Note 2. Investment Securities

Securities available for sale are as follows:


	September 30, 2019
	Dollars in Thousands
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
Obligations of U.S. Government agencies and corporations	$	8,184	$	187	$	8	$	8,363
Obligations of States and political subdivisions		24,636		725		29		25,332
Mortgage-backed securities		20,665		120		78		20,707
Equity securities		1,500		—		48		1,452
	$	54,985	$	1,032	$	163	$	55,854


	December 31, 2018
	Dollars in Thousands
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
Obligations of U.S. Government agencies and corporations	$	9,469	$	47	$	96	$	9,420
Obligations of States and political subdivisions		21,383		139		426		21,096
Mortgage-backed securities		19,942		15		553		19,404
Equity securities		1,500		—		120		1,380
	$	52,294	$	201	$	1,195	$	51,300

Gross unrealized losses and fair values, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at September 30, 2019 and December 31, 2018, are as follows:


	September 30, 2019
	Dollars in Thousands
	Less than 12 months				12 months or more				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Loss		Value		Loss		Value		Loss
Obligations of U.S. Government agencies and corporations	$	999	$	2	$	2,997	$	6	$	3,996	$	8
Mortgage-backed securities		5,496		21		4,754		57		10,250		78
Obligations of States and political subdivisions		2,522		29		253		—		2,775		29
Equity Securities		—		—		1,452		48		1,452		48
Total securities with unrealized losses	$	9,017	$	52	$	9,456	$	111	$	18,473	$	163


	December 31, 2018
	Dollars in Thousands
	Less than 12 months				12 months or more				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Loss		Value		Loss		Value		Loss
Obligations of U.S. Government agencies and corporations	$	3,973	$	18	$	5,927	$	78	$	9,900	$	96
Mortgage-backed securities		5,485		111		13,440		442		18,924		553
Obligations of States and political subdivisions		9,119		81		11,977		345		21,096		426
Equity Securities		—		—		1,380		120		1,380		120
Total securities with unrealized losses	$	18,577	$	209	$	32,724	$	985	$	51,300	$	1,195

For individual securities classified as either available for sale or held to maturity, the Bank must determine whether a decline in fair value below the amortized cost basis is other than temporary. In estimating other‑than‑temporary impairment losses, management considers, among other things, (i) the length of time and the extent to which the fair value has been less than cost, (ii) the financial condition and near‑term prospects of the issuer, and (iii) the intent and ability of the Bank to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. If the decline in fair value is considered to be other than temporary, the cost basis of the individual security shall be written down to the fair value as a new cost basis and the amount of the write‑down shall be included in earnings (that is, accounted for as a realized loss).

Contractual maturities of investment securities at September 30, 2019 are shown below. Actual maturities may differ from contractual maturities because debtors may have the right to call or prepay obligations with or without call or prepayment penalties. Mortgage‑backed securities have no stated maturity and primarily reflect investments in various Pass‑through and Participation Certificates issued by the Federal National Mortgage Association and the Government National Mortgage Association. Repayment of mortgage‑backed securities is affected by the contractual repayment terms of the underlying mortgages collateralizing these obligations and the current level of interest rates.

The following is a summary of maturities, calls, or repricing of securities available for sale:


	September 30, 2019
	Securities
	Available for Sale
	Dollars in Thousands
		Amortized		Fair
		Cost		Value
Due in one year or less	$	3,023	$	3,018
Due after one year through five years		2,491		2,489
Due after five years through ten years		12,680		13,139
Due after ten years or more		16,126		16,502
Mortgage-backed, due in monthly installments		20,665		20,706
	$	54,985	$	55,854