Note 2. Investment Securities

Securities available for sale are as follows:


	March 31, 2020
	Dollars in Thousands
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
Obligations of U.S. Government agencies and corporations	$	5,761	$	205	$	—	$	5,966
Obligations of States and political subdivisions		34,942		855		409		35,388
Mortgage-backed securities		57,113		1,239		33		58,319
Subordinated debt investments		2,988		68		43		3,013
Equity securities		1,966		—		—		1,966
	$	102,770	$	2,367	$	485	$	104,652


	December 31, 2019
	Dollars in Thousands
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
Obligations of U.S. Government agencies and corporations	$	10,186	$	162	$	36	$	10,312
Obligations of States and political subdivisions		33,885		716		43		34,558
Mortgage-backed securities		56,275		236		90		56,421
Subordinated debt investments		2,988		42		—		3,030
Equity securities		1,935		—		—		1,935
	$	105,269	$	1,156	$	169	$	106,256

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 March 31, 2020 and December 31, 2019, are as follows:


	March 31, 2020
	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	$	—	$	—	$	—	$	—	$	—	$	—
Obligations of States and political subdivisions		9,027		409		—		—		9,027		409
Mortgage-backed securities		1,587		33		—		—		1,587		33
Subordinated debt investments		952		43		—		—		952		43
Total securities with unrealized losses	$	11,566	$	485	$	—	$	—	$	11,566	$	485


	December 31, 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	$	5,269	$	34	$	2,000	$	2	$	7,269	$	36
Obligations of States and political subdivisions		4,669		43		—		—		4,669		43
Mortgage-backed securities		11,600		32		4,489		58		16,089		90
Subordinated debt investments		—		—		—		—		—		—
Total securities with unrealized losses	$	21,538	$	109	$	6,489	$	60	$	28,027	$	169

For individual securities classified as either available for sale or held to maturity, the Company must determine whether a decline in fair value below the amortized cost basis is other than temporary. In estimating OTTI 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 Company 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 March 31, 2020 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:


	March 31, 2020
	Securities
	Available for Sale
	Dollars in Thousands
		Amortized		Fair
		Cost		Value
Due in one year or less	$	1,250	$	1,253
Due after one year through five years		1,862		1,890
Due after five years through ten years		19,210		19,518
Due after ten years or more		23,335		23,672
Mortgage-backed securities, due in monthly installments		57,113		58,319
	$	102,770	$	104,652