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Securities
 9 Months Ended
Sep. 30, 2019
Debt Securities, Available-for-sale [Abstract]  
Securities
NOTE 4. Securities

Amortized costs and fair values of securities available for sale at September 30, 2019 and December 31, 2018 were as follows:
 
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
(Losses)
 
Fair
Value
 
September 30, 2019
 
(in thousands)
Obligations of U.S. government corporations and agencies
$
22,921

 
$
493

 
$
(43
)
 
$
23,371

Mortgage-backed securities
76,886

 
808

 
(160
)
 
77,534

Obligations of states and political subdivisions
35,881

 
966

 
(23
)
 
36,824

 
$
135,688

 
$
2,267

 
$
(226
)
 
$
137,729

 
December 31, 2018
 
(in thousands)
Obligations of U.S. government corporations and agencies
$
22,183

 
$
29

 
$
(481
)
 
$
21,731

Mortgage-backed securities
77,976

 
145

 
(1,638
)
 
76,483

Obligations of states and political subdivisions
46,159

 
394

 
(469
)
 
46,084

 
$
146,318

 
$
568

 
$
(2,588
)
 
$
144,298



During the nine months ended September 30, 2019, the Company received proceeds of $12.3 million on sales of available for sale securities for gross gains of $37 thousand and gross losses of $44 thousand. During the nine months ended September 30, 2018, the Company sold $5.4 million of available for sale securities for gross gains of $62 thousand and $45 thousand in gross losses.
The fair value and gross unrealized losses for securities available for sale, totaled by the length of time that individual securities have been in a continuous gross unrealized loss position, at September 30, 2019 and December 31, 2018 were as follows:
 
 
Less than 12 months
 
12 months or more
 
Total
 
Fair Value
 
Gross
Unrealized
Losses
 
Fair Value
 
Gross
Unrealized
Losses
 
Fair Value
 
Gross
Unrealized
Losses
 
September 30, 2019
 
(in thousands)
Obligations of U.S. government corporations and agencies
$
1,657

 
$
26

 
$
3,981

 
$
17

 
$
5,638

 
$
43

Mortgage-backed securities
7,988

 
38

 
15,023

 
122

 
23,011

 
160

Obligations of states and political subdivisions
1,701

 
15

 
926

 
8

 
2,627

 
23

 
$
11,346

 
$
79

 
$
19,930

 
$
147

 
$
31,276

 
$
226

 
December 31, 2018
 
(in thousands)
Obligations of U.S. government corporations and agencies
$
1,973

 
$
6

 
$
13,710

 
$
475

 
$
15,683

 
$
481

Mortgage-backed securities
16,659

 
332

 
42,966

 
1,306

 
59,625

 
1,638

Obligations of states and political subdivisions
3,594

 
52

 
12,864

 
417

 
16,458

 
469

 
$
22,226

 
$
390

 
$
69,540

 
$
2,198

 
$
91,766

 
$
2,588



Gross unrealized losses on available for sale securities included thirty (30) and ninety-five (95) debt securities at September 30, 2019 and December 31, 2018, respectively. The Company evaluates securities for other-than-temporary impairment on at least a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to the length of time and the amount of an unrealized loss, the financial condition of the issuer, and the intent and ability of the Company to retain its investment in the issuer long enough to allow for an anticipated recovery in fair value. The fair value of a security reflects its liquidity as compared to similar instruments, current market rates on similar instruments, and the creditworthiness of the issuer. Absent any change in the liquidity of a security or the creditworthiness of the issuer, prices will decline as market rates rise and vice-versa. The primary cause of the unrealized losses at September 30, 2019 and December 31, 2018 was changes in market interest rates and not credit concerns of the issuers. Since the losses can be primarily attributed to changes in market interest rates and not expected cash flows or an issuer’s financial condition and management does not intend to sell and it is likely that management will not be required to sell the securities prior to their anticipated recovery, the unrealized losses were deemed to be temporary. The Company’s mortgage-backed securities are issued by U.S. government agencies, which guarantee payments to investors regardless of the status of the underlying mortgages. The Company monitors the financial condition of these issuers continuously and will record other-than-temporary impairment if the recovery of value is unlikely.

The Company’s securities are exposed to various risks, such as interest rate, market, currency and credit risks. Due to the level of risk associated with certain securities and the level of uncertainty related to changes in the value of securities, it is at least reasonably possible that changes in risks in the near term would materially affect securities reported in the financial statements.

Securities having a carrying value of $1.9 million at September 30, 2019 were pledged for various purposes required by law.

The composition of restricted investments at September 30, 2019 and December 31, 2018 was as follows:
 
 
September 30, 2019
 
December 31, 2018
 
(in thousands)
Federal Reserve Bank Stock
$
344

 
$
344

Federal Home Loan Bank Stock
1,138

 
686

Community Bankers’ Bank Stock
140

 
140

 
$
1,622

 
$
1,170