Mortgage-backed securities, as shown in the following tables, are all government sponsored enterprises. The amortized cost and fair value of securities, with gross unrealized gains and losses at June 30, 2021 and December 31, 2020, are as follows:

	(In Thousands)
	June 30, 2021
	Amortized		Gross Unrealized		Gross Unrealized			Fair
	Cost		Gains		Losses			Value
Available-for-Sale:
U.S. Treasury	$	63,989	$	1	$	(630	)	$	63,360
U.S. Government agencies		151,203		1,233		(1,832	)		150,604
Mortgage-backed securities		128,312		1,336		(1,075	)		128,573
State and local governments		63,030		2,132		(199	)		64,963
Total available-for-sale securities	$	406,534	$	4,702	$	(3,736	)	$	407,500

	(In Thousands)
	December 31, 2020
	Amortized		Gross Unrealized		Gross Unrealized			Fair
	Cost		Gains		Losses			Value
Available-for-Sale:
U.S. Treasury	$	-	$	-	$	-		$	-
U.S. Government agencies		122,514		1,857		(130	)		124,241
Mortgage-backed securities		110,828		2,228		-			113,056
State and local governments		67,260		3,265		(10	)		70,515
Total available-for-sale securities	$	300,602	$	7,350	$	(140	)	$	307,812

Investment securities will at times depreciate to an unrealized loss position. The Company utilizes the following criteria to assess whether impairment is other than temporary. No one item by itself will necessarily signal that a security should be recognized as an other than temporary impairment.

If the impairment is judged to be other than temporary, the cost basis of the individual security shall be written down to fair value, thereby establishing a new cost basis. The new cost basis shall not be changed for subsequent recoveries in fair value. The amount of the write down shall be included in current earnings as a realized loss. The recovery in fair value, if any, shall be recognized in earnings when the security is sold. The table below is presented by category of security and length of time in a continuous loss position. The Company currently does not hold any securities with other than temporary impairment.

Information pertaining to securities with gross unrealized losses at June 30, 2021 and December 31, 2020, aggregated by investment category and length of time that individual securities have been in a continuous loss position follows:

	(In Thousands)
	June 30, 2021
	Less Than Twelve Months					Twelve Months & Over				Total
	Gross Unrealized			Fair		Gross Unrealized		Fair		Gross Unrealized			Fair
	Losses			Value		Losses		Value		Losses			Value
U.S. Treasury	$	(630	)	$	53,192	$	-	$	-	$	(630	)	$	53,192
U.S. Government agencies		(1,832	)		104,211		-		-		(1,832	)		104,211
Mortgage-backed securities		(1,075	)		72,504		-		-		(1,075	)		72,504
State and local governments		(199	)		14,208		-		-		(199	)		14,208
Total available-for-sale securities	$	(3,736	)	$	244,115	$	-	$	-	$	(3,736	)	$	244,115

	(In Thousands)
	December 31, 2020
	Less Than Twelve Months					Twelve Months & Over				Total
	Gross Unrealized			Fair		Gross Unrealized		Fair		Gross Unrealized			Fair
	Losses			Value		Losses		Value		Losses			Value
U.S. Treasury	$	-		$	-	$	-	$	-	$	-		$	-
U.S. Government agencies		(130	)		48,331		-		-		(130	)		48,331
Mortgage-backed securities		-			-		-		-		-			-
State and local governments		(10	)		3,562		-		-		(10	)		3,562
Total available-for-sale securities	$	(140	)	$	51,893	$	-	$	-	$	(140	)	$	51,893

Unrealized losses on securities have not been recognized into income because the issuers’ bonds are of high credit quality, values have only been impacted by changes in interest rates since the securities were purchased, and the Company has the intent and ability to hold the securities for the foreseeable future. The fair value is expected to recover as the bonds approach the maturity date.

Below are the gross realized gains and losses for the three and six months ended June 30, 2021 and June 30, 2020.

	Three Months				Six Months
	(In Thousands)				(In Thousands)
	2021		2020		2021		2020
Gross realized gains	$	-	$	-	$	293	$	270
Gross realized losses		-		-		-		-
Net realized gains	$	-	$	-	$	293	$	270
Tax expense related to net realized gains	$	-	$	-	$	62	$	57

The net realized gains on sales and related tax expense is a reclassification out of accumulated other comprehensive income (loss). The net realized gains are included in net gains on sale of available-for-sale securities and the related tax expense is included in income taxes in the condensed consolidated statements of income and comprehensive income (loss).

The amortized cost and fair value of debt securities at June 30, 2021, 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.

	(In Thousands)
	Amortized
	Cost		Fair Value
One year or less	$	8,526	$	8,613
After one year through five years		100,620		101,848
After five years through ten years		168,727		168,106
After ten years		349		360
Total	$	278,222	$	278,927
Mortgage-backed securities		128,312		128,573
Total	$	406,534	$	407,500

Investments with a carrying value of $78.5 million and $83.2 million at June 30, 2021 and December 31, 2020, respectively, were pledged to secure public deposits and securities sold under repurchase agreements.

Other securities include Federal Home Loan Bank of Cincinnati and Indianapolis stock in the amount of $6.1 million as of June 30, 2021 and $5.8 million as of December 31, 2020 in addition to Ohio Equity Fund for Housing Limited Partnership of $348 thousand as of June 30, 2021 and $151 thousand as of December 31, 2020.