amortized cost and fair value of securities at

March 31, 2020

and

December 31, 2019,

are as follows (in thousands):

			Gross		Gross
			Unrealized		Unrealized
March 31, 2020	Amortized Cost		Gains		Losses			Fair Value
Available for sale securities:

U.S. Treasuries	$	95,901	$	518	$			$	96,419

U.S. Government agencies		7,500		161					7,661

Mortgage-backed securities		99,664		4,419		(158	)		103,925

Collateralized mortgage obligations		27,431		744		(163	)		28,012

States and political subdivisions		3,622		20					3,642

Total available for sale securities	$	234,118	$	5,862	$	(321	)	$	239,659

Held to maturity securities:
States and political subdivisions	$	48,718	$	1,541	$	(30	)	$	50,229

Total held to maturity securities	$	48,718	$	1,541	$	(30	)	$	50,229

			Gross		Gross
			Unrealized		Unrealized
December 31, 2019	Amortized Cost		Gains		Losses			Fair Value
Available for sale securities:

U.S. Treasuries	$	55,922	$	6	$	(275	)	$	55,653

U.S. Government agencies		12,493		93		(16	)		12,570

Mortgage-backed securities		104,414		1,832		(93	)		106,153

Collateralized mortgage obligations		15,440		251		(203	)		15,488

States and political subdivisions		6,412		35					6,447

Total available for sale securities	$	194,681	$	2,217	$	(587	)	$	196,311

Held to maturity securities:
U.S. Government agencies	$	5,000	$		$	(20	)	$	4,980

States and political subdivisions		47,231		985		(66	)		48,150

Total held to maturity securities	$	52,231	$	985	$	(86	)	$	53,130

The amortized cost and fair value of debt securities at

March 31, 2020 (

in thousands), by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers

may

have the right to call or prepay obligations with or without call or prepayment penalties.

	Amortized Cost		Fair Value
Available for sale securities:
Due in one year or less	$	77,057	$	77,248
Due after one year through five years		27,326		27,708
Due after five years through ten years		27,571		28,152
Due after ten years		2,500		2,626
Mortgage-backed securities		99,664		103,925
Totals	$	234,118	$	239,659

Held to maturity securities:
Due in one year or less	$	2,496	$	2,498
Due after one year through five years		19,033		19,450
Due after five years through ten years		20,388		21,057
Due after ten years		6,801		7,224
Totals	$	48,718	$	50,229

Available for sale and held to maturity securities with gross unrealized losses at

March 31, 2020

and

December 31, 2019,

aggregated by investment category and length of time that individual securities have been in a continuous loss position, are as follows (in thousands):

	Less Than Twelve Months				Over Twelve Months				Total
			Gross				Gross				Gross
			Unrealized				Unrealized				Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
March 31, 2020:
Mortgage-backed securities	$	7,755	$	158	$		$		$	7,755	$	158

Collateralized mortgage obligations		9,866		163						9,866		163

States and political subdivisions		1,006		30						1,006		30
TOTAL	$	18,627	$	351	$		$		$	18,627	$	351
December 31, 2019:
U.S. Treasuries	$	4,894	$	44	$	49,753	$	231	$	54,647	$	275

U.S. Government agencies		4,978		16		4,979		20		9,957		36

Mortgage-backed securities		10,941		93						10,941		93

Collateralized mortgage obligations		10,398		203						10,398		203

States and political subdivisions		4,602		61		608		5		5,210		66
TOTAL	$	35,813	$	417	$	55,340	$	256	$	91,153	$	673

March 31, 2020,

of the

mortgage-backed securities,

of the

collateralized mortgage obligations and

of the

125

securities issued by states and political subdivisions contained unrealized losses.

Management evaluates securities for other-than-temporary impairment on a monthly basis. In performing this evaluation, the length of time and the extent to which the fair value has been less than cost, the fact that the Company’s securities are primarily issued by U.S. Treasury and U.S. Government Agencies and the cause of the decline in value are considered. In addition, the Company does

not

intend to sell, and it is

not

more likely than

not

that it will be required to sell these securities before maturity. While some available for sale securities have been sold for liquidity purposes or for gains, the Company has traditionally held its securities, including those classified as available for sale, until maturity. As a result of the evaluation of these securities, the Company has determined that the unrealized losses summarized in the tables above are

not

deemed to be other-than-temporary.

Proceeds from sales or calls of available for sale debt securities were

$22,360,747

for the

three

months ended

March 31, 2020

for a realized gain of

$432,779.

There were

sales or calls of available for sale debt securities during the

three

months ended

March 31, 2019.

Securities with a fair value of

$288,143,602

and

$230,065,621

March 31, 2020

and

December 31, 2019,

respectively, were pledged to secure public deposits, federal funds purchased and other balances required by law.